Willis Group Holdings announced that it has agreed to acquire Charles Monat Limited, a life insurance solutions adviser to high net worth clients. Willis said: “Charles Monat Limited has placed over US$13 billion in coverage since it was founded in 1971 and currently has 61 employees and consultants based in Hong Kong, Singapore, Switzerland and the US. It has a strong presence in Asia and more recently has focused on growing its global business.”
Willis explained that the acquisition represents a key enhancement to its “expanding Global Wealth Solutions practice, particularly in Asia. Completion of the transaction is subject to regulatory approval. The terms of the transaction were not disclosed.”
The bulletin said: “Charles Monat Limited’s operations will be combined with Willis’ existing Global Wealth Solutions platform. Charles Monat, Founder, Chairman and CEO of Charles Monat Limited, will be worldwide Chairman of Willis’ Global Wealth Solutions business and with his leadership team of Odd Haavik and Gigi Ong will lead Willis’ Global Wealth Solutions business in Asia alongside Yves Guélat, CEO of Willis’ Global Wealth Solutions.”
Adam Garrard, CEO, Willis Asia, noted: “Life insurance solutions for high net worth individuals is an established sector in Asia. The combination of the Charles Monat group’s expertise and reputation in this sector, coupled with our global footprint and international experience, will allow us to significantly accelerate our plans to expand our Global Wealth Solutions capabilities to other regions around the world.”
Tim Wright, CEO, Willis International described the move as a “major strategic boost to our existing operations in this space, enabling us to cross-fertilize Willis’ reach and resources with the Charles Monat team’s well-respected presence in Asia. We are gaining a unique and dedicated team of talent, with ambitions and values that align neatly with our own. I am delighted to welcome them into the Willis family.”
Willis Group Holdings CEO Dominic Casserley said: “This acquisition embodies our strategy of targeting acquisitions in attractive client segments and geographies, where the combination of local relationships, global coverage and innovation create real advantage for our clients and Willis alike.”
Source: Willis Group Holdings plc
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