Willis.com Media Room

Willis North America Appoints Alastair Swift Chief Placement Officer

willis.com — Thu, 21 Jan 2010 00:00:00 GMT

Willis North America Appoints Alastair Swift Chief Placement Officer

NEW YORK, January 21, 2010 – Willis North America (WNA), a unit of Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced that Alastair Swift will be joining its senior management team as Chief Placement Officer, effective immediately. He will report to Don Bailey, Chairman and CEO, Willis North America, and will relocate from London to New York.

In his new role, Swift will lead a team of placement officers across North America, ensuring that Willis’ clients benefit from the best and most competitive insurance solutions available. He will direct the overall vision for WNA placement strategy, helping Willis to better and more effectively interface with the North American carrier community.

Swift has been at Willis since its merger with Hilb Rogal and Hobbs in October 2008, most recently holding the position of Managing Director, WNA London Property, where he was charged with leading the combined London Market Property team of WNA London and Bermuda. Before joining Willis, he was with BSK, a London market property broker.

Commenting on Swift’s appointment, Bailey said, “Alastair is one of the best property brokers this industry has ever seen. His appointment fills a critical role that is central to our growth strategy. Over the past year we’ve been working together, Alastair has demonstrated strong leadership, broad knowledge of the placement function, a respected reputation among the carrier community and a refreshing perspective and systematic approach to his work that will complement the depth and breadth of our existing team of highly talented placement professionals.”

Swift said, “This is a unique opportunity and I am excited about joining a team which I have come to highly respect. Placement is the lifeblood of what we do as a company and I look forward to building on our success and delivering even better service and value to our North American clients.”

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Group Holdings to Announce Fourth-Quarter Earnings on February 3; Investor Conference Call Set for February 4

willis.com — Wed, 20 Jan 2010 00:00:00 GMT

Willis Group Holdings to Announce Fourth-Quarter Earnings on February 3; Investor Conference Call Set for February 4

NEW YORK, January 20, 2010 - Willis Group Holdings plc (NYSE: WSH), the global insurance broker, will announce its earnings for the fourth quarter ending December 31, 2009 after the market closes on Wednesday, February 3, 2010. The Willis earnings release will be available soon thereafter within the "Investor Relations" section of the company's web site (www.willis.com).

On Thursday, February 4, 2010, at 8:00 AM, Eastern Time, Joe Plumeri, Chairman and Chief Executive Officer of Willis Group Holdings, will host a conference call to discuss the company's results and business trends. Interested parties may access the conference call by dialing (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a passcode of "Willis." Media and individuals will be in a listen-only mode. Participants are asked to call in a few minutes prior to the call to register for the event.

Interested parties may also access the conference call in a listen-only mode via the Internet. To do so they should go to the "Investor Relations" section of the company's web site and register for the call. A replay of the call will be available through March 6, 2010 at 11:59 PM, Eastern Time, by calling (877) 611-5293 (domestic) or + 1 (203) 369-4862 (international) with no passcode, or by accessing the web site.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Forms Hedge Fund Practice Group in the UK

willis.com — Tue, 12 Jan 2010 00:00:00 GMT

Willis Forms Hedge Fund Practice Group in the UK

Strategic Alliance with Dominion to Provide Insurance Broking and Wealth Management Services to Investment Management Sector

London, UK, January 12, 2010 — FINEX National, a division of the Financial, Executive and Professional Risks unit of Willis Group Holdings (NYSE: WSH), the global insurance broker, has entered into a strategic alliance with Dominion, the leading provider of trustee, advisory and wealth management services to the hedge fund industry, to form a Hedge Fund Practice Group for fund management organisations.

The new business unit within Willis will be led by Paul Richards, head of the recently expanded FINEX National Financial Institutions division, which provides insurance broking services to financial and professional services firms.

Under the alliance, Willis will be responsible for the client-facing aspects of the general insurance arrangements for Dominion’s clients, delivering the full spectrum of financial and executive risk solutions, including Directors’ and Officers’ (D&O), Professional Indemnity and Employment Practices liability insurance. These services also will be available to other companies in the fund management sector. The relationship will, in turn, give FINEX National’s clients access to the extensive range of services that Dominion provide to the hedge fund sector.

Commenting on the alliance, Richards said, “In the wake of the financial crisis, hedge funds have become a lot more institutionalised, and they are facing greater regulatory scrutiny and increased investor demands. A holistic risk management programme is key to safeguarding the reputation and assets of hedge funds, investment management companies, and the supporting industry service sector. Backed by the global resources of the Willis Group, with the expertise of FINEX National, the alliance will offer clients a one-stop boutique broker service for all their financial and executive insurance needs.”

Andrew S. Fielding, Director and Head of Sales & Marketing at Dominion, said, “Willis has been successfully providing insurance broking and document production services to Dominion and ASF Financial Services, a company recently acquired by Dominion, for a number of years now. We are confident that their proactive, personalised service and in-depth knowledge of financial and executive risk insurance will complement our expertise in financial planning, employee compensation and benefit structures, giving our clients the best advice possible.”

Willis will provide the following broking services as part of the alliance:

D&O liability insurance
Fund D&O insurance including ‘prospectus’ liability
Professional indemnity (PI)/civil liability insurance
Crime insurance
Employment practices liability insurance
Pension fund trustee liability insurance
Commercial general (office and liability) insurance
Risk mapping of exposures

Dominion will provide the following services:

Trustee administration services
Consulting on design and implementation of corporate compensation
HR outsourcing
Corporate wealth management
Personal wealth management

About Willis

About Dominion

Dominion was formed in 2001 as a specialist Trust Company and consulting firm to provide a range of services to corporate and personal clients based in the UK’s financial services sector. The company is now the largest offshore service provider of its type and employs over 100 staff in offices located in Jersey, London and Malta. The majority of senior staff are qualified accountants, tax advisers, lawyers and bankers. For further information, please visit www.expertsinwealth.com.

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Willis Commercial Network Expands Into Northern Ireland

willis.com — Tue, 05 Jan 2010 00:00:00 GMT

Willis Commercial Network Expands Into Northern Ireland

--Broker Establishes New Region with Addition of Three New Members with Combined Revenue of Over GBP 20 Million--

London, UK, January 05, 2010 – Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced that it is expanding its highly successful UK Willis Commercial Network (WCN) business model into Northern Ireland with the addition of three new independent brokers, including McCausland Light & Rankin and Dickson & Co, both of which join on January 1, 2010, and another soon-to-beannounced member firm, which will commence trading in March.

Established in 1993 with two offices in Belfast, McCausland Light & Rankin are commercial insurance brokers with a particular strength in transportation insurance and a wide range of property insurance clients varying from single occupancy to industrial estates.

Commenting on the reasons for joining the WCN, Gary McCausland, Managing Director of McCausland Light & Rankin, said, “We have always prided ourselves on being independent and providing a personal service, but we saw the opportunity to tap into the resources of a bigger organisation, while still retaining our own independence, as being a great advantage. The WCN gives us better access to markets for clients who have business outside of Northern Ireland.” Dickson & Co was established in 1992 and has grown to become a leading commercial and personal lines broker with their head office based in Co Tyrone and a network of six offices throughout Northern Ireland.

Ashley Dickson, Managing Director, Dickson & Co, saw joining the WCN as a progressive step in aiding the future development of his company. He said, “By becoming a Willis Networks member, we will be able to expand on the range of services that we can provide to our clients by accessing the specialist skills of Willis. We will also strengthen our own team through the sales training and support the Network provides.”

A third Northern Irish broker will join the Network in March, bringing the combined revenues of the first three Northern Irish members to more than GBP 20 million.

Phil Scarrett, Managing Director, Willis Networks, said, “We are pleased to announce the establishment of a new region for the WCN in Northern Ireland. Northern Irish brokers are fiercely independent and they value the fact that as part of the Willis Network they will have total autonomy. As our first Network members in Northern Ireland, McCausland Light & Rankin and Dickson & Co embody the professional, independent and ambitious spirit of the Willis Commercial Network. We look forward to a long and successful partnership with them and a strong network presence in Northern Ireland.”

Willis Networks was established in the UK in 1999 and is comprised of the Willis Commercial Network, representing more than 84 regional brokers who place in excess of GBP 370 million in premium; and Willis N², which represents 21 smaller, community brokers who place around GBP 50 million in premium. Members of Willis Networks receive technical and sales training from Willis, as well as strategic marketing, compliance, business development and sales support, along with access to Willis’ global placement and industry resources.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Commercial Network Expands Into Northern Ireland

--Broker Establishes New Region with Addition of Three New Members with Combined Revenue of Over GBP 20 Million--

A third Northern Irish broker will join the Network in March, bringing the combined revenues of the first three Northern Irish members to more than GBP 20 million.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Completes Change in Place of Incorporation to Ireland

willis.com — Thu, 31 Dec 2009 00:00:00 GMT

Willis Completes Change in Place of Incorporation to Ireland

NEW YORK, December 31, 2009 - Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, announced today that its reorganization has been completed and the new parent company of the Willis Group - known as Willis Group Holdings Public Limited Company - is incorporated in Ireland.

The transaction was completed today, following receipt of the required approval from the Supreme Court of Bermuda, and after certain other consents, approvals and waivers were received. The Willis Group parent company was previously incorporated in Bermuda.

Willis has had ongoing operations in Ireland since 1903, and currently is one of the country's largest insurance brokers. The company employs approximately 300 people in offices in Dublin, Limerick and Cork.

"Incorporating in Ireland provides Willis with economic benefits that will help ensure our continued global competitiveness," said Joseph J. Plumeri, the company's Chairman and CEO. "Furthermore, this move underscores our strong commitment to the Irish market and our determination to be a significant part of its growth potential as an important financial and insurance center."

As a result of the reorganization, common shares in Willis Group Holdings Limited were cancelled and ordinary shares in Willis Group Holdings Public Limited Company were issued to all shareholders on a one-for-one basis. The common shareholders of Willis Group Holdings Limited have become ordinary shareholders of Willis Group Holdings Public Limited Company and Willis Group Holdings Limited has become a wholly owned subsidiary of Willis Group Holdings Public Limited Company.

Willis Group Holdings Public Limited Company will begin trading on the New York Stock Exchange on January 4, 2010, under the symbol "WSH," the same symbol under which Willis Group Holdings Limited shares traded. Willis will continue to be subject to United States Securities and Exchange Commission (SEC) reporting requirements, prepare its financial statements and pay dividends in U.S. dollars, and be subject to U.S. Generally Accepted Accounting Principles (GAAP).

About Willis

Willis Group Holdings Public Limited Company is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

We have included in this document "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as the potential benefits of the reorganization discussed above and the Gras Savoye transaction or Hilb, Rogal & Hobbs Company acquisition, our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes are forward-looking statements. Political, economic, climatic, currency, tax, regulatory, competitive, and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Also, when we use the words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "probably" or similar expressions, we are making forward-looking statements.

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Willis Completes Change in Place of Incorporation to Ireland

About Willis

Forward-Looking Statements

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Willis Re: Talk of a Hard Market Evaporates With Measured Softening at January Reinsurance Renewals

willis.com — Thu, 31 Dec 2009 00:00:00 GMT

Willis Re: Talk of a Hard Market Evaporates With Measured Softening atJanuary Reinsurance Renewals

Broker's Quarterly Renewals Report Shows a Recoveryin the Catastrophe Bond Market and Predictsa Pick-up in M&A Activity in 2010

London, UK, December 31, 2009 - Strong reinsurance underwriting profits, a recovery in the global investment markets and a lack of premium growth for primary underwriters have resulted in a disciplined softening of reinsurance pricing in the January 1, 2010 renewal season. This assessment of the state of the marketplace comes from the latest renewals report from Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE: WSH), the global insurance broker.

"Orderly Softening" is the title of the new edition of Willis Re's "1st View," which is published three times each year examining reinsurance rate movements across numerous territories and product classes. Willis Re's "1st View" also includes detailed analysis from Willis Re's product line experts.

The just-released edition of the report found that reinsurers have generally maintained a responsible underwriting attitude towards their own capital suppliers, as well as giving some recognition to their clients' requests over the January 1 renewal season. This disciplined rating approach, says Willis Re, reflects reinsurers' concern that the excellent 2009 underwriting results are less due to attractive pricing than a below average pattern of natural catastrophe and man-made losses.

Peter Hearn, CEO Willis Re said, "Despite global economic headwinds, the reinsurance industry has enjoyed one of its most profitable underwriting years for a number of years. This is due to the recovery on the asset side of reinsurers' balance sheets in line with the strong performance of global markets in 2009. The position, however, is worse for reinsurers' clients, where stagnant premium growth is pressuring expense ratios, particularly in mature markets. Reinsurers have listened to these concerns and responded sensibly with measured premium reductions."

Among the other key findings of the report are:

Rate reductions have been easier to achieve on growing portfolios where reinsurers have been more flexible about accepting increased exposures for a similar premium volume. Conversely, on stable and reducing portfolios where buyers have been seeking reductions in pure monetary premium amounts,reinsurers have shown less flexibility to maintain their own premium volume.
The main area of pricing inadequacy for most reinsurers remains long-tail classes, especially in the US. Despite many calls for a market hardening, no turn has emerged in the US market at the January 1, 2010 renewals, other than in financial lines.
The catastrophe bond market is recovering, helped by a convergence in pricing between traditional reinsurance structures and catastrophe bonds, coupled with the recovery in global investment markets. The total placed limits for catastrophe bonds in 2009 in aggregate is US$ 3.4 billion, a little larger than the 2008 figure of US$ 2.73 billion.
With the background of a continued softening, together with replenished capital bases, the Mergers & Acquisitions and capital management trend which emerged in the second half of 2009 will likely accelerate during the first half of 2010, says Willis Re.

