Restructuring of French broker deal helps clear debts

Willis has completed a leveraged transaction with the original family shareholders of French broker Gras Savoye & Cie and priovate equity firm Astorg Partners.

Willis, the family shareholders of Gras Savoye, and Astorg each now own equal stakes of 31.8% in the new holding company and have equal representation of 33.3% of the voting rights on its Board. The remaining 4.5% is held by a large pool of Gras Savoye managers.

Willis’ investment in Gras Savoye is valued at approximately $335m. Willis received approximately $156m of tax-free net cash proceeds from the transaction, which it will use to pay down existing debt.

Willis has the option to purchase 100% of the capital in the new holding company in 2015.

Websites

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

Topics