WTW, an advisory, broking and solutions company, has entered a co-brokerage arrangement with the J. Morey Company.
The tie-up with the Ori-gen family company is aimed at enhancing risk management solutions for North American exposures of Japanese-headquartered companies.
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It aims to align resources from both entities to provide superior brokerage support and tailored insurance solutions to the Asian market, particularly Japan.
This collaboration leverages the J. Morey Company’s influence and relationships within the Asian marketplace, complementing WTW’s Asia Risk Division’s brokerage experience.
The co-brokerage agreement is focused on delivering risk transfer services and solutions, catering to the unique exposure needs of clients with operations and risks in Asia, including Japan.
WTW said a key benefit of this alliance is the integration of CRB North America’s Industry Vertical Divisions with the J. Morey Company’s experienced brokerage team, providing Asian clients with access to specialised industry knowledge and expertise.
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By GlobalDataWTW head of the Asia risk division, corporate risk & broking, North America Chris Condello said: “This partnership allows both brokerage firms to align to deliver the best risk management solutions to our Asian clients.
“Through the experience and market relationships that both the J. Morey Company and WTW maintain within the industry, we can align our resources to deliver the best insurance programmes and risk solutions to our Asian clients.”
The J. Morey Company president Joshua Morey said: “As our Japanese and Asian clients invest globally, especially in North America, we must expand our solutions to meet their needs. Our company’s ability to provide tailored, boutique services to Asian corporations, partnered with WTW’s Industry Vertical Specialization, allows us to provide a unique, best-in-class solution for our clients.”
In a separate development, earlier this week, WTW reached a definitive agreement to sell its TRANZACT direct-to-consumer insurance distribution business.
TRANZACT is being sold to GTCR and Recognize in a deal valued at $632.4m (£481.54m).
WTW said that the transaction will lead to estimated non-cash pre-tax losses and related impairment charges of between $1.6bn and $2.1bn, which will be recorded in the third quarter of 2024 and updated until the transaction’s closing date.
The sale is due to be completed by the end of 2024, contingent on regulatory approvals and standard closing conditions.
