International insurance broker Willis Group Holdings announced that it has reached an agreement to merge with professional services group Towers Watson. The combined company, to be called Willis Towers Watson, is valued at US$18 billion and will bring in projected revenues of US$8.2 billion. Willis is also anticipating US$100 million to US$125 million in savings as a result of the deal, to be realised within three years of its closure. Under terms of the agreement, Willis chairman James McCann will serve as chairman of the new company while Towers Watson chairman and chief executive John Haley will serve as CEO. Willis CEO Dominic Casserley will take over as president and deputy CEO. "The rationale for the merger is powerful – at one stroke, the combination fast-tracks each company's growth strategy and offers a truly compelling value proposition to our clients," Casserley said in a statement.