Willis Towers Watson Public Limited Co. WLTW recently obtained official permission from the Swiss Financial Market Supervisory Authority to provide insurance management services in Switzerland.
The permission will further enhance Willis Towers’ already robust and established global captive management platform. Moreover, the company will now be able to expand its presence to European nations like Gibraltar, Ireland, Luxembourg and Malta.
In addition, this development will support Willis Towers’ strategy to provide an effective risk placement option in a highly reputed captive insurance domicile to the multinational corporations in Australia, Europe, Latin America and North America.
The managing director of Willis Towers Watson Global Captive practice, Nigel Goodlad, said “In the current environment, the solid reputation of a domicile is starting to carry more favor in the decision-making process.” Goodlad further mentioned that Switzerland has proven to be an appealing region for selective corporate clients owing to the numerous attractive benefits it has to offer. Some of the benefits offered by the country include Solvency II equivalence, high-quality regulation with specific captive reinsurer registration, established double tax treaties around the globe and multilingual capabilities.
The insurance broker has been constantly expanding its presence by foraying into new markets. Last month, Willis Towers obtained license to open a new office in Puerto Rico to further solidify its foothold in the region. The company has also widened its portfolio in the nation to include consulting services. These initiatives in turn will help the company ramp up its growth profile and achieve revenue growth in the low-double digit.
Zacks Rank and Stocks to Consider
Currently, Willis Towers carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the insurance industry are Marsh & McLennan Companies, Inc. MMC, Hannover Rück SE HVRRY and Markel Corp. MKL. While both Marsh & McLennan Companies and Hannover Rück hold a Zacks Rank #2 (Buy), Markel Corp. sports a Zacks Rank #1 (Strong Buy).
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