Willis Towers Watson has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel.
Leaderim offers a broad range of commercial insurance solutions to the Israeli market and has significant experience in creating multinational risk programs, reflecting the large concentration of global companies operating in Israel.
This announcement signals that the two parties have signed heads of terms and will now move towards completing the acquisition.
Any transaction would be subject to completion of definitive agreements, and legal and regulatory approvals.
Willis Towers Watson has operated in Israel for many years through a correspondent partner, so has a strong understanding of the market.
Pamela Thomson-Hall, Head of Central and Eastern Europe, Middle East and Africa at Willis Towers Watson (WTW), said: “This is a significant and exciting growth opportunity for us both in the Middle East and globally.
“We are focused on investing in high quality businesses, exceptional talent and thriving markets, and our agreement with Leaderim reflects that strategy.
“Leaderim’s reputation for quality, innovation and integrity is well known in the Israeli business world and beyond, and their values complement our own drive to serve our clients.”
Oded Haimov, CEO of Leaderim said: “We have built this business with pride over 20 years and entering into a preliminary agreement is not something we have done lightly. This is the next stage in our evolution.
“Working alongside global colleagues at WTW, whose team already knows this market and neighbouring markets well, our clients will benefit from access to global colleagues, additional offerings, and crucially the superior data and analytics capabilities WTW is known for.
“We have enjoyed fruitful discussions so far and we are hopeful that a formal agreement can be reached in due course.”