LONDON, May 29, 2014 (GLOBE NEWSWIRE) -- Willis Group Holdings plc (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, today announces 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 market-leading life insurance solutions provider to high net worth clients.
Charles Monat's operations will be combined with Willis' expanding 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, newly-appointed Chairman of Willis Global Wealth Solutions, said:
"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."
The senior leadership team of Willis GWS includes:
Charles Monat – Global Chairman Willis GWS
Yves Guélat – Chief Executive Officer Willis GWS
Gigi Ong – Managing Director Willis GWS Singapore
Ivy Suen – Managing Director Willis GWS Hong Kong
Martyn Benson – Global Chief Operating Officer Willis GWS
Odd Haavik – Chief Executive Officer Willis GWS Asia
Peter Tsih – Global Chief Relationship Officer Willis GWS
Phil Bone has been appointed member of the Supervisory Board of Willis GWS in his role as Global Chief Placement Officer Willis GWS.
Willis announced its agreement to acquire Charles Monat in January 2014. The terms of the transactions were not disclosed.
Willis Group Holdings plc is a leading global risk adviser, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,500 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, Miami, 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.charlesmonatassociates.com.