Two major firms with a presence in Bermuda officially merged yesterday in an $18 billion deal.

Insurance and reinsurance firm Willis, which has offices on Pitts Bay Road, Pembroke, started operations in partnership with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton.

The move creates a global advisory and brokerage firm serving 80 per cent of the world’s largest companies in more than 120 countries.

The official launch of the new company — Willis Towers Watson — came after shareholders in both voted to approve the merger.

John Haley, the chief executive officer of Willis Towers Watson, said: “Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients.

“We intend to help our clients manage risk and engage their people in a whole new way. We believe we can change our industry by delivering solutions that are driven by data and analytics and are integrated, innovative and tailored to meet the evolving needs of our clients.”

The joint company expects to make merger-related savings of between $100 million and 125 million a year.