Willis, France’s Gras Savoye Create Willis Gras Savoye Re

September 12, 2005

Willis Group Holdings and Gras Savoye, a leading French insurance broker, announced that they have agreed to join their respective French and Belgian reinsurance businesses in a new Paris-based company, Willis Gras Savoye Re.

“Gras Savoye has been an Associate of Willis since 1997 when Willis, building its global network of the very best broking concerns around the world, acquired a minority interest in the French company,” the bulletin noted. “Over the years, the pooling of capabilities and common interest in building shareholder value and delivering the best insurance and risk management services to clients has created a powerful combination serving the French and global marketplace.”

“The combination of our collective regional reinsurance business makes perfect sense as our companies grow together,” stated Willis Chairman and CEO Joe Plumeri. “Gras Savoye’s reinsurance expertise and strong client relationships are well established and this new company reflects the Willis model of combining our extensive global resources with high-touch local service. It is a good cultural fit and a good corporate fit as establishing a strong reinsurance presence in France, one of the leading European reinsurance markets, is a key priority.”

Patrick Lucas, Chairman and Chief Executive of Gras Savoye, indicated: “The demands of French and Belgian reinsurance buyers are becoming ever more sophisticated and through the creation of Willis Gras Savoye Re we have the ideal platform to respond to their fast evolving needs.”

Speaking as Managing Director of the new Willis Gras Savoye Re, Luc Malatre, said, “I am very excited to be heading up this new venture. The global resources of Willis Re coupled with Gras Savoye Re’s well-established skills located at the heart of the French reinsurance community, puts us in an ideal position for future growth.”

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