Hearn concluded, "When many other financial markets were in turmoil over the past year, the reinsurance industry managed to meet its client requirements in virtually every case. The disciplined actions taken by reinsurers at the January 1 renewals reinforce the fact that the market will continue to provide clients with secure long-term support in the years to come."

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Note to Editors: To read the full Willis Re 1st View Renewals Report for January 2010, please click here.

Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

willis.com — Thu, 17 Dec 2009 00:00:00 GMT

Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

NEW YORK, December 17, 2009 - Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, said today it has completed a leveraged transaction with the original family shareholders of Gras Savoye & Cie, the leading French insurance broker, and Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye.

With the closing of the transaction, Willis, the family shareholders of Gras Savoye, and Astorg each now own equal stakes of 31.8 percent in the new holding company and have equal representation of 33.3 percent of the voting rights on its Board. The remaining 4.5 percent is held by a large pool of Gras Savoye managers.

Gras Savoye has been an Associate company of Willis since 1997 when Willis acquired a 33 percent ownership interest. Willis had gradually increased its shareholding to 48.6 percent of voting rights (46.2 percent of outstanding shares), with family shareholders and management owning the remainder.

The leveraged transaction valued Willis’ investment in Gras Savoye at approximately $335 million. Willis rolled over approximately $132 million in equity and convertible debt and lent approximately $47 million to the new holding company at a rate of 6 percent per annum. As a result, Willis received approximately $156 million of tax-free net cash proceeds from the transaction, which it will use to pay down existing debt.

Willis has the option to purchase 100 percent of the capital in the new holding company in 2015, should it choose to do so, with notification in 2014. An existing put option, which gave family shareholders an option to sell their shares in Gras Savoye to Willis between now and 2011, has been cancelled.

Financial information in this press release has been translated between Euros and US Dollars at a rate of exchange of $1 = €0.687, the closing euro rate on December 15, 2009. Additional information relating to the transaction can be found in Willis’ 8-K filed on November 18, 2009.

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

This communication may contain forward-looking information regarding Willis Group Holdings Limited, Gras Savoye and Astorg and the combined company after the completion of the transaction that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the potential benefits of the transaction, the parties' plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on current beliefs, expectations, forecasts and assumptions of management that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Other risks and uncertainties relating to the transaction include, but are not limited to, the expected operating and financial performance of Gras Savoye, achieving the expected synergies and other strategic benefits as a result of the transaction, general industry and market conditions, general domestic and international economic conditions and governmental laws and regulations affecting domestic and foreign operations.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For additional factors see the section entitled ‘‘Risk Factors’’ included in Willis’ Form 10-K for the year ended December 31, 2008 and our Form 10-Q for the quarter ended September 30, 2009 as filed with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or on request from Willis as set forth in Part I, Item 1 “Business-Available Information” in Willis’ Form 10-K. These forward-looking statements speak only as of the date made and the parties will not update these forward-looking statements unless the securities laws require it. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and you should not place undue reliance on these forward-looking statements.

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Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

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Willis Launches New Lawyers Professional Liability Program

willis.com — Tue, 15 Dec 2009 00:00:00 GMT

Willis Launches New Lawyers Professional Liability Program

Portsmouth, NH, December 15, 2009 – Willis Programs, a unit of Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that its LawyerGuard® unit has launched a new insurance program designed to address the professional liability coverage needs of law firms with one to 20 attorneys in general practice areas. The underwriter for the LawyerGuard program is Catlin Insurance Company, Inc., rated “A” XV by A.M. Best and a subsidiary of Catlin Group Limited, a leading global specialty insurance and reinsurance group. The program will be offered on an admitted basis in all available states and the District of Columbia. To date, form and rate filings for the new program have been approved in 37 states.

The program offers numerous coverage enhancements, including mutual choice of counsel, a reduction in deductible for claims settled through mediation, high limits for disciplinary proceedings and loss of earnings coverage, express malicious prosecution coverage, and free unlimited extended reporting periods for the disability or death of an individual attorney. The program also allows for individual attorneys to purchase a retirement tail at very attractive rates.

The policy also provides coverage for activities not only taken as an attorney, but also as a member of a professional association, as an arbitrator/mediator, notary, lobbyist, title agent or as a publisher of research papers. Punitive damages also are covered under the policy unless deemed uninsurable in a particular jurisdiction. In certain situations the insured law firm is also eligible for crisis event coverage to offset the costs of a public relations firm to lessen the potential adverse impact on its reputation from covered events.

“We are very excited about the launch of this new lawyers’ professional liability insurance program for non-defense attorneys,” said David Hampson, President of Willis Programs. “This is a significant complement to our existing lawyers’ professional liability program designed for defense firms of all sizes, which is sponsored by DRI, the largest international membership organization of defense attorneys. The combination of these two programs will make LawyerGuard an even more significant player in the national lawyers’ professional liability market.”

In addition to underwriting the new Willis program, Catlin Insurance Company, Inc. will become the new carrier for the existing Willis-DRI program beginning on January 1, 2010.

“We expect to achieve significant growth as a result of our new policy enhancements and competitive pricing structure in both programs,” said Stephen van Wert, Program Manager for the LawyerGuard program. “Catlin is looking to increase its presence in the US lawyers’ professional liability marketplace and we are delighted that they decided to work with Willis to help them achieve that goal.” Mr. van Wert has significant experience in the lawyers’ professional liability field, having run a $40 million lawyers program for most of the last ten years, as well having prior experience as a practicing attorney himself.

Additional information and applications for the new program and the Willis-DRI program can be obtained at the LawyerGuard website at www.lawyerguard.com or by contacting Mr. van Wert at (813) 712-7032 or at steve.vanwert@willis.com .

Willis Group Holdings Limited (NYSE: WSH) is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

Catlin Group Limited (London Stock Exchange: CGL) is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide. Catlin US, headquartered in Atlanta, encompasses all of the Catlin Group’s operations based in the United States. Catlin US underwrites a wide variety of specialty property/casualty insurance and reinsurance products from a network of offices throughout the country. Additional information can be found at www.catlinus.com.

DRI – The Voice of the Defense Bar, is the national organization of more than 22,500 defense trial lawyers and corporate counsel. DRI provides numerous educational and informational resources to members and offers many opportunities for liaison among defense trial lawyers, Corporate America, and state and local legal defense organizations. DRI also has an international presence, seeking to enhance understanding of the law among members of the defense community who have reason to be concerned with the expanding globalization of litigation defense. The organization can be reached at www.dri.org.

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Willis Survey: Hard Market for Financial Institutions Insurance Shows Signs of Softening in 2010

willis.com — Mon, 14 Dec 2009 00:00:00 GMT

Willis Survey: Hard Market for Financial Institutions Insurance Shows Signs of Softening in 2010

London, UK, December 14, 2009 - The hard market for financial institutions (FI) insurance, which has seen insurers push premiums up at renewal by a minimum of 10 to 15 percent, is unlikely to last until the end of 2010, according to the latest Willis FI Index from Willis Group Holdings (NYSE: WSH), the global insurance broker.

Willis’ fourth quarter FI market update, published by FINEX Global, the broker’s London-based Financial, Executive Risk and Professional Liability business, finds that while insurers are still concerned about their 2007 and 2008 loss ratios and are, at present, underwriting very conservatively, the expected influx of new markets for 2010 will help to generate more favorable trading conditions for clients.

Duncan Holmes, Managing Director of FINEX Professional Risks, said, “The question that everyone wants to get an answer to is how long will these conditions last? To generate the environment necessary for a ‘softer’ market, there needs to be both an excess of capacity and a willingness from insurers to compete for business. We are going to see new capacity enter the market in 2010, but at the moment, most financial institutions insurers are committing their capacity with great care and caution and will continue to do so until they have confidence that the amount of new losses is going to fall considerably, and stay at a lower level. The current state of affairs cannot last forever and at some point in 2010 we expect confidence levels to increase”

Other findings of the report include:

FI clients may see premium spikes at the beginning of 2010 as insurers seek to share the pain of expensive reinsurance renewals, with some reinsurers experiencing loss ratios of up to 300 percent over the last two years.

The average premium change at renewal from September 2008 to September 2009 has more than doubled from 10 percent to more than 20 percent.

Willis predicts that some green shoots may emerge in the small- to medium-sized financial institutions sector, where those with claim-free histories will drive competition between insurers, resulting in premium reductions.

The Index also assesses different methods for the placement of insurance covers in the wake of the financial crisis, and focuses on the EU Competition Directorate that has been reviewing the subscription method of placing the larger and more complex insurance and co-insurance policies, especially in the London market.

To read the full text of the Willis FI Index report, click here.

Willis Shareholders Approve Proposal to Change Place of Incorporation to Ireland

willis.com — Fri, 11 Dec 2009 00:00:00 GMT

Willis Shareholders Approve Proposal to Change Place of Incorporation to Ireland

New York, December 11, 2009 -Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, said that its shareholders today approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland at a special meeting here.

With shareholder approval, the proposal to reorganize the company now goes before the Supreme Court of Bermuda for approval. Willis expects to complete the reorganization on or about the end of this year, assuming the transaction is approved by the Supreme Court of Bermuda at a hearing currently scheduled for December 18, 2009, and certain other consents, approvals and waivers are received.

Upon completion of the reorganization, a new Irish public limited company, Willis Group Holdings plc, will replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group.

Willis also announced that its shareholders approved at the special meeting the creation of distributable reserves of Willis Group Holdings plc, which is expected to be approved by the Irish High Court within three to six weeks after completion of the reorganization.

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis is one of the largest insurance brokers in Ireland. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates (including approximately 300 in Ireland) serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

We have included in this document "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possibleor assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our proposed reorganization discussed above and the benefits that could be obtained by it, the potential benefits of the Gras Savoye transaction or Hilb, Rogal & Hobbs Company acquisition, our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes are forward-looking statements. Political, economic, climatic, currency, tax, regulatory, competitive, and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Also, when we use the words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "probably" or similar expressions, we are making forward-looking statements.

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Willis CEO Plumeri says Business must confront New Risks

willis.com — Tue, 08 Dec 2009 00:00:00 GMT

WILLIS CEO PLUMERI SAYS BUSINESS MUST CONFRONT NEW RISKS; URGES TRANSPARENCY AS ONLY WAY TO RESTORE TRUST

At Town Hall Los Angeles, Willis CEO identifies top 10 risks facing business in the coming decade
Highlights risks of global climate change, work of Willis Research Network on California "ARkStorm"

LOS ANGELES, December 8, 2009 - Joe Plumeri, Chairman and CEO of Willis Group Holdings Limited, the global insurance broker, today called on corporate leaders to recognize and address the risks facing business at the start of a new decade. Mr. Plumeri delivered his remarks at Town Hall Los Angeles, one of the nation's premier forums.

Plumeri asserted that the world has changed dramatically over the past 10 years, highlighted what he considers the top ten risks facing business today, and argued that companies have yet to make the changes necessary to adapt to a more dangerous and unpredictable world.

"The risks confronting business today are new, complex and increasing. The old answers just won't cut it," Plumeri said in prepared remarks at the Omni Los Angeles Hotel. "Before our government bailed out Citibank, AIG and General Motors, most of us thought those things could never happen - but they did. The world has changed dramatically in the past decade. It's a dangerous place full of new and complex risks. But are we doing anything differently today? I don't think so."

Plumeri also said new risks have emerged at the end of the first decade of the 21st century that barely received consideration 10 years ago, including global climate change, terrorism, pandemic disease, the cost and availability of credit, globalization, cyber security, piracy on the high seas, supply chain integrity, increased regulatory and compliance dangers and greater threats to corporate reputation.

Pointing to studies that show trust in business has crumbled during the economic downturn, Plumeri argued that the most effective way to manage these emerging challenges is for leaders to adopt a new commitment to transparency in recognizing and mitigating risk.

"Whether it's severe weather or pandemics or cyber security, the simple truth is that the risks of the 21st century are big, and real, and must be faced openly and transparently," Plumeri said, urging business leaders to embrace enterprise risk management. "As business leaders, we must look at all the risks we face and address them head on. And we have to be honest and open about what we see and what we're doing about it. That is the only way to make our customers and the public believe in us again."

Noting that California, in particular, faces a severe threat from the effects of global climate change, Plumeri also highlighted the work of the Willis Research Network to study and assess these emerging risks. The network is an industry-leading public-private partnership between Willis and many of the top scientific research institutions in the world.

In California, Willis is working with the U.S. Geological Survey on "ARkStorm," a simulation of a major weather event comparable to the severe storms that flooded Los Angeles and created lakes in the Mojave Desert during the winter of 1861-1862. While most people may barely imagine such a storm hitting again, Willis is working to address the risks of a disaster that most climate scientists consider to be inevitable. Property and related losses from a storm of similar force today likely would exceed $50 billion, according to scientists in the Willis Research Network.

The full text of Plumeri's prepared remarks is available here.

About Willis

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Willis Executive Named to Business Insurance's 2009 "Women to Watch" List

willis.com — Mon, 07 Dec 2009 00:00:00 GMT

Willis Executive Named to Business Insurance's 2009 "Women to Watch" List

New York, December 7, 2009 - Willis Group Holdings (NYSE:WSH), the global insurance broker, announced today that one of its executives, Martha Vinas, Senior Vice President and Director of Client Advocacy for the company's Employee Benefits practice in Florida, has been named a 2009 "Woman to Watch" by Business Insurance magazine.

