SPVIE acquires CGRM

SPVIE Assurance enters into exclusive negotiations to acquire CGRM

The third deal in six months for SPVIE Assurances. The broker entered into exclusive negotiations with Gras Savoye Willis Towers Watson with a view to acquiring its CGRM subsidiary. CGRM has around 100 employees. The business sold in 2019 represents c.€250 million premiums managed.

CGRM is the historic subsidiary of Gras Savoye Willis Towers Watson, specialising in the management of complementary healthcare. For more than 20 years, CGRM has been recognised for the performance of its management centre and manages healthcare contracts for more than 5,260 businesses and 270,000 beneficiaries. Its third-party management business presents robust synergies with SPVIE Assurances.

Cyrille de Montgolfier, General Manager at Gras Savoye Willis Towers Watson, commented: “SPVIE has rapidly become the leading business provider for CGRM. We have enjoyed a close relationship with SPVIE, founded upon trust, since its creation ten years’ ago by former employees of Gras Savoye Willis Towers Watson. As such, our favourable response to the Company’s approach is a logical step.”

Cédric Pironneau, General Manager and co-founder of SPVIE Assurances commented: “This acquisition will enable us to position ourselves throughout the value chain in our markets by providing even more services and innovation to our customers and reaching one of our main targets: continuous improvement in our service quality.”

Gras Savoye Willis Towers Watson and SPVIE Assurances aim to finalise the deal in the coming weeks pending approval from employee representative bodies of the two companies.