LONDON (Bloomberg) — Willis Group Holdings Ltd., the world's third-largest insurance broker, said it will gain more influence in managing French intermediary Gras Savoye & Cie and an option to buy the company in 2015 under a reorganisation.

Willis, private-equity fund Astorg Partners and family shareholders of Gras Savoye will each hold a 31.8 percent stake under the new arrangement, the London-based broker said in the statement. Willis now has 48.6 percent ownership and family shareholders and management control the majority stake. Willis and family shareholders will each sell a portion of their investment to Paris-based Astorg.

"Even though we had a large holding of Gras Savoye, we did not have a great deal to say on an everyday basis about what went on," Joseph Plumeri, Willis chief executive officer, said yesterday in a conference call. "It gives us the ability to do that, so we can control our destiny going forward and still have the ability at the end of five years to have 100 percent control in 2015."

The agreement, which is expected to be completed by year- end, cancels a put option that allows Gras Savoye family shareholders to sell shares to Willis between now and 2011. The deal will not affect earnings in the first year, Plumeri said. Willis will get $160 million in cash from the transaction and expects to use the funds to retire debt.

Willis will loan $48 million to the holding company at a 6 percent annual interest rate, according to the statement.