NEW YORK, Jan. 9, 2014 (GLOBE NEWSWIRE) -- Willis Group Holdings (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, has today agreed to acquire Charles Monat Limited, a market-leading life insurance solutions adviser to high net worth clients.
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.
The acquisition represents a key enhancement to Willis' 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.
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, said: "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, said: "This is 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."
Charles Monat, Chairman, Charles Monat Limited, said: "I am delighted to join with Willis to lead their Global Wealth Solutions business. This merger creates the ideal platform for expanding and supporting our growing international business and provides a bright future for our dedicated employees, clients and business partners. I want to thank my partners, Odd Haavik, CEO Asia, and Gigi Ong, Managing Director, Asia, for doing a superb job in significantly expanding our business over the last eight years. I am indebted to my long-serving and committed staff, and look forward to working with them as part of Willis in the years ahead."
Dominic Casserley, CEO, Willis Group Holdings, 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."
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,500 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
Willis Global Wealth Solutions was established in 2012 and has operations in Hong Kong, Singapore and Zurich.
About Charles Monat
Charles Monat Limited was founded in 1971 in Hong Kong by Charles Monat. The firm is recognized as a leader in introducing large life insurance policies in Asia to help high net worth clients meet liquidity needs, create and preserve wealth for their families, and find solutions that best suit their business succession plans. Find more information at www.monat.com