WikiFX report: The insurance broker Gras Savoye takes the name of its parent company WTW

The French broker GRAS SAVOYE changes its name to adopt that of its British owner Willis Towers Watson, abbreviated as WTW, the two companies announced on Monday.

  This development testifies to a true process of integration of the French subsidiary within the group and of a transformation of the entity itself, explains AFP the general manager Cyrille de Montgolfier.

  It also led to the disappearance of a brand born in 1907 and the merger of brokerage and advisory activities on French soil.

  France, through the activities of GRAS SAVOYE, represents the third largest market of the WTW group in the world behind the United States and the United Kingdom, with a turnover for 2020 of 508.7 million euros, expected in growth in 2021.

  Long number one in France, Gras Savoye was downgraded to second place last year after the merger of Siaci Saint Honor and Diot, a group which weighs nearly 700 million euros in turnover.

  The company claims a balanced source of income between large CAC 40 groups and small and medium-sized enterprises established in the regions.

  Gras Savoye joined at the end of 2015 what was then Willis Group (before the completion of its merger with American risk consulting firm Towers Watson), which held 30% of the shares and which had offered itself the remaining 70%. from the founding family, the private equity firm Astorg and the managers.

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  The fate of Gras Savoye could have been quite different if the merger of numbers two and three of the global brokerage Aon and Willis Towers Watson had not failed in 2021, the European Commission asking at the time that the French broker be terminated in case completion of the operation.

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