Willis Group Holdings and Towers Watson signed a definitive merger agreement
UK-based insurance broker, Willis Group Holdings, has announced to merge with US-based risk advisor, Towers Watson. Both these companies have agreed to an all-stock merger, which will create a firm with a joint market value of about $18 billion. The Towers Watson Chairman and CEO, John Haley, will remain CEO and Willis Group Holdings CEO Dominic Casserley will be President and Deputy CEO of the combined company. The new merged company so created will be named Willis Towers Watson. The shareholders of Willis Group Holdings will own approximately 50.1% and Towers Watson shareholders will own approximately 49.9% of the combined company on a fully diluted basis.
Dominic Casserley, CEO, Willis Group Holdings said, “These are two companies with world-class brands and shared values. Together we will help our clients achieve superior performance through effective risk, people and financial management. We look forward to bring Towers Watson’s innovative solutions to our clients alongside our broking and advisory services.”
John Haley, Chairman and Chief Executive Officer, Towers Watson said, “This is a tremendous combination of two highly compatible companies with complementary strategic priorities, product and service offerings and geographies that we expect to deliver significant value for both sets of shareholders.”
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 18,000 employees in over 400 offices.
Towers Watson is a US based global professional services company that helps organisations improve performance through effective people, risk and financial management.