Coverage Initiated on Willis by J.P. Morgan
According to Reuters Securities, J.P. Morgan Chase announced on July 9 that it had started coverage of insurance broker Willis Group Holdings Ltd., the world’s No. 3 insurance broker, with a long-term buy rating.
It was also reported that in its initial public offering (IPO) in June, Willis had raised a better-than-expected $270 million, selling off a 14 percent stake in the firm, which is majority owned by Kohlberg Kravis & Roberts Co.
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