Towers Watson’s sale of its reinsurance brokerage business to JLT—for a cash consideration of $250 million—has been completed. JLT will conduct combined business as JLT Towers Re until full integration in 2015.
Alastair Speare-Cole, CEO of JLT Towers Re, said: “I am delighted to welcome the Towers Watson team and their clients to JLT Towers Re. the culture of the two companies has been built around understanding client needs and meeting these needs with insight, deep analytical skills and effective execution. Today marks the creation of a formidable new force that will restore client choice to the reinsurance market, retain and attract the very best talent and retain market share.”
Patricia Guinn, managing director of risk and financial services for Towers Watson, said: “while the transaction changes the way many of our clients can access intermediary services, Towers Watsons’ focus on the insurance remains strong. For clients looking for help beyond risk consulting and software, to risk financing transactions, or to go beyond reinsurance intermediary services for help with improving their underlying business operations, the alliance offers an attractive proposition for risk and capital management.”
JLT Towers Re, reinsurance, broking, M&A