Insurance and reinsurance broker Willis Group Holdings has completed the acquisition of Gras Savoye, the French insurance broker.

In April last year Willis, which is based in London and has offices in Bermuda, announced a $590 million offer to acquire the remaining 70 per cent of Gras Savoye that it did not own.

Willis said the transaction was completed on December 29 following approval of the offer by Gras Savoye shareholders in late June, consultation with workers’ councils, and the receipt of regulatory approvals.

Willis said the deal will strengthen its global network by adding Gras Savoye’s strong presence in France, central and eastern Europe, and Africa.

“Gras Savoye’s expertise in high-growth markets and industry sectors complements Willis’s strengths, creating significant value for clients and a compelling offer for carriers,” Willis stated.

“Gras Savoye will keep its name and brand. The union with Willis is built on a successful relationship of 40 years that will help ensure a smooth integration.”

Willis added that the other merger deal it has been working on — with Towers Watson — is expected to be completed in early 2016.

The combined company, Willis Towers Watson will be a global business with some 39,000 people in more than 120 countries.

Dominic Casserley, chief executive officer of Willis Group, said: “This is the next step in a long and successful partnership, and we are delighted to be joining forces with Gras Savoye. Our specialist teams and international footprints are highly complementary, with each strengthening the other.”