Multinational risk management and insurance brokerage firm Willis Towers Watson PLC has agreed to acquire Panama-based Grupo Unity, a regional insurance broker in Central America, El Economista reported, citing a press release.

Through the transaction, Willis Towers Watson will seek to widen its scope, scale and talent through its presence in Central America in the corporate risk and brokerage segment, and in the human capital and benefits segment.

The amount of the deal, which is pending approval from regulators, was not disclosed.

Willis Towers Watson has reported market value of $26.37 billion and is headquartered in London. Grupo Unity was founded in 1991 and operates in Panama, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.