The financial terms of the transaction, which is subject to regulatory approval, were not disclosed.
Following regulatory approval, Charles Monat’s operations will be combined with Willis’ existing global wealth solutions platform.
Charles Monat, who founded the firm in 1971 will be worldwide chairman of the combined global wealth solutions business.
Meanwhile, Odd Haavik, chief executive Asia, and Gigi Ong, managing director Asia, will lead the global wealth solutions business in Asia alongside Yves Guélat, chief executive of Willis Global Wealth Solutions.
The acquisition represents a “key enhancement” to Willis’ expanding global wealth solutions practice, particularly in Asia, the company said.
Adam Garrard, chief executive, Willis Asia, said: “Life insurance solutions for high net worth individuals is an established sector in Asia. The combination of the Charles Monat group’s expertise and reputation in this sector, coupled with our global footprint and international experience, will allow us to significantly accelerate our plans to expand our global wealth solutions capabilities to other regions around the world.”
The New York Stock Exchange listed Willis Group has more than 17,500 employees in over 400 offices. Willis Global Wealth Solutions was established in 2012 and has operations in Hong Kong, Singapore and Zurich.
Tim Wright, chief executive, Willis International, said: “This is a major strategic boost to our existing operations in this space, enabling us to cross-fertilize Willis’ reach and resources with the Charles Monat team’s well-respected presence in Asia.”
Charles Monat has placed over US$13bn in coverage since its inception and currently has 61 employees and consultants based in Hong Kong, Singapore, Switzerland and the US.
Charles Monat, founder, chairman and chief executive of Charles Monat, said: “This merger creates the ideal platform for expanding and supporting our growing international business and provides a bright future for our dedicated employees, clients and business partners.”
In Hong Kong, Charles Monat Associates is a member of the Hong Kong Confederation of Insurance Brokers and in Singapore, Charles Monat Associates is licensed under the Financial Advisers' Act and regulated by the Monetary Authority of Singapore.
