In January, human resources consultancy Towers Watson and insurance brokers Willis Group completed their 'merger of equals' to become Willis Towers Watson. While Willis Group was Ireland-based, Towers Watson was headquartered in the US. However, both firms had extensive US and international operations, and both took legal advice solely from US and Irish law firms. A UK partner of Gibson, Dunn & Crutcher, which advised Towers Watson, claims that no British law firm could have handled the transaction on its own.
Towers Watson majors in risk management and human resources consulting and was listed on Nasdaq. It is descended from R Watson & Sons, the world’s oldest actuarial firm, founded in Manchester in 1878. The eponymous Henry Willis became an insurance broker at Lloyd’s of London in 1841. The insurance brokers Willis Group was listed on the New York Stock Exchange and domiciled, for tax reasons in Ireland but effectively headquartered in London. As the smallest of the global 'big three' in its industry, after Marsh & McLennan and Aon Benfield, it has been keen to bulk up.
