Willis Group Holdings plc (NYSE:WSH), the global risk advisory,
re/insurance broking, and human capital and benefits firm, has
announced the completion of its acquisition of Gras Savoye, the
leading French insurance broker.
On April 22, 2015, Willis Group announced a firm offer to
acquire the remaining 70 per cent of Gras Savoye that it did not
own. The transaction completed on December 29, 2015, following
acceptance of the offer by Gras Savoye shareholders in late June,
consultation with workers’ councils, and the receipt of regulatory
approvals.
Willis and Gras Savoye will work together to bring the best of
their organisations to clients, enabling them to innovate and
implement the right solutions to manage risk and people.
The union creates a powerful international network by combining
Willis’s global footprint with Gras Savoye’s particularly strong
presence in France, Central and Eastern Europe, and across Africa.
Gras Savoye’s expertise in high-growth markets and industry sectors
complements Willis’s strengths, creating significant value for
clients and a compelling offer for carriers.
Gras Savoye will keep its name and brand. The union with Willis
is built on a successful relationship of 40 years that will help
ensure a smooth integration.
The merger of equals between Willis and Towers Watson announced
on June 30, 2015, is expected to be completed in early 2016. Gras
Savoye will be a vital part of Willis Towers Watson, a global
business of more than 39,000 people in more than 120 countries.
Gras Savoye will bring unique strengths to the new company:
- A prominent footprint in France, where Gras Savoye is the
largest insurance broker and enjoys a leading position in the
mid-market sector.
- Access to high-growth markets across Central and Eastern
Europe, the Middle East, and over 30 countries in Africa through a
comprehensive network.
- The expertise and reach to serve multinationals, especially in
France, which is home to 31 of the Fortune Global 500 - a number
that ranks it fourth globally and first in Europe.
- Specialist depth in many sectors, including Construction,
Natural Resources & Transport, Human Capital & Benefits,
and Technology, Media & Telecommunications.
Dominic Casserley, CEO of Willis Group, said:
“This is the next step in a long and successful partnership, and we
are delighted to be joining forces with Gras Savoye. Our specialist
teams and international footprints are highly complementary, with
each strengthening the other. 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. Together we will
unite under a single vision to become the advisory, broking and
solutions firm of choice.”
François Varagne, CEO of Gras Savoye, said:
“This is excellent news for Gras Savoye's 3,900 colleagues. With
Willis we will offer greater opportunities across an increased
range of client industries, specialties and countries. We will have
market-leading positions in more geographies, deliver unmatched
expertise on analytics, and grow our footprint in new markets. I
want to thank Astorg and Willis for their strong support to Gras
Savoye and my team, which has made this possible.”
Xavier Moreno, Chairman and Managing Partner of
Astorg, the private equity investor, said: "We are delighted that
Gras Savoye is entering this new, exciting phase of its development
strategy following our six-year shareholding period in which Gras
Savoye has grown stronger and widened its international network as
a result of the tripartite, active and experienced support given to
it by Astorg, the management and Willis."
Notes to Editors
The History of the Relationship between Willis, Gras
Savoye and Astorg
Willis was a key member of a pioneering international network
started by a US-based broker in the 1960s, which was named the
UNISON network in 1982. Gras Savoye joined this network in 1975,
but had worked with Willis on projects prior to that. Gras Savoye
has been an associate company of Willis since 1997, when Willis
acquired a 33 per cent ownership interest, which it gradually
increased to 49 per cent. In November 2009, the capital of Gras
Savoye was reorganised and Astorg became a shareholder. Willis, the
family shareholders of Gras Savoye and Astorg each held 31.8 per
cent stakes in the holding company. The 4.5 per cent stake was held
by a group of Gras Savoye managers and employees. As part of this
reorganisation and a subsequent agreement, Willis obtained the
option to purchase by 2016 the remaining shares it does not own.
Since the reorganisation in 2009, the shareholders have jointly
supported the management in its efforts to improve company
performance.
About Willis
Willis Group Holdings plc is a leading global risk
advisory, re/insurance broker and human capital and benefits firm.
With roots dating to 1828, Willis operates today on every continent
with more than 18,000 employees in over 120 countries. Willis
offers its clients superior expertise, teamwork, innovation and
market-leading products and professional services in risk
management and transfer.
