Risk, Insurance Big-Hitter Agrees Acquisition; Expands HNW Solutions In Asia, Globally

Tom Burroughes

10 January 2014

US-listed , the global risk advisor, insurance and reinsurance broker, has agreed to buy Charles Monat Limited, which works with high net worth individuals on life insurance solutions in regions such as Asia.

Charles Monat, a business founded in 1971, has placed over $13 billion in coverage since it was founded in 1971 and has 61 employees and consultants based in Hong Kong, Singapore, Switzerland and the US.

The move highlights how the insurance industry plays a significant – and not always fully appreciated – role as a channel for producing and/or distributing wealth management solutions to individuals directly or via intermediaries such as private banks and advisors.

“The acquisition represents a key enhancement to Willis’ expanding Global Wealth Solutions practice, particularly in Asia,” a statement from the firm said yesterday.

Completion of the transaction is subject to regulatory approval. The terms of the transaction were not disclosed.

Charles Monat’s operations will be combined with Willis’ existing Global Wealth Solutions platform.

As a result of the agreement, Charles Monat, founder, chairman and chief executive of the eponymous firm, 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, the statement said.

“Life insurance solutions for high net worth individuals are 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,” Adam Garrard, CEO for Willis Asia, said.

Willis Group Holdings has roots dating back to 1828 operating around the world with more than 17,500 employees. Its Willis Global Wealth Solutions business was set up in 2012 and it has operations in Hong Kong, Singapore and Zurich.