Willis Group, the global risk advisor, insurance and reinsurance broker, has completed its acquisition of specialist broker Charles Monat Limited, following regulatory approval from the Monetary Authority of Singapore.

Willis Group, the US-listed global risk advisor, insurance and reinsurance broker, has completed its acquisition of specialist broker Charles Monat, following regulatory approval from the Monetary Authority of Singapore.

Willis, which provides life insurance solutions to high net worth clients, announced its agreement to acquire Charles Monat in January 2014. The terms of the transactions were not disclosed.

The deal will see Charles Monat’s operations combined with Willis’s expanding Global Wealth Solutions practice, growing the firm’s footprint throughout the Asian and wider global markets, Willis said in a statement.

Charles Monat, the founder and chairman of Charles Monat, will also become the global chairman of Willis GWS.

“Receiving regulatory approval is a key milestone in this process and we are grateful for the assistance of the Monetary Authority of Singapore. The integration of Charles Monat and his 60-strong team in to Willis’s GWS practice provides us with improved services for all our clients and will help us to build our capabilities and presence in this growing global market,” said Yves Guélat, chief executive officer of Willis Global Wealth Solutions.

Willis Global Wealth Solutions was established in 2012 and has operations in Hong Kong, Miami, Singapore, and Zurich.

Charles Monat, a business founded in 1971, has placed over $13 billion in coverage since it was founded in 1971 and has 61 employees and consultants based in Hong Kong, Singapore, Switzerland and the US.

The move highlights how the insurance industry plays a significant – and not always fully appreciated – role as a channel for producing and/or distributing wealth management solutions to individuals directly or via intermediaries such as private banks and advisors.