Willis Towers Watson has started exclusive talks to acquire the assets of French aviation brokerage Office d'Assurances Aériennes G de Cugnac (OAAGC) for an undisclosed price.
The move would make Willis Towers Watson the leading aviation broker in France. It would enable OAAGC clients to gain from Willis Towers Watson’s global network of aviation industry experts, and to benefit from its full suite of people and risk solutions.
Paris-based OAAGC (Office d’Assurances Aériennes G. de Cugnac) was founded in 1898 and its team of 16 is dedicated to aviation insurance solutions. OAAGC and its team have a long-standing relationship with Willis Towers Watson.
The acquisition would transfer OAAGC’s book of business and the full OAAGC team to Willis Towers Watson, which also operates in France as Gras Savoye. OAAGC’s existing client base would continue to be serviced by the same experts.
The deal is subject to consultation with workers’ councils. The terms of the transaction were not disclosed.
Willis Towers Watson France head Gilles Bénéplanc said: “I am delighted with this transaction, which would strengthen our company Gras Savoye – Willis Towers Watson. The contribution of OAAGC teams, whose expertise is highly acknowledged in the aviation insurance sector, would help us to better serve our customers in terms of People and Risk advising, brokerage and solutions in the aircraft industry.”
OAAGC president Eric de Cugnac said: “OAAGC has had a long and successful relationship with the Willis Towers Watson group for over 40 years, and that has been further enhanced with the purchase of our partner Gras Savoye.
“The transaction would allow the expertise of our staff to further develop via full access to the extensive resources of Willis Towers Watson, which in turn would benefit our client’s experience. I am very pleased and proud that I am part of this historic and unique combination.”
Willis Towers Watson transportation global head Alastair Swift said: “We have a strong and well-established relationship with OAAGC. Their team commands a lot of respect in the French market through their dedication and expertise, and we hope they will soon be a key part of our global aviation team.”
Willis Towers Watson aerospace global head John Rooley said: “I am delighted to welcome the OAAGC team into our family. We already have a deep understanding and working relationship between our companies and this acquisition represents the next natural, logical step.
“The team and I are extremely excited at the opportunities this presents to continue to serve, develop and broaden our global client base and reach, both now and in the future.”
OAAGC has enjoyed a successful relationship with Willis Towers Watson through its partnership with Gras Savoye, which owned 40% of OAAGC, and through its links with the aviation team at Willis. Willis acquired Gras Savoye in December 2015 before its merger of equals with Towers Watson in January 2016 created Willis Towers Watson.