View more on these topics

Towers Watson to merge with insurance broker in £11bn deal


Risk management and consultancy firm Towers Watson is to merge with insurance and reinsurance broker Willis Group in a deal worth around $18bn (£11bn).

The merger was announced in a statement this morning. The enlarged company will bring together global advisory and broker services and will be named Willis Towers Watson.

Under the terms of the deal, Willis shareholders will own around 50.1 per cent of the combined business and Towers Watson shareholders will own around 49.9 per cent.

The merger has been approved by the board directors of both companies.

The combined company will have around 39,000 staff working in over 120 countries, and aims to deliver cost savings of between $100m and $125m.

Towers Watson chairman and chief executive John Haley will become chief executive of the enlarged group.

Dominic Casserley, who is chief executive of Willis, will become president and deputy chief executive.

The deal is expected to complete by 31 December, subject to regulatory and shareholder approval.

Haley says: “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.”

Casserley says: “We look forward to bringing Towers Watson’s innovative solutions to our clients alongside our broking and advisory services. The opportunity to deliver significant savings to our growing middle market client base with Towers Watson’s private exchange platform is particularly attractive.”


Towers Watson consultant Will Aitken exits

Towers Watson senior benefits consultant Will Aitken has left the employee benefits firm to join Deloitte as a director. Prior to joining Towers in 2006, Aitken worked at rival consultancy Aon. A Towers spokesman confirmed Aitken had resigned and would be seeing out his notice period on gardening leave. He says: “We have enjoyed working […]

Towers Watson and Threadneedle parent circle Russell Investments

Towers Watson and Threadneedle Investments’ parent company are among the bidders circling Russell Investments, the US asset manager being sold by the London Stock Exchange Group. The FT reports an auction process for the business is now in the second round. Russell Investments has $273bn (£177bn) in funds under management and is expected to be […]

Pensions-savings-retirement-piggy bank

Towers Watson: UK tops 10-year pension asset growth

Pension asset growth over the last decade has been stronger in the UK than anywhere else in the world, according to a study from consultants Towers Watson. Analysis from the firm, which covered the world’s 13 largest pension markets, shows total UK pension savings rose 64 per cent to reach 131 per cent of GDP. That […]


Towers Watson: State pension reform ‘unfair’ to contracted-in workers

Consultancy Towers Watson says state pension reforms could see some contracted-out workers earning seven times as much from their contributions as contracted-in workers. The Pensions Bill is abolishing contracting-out of all pension schemes and introducing a single-tier state pension in April 2016. Contracted-out workers will see a ‘rebate derived amount’ deducted from their state pension […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment