Wednesday, 25 January 2012
Gras Savoye's new organisation strengthens Willis ties
French broker Gras Savoye has announced a structural organisation that aims, among other goals, to further develop its partnership with the global network of Willis.
Patrick Werner
The new structure was presented in Paris by Director General Patrick Werner, a former banking boss who took the reins of the company only five months ago. The changes are scheduled to kick off in March.
Two main divisions were created, one encompassing the competencies of the group, and another, its operational activities.
The ‘group’ division has been divided into four directorships, all of which respond directly to Mr Werner.
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The new directors are Benoît de Roux (Finance), Philippe Sorret (Operations), Véronique Chabanis (Human Resources) and Marine Charbonnier (Strategy).
Another five directorships, also answerable to Mr Werner, comprise the operational side of the business.
Renaud de Pressigny has been picked to head the risk management department, which includes large corporate accounts, the construction sector, financial institutions and political and financial risks.
The other directors are Marie Bazetoux (affinity lines), Magaly Siméon (personal insurance) and Olivier Dubois (international), while a Middle Market director is still to be hired.
With the new organisation, Gras Savoye has also rejuvenated its executive board, which, according to the company, now has an average age below 50. The idea is that, with younger members, the board will be there for the long run.
Mr Werner said that the new structure strengthens the strategy of the group, which includes the expansion of its international operations.
The brokerage firm has recently announced the setting up of a new branch in Georgia, taking its international presence to a total of 42 countries.
Mr Werner also said that the collaboration with Willis will be strengthened, especially in the case of tenders, and should help Gras Savoye expand its footprint in the London market.
Thanks to the international network of Willis, which owns around 32% of Gras Savoye, the firm says that it now reaches over 120 markets around the world.
Astorg, a private equity firm, and the founding family of the firm own a similar stake in the company, while the remainder belongs to a group of managers.
Astorg entered into the capital of Gras Savoye in 2009, when it purchased part of the shares then owned by Willis and the families in a LBO operation.
The private equity firm justified the investment by saying that Gras Savoye presented strong potential for organisation, operational optimisation and financial management.
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