Insurance broker Willis Towers Watson (WTW) has signed a non-binding agreement to acquire Israel-based insurance broking and consultancy business Leaderim.

Founded over two decades ago, the insurance broker offers a wide range of commercial insurance services and creates multinational risk programmes.

The acquisition is expected to strengthen the company’s presence in the Israeli market, where it has operated through a correspondent partner.

However, the acquisition is subject to definitive agreement, legal and regulatory approval.

WTW head of Central and Eastern Europe, Middle East and Africa Pamela Thomson-Hall said: “This is a significant and exciting growth opportunity for us both in the Middle East and globally. 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.”

Leaderim CEO Oded Haimov said: “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.”

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WTW has recently been in news for its proposed $30bn merger with Aon. The firms called off the merger citing an antitrust impasse.

Last week, WTW agreed to sell its treaty reinsurance brokerage operations to Arthur J. Gallagher for $3.25bn.