Willis Group merges with Towers Watson | Canadian Insurance

Willis Group merges with Towers Watson

"We will advise over 80 percent of the world's top-1000 companies."

Willis Group and Towers Watson will merge to form an advisory, broking and solutions firm named Willis Towers Watson.

Willis shareholders will own approximately 50.1 percent and Towers Watson shareholders will own approximately 49.9 percent of the combined company.

Willis Towers Watson will have 39,000 employees working in more than 120 countries, and a pro forma revenue of $8.2 billion and adjusted/underlying EBITDA of more than $1.7 billion for 2014. The merger is expected to save the combined company up to $125 million within three years.

“We will advise over 80 percent of the world’s top-1000 companies, as well as having a significant presence with mid-market and smaller employers around the world,” says Willis CEO Dominic Casserley.

After closing, James McCann will become chairman, John Haley CEO and Dominic Casserley president and deputy CEO.

The company will maintain its domicile in Ireland. The transaction is expected to close by December 31, 2015.