SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF October 2002
WILLIS GROUP HOLDINGS LIMITED
(Exact name of Registrant as specified in its charter)
Ten Trinity Square
London EC3P 3AX, England
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F of Form 40-F.)
Form 20-F x Form 40-F
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(Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes No x
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(If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- .)
Contact:
Investors: Kerry Calaiaro
+1 212 837-0880
Email: calaiaro_ke@willis.com
Media: Nick Jones
+ 44 20 7488-8190
Email: jonesnr@willis.com
Dan Prince
+1 212 837-0806
Email: prince_da@willis.com
WILLIS GROUP STRENGTHENS LEADERSHIP POSITION IN SWEDEN
London, U.K., October 16, 2002 - Willis Group Holdings (NYSE:WSH), the global
insurance broker, today announces that it has agreed to acquire Propacta AB,
based in Stockholm. Terms are not disclosed. Propacta, founded in 1995, is a
leading provider of employee benefits broking to corporations in Sweden.
Already the market leader in Sweden, this complementary acquisition combines
Willis' existing strong property and casualty business with Propacta's employee
benefits team. Following completion of the transaction Propacta's 30-person
workforce will be integrated with the Stockholm office of Willis AB, Willis'
Swedish subsidiary, bringing the office total to 120 people.
This transaction follows last month's acquisition by Willis AB of Kombro Risk
Management AB, which provides insurance broking services to the public sector.
Sarah Turvill, Chief Executive of Willis International Holdings, said:
"Willis<180> corporate strategy is to increase the proportion of its earnings
from its International businesses. Sweden is a growth market for us and this
acquisition, following closely our acquisition of Kombro, will strengthen
further our leadership position in this attractive market."
Christian Steenstrup, Chief Executive of Willis AB, the leading corporate and
industrial insurance broker in Sweden, said: "We look forward to welcoming
Propacta, its management and their colleagues to Willis. They have established
an excellent reputation for consistent, profitable growth and first class
customer care. "With the Propacta team Willis can fulfill our clients'
requirements for first class employee benefits solutions, thereby adding to our
full range of services to them".
Per-Erik Naas, founder and partner of Propacta said: "My colleagues and I are
very pleased to be joining the Willis team. Its approach and focus on client
satisfaction accord with our own philosophy. We now have a very strong financial
partner and can expand our client services to offer specialised international
employee benefits solutions by using the strong global network of Willis. We are
very excited by the opportunities we see together. "
Willis AB is the leading corporate and industrial broker in Sweden. It offers a
range of services from risk management to insurance broking. It has 92 employees
in Stockholm, Goteborg, Malmo and Orebro.
Willis Group Holdings is a leading global insurance broker, developing and
delivering professional insurance, reinsurance, risk management, financial and
human resource consulting and actuarial services to corporations, public
entities and institutions around the world. With over 300 offices in more than
100 countries, its global team of 13,000 associates serves in 180 countries.
Willis has particular expertise in serving the needs of clients in such major
industries as construction, aerospace, marine and energy. In June 2001 the Group
returned to public ownership and is listed on the New York Stock Exchange
(symbol: WSH). Additional information on Willis may be found on its web site
www.willis.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
WILLIS GROUP HOLDINGS LIMITED
By: /s/ Mary E. Caiazzo
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Mary E. Caiazzo
Assistant General Counsel
Date: October 16, 2002