Deal is expected to conclude in the next three months

Consulting firm and (re)insurance brokerage Towers Watson has agreed to buy the worldwide operations of non-life insurance consultancy and software company EMB.

The companies expect to conclude the transaction in the next 60-90 days, subject to closing conditions and regulatory approvals. No details of the cost of the acquisition have been given.

Asked about redundancies, Patricia Guinn, global leader of Towers Watson’s risk and financial services segment, said: “Really we are focused on the right synergies rather than the cost synergies.

“We think there should be very few, if any, redundancies and, if anything, over time we will be increasing the number of staff.”

EMB managing partner Rory O’Brien added: “EMB has had tremendous success, but the time is right to seek a bigger partner.”

EMB was founded in 1993 in the UK as an actuarial consultancy dedicated to non-life insurance and the development of actuarial software. It has more than 300 employees and in its fiscal year ending April 2010 reported revenues of more than £40m.