Willis Group Holdings plc announced that it has received the relevant regulatory approvals from the Monetary Authority of Singapore and has completed its acquisition of specialist broker Charles Monat Limited, a life insurance solutions provider to high net worth clients. Willis announced its agreement to the company in January 2014. The terms of the transactions were not disclosed.
Willis said it will combine Charles Monat’s operations with its own in view to expanding its “Global Wealth Solutions (GWS) practice, enhancing Willis’ teams in Hong Kong, Singapore and Zurich and growing Willis’ footprint throughout the Asian and wider global markets.”
Yves Guélat, Chief Executive Officer of Willis Global Wealth Solutions, commented: “Receiving regulatory approval is a key milestone in this process and we are grateful for the assistance of the Monetary Authority of Singapore. The integration of Mr. Charles Monat and his 60-strong team in to Willis’ GWS practice provides us with improved services for all our clients and will help us to build our capabilities and presence in this growing global market.”
Charles Monat has been appointed Chairman of Willis Global Wealth Solutions. He commented: “This is an exciting time for Charles Monat Limited’s employees and clients. Combining our heritage and expertise, particularly in fast-growing Asian markets, with Willis’ local and global network of professionals and products is good news for clients. We look forward to working with our new colleagues throughout the Willis Group to grow our specialist offering and customer base.”
Source: Willis Group Holdings plc