Willis Group Holdings (WSH), a global risk adviser, insurance and reinsurance broker, has reached an agreement to buy Charles Monat, a life insurance services adviser to high net worth clients.

Since its establishment in 1971, Charles Monat has placed more than $13bn in coverage and operates in Hong Kong, Singapore, Switzerland and the US with the help of 61 employees and consultants.

The acquisition, which represents a key enhancement to Willis’ expanding Global Wealth Solutions practice, particularly in Asia, is pending receipt of regulatory approvals.

Post-acquisition, Charles Monat operations will be integrated with Willis’ existing Global Wealth Solutions platform.

Charles Monat Limited founder, chairman and CEO Charles Monat will assume the post of worldwide chairman of Willis’ Global Wealth Solutions business.

Willis Asia CEO Adam Garrard said, "Life insurance solutions for high net worth individuals is an established sector in Asia.

"The combination of the Charles Monat group’s expertise and reputation in this sector, coupled with our global footprint and international experience, will allow us to significantly accelerate our plans to expand our Global Wealth Solutions capabilities to other regions around the world."

Willis International CEO Tim Wright commented, "This is a major strategic boost to our existing operations in this space, enabling us to cross-fertilize Willis’ reach and resources with the Charles Monat team’s well-respected presence in Asia."

With more than 17,500 staff in over 400 offices, Willis Group Holdings operates as a global risk advisor, insurance and reinsurance broker.