Professional services firm Towers Watson has acquired the business of WellsCanning, an investment advisory firm specializing in the insurance industry, to expand investment services for insurers and reinsurers.
New York-based WellsCanning, founded in 1995 by Karen Wells and Andrew Canning, is a registered investment advisor providing investment consulting to a diverse client base of life, health and P&C clients ranging from $50m to $7bn in assets, located both in the US and offshore.
As part of the acquisition, the principals and consulting staff of WellsCanning have moved to Towers Watson’s Investment business in New York.
Towers Watson head of investment business in the Americas Christopher DeMeo said WellsCanning’s expertise in enterprise-based asset allocation solutions for insurance and reinsurance companies as well as the development and implementation of risk management strategies to protect capital make it a natural, complementary fit for Towers Watson’s Investment business.
In November 2010, Towers Watson has agreed to acquire the global operations of EMB, a property & casualty (P&C) consulting and software firm.