On this, the fourth year that Business Insurance has published its "Women to Watch" list, Vinas is among a group of 25 high-profile women executives who are leading the way in insurance, reinsurance, risk management, employee benefits and related fields, such as law and consulting. The "Women to Watch" list is compiled from hundreds of reader nominations as well as information supplied by the publication's senior staff.

Based in Tampa, Florida, Vinas is a recognized authority in the area of Employee Benefits. She currently leads Client Advocacy for Willis' Florida Employee Benefits Practice, which has a team of 61 professionals working in eight offices across the state. Vinas is responsible for the development of professional talent and capabilities as well as strategic planning, staffing, operations, client management and partner development.

Vinas has had a varied career in her 15 years in the insurance industry, with positions on the broker, insurance carrier and healthcare provider sides of the business providing her with a broad perspective on the issues impacting the Employee Benefits sector. She received a Bachelor's degree in Health Services Administration from Florida International University and her MBA from the University of Tampa.

Commenting on her achievement, Vinas said: "It's a fantastic honor to be named by Business Insurance as one of the women who is making a difference in an industry that historically has been dominated by men. I'm very passionate about this profession, the insurance business, and working hard everyday to help our clients. Insurance has given me great opportunities to develop my career, and I truly enjoy my leadership role, which allows me to consult, mentor and help others grow in this field. I would like to thank my colleagues at Willis for being a source of encouragement and motivation, and for working together to serve our clients as the best 'One Flag' team in the industry."

Don Bailey, Chairman and Chief Executive Officer of Willis North America, said, "Martha is an outstanding professional who strives for, and achieves excellence in all that she does. She is truly an exceptional leader who has won the admiration and respect of her colleagues and our clients, and she is thoroughly deserving of this accolade. Martha is a credit to this profession and to Willis, and I'm delighted that she's being honored for her achievements."

Vinas, who joins past honorees from Willis, is profiled in the December 7 issue of Business Insurance, as well as at http://www.businessinsurance.com/section/awards05?date=20091206. Business Insurance will host a luncheon and awards program honoring the 2009 "Women to Watch" on December 8 at the Four Seasons Hotel in Chicago.

Business Insurance is a newsmagazine and Web site reporting on commercial insurance, risk management and employee benefits weekly in print and daily online. Its readers include professional risk managers, benefit managers and financial executives representing a variety of industries and public entities, as well as executives in the commercial insurance industry.

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Willis Appoints Head of European Capital Markets and Advisory Unit

willis.com — Wed, 02 Dec 2009 00:00:00 GMT

Willis Appoints Head of European Capital Markets and Advisory Unit

London, UK, December 2, 2009 - Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced that Michiel Bakker has been appointed Managing Director and Head of Europe for its Willis Capital Markets and Advisory unit, formed earlier this year to expand the broker's capital markets and merger and acquisitions advisory services to the insurance and reinsurance industry. Based in London, Bakker will be responsible for developing the business in Europe and will report to Tony Ursano, Chief Executive Officer, Willis Capital Markets and Advisory.

Bakker joins Willis from Bank of America where, until the start of 2009, he was Managing Director and Head of the Europe, Middle East and Africa (EMEA) Financial Institutions Group with responsibility for strategic advisory, financing, capital and risk management. Before joining Bank of America in 2004, Bakker spent 16 years at Goldman Sachs working in various roles in the investment banking division in London, Tokyo and Singapore. Bakker holds a Masters degree in Economics from the University of St. Gallen, Switzerland.

Commenting on Bakker's appointment, Ursano said, 'Willis' rapid expansion of its capital markets capabilities in addition to its cutting edge analytics and risk management expertise continue to set the stage for a truly unique platform that proves its commitment to building the highest quality capital markets and M&A advisory business. The financial crisis has proven that the ability to provide independent and objective advice is a cornerstone to building long-term relationships and providing exceptional client service.

"Michiel has more than 21 years of experience in the European financial services market and has been involved in financings and advisory transactions for some of the biggest names in the industry. His experience, in conjunction with the global reach of Willis, makes him the ideal person to help us grow the team and expand our business in Europe."

Established in March 2009, Willis Capital Markets & Advisory expands on Willis' already existing capital markets capability and is focused on advising insurance and reinsurance companies and clients on a broad array of capital markets products and mergers and acquisitions.

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Willis Appoints Joshua King Senior Vice President, Group Marketing and Communications

willis.com — Tue, 01 Dec 2009 00:00:00 GMT

Willis Appoints Joshua King Senior Vice President,Group Marketing and Communications

NEW YORK, December 1, 2009 - Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, today announced that Joshua King has been named Senior Vice President, Group Marketing and Communications. King will lead a worldwide function that includes external, internal and executive communications, brand and reputation management, community relations, corporate philanthropy and events. He will report to Joe Plumeri, Group Chairman and Chief Executive Officer.

King comes to Willis with more than 20 years of experience in the public and private sector, ranging from the White House to the insurance industry. From 2003 to 2009, he served as chief spokesman and vice president of communications and community relations at The Hartford Financial Services Group, Inc., one of the nation's oldest and largest insurance companies.

"Willis sets itself apart through its 'One Flag' culture of teamwork, its ability to deliver global resources to each client locally, by being transparent with clients and advocating for their best interests at all times," said Plumeri. "Communication is very important to the success of our company, and I'm delighted that Josh King is joining Willis to take our communications program to the next level. Josh has spent his career helping corporate leaders and public officials develop and deliver their message in new and compelling ways, from live events to the Internet and social media. His insurance experience and his strategic, creative and management skills will be great assets as we continue to differentiate Willis and grow our business in an intensely competitive industry."

"Willis has delivered impressive growth and performance, and also championed trust and transparency in an era demanding this assurance as never before," said King. "I'm proud to be joining Willis at an important moment, both for the company's growth strategy and also for the future of the financial services industry."

At The Hartford, King oversaw external corporate and business unit communications - including product, financial, legal and regulatory media relations issues - as well as the company's philanthropy, civic engagement and employee volunteerism. King also has served as a senior vice president of Penn, Schoen & Berland Associates, a research-based consulting firm of the WPP Group specializing in communications strategy for corporate, political and entertainment clients.

In the Clinton Administration, King served for five years as director of production for the White House Office of Communications, where he was credited with introducing a new visual style for the President's public appearances. King earned his B.A. from Swarthmore College and completed the Program for Global Leadership at Harvard Business School.

Note to Editors: A photograph of Mr. King is available on request.

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Willis Group Announces Definitive Agreement with Family Shareholders and Astorg Partners to Reorganize the Capital of Gras Savoye

willis.com — Wed, 18 Nov 2009 00:00:00 GMT

Willis Group Announces Definitive Agreement with Family Shareholders and Astorg Partners to Reorganize the Capital of Gras Savoye

Partners Will Own Equal 31.8 Percent Stakes in a New Holding Company and Have Equal Board Representation

Willis Obtains Option to Purchase 100 Percent Stake in 2015; Existing Put Option will be Cancelled at Closing; Net Cash Proceeds of $160 Million from Transaction to Reduce Existing Debt

NEW YORK, November 18, 2009 – Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, and the original family shareholders of Gras Savoye & Cie, the leading French insurance broker, announced today that they have signed a definitive agreement with Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye in a leveraged transaction.

Gras Savoye has been an Associate company of Willis since 1997 when Willis acquired a 33 percent ownership interest. Since then, Willis has gradually increased its shareholding to 48.6 percent of voting rights (46.2 percent of outstanding shares). The family shareholders and management currently own 51.4 percent of the voting shares of Gras Savoye.

Under the terms of the transaction, Astorg Partners will acquire 33.3 percent of the voting rights (31.8 percent of outstanding shares) of a new holding company while Willis and the family shareholders will sell part of their stakes in Gras Savoye to Astorg Partners and roll over their remaining shares into the new holding company, through a combination of equity, convertible debt and seller financing. Willis, the family shareholders of Gras Savoye, and Astorg will hold equal stakes of 31.8 percent in the new holding company and have equal representation of 33.3 percent of the voting rights on its Board. The remaining 4.5 percent will be held by a large pool of Gras Savoye managers.

This transaction values Willis' existing investment in Gras Savoye at approximately $343 million. Willis will roll over approximately $135 million in equity and convertible debt and lend approximately $48 million to the new holding company at a rate of 6 percent per annum. Willis expects to generate approximately $160 million of tax–free net cash proceeds from the transaction, which it will use to pay down existing debt.

The agreement also gives Willis the option to purchase 100 percent of the capital in the new holding company in 2015, should it choose to do so, with notification in 2014. An existing put option, which gave family shareholders an option to sell their shares in Gras Savoye to Willis between now and 2011, will be cancelled at the closing of the transaction. The transaction is expected to close in the fourth quarter of 2009, subject to customary approvals and completion of financing.

Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings, said: “Willis looks forward to building on the strong and valuable relationship we have established with Gras Savoye over the past 12 years, and we remain fully committed to our partnership. This new arrangement enhances Willis' financial flexibility, while at the same time, engaging an important new strategic partner in its Gras Savoye investment.”

Patrick Lucas, who will continue to head Gras Savoye as Chairman and CEO, said: “Our new ownership structure will allow everyone at Gras Savoye to be connected even more closely with the success of our business. As we pursue our strategy, we will continue to focus on serving our clients with the highest professional standards and further strengthening our strategic partnership with Willis to deliver the best global insurance and risk management services around the world.”

Christian Couturier, a Partner at Astorg Partners, said: “We are delighted that the family shareholders and Willis have chosen to partner with Astorg for this new step in the development of Gras Savoye. The leadership of Patrick Lucas, the personal investment of a large number of Gras Savoye managers and employees, the support of Willis, as well as Astorg's track record as a proactive shareholder in family companies, create the conditions for success in the next five years.”

Willis was advised by Close Brothers and Willis Capital Markets and Advisory; Gras Savoye was advised by Close Brothers; and Astorg was advised by Bucephale Finance.

Financial information in this press release has been translated between Euros and US Dollars at a rate of exchange of $1 = €0.671, the closing euro rate on November 13, 2009.

Teleconference Call and Web Cast

On Thursday, November 19, 2009, at 8:00 A.M. Eastern Time, Joe Plumeri, Chairman and Chief Executive Officer of Willis Group Holdings Limited, will hold a live webcast and conference call to discuss today's announcement.

The press release, webcast and presentation materials will be available in the “Investor Relations” section of the Willis website at www.willis.com. To dial in to the live teleconference, please call (866) 803–2143 (domestic) or +1 (210) 795–1098 (international), with a pass code of “Willis.” Media and individuals will be in a listen–only mode. Participants are asked to call in a few minutes prior to the call in order to register for the event. A replay of the call will be available through December 19, 2009 at 10:59 PM Eastern Time, by calling (800) 754–7904 (domestic) or + 1 (203) 369–3332 (international) with no pass code, or by accessing the website.

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

About Gras Savoye

Gras Savoye is the largest insurance broker in France and the ninth largest broker in the world. The Group has 3,650 employees, 105 offices in 36 countries with a focus on France (with the largest regional network of insurance brokers), Europe, Africa, Middle–East and South East Asia. It has a multi–specialist positioning allowing it to offer all kinds of tailor–made insurance products, from property damages, liability, builder's risks or employee benefits to niche products and services (such as political risks and sports and events). Gras Savoye delivers complete risk management, insurance brokerage and consulting services and claims administration. It benefits from a large customer base, including multinational firms, small and medium enterprises, financial institutions, local authorities, state–owned companies and private individuals. Additional information on Gras Savoye may be found at www.grassavoye.com.

About Astorg

Astorg is an independent private equity fund management company, specializing in French mid–market buyouts with total funds of over €1 billion under management. Astorg seeks to partner with successful and entrepreneurial management teams, to acquire businesses – very often family–owned – with attractive growth prospects, which Astorg will support through the provision of experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a lean and local decision–making body enhancing its reactivity, and has a true commitment to its partnering management teams.

Although clearly a multi–sector investor, Astorg has developed solid industry expertise in healthcare (Sebia, Pasteur–Cerba, Ethypharm) and professional services (Lowendal Group, RLD, CIS, Geoservices, Staci, Webhelp, Trescal).

Astorg has been ranked third among the world's top performing Private Equity Funds in a recent survey published in the November 17, 2009 edition of The Wall Street Journal.

Forward–Looking Statements

This communication may contain forward–looking information regarding Willis Group Holdings Limited, Gras Savoye and Astorg and the combined company after the completion of the transaction that are intended to be covered by the safe harbor for "forward–looking statements" provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the potential benefits of the business combination transaction, including future financial and operating results, the parties' plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based on current beliefs, expectations, forecasts and assumptions of management that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Other risks and uncertainties relating to the proposed transaction include, but are not limited to, the satisfaction of conditions to closing, including the completion of financing on the proposed terms and other customary approvals, the consummation of the transaction on the proposed terms and schedule, the expected financial performance of Gras Savoye following the

consummation of the proposed transaction, achieving the expected synergies and other strategic benefits as a result of the proposed transaction, general industry and market conditions, general domestic and international economic conditions and governmental laws and regulations affecting domestic and foreign operations. The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For additional factors see the section entitled “Risk Factors” included in Willis' Form 10–K for the year ended December 31, 2008 and our Form 10–Q for the quarter ended September 30, 2009 as filed with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or on request from Willis as set forth in Part I, Item 1 “Business–Available Information” in Willis' Form 10–K. These forward–looking statements speak only as of the date made and the parties will not update these forward–looking statements unless the securities laws require it. In light of these risks, uncertainties and assumptions, the forward–looking events discussed in this document may not occur, and you should not place undue reliance on these forward–looking statements.