Our experts rank among the world’s leading authorities on
analytics, modelling and mitigation strategies at the intersection
of global commerce and extreme events. Find more information at our
website, www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
About Gras Savoye
Gras Savoye, founded in 1907, is the leading insurance broker in
France. For more than 100 years, the Group has been growing by
placing the client first. Gras Savoye is a solid partner for French
companies with a comprehensive regional and international network.
Gras Savoye, as an insurer of thousands of companies of all sizes,
is involved in national and international projects in many
different business sectors: personal insurance, property insurance,
civil liability, construction, automotive and many other specialist
areas. Every day, Gras Savoye insures 500,000 vehicles and provides
healthcare protection for more than 2.2 million people worldwide.
The Group employs 3,900 people and has a presence in almost 50
countries. Visit www.grassavoye.com.
About Astorg
Astorg is an independent private equity fund management company,
specializing in European mid-market buyouts, with total funds under
management of over €4 billion. Astorg seeks to partner with
successful and entrepreneurial management teams, to acquire
businesses - very often family-owned - with attractive growth
prospects, which Astorg supports through the provision of
experienced governance and adequate capital. Astorg enjoys a
distinct entrepreneurial culture, a long-term shareholder
perspective, and a lean decision-making body enhancing its
reactivity. Although a multi-sector investor, Astorg has developed
solid industry expertise in healthcare, business-to-business
professional services and niche industrial companies selling
differentiated, often technology-driven, products. Astorg is
headquartered in Paris and has offices in London and in Luxembourg,
plus Senior Advisors based in Holland, Switzerland and Germany.
Visit www.astorg.com.
Caution Concerning Forward-Looking
Statements
We have included in this document 'forward-looking statements'
within the meaning of Section 27A of the Securities Act of 1933,
and Section 21E of the Securities Exchange Act of 1934, which are
intended to be covered by the safe harbours created by those laws.
These forward-looking statements include information about possible
or assumed future results of our operations. All statements, other
than statements of historical facts that address activities, events
or developments that we expect or anticipate may occur in the
future, including such things as our increased scale, our strong
footprint in France, our ability to access high-growth economies
and insurance markets, our new global network, and our plans
and references to future successes, are forward-looking statements.
Also, when we use the words such as 'expect', 'estimate', or
similar expressions, we are making forward-looking statements.
There are important uncertainties, events and factors that could
cause our actual results or performance to differ materially from
those in the forward-looking statements contained in this document,
including: the risk that we may not fully realize the anticipated
benefits from the acquisition of Gras Savoye, or that the benefits
may take longer to realize than expected, including the anticipated
scale and revenue synergies of the combined businesses, as well as
our ability to access potential high-growth markets; the risk that
we may not be able to effectively integrate Gras Savoye into our
business; the risk that we may not be able to retain key Gras
Savoye employees; the risks associated with operating in foreign
markets, including being subject to foreign regulations that may
adversely affect our business and being subject to other laws and
regulations that apply to our operations and conduct around the
world; the impact of any regional, national or global political,
economic, business, competitive, market, environmental or
regulatory conditions on our global business operations; and the
impact of current global economic conditions on our results of
operations and financial condition.
More detailed information about the above and other factors is
available ''Risk Factors'' section included in Willis' Form 10-K
for the year ended December 31, 2014 and our subsequent
filings with the Securities and Exchange Commission. Copies are
available online at http://www.sec.gov or www.willis.com.
Although we believe that the assumptions underlying our
forward-looking statements are reasonable, any of these
assumptions, and therefore also the forward-looking statements
based on these assumptions, could themselves prove to be
inaccurate. In light of the significant uncertainties inherent in
the forward-looking statements included in this document, our
inclusion of this information is not a representation or guarantee
by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made
and we will not update these forward-looking statements unless the
securities laws require us to do so. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this document may not occur, and we caution you against unduly
relying on these forward-looking statements.
Media Contacts
Global: Paul Platt, +44 (0)20 3124 7659, Paul.Platt@willis.com
France: Céline Meslier, +33 (0)1 4143 5502, celine.meslier@grassavoye.com
Astorg: Xavier Moreno, +33 (0)1 5305 4031, xmoreno@astorg.com
Publicis Consultants (for Astorg): Robert Amady, +33 1 4482 4631, robert.amady@consultants.publicis.fr
Investor Contact
Matt Rohrmann, +1 212 915 8180, Matt.Rohrmann@willis.com