Towers Watson acquisition targets insurers
Towers Watson has boosted its investment services for insurers and reinsurers with the acquisition of investment advisory firm WellsCanning.
The principals and consulting staff of WellsCanning, which specialises in the insurance industry, have joined the Towers Watson office in New York.
WellsCanning is a "natural fit" for Towers Watson because it specialises in the development and implementation of risk management strategies to protect capital, according to Towers Watson US head of investment Christopher Demeo.
Chris Ford, Towers Watson's head of investment for Europe, the Middle East and Africa, said the acquisition complemented the company's existing expertise in the UK and Europe, and would strengthen its services to insurance clients in the US.
"This development follows our recent acquisition of EMB - a leading non-life consulting and software company - and underlines our commitment and the resources available to support both the asset and liability risk sides of insurers' businesses," Ford added.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
