Willis Towers Watson: Exclusive negotiations to acquire OAAGC, the top French aviation brokerage

23 February 2017 — Daniela GHETU
Willis Towers Watson (NASDAQ: WLTW) has entered into exclusive negotiations with OAAGC, the top French aviation brokerage, to acquire its team and book of business, a WTW press release reads.

The move would make Willis Towers Watson the leading aviation broker in France. It would enable OAAGC clients to gain from Willis Towers Watson's global network of aviation industry experts, and to benefit from its full suite of people and risk solutions.

Paris-based OAAGC (Office d'Assurances Aeriennes G. de Cugnac) was founded in 1898 and its team of 16 is dedicated to aviation insurance solutions. OAAGC and its team have a long-standing relationship with Willis Towers Watson.

The acquisition would transfer OAAGC's book of business and the full OAAGC team to Willis Towers Watson, which also operates in France as Gras Savoye. OAAGC's existing client base would continue to be serviced by the same experts.

The deal is subject to consultation with workers' councils. The terms of the transaction were not disclosed.

Gilles BENEPLANC, Head of Willis Towers Watson France, said: "I am delighted with this transaction, which would strengthen our company Gras Savoye - Willis Towers Watson. The contribution of OAAGC teams, whose expertise is highly acknowledged in the aviation insurance sector, would help us to better serve our customers in terms of People and Risk advising, brokerage and solutions in the aircraft industry."

Eric de CUGNAC, President of OAAGC, said: "OAAGC has had a long and successful relationship with the Willis Towers Watson group for over 40 years, and that has been further enhanced with the purchase of our partner Gras Savoye. The transaction would allow the expertise of our staff to further develop via full access to the extensive resources of Willis Towers Watson, which in turn would benefit our client's experience. I am very pleased and proud that I am part of this historic and unique combination."

Alastair Swift, Global Head of Transportation, Willis Towers Watson, said: "We have a strong and well-established relationship with OAAGC. Their team commands a lot of respect in the French market through their dedication and expertise, and we hope they will soon be a key part of our global aviation team."

John ROOLEY, Global Head of Aerospace, Willis Towers Watson, said: "I am delighted to welcome the OAAGC team into our family. We already have a deep understanding and working relationship between our companies and this acquisition represents the next natural, logical step. The team and I are extremely excited at the opportunities this presents to continue to serve, develop and broaden our global client base and reach, both now and in the future."

OAAGC has enjoyed a successful relationship with Willis Towers Watson through its partnership with Gras Savoye, which owned 40% of OAAGC, and through its links with the aviation team at Willis. Willis acquired Gras Savoye in December 2015 before its merger of equals with Towers Watson in January 2016 created Willis Towers Watson.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 territories. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.

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