Willis eyeing 'exceptional talent and thriving markets' in new growth strategy
Broker Willis Towers Watson (WTW) is focused on investing in "high quality businesses, exceptional talent and thriving markets" as it moves ahead independently following the collapse of its massive $30 billion merger deal with Aon.
As part of its renewed growth strategy, the company is eyeing "significant and exciting" opportunities in the Middle East, beginning with the Israeli market.
WTW has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel.
Leaderim is said to be one of the leading insurance brokers in Israel and was established over 20 years ago. It offers a broad range of commercial insurance solutions to the Israeli market, and also has significant experience in creating multinational risk programmes, reflecting the large concentration of global companies operating in Israel.
WTW has operated in Israel for many years through a correspondent partner and has a strong understanding of the market. It serves other Middle East countries through a network of correspondent partners, and also benefits from an extensive presence throughout the region, including operations in Egypt, Jordan, Kuwait, Lebanon, Saudi Arabia and the United Arab Emirates.
The two companies are looking forward to completing the acquisition, which would be subject to completion of definitive agreements, and legal and regulatory approvals.
Pamela Thomson-Hall (pictured), head of Central and Eastern Europe, Middle East and Africa at Willis Towers Watson, said: “This is a significant and exciting growth opportunity for us both in the Middle East and globally. We are focused on investing in high quality businesses, exceptional talent and thriving markets, and our agreement with Leaderim reflects that strategy.
" Leaderim’s reputation for quality, innovation and integrity is well known in the Israeli business world and beyond, and their values complement our own drive to serve our clients.”
Oded Haimov, chief executive officer of Leaderim, said: “We have built this business with pride over 20 years and entering into a preliminary agreement is not something we have done lightly. This is the next stage in our evolution. Working alongside global colleagues at WTW, whose team already knows this market and neighboring markets well, our clients will benefit from access to global colleagues, additional offerings, and crucially the superior data and analytics capabilities WTW is known for. We have enjoyed fruitful discussions so far and we are hopeful that a formal agreement can be reached in due course.”
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