US insurance broker WTW has agreed a deal to acquire Cushon, a workplace pensions, savings, and financial wellbeing provider currently owned by British banking group NatWest, for an undisclosed sum.
NatWest has maintained control of the unit since June 2023, when it snapped up an 85% stake in Cushon for £144 million.
In a statement, WTW says the purchase of Cushon will strengthen its position in the regional defined contribution (DC) master trust space, “unlocking new growth opportunities in UK mid-size workplace pensions and savings”.
The agreed deal is set to add around £4 billion in assets under management (AUM) to WTW’s portfolio, alongside 730,000 new members. The firm’s portfolio already includes LifeSight, WTW’s defined contribution master trust, which has over £26 billion in AUM and 430,000 members.
NatWest’s commercial banking customers will continue to have access to Cushon’s workplace pensions and savings services for their employees through a referral agreement included in the acquisition, which is expected to close in H1 2026, subject to regulatory approval.
WTW to acquire Newfront
Separately, WTW has also announced its agreement to acquire Newfront, a US-based insurance brokerage combining risk management, business insurance, total rewards, and retirement services.
The agreement includes upfront and contingent consideration payments totalling $1.3 billion, and is expected to close during Q1 2026, subject to receipt of certain regulatory approvals and other customary closing conditions.
Once closed, Newfront’s two business segments, Business Insurance and Total Rewards, will be combined with WTW’s Risk and Broking (R&B) and Health, Wealth and Career (HWC) segments, respectively.
Source: https://www.fintechfutures.com/
