UK-based Willis Group Holdings has completed the acquisition of remaining 70% stake in French insurance broker Gras Savoye, for around €550m.
The deal was first announced by both firms in April 2015.
According to Willis, the deal was completed following acceptance of the offer by Gras Savoye shareholders in late June, consultation with workers’ councils, and the receipt of regulatory approvals.
Started in 1907, Gras Savoye provides insurance services to national and international projects in many different business sectors.
The sectors include personal insurance, property insurance, civil liability, construction, automotive and other specialist areas.
With around 3,900 employees, the broker carries out operations in around 50 countries. It reported net revenue of about €370m in 2014.
The deal is expected to expand Willis’ operations in France, Central and Eastern Europe, and across Africa.
Willis Group CEO Dominic Casserley said: "Gras Savoye will also play a crucial role in the new Willis Towers Watson, which is set to launch in early 2016, pending completion of the merger."
Gras Savoye CEO François Varagne said: "With Willis we will offer greater opportunities across an increased range of client industries, specialties and countries."
Willis Group provides risk advisory, re/insurance broker and human capital and benefits services to its customers.
Image: Willis Building in London. Photo: courtesy of Colin.