A resurgence of interest in insurance-related stocks helped Willis Group Holdings Ltd., the world's No. 3 insurance broker, raise a better-than-expected $270 million for a 14 percent stake in its initial public offering.

Willis, which is majority-owned by buyout firm Kohlberg Kravis & Roberts Co. (KKR), sold 20 million shares to investors at $13.50 each, beating its expected price range of $10-$12.

The shares sold represent a 14 percent slice of the British firm, which now has its official headquarters in tax-free Bermuda. KKR did not sell any of its 64 percent stake.

Willis would have a total market value of $1.9 billion, based on the offering price and 144 million shares outstanding. That values Willis above the $1.4 billion that KKR and a group of insurance companies paid for the broker, then called Willis Corroon Group Plc, in 1998.