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Herbert Smith Freehills has advised Gras Savoye Willis Towers Watson – the international advisory, broking and solutions leader Willis Towers Watson's French entity – on the start of exclusive negotiations over the planned sale of its subsidiary CGRM, a supplemental health insurance management centre, to insurance broker SPVIE Assurances.

With around 100 employees, CGRM represented approximately €250 million in insurance premiums under management in 2019. The company handles health plans for over 5,260 companies and 270,000 beneficiaries.

With this transaction, Gras Savoye Willis Towers Watson aims to refocus on its core business.

The goal of Gras Savoye Willis Towers Watson and SPVIE Assurances is to finalise the deal over the next few weeks once employee representative bodies of the seller and the target company have issued an opinion on the transfer.

The Herbert Smith Freehills team advising Gras Savoye Willis Towers Watson was led by partner Frédéric Bouvet, assisted by Of Counsel Cyril Boulignat and associate Martin Dijos on corporate aspects, with partner Bruno Knadjian and associate Sylvain Piémont on tax issues, partner Emma Rohsler and associate Johanna Degraeve on employment law, and partner Alexandra Neri on IP aspects.

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