Global insurance broker Charles Monat Associates (CMA) has announced that it has agreed to a management buyout (MBO) for CMA to acquire the Global Wealth Solutions business of Willis Towers Watson.
The financial terms for the deal, which remains subject to regulatory approval, were not disclosed. Following the MBO, Charles Monat Associates will have more than 130 employees worldwide with offices in Hong Kong, Singapore, Miami, Zurich and Liechtenstein.
The management of CMA will acquire 100% of the international business of Global Wealth Solutions under the legal entity Charles Monat Associates, while the domestic business of Global Wealth Solutions which comprises the EU domestic offering will be operated through the global network of Willis Towers Watson.
CMA’s Global CEO Yves Guélat said the MBO will create a unique business structure for servicing the increasingly complex financial needs of wealthy families and businesses. As part of the MBO, CMA will have an arrangement with Willis Towers Watson for ongoing access to, and sales of, services and insurance products globally.
“CMA is a highly evolved business with a 46-year history. We work with some of the wealthiest families via our offices in Asia and around the world. As an independent firm with an ongoing business relationship with Willis Towers Watson, we will be even better positioned to deliver wealth protection strategies catering to the very specific needs of our high net worth individual clients,” said Mr Guélat.
Mr Adam Garrard, Head of International at Willis Towers Watson, said: “Willis Towers Watson supports the CMA management team’s vision for its future growth. CMA is a leader in this unique client segment because of its rich history in Asia and beyond. Willis Towers Watson is pleased to have agreed an ongoing business relationship with CMA which we believe gives our respective clients access to one of the most unique insurance offerings in the market.”