NEW YORK - WTW (NASDAQ: WTW), a global advisory, broking, and solutions company, has entered into a co-brokerage arrangement with The J. Morey Company, Inc., a member of the Ori-gen family. This partnership aims to offer customized risk management solutions and insurance services to North American companies with headquarters in Japan.
The collaboration is set to leverage The J. Morey Company's connections within the Asian market alongside WTW's Asia Risk Division's brokerage expertise. Clients from Asia, particularly Japan, will have access to a wider range of market and coverage options through WTW's extensive carrier relationships.
The co-brokerage agreement is designed to provide optimal risk transfer services and solutions tailored to the specific exposure needs of clients operating in Asia. A key benefit of this partnership is the integration of CRB North America's Industry Vertical Divisions (IVDs) with The J. Morey Company's experienced brokerage team, offering Asian clients specialized industry knowledge and expertise.
Chris Condello, Head of the Asia Risk Division at WTW, North America, expressed confidence in the partnership's ability to deliver superior risk management solutions to Asian clients. Michael Chang, Head of Corporate Risk & Broking (CRB), North America, at WTW, emphasized the partnership's role in supporting WTW's growth strategy in Asia and serving the needs of Asian companies.
This collaboration builds on WTW's commitment to the Asian market in the US, which began with the establishment of the Asia Risk Division in July of 2023. Joshua Morey, President of The J. Morey Company, highlighted the partnership's significance in addressing the global investment needs of Japanese and Asian clients.
WTW, listed on NASDAQ, offers data-driven solutions in people, risk, and capital management, serving clients in 140 countries. The J. Morey Company, with over 40 years of experience, is a minority-owned brokerage providing risk management solutions to a diverse clientele. This partnership, based on a press release statement, is expected to enhance both firms' service offerings to their Asian customer base.
In other recent news, Willis Towers Watson (NASDAQ:WTW) has been in the spotlight due to significant shifts in its business structure. The global advisory firm is set to sell its TRANZACT direct-to-consumer Medicare Advantage distribution operation to private equity firms GTCR and Recognize for $632 million. This sale, expected to conclude by year-end, will lead to Willis Towers Watson recording impairment charges estimated between $1.6 billion to $2.1 billion in the third quarter. Despite these charges, Truist Securities and Roth/MKM have maintained a Buy rating on Willis Towers Watson's shares, with Truist Securities increasing its price target from $335.00 to $365.00. On the other hand, Barclays has initiated coverage on Willis Towers Watson with an Underweight rating due to concerns about the company's ability to meet its organic growth estimates. BMO Capital, however, maintained its Market Perform rating for Willis Towers Watson with a steady price target of $298.00, indicating no significant change in the stock's performance in the near term. These are recent developments indicating a significant shift in Willis Towers Watson's business structure.
InvestingPro Insights
WTW's strategic partnership with The J. Morey Company aligns well with its strong financial performance and market position. According to InvestingPro data, WTW boasts a market capitalization of $30.13 billion and has demonstrated impressive revenue growth of 6.7% over the last twelve months as of Q2 2024. This growth trajectory supports the company's expansion efforts in the Asian market.
InvestingPro Tips reveal that WTW has maintained dividend payments for 22 consecutive years and has raised its dividend for 7 consecutive years. This consistent dividend policy underscores the company's financial stability and commitment to shareholder returns, which could be attractive to potential Asian clients looking for a reliable partner in risk management.
The company's strong financial health is further evidenced by its profitability over the last twelve months and analysts' predictions of continued profitability this year. With a P/E ratio of 28.2, WTW is trading at a premium, suggesting investor confidence in its growth prospects and strategic initiatives like the co-brokerage arrangement with The J. Morey Company.
It's worth noting that WTW is trading near its 52-week high, with a strong return over the last three months. This positive market sentiment aligns with the company's proactive approach to expanding its global reach and enhancing its service offerings.
For investors and clients interested in a deeper analysis of WTW's financial health and growth prospects, InvestingPro offers additional tips and insights. In fact, there are 5 more InvestingPro Tips available for WTW, providing a comprehensive view of the company's potential.
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