Global risk advisor and insurance broker Willis Group Holdings and professional services firm Towers Watson have merged to create a new group, Willis Towers Watson, in a deal valued at around $18bn.
The deal was first announced in July 2015, and received approval from shareholders of both firms in December same year.
Willis Towers Watson operates as a global advisory, broking, and solutions firm with around 39,000 employees in about 120 countries.
The firm provides services in four business segments, including corporate risk and broking, exchange solutions, human capital and benefits, and investment, risk and reinsurance.
According to Willis Towers Watson, it intends to generate around $4.7bn in incremental value for shareholders through expanding its health care exchange and P&C brokerage business, as well as health and group benefits consulting business.
Willis Towers Watson CEO John Haley said: "Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients.
"We believe we can change our industry by delivering solutions that are driven by data and analytics, and are integrated, innovative and tailored to meet the evolving needs of our clients."
Willis Towers Watson president and deputy CEO Dominic Casserley said: "These are two companies with world-class brands, shared values and now, a vastly expanded set of capabilities, people and geographic reach."
Image: Willis Tower in Chicago, US. Photo: courtesy of Kelly Martin.