Insurance broker Willis Corroon Group Plc is attempting to sell its stake in Bermuda company Heddington Brokers Ltd. to Texaco Inc.'s Bermuda-based captive, Heddington Insurance Ltd.

Heddington Brokers, located in the FP Perry Building on Church Street, is half-owned by Willis Faber AG of Zurich, a subsidiary of Willis Corroon, and half-owned by Heddington Insurance Ltd.

The sale is expected to be completed soon.

Willis Corroon is expected to receive about $9 million, or half the net asset value of Heddington Brokers, said Bloomberg Business News service citing the broker's nine month financial results released yesterday.

In the results, Willis Corroon's pre-tax profit rose 38 percent to $113.3 million compared to about $86 million for the same nine months last year on the strength of the cost-cutting programme that included axing over 900 jobs.

"The (pre-tax) figures were above the expected range and the statement makes quite clear the cost reduction programme will continue,'' said Merrill Lynch analyst Mr. Roman Cizdyn.