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Willis Report: Marine Insurance Market Facing Choppy Seas in Wake of Global Economic Crisis

willis.com — Tue, 17 Nov 2009 00:00:00 GMT

Willis Report: Marine Insurance Market Facing Choppy Seas in Wake of Global Economic Crisis

--Plenty of capacity keeps rates from hardening; Piracy spreading to East Somali Coast and into Indian Ocean--

London, UK, November 17, 2009 – The Marine insurance market continues to face choppy seas in the wake of the global economic crisis, with a sharp decline in international trade crippling certain sectors of the shipping community, piracy spreading to new regions, and stalled capital markets and lower investment returns battering underwriters, according to the latest Marine Market Review from Willis Group Holdings (NYSE: WSH), the global insurance broker.

Against a backdrop of falling values of insured assets, rate increases have been minimal in most Marine classes for clients with good loss records. Willis’ annual review, titled “Riding the Waves,” found that, despite a hardening of Marine reinsurance rates at the start of 2009, with no contraction in direct marine underwriting capacity, the initial increase in direct rates has largely evaporated. Willis says that as long as surplus capacity remains in the market, rates are unlikely to rise dramatically. The exception had been the P&I market, where the mutual clubs at the February renewals announced an average increase of 16.5 percent, the report said.

Commenting on the review, Alistair Rivers, Chief Executive Officer of Willis Marine and Willis Global Energy, said, “Since the five-year shipping boom came to a shuddering halt at the end of last year, we've seen a huge fall in demand for the shipment of goods that has led to the laying up of vessels to an extent not seen since the 1970s. Laid up vessels mean less premium for insurers and sadly, once again, we find Marine underwriters hoping to raise prices just as their customers need to cut costs. However, there is still a lot of capacity in the market and far fewer claims due to the reduction in shipping activity, so we are challenging rate increases for clients with good risk management and claims history.”

Willis experts also comment on the rise of new piracy hotspots outside of the Gulf of Aden, including off the coasts of Brazil, Nigeria, Thailand and Vietnam. The report notes that since the Internationally Recommended Transit Corridor (IRTC) has been implemented in the Gulf of Aden, pirates have attacked vessels further out at sea, more than 800 nautical miles off the coast of Somalia and East Africa. The Willis report notes that there have been 75 attacks off the East Somali coast and in the wider Indian Ocean region in 2009 – a 625% increase from the 12 reported attacks in 2008. There have also been incidents in the Red Sea, the Straits of Bab El Mandeb and off Oman. The report looks at the nature of these incidents, the coverage conundrum relating to who pays the ransom, and the solutions - both insurance and physical protection measures - that shipowners can implement to guard against attacks.

Other key findings of the Willis Marine Market Review include:

New builds – At the beginning of 2009, as a result of the shipping boom, there was a record number of ships on order – equivalent to 50 percent of the existing world fleet - but, with the demand now reduced, both shipowners and shipyards are faced with the costs of cancellations.

Hull and Machinery market – In early 2009, modest increases of 2.5 to five percent were universally applied to good performing accounts, with far greater increases of up to 80 percent being given to poorer performers.

Protection and Indemnity – Willis expects general increases announced at the 2010 renewal to be substantially lower than those in the last two years, with most Clubs publishing general increases of up to five percent in premium and some higher deductibles. But with claims falling, Willis says that 2010 may well represent the turning point from a hard to a softer market.

Marine Liabilities market for shore-based risks – Insurers attempted to increase premiums in the first half of 2009, particularly for high-level capacity and catastrophe-prone property coverage. However the surplus capacity in the market meant that the prices have now stabilized.

Cargo market – The increases in global Cargo underwriting capacity and the perceived profitability of the sector has created a competitive buyer's market, with insurers offering wider coverage, deductible buy-downs and long-term deals.

Singapore Marine market – Singapore has established itself as the Marine insurance hub of Asia, with several new underwriters setting up offices there. In the Asian market, there is now enough capacity to place US $80 million of hull and US $400 million of cargo risk, with Singapore leading the way.

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Willis Appoints Eric Joost National Partner for North American Specialties

willis.com — Mon, 16 Nov 2009 00:00:00 GMT

Willis Appoints Eric Joost National Partner for North American Specialties

New York, November 16, 2009 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Eric Joost as National Partner, North American Specialties. He will be based in New York.

In his new role, Joost will lead Willis' client service and product development strategy across many of its industry, product and client specialties in North America, including its Construction, Environmental, Executive Risk, Healthcare, Financial Institutions, Real Estate, Life Sciences, Technology and Telecommunications, and Utilities and Mining Practices, along with Willis Risk Solutions (Large Accounts) and the Japan Practice.

Don Bailey, Chairman and CEO of Willis North America, commented on Joost's appointment: "As the leader of our Executive Risks Practice, Eric balanced client-centric ideas with a pragmatic operations philosophy, which led to double-digit growth in that group. His expanded oversight of North American Specialties will ensure that Willis' best ideas and offerings are more quickly adopted by other critical areas of the company for the benefit of our clients."

Joost said of his appointment: "Along with my Willis experience, I've had the benefit of working as a specialist broker, specialist insurer and client. I look forward to leveraging this multi-faceted perspective and working with a broader group of our specialty teams to share best practices, coordinate our efforts and provide even greater value and expertise to our clients."

In addition to serving most recently as National Partner, North American Executive Risks Practice, Joost has held various executive roles at Willis, including Middle Market Segment Leader and Client Advocacy Leader. He brings more than 20 years of industry experience to his new role. Joost earned his undergraduate degree in engineering from Northwestern University and his M.B.A. from the university's Kellogg School of Management.

Willis has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.

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Willis Appoints New CEO for its Dutch Operations

willis.com — Mon, 09 Nov 2009 00:00:00 GMT

Willis Appoints New CEO for its Dutch Operations

London, UK, November 09, 2009 — Willis Europe BV, a division of Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today announced the appointment of Niek Post as Chief Executive Officer of its Dutch operations, effective immediately. Based in Amsterdam, Post will report to Adam Garrard, CEO, Willis Continental Europe.

Post, who has more than 25 years of experience in the Dutch insurance market, joins Willis from Aon Netherlands where he was most recently responsible for strategic global client relationships, with a particular focus on financial institutions. Prior to joining Aon in 2007, Post was at ING Bank for 21 years where he served in a variety of roles, including Managing Director of the bank’s Insurance & Risk Consultancy within the Wholesale Banking division. Post began his career in 1980 at Heerkens Thijssen & Caviet Insurance Brokers in Amsterdam.

Welcoming Post to Willis, Garrard said, “Niek has a great standing in the Dutch market due to the high level of service he provides to his clients and his sales-orientated approach. With his strong banking and insurance background, Niek is ideally positioned to lead our team in the Netherlands, and to leverage the Group’s global resources to develop local insurance solutions for our clients there.”

Post said, “I am excited about the opportunity to lead one of the Netherland’s top brokers. There are great growth opportunities for Willis in this market particularly in the areas of Employee Benefits, Executive Risks and Marine. I look forward to driving our business strength in these areas, but also to developing new business in other sectors.”

Willis B.V. is one of the top 10 brokers in the Netherlands with more than 100 Associates located in its head office in Amsterdam and an office in Beverwijk. Willis entered the Dutch market in 1992 through the acquisition of a 50 percent stake of local brokerage Scheuer Verzekeringen B.V. In 1997, Willis increased its stake in the business to 100 percent, making it a wholly-owned subsidiary of the Group.

Willis Group Holdings Limited is a leading global risk management firm, developing and delivering insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Commercial Network to Expand Internationally

willis.com — Wed, 04 Nov 2009 00:00:00 GMT

Willis Commercial Network to Expand Internationally

--Mark Radburn Appointed CEO, Willis Networks International; Phil Scarrett to lead UK Networks-

London, UK, November 4, 2009 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced plans to expand its successful Willis Commercial Network business model for serving independent brokers from its base in the UK to countries around the world.

To oversee the expansion, Willis has appointed Mark Radburn CEO, Willis Networks International. Radburn, who has developed and led Willis Networks for seven years, will report to Sarah Turvill, CEO, Willis International. Phil Scarrett, currently Managing Director of Willis UK & Ireland's Commercial business, will succeed Radburn as Managing Director, Willis Networks, in the UK, and will continue to report to Brendan McManus, CEO, Willis UK & Ireland.

Willis Networks was established in the UK in 1999 and is comprised of the Willis Commercial Network, representing more than 81 regional brokers who place in excess of GBP 350 million in premium; and Willis N2, which represents 21 smaller, community brokers who place around GBP 50 million in premium. Members of Willis Networks receive technical and sales training from Willis, as well as strategic marketing, compliance, business development and sales support, along with access to Willis' global placement and industry resources.

Commenting on the appointments, McManus said, "The key to the success of Willis Networks has been the independence of its members and their access to our strong trading relationships with leading insurers, cutting-edge technology and business support and training services. We believe that the name we have created for our Networks in the UK will resonate in other markets around the world and have appointed Mark to lead the initial charge into Europe and Latin America. The UK networks remain the jewel in our crown and Phil's experience will help us reach our goals of growing the Willis Commercial Network to 100 members and Willis N2 to 120 members by 2011."

Radburn has 30 years of insurance brokerage experience. He joined Willis from JLT in 1996 as Sales & Marketing Director for the Willis UK & Ireland central region. He was instrumental in formulating the Willis Commercial Network strategy and was appointed Managing Director in 2002. Since then, Radburn has built Willis Networks into the leading partnership of its kind in the UK. He is also the Chairman of the Faculty of Insurance Broking, part of the UK's Chartered Insurance Institute. He sitson the Board of Polaris, a company owned and controlled by the UK insurance industry that focuses on streamlining insurance transactions. Mark has a Masters Degree in Strategic Marketing and is an Associate of the Chartered Insurance Institute.

Scarrett started at Willis in May 2008 as Managing Director of the UK and Ireland Commercial division. He joined from Norwich Union where he held various roles in their Intermediary Business, the most recent being Director of Trading for Regional Brokers (North) and then Director of Trading for its National Broker business. Scarrett brings a wealth of experience in developing broker relationships to the role. He is a Fellow of the Chartered Insurance Institute.

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Ten Leading Scientific Institutions Join the Willis Research Network

willis.com — Mon, 02 Nov 2009 00:00:00 GMT

Ten Leading Scientific Institutions Join the Willis Research Network

London, UK, November 2, 2009 – The Willis Research Network (WRN), part of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, today announced that 10 leading scientific institutions from the UK and New Zealand have joined the network, deepening the integration of public science with the risk and re/insurance sectors to confront the challenges of natural hazards and extreme events.

The addition of these world-renowned institutions reinforces the network’s position as the largest partnership between academia and the re/insurance industry, and marks a major expansion in the network's ability to respond to the needs of the international re/insurance and risk sectors via research, expertise, applications and data.

It is expected that the expanded research capabilities of the WRN will have broad use in the public and private sectors beyond the insurance industry, as governments, populations and businesses confront the challenges of living with climate change and natural hazards.

The following 10 institutions have become associate members of the WRN (a description of their risk and re/insurance-related collaboration interests appears in brackets):

- British Geological Survey (geological risks, groundwater flooding)

- Centre for Ecology and Hydrology (flooding, pollution)

- UK Met Office (climate and weather risk research, climate forecasting services)

- National Centre of Earth Observation (remotes sensing, satellite data and imagery)

- National Centre of Atmospheric Science (climate and weather risk research)

- National Oceanography Centre (tropical cyclones, tsunami, uncertainty)

- Ordnance Survey (geographic data, geospatial analysis and communication)

- Plymouth Marine Laboratory (marine pollution, aquaculture)

- Proudman Oceanographic Laboratory (storm surge, sea level rise)

- GNS Science, New Zealand (Asia-Pacific geo hazards)

Seven of these institutions are affiliated with the Natural Environmental Research Council (NERC), the UK's main agency for funding and managing research, training and knowledge exchange in the environmental sciences. This is further evidence of the growing role and influence of public science on the wider economy and financial decision-making, WRN officials said.

The three other organisations: Ordnance Survey, UK Met Office, and GNS Science, New Zealand, highlighted their own reasons for joining the WRN:

Vanessa Lawrence CB, CEO, Ordnance Survey said, “Ordnance Survey is delighted to now be a collaborative member and contributor to the Willis Research Network, which is leading the way in research and innovation within the insurance and reinsurance sector. With more and more insurers now taking advantage of geographic information to underpin their decision-making, I believe Ordnance Survey has a very active role to play.”

Professor Julia Slingo, Chief Scientist, UK Met Office, commented, "The Met Office is delighted to join the Willis Research Network and to have the opportunity to contribute to the excellent work that the Network is doing to bring the best science to the insurance industry. Our membership in the WRN fits perfectly with our mission to make sure that everyone, everywhere, has access to the best weather and climate information that we can provide. As we push ahead with developing the UK Climate Service, we know that interacting with the insurance sector is crucial for ensuring that we enable the industry to manage its risks effectively. Being part of the WRN helps us to fulfil that goal and I'm really excited, personally, to have the opportunity to work again within the Network.”

