Insurance Brokers to Merge: Corroon & Black...

Insurance Brokers to Merge: Corroon & Black Corp. of New York and Willis Faber PLC of London said they will merge in a deal valued at about $750 million to form the world’s fourth-largest insurance brokerage company. The merged company will be called Willis Corroon PLC and will be based in Britain, with more than 11,000 employees. It is expected to have combined 1990 revenue of about $1 billion. Willis Faber will hold 60% of the new group, with the remainder owned by Corroon & Black, the statement said.