Insurance broker Willis Towers Watson (WTW) has signed a definitive agreement to buy Israeli insurance broking and risk consultancy firm Leaderim.

The financial value of the deal, which was first announced in August this year, was not disclosed.

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Leaderim’s team of 45 offers a wide range of commercial insurance solutions to the Israeli market.

Founded over 20 years ago, the insurance broker specialises in multinational risk programmes.

WTW, which has operated in Israel through a correspondent partner, seeks to strengthen its presence in the region through the acquisition.

WTW head of international Pamela Thomson-Hall said: “This is an exciting step that reflects our global strategy to work with high-performing, high-potential businesses in thriving markets.

“Welcoming Leaderim into our team strengthens our footprint and capabilities in Israel and the Middle East, while they will benefit from leveraging our global expertise and reach.”

Leaderim CEO Oded Haimov said: “Working alongside global colleagues at WTW, whose team already knows this market well, our clients will benefit from access to global markets, additional solutions, and crucially the superior data and analytics capabilities WTW is known for. We believe that our transformation into WTW Israel will be good news for businesses in Israel.”

Last week, WTW formed a joint broking partnership with French insurtech Indeez to offer cover to gig workers in the Asia Pacific.

Earlier this month, WTW revealed plans to take full control of its Indian subsidiary.