Andrew King, Section Manager, Active Landscapes at GNS Science, New Zealand, said, “GNS Science, New Zealand is pleased and privileged to join the Willis Research Network as its most distant outpost. GNS sees many potential synergies between the earthquake, volcanology, landslide and tsunami modelling-and-loss evaluation that we do in New Zealand and South East Asia and the work of other Network members, some of whom are already forming into productive collaborative efforts. Being based in New Zealand, the distance from potential collaborative partnerships was of concern but web-based communication is currently adequate and the complementary university-to- research institute relationships appear to be providing additional strengths to both sectors through the Network. We at GNS Science look forward to more complete participation in the Network activities and possibly hosting a suitable Willis Fellow in the relatively near future.”

Welcoming the 10 new members into the Network, Rowan Douglas, Managing Director, Willis Re and Chairman of the Willis Research Network, said, “We have had the enormous pleasure and privilege of working with most of these world-leading institutions for some time. Collectively, they are a mighty force and are bringing major improvements to the understanding and evaluation of natural hazard risks in our sector. We are delighted to welcome them into the WRN where we hope they will enjoy even greater collaboration with our worldwide membership and international insurance and reinsurance industry partners."

The Willis Research Network (WRN) is focused on evaluating the frequency, severity and impact of major catastrophes – from flooding to hurricanes and earthquakes - and seeks to help society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. To achieve this mission, Willis has teamed up with 32 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

The WRN is funded by Willis Group Holdings Limited (NYSE: WSH), a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

Willis CEO Plumeri Says Trust Central To Economic Recovery; Calls On Business To Commit To True Transparency

willis.com — Thu, 29 Oct 2009 00:00:00 GMT

WILLIS CEO PLUMERI SAYS TRUST CENTRAL TO ECONOMIC RECOVERY; CALLS ON BUSINESS TO COMMIT TO TRUE TRANSPARENCY

In Chicago Speech, Plumeri Says Only Accountability, Openness Will Restore Trust

Willis Will Continue to Refuse Contingent Commissions, Plumeri Vows

CHICAGO, October 29, 2009 – Joe Plumeri, Chairman and CEO of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, called on corporate America today to embrace a new commitment to transparency and risk management to restore trust in business and the U.S. economy. Plumeri proposed four steps to re-establish that trust, which he said is necessary to support sustained economic recovery and real growth.

In a speech to the Executives’ Club of Chicago, Plumeri pointed to respected public opinion surveys that show Americans now have less faith in business to do the right thing than after the Enron scandal or the dot-com bust. He urged business leaders to reject the opaque transactions and “lip service” transparency of the past in favor of a new commitment to accountability and openness.

“True transparency means being up-front with our various stakeholders – whether they’re shareholders, clients, partners, employees or the communities in which we do business – and explaining what’s in it for them and what’s in it for us. It means educating them in a clear and straightforward way about the risks and opportunities so they can make informed decisions based on their best interests,” Plumeri said. [The full text of the speech, as prepared for delivery, can be found here.]

To restore trust, Plumeri called on businesses to: 1. Create a real contract with their customers and address conflicts of interest in the way they do business; 2. Elevate risk awareness at the senior executive and board levels and embrace comprehensive Enterprise Risk Management; 3. Voluntarily disclose the risks they face and their levels of insurance coverage; and 4. Do a better of job of explaining to the American people the positive role of business in society and the economy.

“Senior executives and company boards need to take a far broader and more comprehensive view of risk than they currently do and reflect this in their decision-making and oversight. Companies should move to hire Chief Risk Officers and establish Risk Committees on their boards. They should demand true Enterprise Risk Management because they need it now more than ever before. The fact is that the risks of doing business are increasing – and they’ll continue to increase,” Plumeri said.

Plumeri urged businesses to manage conflicts of interest transparently and resolve them in the interests of their customers. As an example, he pointed to contingent commissions – payments from insurance companies to brokers based on the volume or profitability of business placed with clients – which remain a major source of conflict within the industry. “Many in our industry believe that simply telling clients that they are taking contingents makes it ok. I disagree. With contingents, telling your clients you take them does not resolve the conflict,” he said.

In October 2004, Willis became the first insurance broker to refuse to accept contingent commissions from insurance carriers when working for retail clients. Regulators later banned the major brokers from taking such commissions. Willis also established a Client Bill of Rights – a 10-point contract with clients codifying the company's commitment to client service, transparency and best practices.

“In my own business, a time could soon come when Willis and its big three competitors will be allowed to take contingent commissions again. One big insurance broker has already been given the green light by the insurance regulator here in Illinois to do just that. And New York-regulated brokers may be able to do so as well,” Plumeri told his audience at the Fairmont Hotel here.

“We’ve already decided at Willis that we’re not going to go back to the old ways – we’re looking to the future and we will continue to put in place the measures that will enhance trust and transparency, not undermine it. It may mean that Willis will be the only company not taking contingent commissions – but that's ok with me,” Plumeri said.

About Willis

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Willis Group Reports Third Quarter 2009 Results

willis.com — Mon, 26 Oct 2009 00:00:00 GMT

Willis Group Reports Third Quarter 2009 Results

New York, NY, October 26, 2009 - Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today reported results for the quarter and nine months ended September 30, 2009.

Highlights of quarter ended September 30, 2009 include:

Reported earnings per diluted share from continuing operations of $0.46; adjusted earnings per diluted share from continuing operations of $0.53
28 percent reported growth in commissions and fees compared with third quarter of 2008
2 percent organic growth in commissions and fees: Global and International segments with 4 percent and 3 percent growth, respectively; North America decline of 3 percent improved from second quarter of 2009
North America segment operating margin expansion of 1,140 basis points over a year ago
Outlook raised to Stable by both Moody’s and Standard & Poor’s
Issued $300 million of senior unsecured notes due 2019 at 7.0 percent; repurchased $160 million of 5.125 percent senior notes due July 2010

Highlights of the nine months ended September 30, 2009 include:

Reported earnings per diluted share from continuing operations of $2.13; adjusted earnings per diluted share from continuing operations of $2.21
2 percent organic growth in commissions and fees over the comparable prior year; Global and International segments each with 5 percent growth
Reported operating margin of 21.4 percent; adjusted operating margin of 22.1 percent
North America segment operating margin expansion of 970 basis points over prior year

“Willis continues to maintain its growth momentum in spite of the difficult global economy and soft market conditions - and that’s a tribute to the strength of our diverse global business,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “We continue to get strong contributions from each segment, despite the marketplace challenges we face, which are especially pronounced in the US, UK and Ireland. We continue to run the company with discipline and foresight, implementing strict cost controls, right sizing for the current environment, and investing in areas that will drive current and future growth.”

Third Quarter 2009 Financial Results

Reported net income from continuing operations for the quarter ended September 30, 2009 was $78 million, or $0.46 per diluted share, compared with $36 million, or $0.25 per diluted share, in the same period a year ago. Reported net income for the third quarters of 2009 and 2008 was affected by certain items, including the acquisition of Hilb Rogal & Hobbs Company (HRH).

Excluding certain items, which are reviewed in detail in this release, adjusted earnings per diluted share from continuing operations were $0.53 in the third quarter of 2009 compared with $0.32 in the third quarter of 2008. Foreign currency movements had a negative $0.05 impact on earnings per diluted share in the third quarter of 2009.

Total reported revenues for the quarter ended September 30, 2009 were $725 million compared with $579 million for the same period last year, an increase of 25 percent. This increase was primarily due to the HRH acquisition. Foreign currency movements decreased reported revenues by 2 percent compared with a year ago.

Organic growth in commissions and fees was 2 percent in the third quarter of 2009 compared with the third quarter of 2008. This growth reflected net new business won of 5 percent, offset by a negative 3 percent impact from declining premium rates and other market factors. Continued strong client retention levels and momentum from Shaping our Future growth initiatives, such as Global Placement and Client Profitability, also contributed to organic growth in commissions and fees.

The International business segment contributed 3 percent organic growth in commissions and fees in the third quarter of 2009 compared with the same period in 2008. This growth came from strong new business and continued traction from Shaping our Future growth initiatives, which more than offset the soft rate environment and weakness in the UK and Ireland retail market. Outside of the UK and Ireland, the International business segment had high single-digit growth. There was strong growth across many regions, including Europe and Latin America.

The North America segment reported an improvement from the second quarter of 2009 with a 3 percent decline in organic commissions and fees compared with the third quarter of 2008, reflecting soft insurance market conditions as well as continued weakness in the US economy. North America remains focused on the integration of HRH and ongoing expense management. As a result, its operating margin expanded 1,140 basis points to 21.5 percent in the third quarter of 2009 compared to the prior year.

The Global segment, which comprises the Global Specialties, Faber & Dumas and Reinsurance divisions, recorded 4 percent organic growth in commissions and fees in the third quarter of 2009 compared with the third quarter of 2008. Each division within the Global segment recorded positive growth, led by continued high single-digit growth in reinsurance, together with strong performance in the aerospace, marine and financial and executive risks specialties.

Reported operating margin was 11.3 percent for the quarter ended September 30, 2009 compared with 11.4 percent for the same period last year. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 13.1 percent for the quarter ended September 30, 2009 compared with 12.1 percent a year ago. Foreign currency had an unfavorable 150-basis-point impact on adjusted operating margin in the quarter.

Nine Months 2009 Financial Results

Reported net income from continuing operations for the nine months ended September 30, 2009 was $357 million, or $2.13 per diluted share, compared with $241 million, or $1.70 per diluted share, in the same period a year ago. Reported net income for the first nine months of 2009 and 2008 was affected by certain items, including the acquisition of HRH and 2008 expense review charges for severance and other costs.

Excluding certain items, which are reviewed in detail in this release, adjusted earnings per diluted share from continuing operations were $2.21 for the nine months ended September 30, 2009 compared with $2.24 in the comparable period of 2008, a decrease of 1 percent. Foreign currency movements reduced earnings per diluted share by $0.14 for the nine months ended September 30, 2009.

Total reported revenues for the nine months ended September 30, 2009 were $2,439 million compared with $2,035 million for the same period last year, an increase of 20 percent. The increase was primarily due to the HRH acquisition, while the effect of foreign currency translation decreased reported revenues by 6 percent.

Organic growth in commissions and fees was 2 percent in the first nine months of 2009 compared with the comparable period of 2008. This growth reflected net new business won of 5 percent, offset by a negative 3 percent impact from declining premium rates and other market factors.

Reported operating margin was 21.4 percent for the nine months ended September 30, 2009 compared with 18.1 percent for the same period last year. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 22.1 percent for the first nine months of 2009 compared with 22.9 percent a year ago.

Tax

The reported income tax credit for the quarter ended September 30, 2009 was $29 million compared to $2 million income tax expense for the comparable period a year ago.

The third quarter 2009 tax credit included a provision of $27 million which had been recorded related to tax that would potentially be payable should the unremitted earnings of our foreign subsidiaries be repatriated. Following a change in UK tax law effective in the third quarter of 2009, these earnings could now be repatriated without additional tax cost and, consequently, the provision has been released. In addition, as in prior years, an $11 million credit has been recognized in the third quarter of 2009, compared with a $5 million credit in the year ago quarter, further to the closure of the statute of limitations on assessments relating to previously unrecognized tax benefits.

The effective underlying tax rate for the quarter and nine months ended September 30, 2009 was approximately 26 percent, the same as the 2008 full-year rate.

Discontinued Operations

Income from discontinued operations, net of tax, was $1 million, or $0.01 per diluted share, in the third quarter of 2009 and $2 million, or $0.01 per diluted share, for the nine months ended September 30, 2009, relating to disposals of Bliss & Glennon and Managing Agency Group, the Company’s US-based wholesale insurance operations. No net gain or loss was recognized relating to either transaction.

Capital

The Board of Directors declared a regular quarterly cash dividend on the Company’s common stock of $0.26 per share, or an annual rate of $1.04 per share. The dividend is payable on January 15, 2010 to shareholders of record on December 30, 2009.

As of September 30, 2009, cash and cash equivalents totaled $203 million and total debt was $2.6 billion. The Company issued $300 million of senior notes due 2019 at 7.0 percent, and repurchased $160 million of its 5.125 percent Senior Notes due July 2010 at a premium of $27.50 per $1,000 face value.

Total stockholders’ equity as at September 30, 2009 was $2.2 billion.

Gras Savoye

In June 2009, the Company announced that it was in discussions regarding the potential sale of a portion of its interest in Gras Savoye. Since that time, the Company and other Gras Savoye shareholders have entered into an exclusive arrangement with Astorg Partners, a private equity fund, but as of the date hereof, we have not entered into any definitive sale agreement. Pending the finalization of the financing terms, we anticipate executing definitive agreements in the next few months. We would expect: (i) elimination of the put presently exercisable by the Gras Savoye shareholders; (ii) receipt of cash proceeds between $100-$150 million, and (iii) retention of a 33 percent interest following the sale as well as the ability to acquire a majority interest in Gras Savoye in 2015. As a result of the significant uncertainties underlying these forward-looking statements, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Conclusion

“I am proud of what we’ve been able to accomplish this quarter and over the first nine months of 2009. This is a strong, diverse business that is able to perform well even under the worst global economic conditions,” Plumeri said. “As always, we are rigorous about our expenses and keeping our company at the right size for the current environment. Importantly, we remain ahead of plan on achieving HRH integration synergies, and we continue to invest in Shaping our Future. Accelerating growth remains our number one priority.”

