The proposed transaction will establish Willis Towers Watson's own presence, and increase the scope, scale and talent of the company in the region, both for its Corporate Risk and Broking (CRB) and Human Capital and Benefits (HCB) segments.
The closing of the proposed transaction is subject to customary closing conditions and relevant regulatory approvals.
Unity, with headquarters in Panama and founded in 1991, operates throughout six countries (Panama, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua), has more than 500 employees and has extensive experience in managing large and complex risks.
"Unity's culture and its strong commercial approach perfectly complements Willis Towers Watson and it is a great benefit to have its operational infrastructure. Unity has a solid and dedicated management team committed and enthusiastic about joining Willis Towers Watson. Additionally, Unity has an impressive record in client retention," said Luis Maurette, LatAm leader of the global advisory, broking and solutions company.
Currently, Willis Towers Watson works with clients in Central America through a variety of correspondent brokers. "We are very grateful to these companies for their partnership with our teams for many years. However, we believe that having our own operation in the six countries where Unity has a presence will enable us first to integrate and then expand our local offering," Luis Maurette added.
Central America has positioned itself today as an attractive destination for foreign investment and a favorable environment for trade. It currently represents the fourth largest economy in Latin America.
In Central America, Willis Towers Watson has a presence mainly in the financial institutions, natural resources and aerospace industries. The company has also served as a link between Central America and the international markets for (re)insurance placement.
Terms of the transaction were not disclosed.