Willis Group has announced that it will acquire a controlling stake of approximately 75 percent in Max Matthiessen, a leading employee benefits adviser in Sweden, for $205 million.
Willis said the move underlines its commitment to grow its global human capital and benefits practice in the medium term, and reflects its strategy of driving growth through the acquisition of focused, sophisticated businesses with strong franchises and distinctive skills.
The increased revenue will make the combined business the biggest risk adviser and broker in the Nordic region and the largest international adviser in Sweden.
Willis Sweden and Max Matthiessen have enjoyed a strategic partnership since 2009.
Max Matthiessen will continue to benefit from Willis’ global reach and experience, while Willis will continue to draw on Max Matthiessen’s deep product expertise in employee benefits within and beyond Sweden. The Max Matthiessen brand and culture will be retained and will run alongside Willis Sweden.
Dominic Casserley, CEO of Willis, says, “Willis is committed to growing in areas of opportunity for market leadership and where we can develop specialised capabilities locally and globally. Max Matthiessen fits that model perfectly. It sustains our investment in the human capital and benefits space, where we are creating leading specialised capabilities. We are confident that the combination of Willis and Max Matthiessen can fuel growth in both Sweden and beyond.”
Casserley continues, “Max Matthiessen is a well-run business with a long history and an impressive list of loyal clients. We will be retaining the brand, the skills and the culture, and I look forward to welcoming more than 400 new colleagues into the Willis Group.”
Tim Wright, CEO of Willis International, and leader of the global human capital and benefits practice, says, “This is an important deal that reflects our commitment to employee benefits and our confidence in the Nordic region. Max Matthiessen serves markets where we see solid growth fundamentals underpinned by changing demographics and increasing demand for retirement and health solutions. We also see a unique opportunity to share Max Matthiessen’s best-in-class expertise across our global human capital and benefits business.”
Willis, employee benefits, Max Matthiessen, Sweden