Willis Group Holdings (WSH), the global risk adviser, insurance and reinsurance broker, has received the relevant regulatory approvals from the Monetary Authority of Singapore and has completed its acquisition of specialist broker Charles Monat.
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 Guelat, 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 Guelat — 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.