Willis Group Holdings plc said it’s gotten a pivotal O.K. from Swedish regulatory authorities to complete its acquisition of a 75 percent stake in Max Matthiessen, a personal insurance, health plan and retirement savings advisor.
Max Matthiessen will keep its brand name, however, but with the idea that Willis can help expand its business internationally. The deal, first announced in late May, is worth $205 million.
Willis is a global risk advisor as well as an insurance and reinsurance broker. Its investment in Max Matthiessen, a Swedish firm founded in 1889, helps advance Willis’ strategy of expanding its global Human Capital and Benefits practice, Willis said.
“This is an important acquisition for us and it reflects our commitment to both this exciting sector and to the Nordic region,” Willis International CEO Tim Wright said in a statement.
Wright noted that Max Matthiessen is well established, widely-respected and serves markets where Willis sees growth, particularly with its existing property/casualty business within Sweden.
There’s also that word “synergy” at play here. Max Matthiessen CEO Christoffer Folkebo said in a statement that the deal “will benefit both sides as we can offer our clients a broader product portfolio.”
Willis/MaxMatthiessen is now the largest risk advisor and broker in the Nordic region, according to the deal announcement, and the biggest international adviser in Sweden.
Willis, launched in 1828, is a global company with 18,000 employees in more than 400 offices around the world. Max Matthiessen employs 420 employees at 23 locations in Sweden.
Source: Willis Group Holdings plc