Global professional services company Towers Watson has purchased WellsCanning, a Valhalla, N.Y.-based investment advisory firm specializing in the insurance industry. WellsCanning principals and consulting staff have joined Towers Watson’s investment business in New York.
Towers Watson said WellsCanning is “a natural, complementary fit” for the company’s investment business. Towers Watson cited WellsCanning’s expertise in asset-allocation and investment solutions for insurance and reinsurance companies, as well as its knowledge in development and implementation of risk management strategies.
The WellsCanning team adds to Towers Watson’s insurance industry and investment resources that span both sides of the business — asset and liability — and strengthens the ability to provide investment advice to clients at a time of unusual market volatility and regulatory change, according to Towers Watson.
Founded in 1995, WellsCanning is a registered investment advisor providing investment consulting to U.S.-domiciled, offshore and international insurance companies. In addition to its work with property & casualty and life insurers, WellsCanning offers services in various other industry sectors, including health care and hospital groups, as well as workers compensation and state insurance funds.
Towers Watson’s investment business works with institutional investors, offering expertise in risk assessment, strategic asset allocation and investment manager selection. It is a division of Towers Watson’s risk and financial services business and has over 700 associates worldwide and assets under advisory of over US$2.1 trillion.