Willis buys specialist broker Charles Monat

Willis Group is targeting high-net-worth-individual (HNWI) clients as it enhances its Global Wealth Solutions (WGS) practice with the acquisition of specialist broker Charles Monat.

A life insurance solutions adviser to high net worth clients, Charles Monat has 61 employees and consultants based in Hong Kong, Singapore, Switzerland and the US, with a strong presence in Asia.

The acquisition highlights the firm’s belief in the strength and growth of the HNWI market, particularly in Asia-Pacific.

Speaking to StrategicRISK, Willis Global Wealth Solutions chief executive Yves Guélat, said: “We expect the Asian HNWI population to grow consistently over the next few years.

“The increasing need for creating and preserving wealth for future generations has resulted in double digit growth for the life insurance industry over the past five years, with an increased momentum in 2013, which is likely to continue in 2014.”

He added: “Willis established a global unit to service the HNWI segment two years ago and is experiencing tremendous growth in this business.

“By acquiring Charles Monat, Willis gains access to a fantastic team of experts in servicing, and a large number of referral parties with whom Charles Monat has established relationships in the past 40 years.”

Guélat said the combination of WGS’s global presence and capabilities with the reputation and expertise of Charles Monat within the HNWI sector would allow Willis’s wealth management business to expand into new territories in Latin America, the Middle East and Africa.