Willis Towers Watson

“even after the $13.5 billion for Assured paying for Woodruff and paying for the Willis Re earn-out, and after the other 11 deals we’ve already done through Q1, we still have over $2 billion of M&A capacity here in 2025”

Gallagher made an earn-out payment tied to its prior acquisition of the Willis Re reinsurance brokerage business from Willis Towers Watson, one of several cash outlays alongside AssuredPartners and Woodruff Sawyer.

“we see opportunities to play across the insurance value chain, like the reinsurance JV with Bain to accelerate growth”

WTW references its reinsurance joint venture with Bain (Willis Re build-out) as a growth avenue across the insurance value chain.

“We also agreed to acquire Flowstone Partners, a private equity secondary specialist that will expand access to private markets for individual and institutional investors.”

WTW agreed to acquire private-equity secondaries specialist Flowstone Partners to expand private-markets access; expected to close this quarter.

“we announced the acquisition of Cushion, a cutting-edge UK fintech pensions and savings provider, which will strengthen our position in the fast-growing UK defined contribution master trust market”

WTW is acquiring UK fintech pensions provider Cushion to bolster its defined-contribution master trust business; deal expected to complete in 2026.

“As we announced last week, we closed the Newfront acquisition on January 27, and the business is now operating as part of Willis Towers Watson Public Limited Company. Newfront brings a modern, technology-enabled approach to middle-market broking, combining deep specialty expertise with a proprietary digital and AI-driven platform.”

WTW closed its acquisition of technology-enabled middle-market broker Newfront on January 27, its largest recent portfolio addition.

“we launched funds in collaboration with BlackRock for our clients' international defined contribution pension plans. And that has been seeded with over $1 billion in assets from a client headquartered in the Middle East.”

WTW partnered with BlackRock to launch investment funds for international DC pension plans, seeded with over $1 billion, signaling BlackRock's role in WTW's investments-business product expansion.

“Earlier this year, we completed the purchase of Global Commercial Credit. That's a specialist broker focused on trade credit and political risk.”

WTW completed the acquisition of Global Commercial Credit, a specialist trade-credit and political-risk broker, as part of its bolt-on M&A strategy.

“Secondly, we see an opportunity to play across the insurance value chain, like our reentry into pre reinsurance with Bain to accelerate growth.”

WTW is re-entering the reinsurance business through a joint venture with Bain Capital.

“We're pleased to have announced an investment in the United Arab Emirates, along with plans for Al-Futtaim Willis to become a wholly-owned WTW business.”

WTW announced plans to fully acquire its Al-Futtaim Willis joint venture in the UAE, strengthening its Middle East presence.

“Liberty Specialty Markets is now using Neuron, Willis Towers Watson Public Limited Company's digital trading platform, for live trading of DNO and cyber risks.”

Liberty Specialty Markets (a Liberty Mutual unit) adopted WTW's Neuron digital trading platform for live D&O and cyber risk placements, an example of insurer adoption WTW expects to grow.

“Willis Towers Watson Public Limited Company's purchase of Global Commercial Credit, a specialist broker focused on trade credit and political risk insurance.”

WTW acquired specialist broker Global Commercial Credit to expand its trade credit and political risk insurance offering and North American specialty footprint.

“We're also reentering the reinsurance market through a joint venture with Bain Capital, and Andrew will provide some financial details on that later.”

WTW is re-entering the reinsurance broking market via a joint venture with Bain Capital, funded as a multi-year start-up investment expected to be a modest EPS headwind in 2025.