Panama City, Panama, December 20th 2019 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced the signing of an agreement to acquire Unity Group ("Unity"), a regional insurance broker in Central America with operations in six countries, specializing in property & casualty, affinity, health & benefits, personal lines and consulting services.
The proposed transaction will establish Willis Towers Watson's own presence, and increase the scope, scale and talent of the company in the region, both for its Corporate Risk and Broking (CRB) and Human Capital and Benefits (HCB) segments.
The closing of the proposed transaction is subject to customary closing conditions and relevant regulatory approvals.
Unity, with headquarters in Panama and founded in 1991, operates throughout six countries (Panama, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua), has more than 500 employees and has extensive experience in managing large and complex risks.
“Unity's culture and its strong commercial approach perfectly complements Willis Towers Watson and it is a great benefit to have its operational infrastructure.”
Luis Maurette
LatAm leader, Willis Towers Watson
"Unity's culture and its strong commercial approach perfectly complements Willis Towers Watson and it is a great benefit to have its operational infrastructure. Unity has a solid and dedicated management team committed and enthusiastic about joining Willis Towers Watson. Additionally, Unity has an impressive record in client retention," said Luis Maurette, LatAm leader of the global advisory, broking and solutions company.
Currently, Willis Towers Watson works with clients in Central America through a variety of correspondent brokers. "We are very grateful to these companies for their partnership with our teams for many years. However, we believe that having our own operation in the six countries where Unity has a presence will enable us first to integrate and then expand our local offering," Luis Maurette added.
Central America has positioned itself today as an attractive destination for foreign investment and a favorable environment for trade. It currently represents the fourth largest economy in Latin America.
In Central America, Willis Towers Watson has a presence mainly in the financial institutions, natural resources and aerospace industries. The company has also served as a link between Central America and the international markets for (re)insurance placement.
Terms of the transaction were not disclosed.
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 45,000 employees serving more than 140 countries and markets. 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.
This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as "may", "will", "would", "expect", "anticipate", "believe", "estimate", "plan", "intend", "continue", or similar words, expressions or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the acquisition of Unity Group to the Willis Towers Watson business, including future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Willis Towers Watson's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.
There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained herein, including, but not limited to, the following: the ability to consummate the proposed transaction; the ability to obtain requisite regulatory approvals and the satisfaction of other conditions to the consummation of the proposed transaction on the proposed terms and schedule; the ability of Willis Towers Watson to successfully integrate Unity Group's operations and employees and realize benefits; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; significant competition in the marketplace; the risk that the contingent liabilities of Unity Group could create material liabilities for Willis Towers Watson; and compliance with extensive government regulation. Factors also include those described under "Risk Factors" in the company's most recent 10-K filing and subsequent filings filed with the SEC.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.
Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this release may not occur, and we caution you against relying on these forward-looking statements.
