Coyle Hamilton and Willis announce deal

Coyle Hamilton has announced it has reached agreement in principle to sell a majority shareholding to global insurance broker Willis (NYSE:WSH) and to sell the remaining shareholding over the next several years.

Coyle Hamilton is Ireland's leading insurance and re-insurance broker, pensions, actuarial and risk management consultancy.

Following the completion of the transaction, it is intended to merge the existing businesses of Coyle Hamilton and Willis in Ireland.

The new enterprise will be called Coyle Hamilton Willis. Hugh Governey, currently chief executive of Coyle Hamilton, will be chief executive of the merged business.

Also, the transaction will see the merger of the businesses of Coyle Hamilton in London and Belfast with the existing operations of Willis in those markets.

The transaction is subject to shareholder approval and securing the necessary regulatory approvals. It is expected to be concluded in September.

Established over 100 years ago, Coyle Hamilton has offices in Dublin, Limerick, Cork, Belfast and London.

It employs approximately 500 people and provides insurance broking, risk management and employee benefits and pensions advice to a broad range of multinational, corporate and personal clients. The company has annualised revenue of approximately €50m.

Willis is the third largest insurance broker in the world. Its current Irish operation employs 35 people. It services a range of corporate and retail clients in respect of their insurance broking and risk management and employee benefits requirements.