Conference Call and Web Cast

A conference call to discuss the third quarter 2009 results will be held on Tuesday, October 27, 2009, at 8:00 AM Eastern Time. To participate in the live teleconference, please dial (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a pass code of “Willis”. The live audio web cast (which will be listen-only) may be accessed at www.willis.com. This call will be available by replay starting at approximately 10:00 AM Eastern Time, through November 27, 2009 at 11:59 PM Eastern Time, by calling (877) 611-5293 (domestic) or +1 (203) 369-4862 (international) with no pass code, or by accessing the website.

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

We have included in this document “forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our redomestication from Bermuda to Ireland, the potential benefits of the HRH acquisition, discussions concerning the sale of a portion of our interest in Gras Savoye, our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes are forward-looking statements. Also, when we use the words such as “anticipate’’, “believe’’, “estimate’’, “expect’’, “intend’’, “plan’’, “probably’’, or similar expressions, we are making forward-looking statements.

the impact of any regional, national or global political, economic, business, competitive, market and regulatory conditions on our global business operations;
the impact of current financial market conditions and the current credit crisis on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions;
our ability to achieve the expected cost savings, synergies and other strategic benefits as a result of the HRH acquisition and how the integration of HRH may affect the timing of such cost savings, synergies and benefits;
our ability to continue to manage our significant indebtedness;
our ability to implement and realize anticipated benefits of the Shaping our Future initiative and any other new initiatives;
material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise;
the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control;
our ability to compete effectively in our industry;
our ability to retain key employees and clients and attract new business;
the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;
any fluctuations in exchange and interest rates that could affect expenses and revenue;
rating agency actions that could inhibit ability to borrow funds or the pricing thereof;
a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations;
the timing of any exercise of put and call arrangements with associated companies;
changes in the tax or accounting treatment of our operations, such as the recent proposals made by the Obama administration regarding international tax reform;
the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
the interruption or loss of our information processing systems or failure to maintain secure information systems.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

This press release contains references to non-GAAP financial measures as defined in Regulation G of SEC rules. Consistent with Regulation G, a reconciliation of this supplemental financial information to our generally accepted accounting principles (GAAP) information is in the note disclosures that follow. We present such non-GAAP supplemental financial information, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. This supplemental financial information should be viewed in addition to, not in lieu of, the Company’s condensed consolidated income statements for the three and nine months ended September 30, 2009 and balance sheet as at that date.

Willis Group Reports Third Quarter 2009 Results

New York, NY, October 26, 2009 - Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today reported results for the quarter and nine months ended September 30, 2009.

Highlights of quarter ended September 30, 2009 include:

Reported earnings per diluted share from continuing operations of $0.46; adjusted earnings per diluted share from continuing operations of $0.53
28 percent reported growth in commissions and fees compared with third quarter of 2008
2 percent organic growth in commissions and fees: Global and International segments with 4 percent and 3 percent growth, respectively; North America decline of 3 percent improved from second quarter of 2009
North America segment operating margin expansion of 1,140 basis points over a year ago
Outlook raised to Stable by both Moody’s and Standard & Poor’s
Issued $300 million of senior unsecured notes due 2019 at 7.0 percent; repurchased $160 million of 5.125 percent senior notes due July 2010

Highlights of the nine months ended September 30, 2009 include:

Reported earnings per diluted share from continuing operations of $2.13; adjusted earnings per diluted share from continuing operations of $2.21
2 percent organic growth in commissions and fees over the comparable prior year; Global and International segments each with 5 percent growth
Reported operating margin of 21.4 percent; adjusted operating margin of 22.1 percent
North America segment operating margin expansion of 970 basis points over prior year

Third Quarter 2009 Financial Results

Nine Months 2009 Financial Results

Tax

The reported income tax credit for the quarter ended September 30, 2009 was $29 million compared to $2 million income tax expense for the comparable period a year ago.

The effective underlying tax rate for the quarter and nine months ended September 30, 2009 was approximately 26 percent, the same as the 2008 full-year rate.

Discontinued Operations

Capital

Total stockholders’ equity as at September 30, 2009 was $2.2 billion.

Gras Savoye

Conclusion

Conference Call and Web Cast

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

the impact of any regional, national or global political, economic, business, competitive, market and regulatory conditions on our global business operations;
the impact of current financial market conditions and the current credit crisis on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions;
our ability to achieve the expected cost savings, synergies and other strategic benefits as a result of the HRH acquisition and how the integration of HRH may affect the timing of such cost savings, synergies and benefits;
our ability to continue to manage our significant indebtedness;
our ability to implement and realize anticipated benefits of the Shaping our Future initiative and any other new initiatives;
material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise;
the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control;
our ability to compete effectively in our industry;
our ability to retain key employees and clients and attract new business;
the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;
any fluctuations in exchange and interest rates that could affect expenses and revenue;
rating agency actions that could inhibit ability to borrow funds or the pricing thereof;
a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations;
the timing of any exercise of put and call arrangements with associated companies;
changes in the tax or accounting treatment of our operations, such as the recent proposals made by the Obama administration regarding international tax reform;
the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
the interruption or loss of our information processing systems or failure to maintain secure information systems.

Major German Research Institutions Join Willis Research Network

willis.com — Mon, 26 Oct 2009 00:00:00 GMT

Major German Research Institutions Join Willis Research Network

The Renowned CEDIM Consortium of GFZ Potsdam and Karlsruhe Institute of Technology Partners With Reinsurance Broker on Natural Catastrophe Risk Research

London, UK, October 26, 2009 – The Willis Research Network (WRN), part of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, has strengthened its position as the world’s largest collaboration between academia and the re-insurance industry, by adding its first members in Germany. The WRN today welcomed its newest members from the Center for Disaster Management and Risk Reduction Technology (CEDIM) which incorporates the Helmholtz Center Potsdam - the German Research Center for Geoscience (GFZ), and the Karlsruhe Institute of Technology (KIT).

The CEDIM is a leader in multi-disciplinary research on extremes and hazards including flooding, seismic risk and applications of remote sensing to insurance. The main goal of CEDIM is to advance the scientific understanding of natural and man-made hazard assessment and to develop disaster management solutions for the early detection and reduction of risk.

The WRN-CEDIM collaboration is expected to encompass all these areas, with the prospective appointment of a Willis Research Fellow to increase capacity in hail risk modelling and research.

Dirk Spenner, Managing Director of Willis Re Germany, commented, "We are delighted that the CEDIM team are joining the WRN to bring further strength to our natural hazards modelling in Germany. This will help us to offer our clients cutting- edge reinsurance solutions, while advantaging the wider market through the advancement of research into natural and man-made perils."

Professor Friedemann Wenzel, Director of CEDIM at Karlsruhe, added, "We have had the pleasure of working with the WRN for around six months and there are many exciting synergies in Germany and far beyond. We look forward to the prospect of our work becoming further integrated into the insurance industry via the WRN."

Matthew Foote, Research Director of the WRN, explained the wider role that CEDIM will play in the Network. He said, "What has struck us is how CEDIM's work overlaps with our wider interests in Turkey, South East Asia and Europe, and on the Global Earthquake Model. CEDIM’s research is stimulating broad collaboration across our international WRN membership.”

The Willis Research Network (WRN) is focused on evaluating the frequency, severity and impact of major catastrophes – from flooding to hurricanes and earthquakes - and seeks to help society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. In order to achieve this, Willis has teamed up with 22 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

Willis Re Launches New Service Designed to Manage Client Risk and Maximize Franchise Value

willis.com — Sun, 25 Oct 2009 00:00:00 GMT

Willis Re Launches New Service Designed to Manage Client Risk and Maximize Franchise Value

Value Based Capital Management is the First and Only Commercially Available Service Created to Measure Risk, Manage Capital and Protect Current and Future Earnings

Orlando, FL, October 25, 2009 - Willis Re, the reinsurance division of global insurance broker Willis Group Holdings Limited (NYSE: WSH), today unveiled Value Based Capital Management (VBCM), the reinsurance industry's first and only practical, commercially available service designed to measure risk, manage capital, and maximize franchise value.

Launched at the 2009 Property Casualty Insurers Association of America's Annual Meeting here, VBCM enables Willis Re clients to answer three key questions: how much overall risk are we taking; how much capital should we have; and what actions can we take to make our firm more valuable? While insurers have traditionally used reinsurance to reduce their underwriting risk, up to now they have had no effective mechanism to evaluate which products best protect their firm's value. VBCM not only solves that problem, but goes further, offering insurers a holistic tool to measure and address their complete risk profile based on how best to protect and grow franchise value.

"Willis Re believes that insurers should no longer face the difficult tradeoff between maximizing earnings and protecting against risk," said Bill Panning, Executive Vice President of Willis Re. "VBCM enables insurers to determine for the first time which particular strategic choices will enable them to maximize their franchise value as a going concern. Today's announcement is the latest in Willis Re's long history of providing key strategic tools that enable our clients to thrive."

In focusing on franchise value, VBCM rejects the notion, implicit in many analytic tools, that a client's business should be valued and therefore managed as if it were in runoff. Like traditional Enterprise Risk Management (ERM), VBCM begins with a comprehensive assessment of an insurer's overall risk from multiple sources, including underwriting, adverse loss reserve development, stock market volatility, bond defaults, and reinsurer default risk. But VBCM goes well beyond typical ERM analysis. It not only addresses how much and what form of capital a firm should have given its overall risk profile, but also responds to these critical questions by identifying the amount and type of capital that maximizes the insurer's value as a going concern.

"VBCM's methodology and the answers it provides are both transparent and practical," added Panning. "At Willis Re, we believe our clients deserve tools that can be indispensable not just to informing strategic decisions, but also to answering the key questions posed by shareholders, rating agencies, analysts, and regulators. In the current market environment, that kind of information is more important than ever."

One of the world's leading reinsurance brokers, Willis Re is known for its world-class, applied Analytics capabilities, which it combines with its Capital Markets and Reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance carriers. The broker's global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms.

About Willis

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Climate Change Expected to Increase Storm Activity in Texas

Willis.com — Thu, 21 Jan 2010 02:59:24 GMT

Climate Change Expected to Increase Storm Activity in Texas

Scientists at SMU-Willis Research Network Conference Say Straight-line Winds Pose Growing Threat

DALLAS, January 21, 2010 - Climate change will likely increase the frequency and severity of storm activity in Texas, an area of the country that is especially vulnerable to the “triple threat” of hurricanes, hail storms and tornadoes, weather researchers said today at a conference at Southern Methodist University’s Cox School of Business sponsored by the Willis Research Network.

The Willis Research Network, part of Willis Group Holdings, the global insurance broker, is an industry-leading public-private partnership between Willis and many of the world’s top scientific research institutions.

Speaking at the conference, Dr. Harold Brooks of the National Severe Storms Laboratory (NSSL) said that straight-line winds - the violent air currents that usually accompany thunderstorms and are produced when areas of low and high pressure collide - represent a growing threat to homes and businesses. Compared with hurricanes, tornadoes and, to a lesser extent, hail, such winds are a relatively small contributor to structural damage at present, he said, but as the climate changes, NSSL researchers believe these events will become more frequent and therefore contribute more significantly to overall damage.

“Based on what we know about the potential patterns of climate change, we expect severe storm activity to increase in Texas and the Midwest, including higher activity of straight-line winds with potentially damaging effects,” Dr. Brooks said.

One way to mitigate against storm damage is to build stronger buildings. According to the Institute for Business and Home Safety (IBHS), better building performance can be assured by spending a few percent more on construction that goes beyond the minimum building code requirements.

According to Dr. Tim Reinhold of the IBHS, homeowners who build new homes or retrofit existing homes following guidance offered through the IBHS Fortified…for safer living® program are much less likely to suffer damage or be displaced from their homes when severe weather strikes. “The Fortified…for safer living® homes in Hurricane Ike performed remarkably well structurally, and had minor interior damage,” Reinhold said. “Of the approximately 200 homes located in one residential area affected by Ike, 14 remained standing after the storm. Ten of those houses were ‘Fortified’.”

Insurance companies can play a significant role in motivating property owners through incentives to retrofit their properties with enhanced roofing materials, shutters, proper garage bracing, soffit strengthening and other enhancements that will reduce the likelihood of severe damage. This could save the average home/business owner thousands of dollars in costs associated with being unable to use the property for weeks or months while it is being repaired, as well as saving insurance companies millions of dollars on insurance claims.

According to Kyle Beatty, Business Leader for Willis’ Catastrophe Management Services unit, “Property owners, communities, and insurance companies should work together to prepare for extreme wind risk by adopting appropriate building standards. This collaboration could mitigate the damaging effects that cost insurance companies and taxpayers millions of dollars each year. “

About SMU Cox

The SMU Cox School of Business offers a full range of undergraduate and graduate degree programs, including a recently established Risk Management Program, as well as innovative professional development resources that help individuals and companies prepare for the future. Major publications-including BusinessWeek, The Economist, Financial Times, Forbes, U.S. News & World Report and The Wall Street Journal-rank SMU Cox among the top business schools in the nation and around the world.

About the Willis Research Network

The Willis Research Network (WRN) is focused on evaluating the frequency, severity and impact of major catastrophes and seeks to help society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. To achieve this mission, Willis has teamed up with 32 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

The WRN is funded by Willis Group Holdings plc (NYSE: WSH), a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

Willis Group Holdings Extends Contract of Chairman and CEO

Willis.com — Thu, 21 Jan 2010 04:56:15 GMT

Willis Group Holdings Extends Contract of Chairman and CEO

NEW YORK, January 21, 2010 - Willis Group Holdings plc (NYSE: WSH), the global insurance broker, announced today that it has extended the contract of its Chairman and CEO, Joseph J. Plumeri, until July 7, 2013. His previous agreement was set to expire on the date of the company’s annual meeting in April 2011.

