UK-based risk adviser, insurance and reinsurance broker Willis Group Holdings has offered around €550m to acquire the remaining 70% interest in French insurance broker Gras Savoye.
Established in 1907, Gras Savoye is involved in national and international projects in many different business sectors, including personal insurance, property insurance, civil liability, construction, automotive and other specialist areas.
Gras Savoye reported net revenue of about €370m in 2014, and its earnings before interest, taxes, depreciation and amortization (EBITDA) was about €65m for the same year.
Willis Group CEO Dominic Casserley said: "Our clients see us as the multinational risk adviser and broker of choice. In this next phase of our longstanding partnership, Willis and Gras Savoye would deepen further our client service offering and strengthen our reach and expertise."
The integration of both entities will allow to create multinational risk advisory, reinsurance broking and human capital and benefits firm that would have operations in around 131 countries.
With strong property and casualty product capabilities and employee benefit products, the integrated company will also have access to high-growth economies and insurance markets, including Central and Eastern Europe, the Middle East and Africa.
Subject to customary regulatory consents and approvals and acceptance of the firm offer by Gras Savoye’s shareholders, the deal is expected to be completed by the end of this year.
Once the deal concludes, Gras Savoye will be operated under the Willis Group, continuing with the same name and brand in key markets, including France.
Image: Willis Building in London. Photo: courtesy of Colin.