Willis Towers Watson has entered into exclusive negotiations with OAAGC, the French aviation brokerage, to acquire its team and book of business.
Paris-based OAAGC (Office d’Assurances Aériennes G. de Cugnac) was founded in 1898 and its team of 16 is dedicated to aviation insurance products, Willis Towers Watson said, explaining that the deal would make it the “leading aviation broker in France.”
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 terms of the transaction, which is subject to consultation with workers’ councils, were not disclosed.
“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 [products] in the aircraft industry,” said Gilles Bénéplanc, head of Willis Towers Watson France.
OAAGC has had a successful relationship with the Willis Towers Watson group for over 40 years, which was enhanced with the purchase of Gras Savoye, said Eric de Cugnac, president of OAAGC. (Willis acquired Gras Savoye in December 2015 before its merger with Towers Watson in January 2016 when Willis Towers Watson was created.)
“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 clients’ experience,” added de Cugnac.
John Rooley, global head of Aerospace, Willis Towers Watson, said, the acquisition represents the next natural, logical step for the two companies, which already have a deep, working relationship . “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 percent of OAAGC, and through its links with the aviation team at Willis, the broker explained.
Source: Willis Towers Watson