The company’s Board of Directors said: “Under Joe’s leadership, Willis has advanced its competitive position around the world and successfully navigated the strong headwinds of the continuing soft insurance market and the global economic downturn. Since joining in 2000, Joe has led the company through a decade of expansion through quality client service, a commitment to transparency, strategic acquisitions and sector-leading margins. We are delighted that Joe has agreed to stay at the helm to continue the company’s progress well into 2013.”

Plumeri said: “The extraordinary story of how far Willis has come over ten years is a credit to the tireless efforts of our executive team and our nearly 20,000 Associates, the sound counsel of our Board of Directors and the continued support of our clients and shareholders. I am as proud of and as passionate about Willis as I’ve ever been and look forward to leading the company through its next stage of growth.”

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Re-launches “Winning With Willis” Website

Willis.com — Wed, 03 Feb 2010 15:36:38 GMT

Willis Re-launches “Winning With Willis” Website

Broker Collaborates with U.S. Centers for Disease Control and
Prevention to Deliver Actionable Health Content on its Consumer
Wellness Portal

New York, NY, February 2, 2010 – The Human Capital Practice of Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today announced the re-launch of “Winning With Willis,” its innovative consumer health and wellness portal designed to help companies lower healthcare costs by encouraging employees to lead healthier lifestyles.

The “Winning With Willis” website (www.winningwithwillis.com) was originally launched in October 2008 as the industry’s first broker-branded consumer portal. The revamped site adds new features and content, including health and wellness information from the U.S. Centers for Disease Control and Prevention (CDC). This information, along with new interactive tools like a Body Mass Index (BMI) calculator and a monthly “Health Challenge,” are designed to help people improve their health and well being and support behavior change. By addressing demand at the consumer level, Willis is working to establish the foundation for solving one of the biggest issues facing employers today: rising healthcare costs.

“The Willis Human Capital Practice is focused on helping companies engage employees and their family members in making better decisions about nutrition and exercise,” said Michael Barton , Chairman of the Willis Human Capital practice. “By increasing personal commitment to health and well-being, we believe we can help solve one of the greatest problems of the century - healthcare demand.”

Providing accurate, relevant and actionable health information is key. “Winning With Willis” now offers weekly Healthy Headlines, relevant In The Know health topics, and a suite of Healthy Living information from the CDC. Barton said, “We are thrilled to have the opportunity to collaborate with the CDC to promote their content, tools and resources with our clients, their employees and family members.”

Kathleen Skipper, Director of Public and Private Partnerships at the CDC, said, "We look forward to working with Willis to advance our common interest in the health of Americans. Together, we will continue to explore additional opportunities to collaborate in the coming year."

“Winning With Willis” continues to provide access to “The Biggest Loser League,” a social-networking site connected with the hit NBC TV show that provides a support forum for like-minded individuals who want to lose weight. Jillian Michaels, the renowned personal fitness trainer from the show, is also featured on the site, which acts as a onestop shop for fitness tools, tips and planning.

The “Winning With Willis” website also includes an innovative feature called “Willis Rewards,” an incentive program that encourages exercise and other healthy behaviors by offering employees discounts on their favorite merchandise and services from more than 2,000 top retailers and manufacturers. Employees obtain points for engaging in healthy activities or achieving other employer-determined milestones, and can redeem those points for discounts of 15 percent to 40 percent, and more.

In addition, a Virtual Health Fair is available on the “Winning With Willis” site for users to access additional reputable health websites to continue their education in healthier lifestyles. The Virtual Health Fair serves as a public access resource center for credible content on general health issues, disease-specific support and other health-related and family care topics.

“Consumer outreach and awareness programs are a big part of our change strategy,” said Barton. “Through ‘Winning With Willis,’ we offer a content and tool-rich environment to support healthy decisions, including reward mechanisms to encourage participation and sustain model behaviors.”

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Willis Names Stephen Wood Interim CFO

Willis.com — Wed, 03 Feb 2010 20:50:23 GMT

Willis Names Stephen Wood Interim CFO

Wood to Succeed Patrick Regan on February 19

NEW YORK, February 3, 2010 — Willis Group Holdings plc (NYSE: WSH), the globalinsurance broker, announced today that Stephen E. Wood, the company’s Global GroupFinancial Controller, has been named interim Chief Financial Officer.

The appointment is effective with the February 19, 2010 departure of Patrick C. Regan,who is leaving the company to become CFO of Aviva plc. Regan’s planned departurewas previously announced on October 23, 2009. In his interim role, Wood will report toWillis Chairman and CEO Joseph J. Plumeri, and will continue to be based in London.

Wood joined Willis in October 2006 with more than 19 years experience gained inbanking, finance and public accounting. Prior to joining Willis, he was Divisional ChiefOperating Officer – Annuities at GE Life (UK), a subsidiary of General Electric. In hiscurrent role, he is responsible for external reporting, treasury and financial planning andanalysis.

Willis Group Holdings plc is a leading global insurance broker, developing and deliveringprofessional insurance, reinsurance, risk management, financial and human resourceconsulting and actuarial services to corporations, public entities and institutions aroundthe world. Willis has more than 400 offices in nearly 120 countries, with a global team ofapproximately 20,000 Associates serving clients in some 190 countries. Additionalinformation on Willis may be found at www.willis.com.

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Willis: Mining Rates Likely to Soften in 2010

Willis.com — Wed, 03 Feb 2010 18:00:23 GMT

Willis: Mining Rates Likely to Soften in 2010

--Broker Releases Annual Review at Mining Indaba 2010 -

Cape Town, South Africa, February 3, 2010 - Rates for Mining Property Damage & Business Interruption (PD/BI) insurance are likely to soften in 2010, but could harden again should this volatile sector experience a catastrophic loss, according to the latest Mining Market Review from Willis Group Holdings plc (NYSE: WSH). The global insurance broker released its report at Mining Indaba 2010, the annual conference for natural resource professionals, here.

Last year saw calm return to the mining insurance sector after the unprecedented USD 3.5 billion in property claims - mainly the result of the commodity cycle boom - sent the market reeling in 2008. Steve Higginson, Willis Mining Co-Practice Leader, observed, “Last year was below average from a loss perspective, with claims totalling USD 400 million. Although the perils are no less significant, this has afforded a moment for the mining insurance market to take stock.”

Andrew Wheeler, Willis Mining Co-Practice Leader, said, “While we expect to see the emergence of a buyers’ market for mining in 2010, the huge losses of 2008 remain fresh in underwriters’ minds. Should we sustain a significant natural catastrophe event or considerable machinery, property and business interruption losses, the rates in the Property market may well spike again.”

The return of rising commodity prices and the resulting increase in exposure, together with the continuing change in climate conditions, are the main concerns for mining underwriters in 2010. Four major factors on underwriters’ minds are:

De-bottlenecking - Insurers are putting pressure on clients to implement initiatives that change certain aspects of the production process to reduce delays, gain efficiencies, and increase throughput in the mining process, including limiting Supplier of a Supplier exposure.
Natural catastrophe capacity - After the market shock of 2008, capacity is returning to the operational mining business, with at least three new markets writing non-proportional business. However, the level of capacity supply going into 2010 remains below the level of demand in natural catastropheexposed areas. Capacity remains tight for Earthquake and Rain Event and Flood insurance, especially for open-cut operations.
Commodity prices -Rising prices have resulted in increased exposure for underwriters. Willis predicts that price caps will be back in vogue in 2010 to provide underwriters with more certainty. If commodity prices return to 2008 levels, though, large placements may find capacity once again restricted.
Market security - Many buyers continue to syndicate their risks to a wider range of reinsurers rather than to a single large capacity provider.

Other key findings in the report include:

Total PD/BI capacity in this sector is now estimated at USD 1.75 billion.
The mining construction sector produced positive results for insurers in 2009. With few losses affecting the onshore construction insurance market, rates and premiums are softening as new entrants have joined the market to bring global capacity to approximately USD 2.7 billion.
Since the start of the credit crunch, Willis says that there have been between USD 2 billion and USD 4 billion in Political Risk claims emanating from the mining industry. These have been concentrated in Ukraine and Kazakhstan but have also been seen in Brazil, Bahrain, Indonesia and Bolivia.
A number of Political Violence claims for mining assets were made in 2009, particularly in South America. This has resulted in reduced capacity and increased premiums that are contrary to the overall Terrorism and Political Violence market, which is softening.

In the latest Mining Market Review, Willis experts comment across other mining classes and areas of interest such as Claims, Directors and Officers, Liability and Marine, Specie and Piracy. The publication features a Special Reports section looking at in-depth issues such as environmental law, North American coal mining, a consultant’s view on risk in the mining industry and a summary of the threats and opportunities facing the mining industry in the Philippines, Peru and the Democratic Republic of Congo.

Willis will be exhibiting at stand 2103 at this year’s Mining Indaba. Conference attendees are encouraged to talk with the team and obtain a hard copy of the Mining Market Review. For those not attending the conference, click here for a PDF of the report and here for a video of Willis Mining’s leaders discussing the key findings of the review.

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Willis Group Reports Fourth Quarter and Full Year 2009 Results

Willis.com — Wed, 03 Feb 2010 21:47:04 GMT

Willis Group Reports Fourth Quarter and Full Year 2009 Results

New York, NY, February 3, 2010 — Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today reported results for the quarter and year ended December 31, 2009.

“2009 was a momentous year.” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “We began in the midst of integrating our transformational HRH acquisition, facing a difficult global economy and soft insurance market. We responded with 2 percent organic growth in commissions and fees, disciplined expense management, successful merger integration, completion of the Gras Savoye transaction and a much stronger balance sheet.”

Highlights of the quarter ended December 31, 2009 include:

Reported earnings per diluted share from continuing operations of $0.47; adjusted earnings per diluted share from continuing operations of $0.47
4 percent reported growth in commissions and fees compared with fourth quarter of 2008
2 percent organic growth in commissions and fees compared with fourth quarter of 2008
North America segment organic growth in commissions and fees of 1 percent, sequential improvement from third quarter of 2009
North America segment operating margin expansion of 670 basis points over year ago period; integration of HRH substantially completed
Completed the reorganization of the capital of Gras Savoye

Highlights of the year ended December 31, 2009 include:

Reported earnings per diluted share from continuing operations of $2.58; adjusted earnings per diluted share from continuing operations of $2.67
17 percent reported growth in commissions and fees compared with 2008
2 percent organic growth in commissions and fees compared with 2008
Reported operating margin of 21 percent; adjusted operating margin of 22 percent
North America segment operating margin expansion of 830 basis points over prior year
Delivered North America merger integration synergies and other cost savings of $205 million
Delivered Shaping our Future net benefits of approximately $60 million
Repaid remaining $750 million on bridge financing
Outlook raised to Stable by both Moody’s and Standard & Poor’s
Issued $300 million of senior unsecured notes due 2019 at 7.0 percent; repurchased $160 million of 5.125 percent senior notes due July 2010
Total debt outstanding reduced to $2.4 billion

Fourth Quarter 2009 Financial Results

Reported net income from continuing operations for the fourth quarter of 2009 was $79 million, or $0.47 per diluted share, compared with $61 million, or $0.37 per diluted share, in the same period a year ago. Reported net income for the fourth quarters of 2009 and 2008 was affected by certain items which are reviewed in detail in this release, including the acquisition of Hilb Rogal & Hobbs Company (HRH).

Excluding these items, adjusted earnings per diluted share from continuing operations were $0.47 in the fourth quarter of 2009 compared with $0.36 in the fourth quarter of 2008. Foreign currency movements had a negative $0.03 impact on earnings per diluted share in the fourth quarter of 2009.

Total reported revenues for the fourth quarter of 2009 were $824 million compared with $792 million for the same period of 2008, an increase of 4 percent. Foreign currency movements increased reported revenues by 3 percent compared with the year ago period.

Organic growth in commissions and fees was 2 percent in the fourth quarter of 2009 compared with the fourth quarter of 2008. This growth reflected net new business won of 7 percent, partially offset by a negative 5 percent impact from declining premium rates and other market factors. Continued strong client retention levels and momentum from Shaping our Future growth initiatives, such as Global Placement and Client Profitability, also contributed to organic growth in commissions and fees.

The North America segment reported 1 percent growth in organic commissions and fees in the fourth quarter of 2009 compared with the same period of 2008, and improved sequentially from the third quarter of 2009. With the integration of HRH substantially complete, a renewed focus on top line growth generated a significant increase in the amount of new business in the fourth quarter compared to a year ago. The segment results also continue to reflect headwinds from the soft insurance market conditions and ongoing weakness in the US economy. As a result of top line growth, merger synergies and other cost savings, operating margin expanded 670 basis-points to 25.6 percent in the fourth quarter of 2009 compared to the prior year period.

The International business segment recorded 3 percent organic growth in commissions and fees in the fourth quarter of 2009 compared with the same period of 2008. This growth came from strong new business and continued traction from Shaping our Future growth initiatives, which more than offset the soft rate environment and weakness in the UK and Ireland retail market. Outside of the UK and Ireland, the International business segment organic growth was 7 percent, primarily driven by strong growth in the Latin America and Asia regions. Operating margin remained high at 31.3 percent, although lower than the fourth quarter of 2008 partially due to the impact of foreign exchange and the weakness in the UK and Ireland retail market. For the year ended December 31, 2009, operating margin remained strong at 26.5 percent.

The Global segment, which comprises the Global Specialties, Faber & Dumas and Reinsurance divisions, recorded 1 percent organic growth in commissions and fees in the fourth quarter of 2009 compared with the fourth quarter of 2008. Growth was primarily driven by the Reinsurance and Global Specialties divisions, led by continued strong performance in North America reinsurance, marine, aerospace and financial and executive risks specialties. Operating margin was expanded 50 basis points to 12.2 percent in a seasonally light quarter, compared with the fourth quarter of 2008.

Reported operating margin was 21.0 percent for the fourth quarter of 2009 compared with 17.0 percent for the same period of 2008. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 21.1 percent for the fourth quarter of 2009 compared with 16.8 percent for the prior year period. The improvement in the adjusted operating margin reflected solid organic growth in commissions and fees, merger integration and other expense savings and favorable year on year foreign currency movement.

Full Year 2009 Financial Results

Reported net income from continuing operations for 2009 was $436 million, or $2.58 per diluted share, compared with $302 million, or $2.04 per diluted share, in 2008. Reported net income for the 2009 and 2008 years was affected by certain items which are reviewed in detail in this release, including the acquisition of HRH and 2008 expense review charges for severance and other costs.

Excluding these items, adjusted earnings per diluted share from continuing operations were $2.67 for 2009 compared with $2.55 in 2008, an increase of 5 percent. In addition, adjusted earnings from continuing operations for 2009 included a $27 million, or $0.16 per diluted share, tax credit resulting from changes to UK tax law on repatriation of unremitted earnings of our foreign subsidiaries (described below). Excluding this item, adjusted earnings per diluted share from continuing operations in 2009 would have been $2.51. Foreign currency movements reduced earnings per diluted share by $0.17 in 2009.

Total reported revenues for 2009 were $3.3 billion compared with $2.8 billion for 2008, an increase of 15 percent. The increase was primarily due to the HRH acquisition, while the effect of foreign currency translation decreased reported revenues by 4 percent.

Organic growth in commissions and fees was 2 percent in 2009 compared with 2008. This growth reflected net new business won of 5 percent, offset by a negative 3 percent impact from declining premium rates and other market factors.

Reported operating margin was 21.3 percent for 2009 compared with 17.8 percent for 2008. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 21.8 percent for 2009 compared with 21.2 percent for 2008. The improvement in the adjusted operating margin reflected solid organic growth in commissions and fees, expense savings and favorable year on year foreign currency movement, partially offset by lower investment income, higher pension expense and increased intangible amortization.

Tax

The reported income tax expense for 2009 was $96 million compared to $97 million for 2008. The 2009 tax expense included the release of a provision of $27 million which had been recorded for tax that would potentially be payable should the unremitted earnings of our foreign subsidiaries be repatriated. Following a change in UK tax law effective in the third quarter of 2009, these earnings can now be repatriated without additional tax cost and, consequently, the provision has been released.

After adjusting the effective tax rate to exclude non-recurring items the effective underlying tax rate for the quarter and year ended December 31, 2009 was approximately 26 percent, the same as the 2008 full-year rate.

Discontinued Operations

Income from discontinued operations, net of tax, was $2 million, or $0.01 per diluted share, for the year ended December 31, 2009, relating to disposals of Bliss & Glennon and Managing Agency Group, the Company’s US-based wholesale insurance operations. No net gain or loss was recognized relating to either transaction.

Capital

As of December 31, 2009, cash and cash equivalents totaled $191 million and total debt was $2.4 billion. Total debt was reduced by approximately $230 million in the fourth quarter of 2009, primarily due to proceeds received on the completion of the Gras Savoye transaction.

Total stockholders’ equity as at December 31, 2009 was $2.2 billion.

Gras Savoye

During the fourth quarter of 2009, the Company announced the completion of a leveraged transaction with the original family shareholders of Gras Savoye & Cie, and Astorg partners, a private equity fund, to reorganize the capital of Gras Savoye. With the closing of the transaction, Willis now owns a 31.8 percent stake in the new holding company and has 33.3 percent of the voting rights on the new holding company board.

Redomicile to Ireland

On December 31, 2009, the Willis Group completed the change of place of incorporation of its parent company from Bermuda to Ireland.

As a result of this move, common shares in Willis Group Holdings Limited were cancelled and ordinary shares in Willis Group Holdings plc were issued to all shareholders on a one-for-one basis. Willis Group Holdings plc began trading on the New York Stock Exchange on January 4, 2010. Willis will continue to be subject to United States Securities and Exchange Commission (SEC) reporting requirements, prepare its financial statements and pay dividends in U.S. dollars, and be subject to U.S. Generally Accepted Accounting Principles (GAAP).

Dividend

Subject to the Irish High Court approving a capital reduction procedure to create distributable reserves in the Company, a common procedure for corporate groups moving their holding companies to Ireland, the Board of Directors has authorized a quarterly cash dividend on the Company’s ordinary shares of $0.26 per share (an annual rate of $1.04 per share). It is intended that the dividend will be payable on April 16, 2010 to shareholders of record on March 31, 2010.

Conclusion

“We are proud of the results we delivered for 2009 and especially proud of our associates around the globe and thank them for their hard work in delivering these results,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “We will continue to run the company with discipline and foresight, managing our expense base and strengthening the balance sheet, while investing in areas that will drive current and future growth.”

Conference Call and Web Cast

A conference call to discuss the fourth quarter 2009 results will be held on Thursday, February 4, 2010, at 8:00 AM Eastern Time. To participate in the live teleconference, please dial (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a pass code of “Willis”. The live audio web cast (which will be listen-only) may be accessed at www.willis.com. This call will be available by replay starting at approximately 10:00 AM Eastern Time, through March 6, 2010 at 11:59 PM Eastern Time, by calling (877) 611-5293 (domestic) or +1 (203) 369-4862 (international) with no pass code, or by accessing the website.

Forward-Looking Statements

We have included in this document “forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts that address activities, events or developments that we expect or anticipate may occur in the future, including such things as the potential benefits of the redomicile to Ireland, or the Gras Savoye transaction, our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes are forward-looking statements. Also, when we use the words such as “anticipate’’, “believe’’, “estimate’’, “expect’’, “intend’’, “plan’’, “probably’’, or similar expressions, we are making forward-looking statements.

the impact of any regional, national or global political, economic, business, competitive, market and regulatory conditions on our global business operations;
the impact of current financial market conditions and the current credit crisis on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions;
our ability to continue to manage our significant indebtedness;
our ability to implement and realize anticipated benefits of the Shaping our Future initiative and any other new initiatives;
material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise;
the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control;
our ability to compete effectively in our industry;
our ability to retain key employees and clients and attract new business;
the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;
any fluctuations in exchange and interest rates that could affect expenses and revenue;
rating agency actions that could inhibit ability to borrow funds or the pricing thereof;
a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations;
our ability to achieve the expected strategic benefits as a result of the Gras Savoye transaction;
the timing of any exercise of put and call arrangements with associated companies;
changes in the tax or accounting treatment of our operations;
the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
the interruption or loss of our information processing systems or failure to maintain secure information systems.

This press release contains references to non-GAAP financial measures as defined in Regulation G of SEC rules. Consistent with Regulation G, a reconciliation of this supplemental financial information to our generally accepted accounting principles (GAAP) information is in the note disclosures that follow. We present such non-GAAP supplemental financial information, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. This supplemental financial information should be viewed in addition to, not in lieu of, the Company’s condensed consolidated income statements for the three and twelve months ended December 31, 2009 and balance sheet as at that date.

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Willis CEO Joe Plumeri Reiterates Company Stance on

Willis.com — Sat, 12 Feb 2010 06:06:26 GMT

Willis CEO Joe Plumeri Reiterates Company Stance on
Contingent Commissions

“We Abolished Them and We’re Not Going Back,” Willis Chief Says

Plumeri Supports Concept of New York Insurance Exchange if It Helps Clients

London, UK, February 12, 2010 – Joe Plumeri, Chairman and CEO of Willis Group Holdings plc (NYSE: WSH), the global insurance broker, told a meeting of insurance executives here this week that simply disclosing broker and agent compensation is not "true transparency" because it doesn't eliminate the conflicts of interest inherent in accepting contingent commissions. His remarks came at a major industry event held before a capacity crowd on Wednesday at The Willis Building in London.

“Simply telling clients that you are taking contingents does not make it okay,” Plumeri said in remarks prepared for delivery. “It does not change the fact that you have an incentive to act in the interests of someone other than your client – and that when push comes to shove you might not fight for the best deal in the marketplace or advocate fiercely to recover a claim if you know your compensation from the insurer will suffer. It sounds like transparency, but it can never be true transparency.

“I am convinced that the only way to resolve the conflicts inherent in contingent commissions is not to take them,” Plumeri said. “We stopped taking them because we want to be paid for the value we provide our clients, not the insurance companies.”

In October 2004, Willis became the first and only insurance broker to refuse contingent commissions from insurance carriers when working for retail clients. Regulators later banned the major brokers from taking such commissions.

“We actually took a big step forward to building trust with our clients when contingent commissions were banned for the largest brokers in 2005. At Willis, we’ve abolished them, and we’re not going back. We’re a better company for it,” Plumeri said.

Citing a lack of public trust in the insurance industry, Plumeri said that a return of contingent commissions – payments from insurance companies to brokers based on the volume or profitability of business placed with clients – would overshadow the integral role that insurance plays in rebuilding lives and business after disaster.

“How will we look as an industry if brokers can earn commissions from insurers for giving them business and not for the value we provide to our clients? We’re already one of the least trusted industries globally,” he told the 400 delegates at the annual Insurance Insider event. “People aren’t focusing on how we as an industry provide the capital and help pick up the pieces in San Francisco, Northridge, New Orleans, Cumbria and Lower Manhattan. Instead, they’re looking at how we are compensated, and they’re not happy, with good reason.”

Another major topic of discussion at the event was the establishment of a New York Insurance Exchange, which Plumeri welcomed. “If ideas such as the New York Insurance Exchange take off, I hope they will be implemented in a way that allows us to place business with greater speed through smart technology. Ultimately, that’s our job: to place our clients’ unique risks with the best markets, prices and terms.”

Plumeri, however, cautioned that, “The architects behind the re-emergence of the New York Insurance Exchange should be mindful that people will think about the past and why previous attempts at establishing such an exchange failed. So they need to act quickly to change that perception.”

Plumeri was one of four speakers at the event. The others were James Wrynn, Superintendent of the New York State Insurance Department; Tom Bolt, Director of Performance Management at Lloyd’s, and Martin Albers, Swiss Re’s Head of Client Markets for Europe.

Click here for the full prepared text of Joe Plumeri’s speech.

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Statement of Willis Group Holdings Regarding the Amended and Restated Agreement Between Willis and the Attorney General of the State of New York And the Superintendent of Insurance of the State of New York

Willis.com — Tue, 16 Feb 2010 06:11:06 GMT

Statement of Willis Group HoldingsRegarding the Amended and Restated AgreementBetween Willis and the Attorney General of the State of New YorkAnd the Superintendent of Insurance of the State of New York

New York, February 16, 2010 – Willis Group Holdings plc (NYSE: WSH), the globalinsurance broker, today entered into agreement with the Attorney General and theSuperintendent of Insurance of the State of New York to amend and restate the 2005Assurance of Discontinuance and Stipulation, as amended (the AOD).

The new agreement specifically recognizes that Willis substantially has met ourobligations under the AOD over the last half decade, and ends many of therequirements imposed by the current agreement. Willis welcomes this development.The new agreement relieves us of a number of technical compliance obligations thathave imposed significant administrative and financial burdens on our operations thatwe do not believe benefit our clients. The new agreement no longer limits the typesof compensation Willis can receive and has lowered the compensation disclosurerequirements to clients that the AOD originally imposed.

Nevertheless, Willis’s stand is clear: on issues of trust, transparency and disclosure,we have been guided by principle – doing what is right – rather than waiting forregulation to tell us what we must do. Indeed, we voluntarily began disclosingcompensation to our retail clients and refusing to take contingent compensation inour retail brokerage business before we signed the AOD in 2005. Neither of thosecommitments will change today, whether or not our competitors follow our lead.

Willis will continue to disclose to our retail clients the compensation we receive frominsurance carriers. Willis also will continue to refuse to accept contingentcommissions from carriers in our retail brokerage business. Willis is proud of theposition we have taken with regard to contingent commissions that we believe issquarely in the best interests of our retail clients.

Willis Group Holdings plc is a leading global insurance broker, developing anddelivering professional insurance, reinsurance, risk management, financial andhuman resource consulting and actuarial services to corporations, public entities andinstitutions around the world. Willis has more than 400 offices in nearly 120countries, with a global team of approximately 20,000 Associates serving clients inapproximately 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Chairman and CEO Joe Plumeri to Speak at Bank of America Merrill Lynch 2010 Insurance Conference

Willis.com — Fri, 19 Feb 2010 14:29:28 GMT

Willis Chairman and CEO Joe Plumeri to Speak atBank of America Merrill Lynch 2010 Insurance Conference

NEW YORK, February 19, 2010 - Willis Group Holdings plc (NYSE:WSH), the global insurance broker, today announced that its Chairman and Chief Executive Officer, Joe Plumeri, will speak at the Bank of America Merrill Lynch 2010 Insurance Conference in New York City on Tuesday, February 23 at 3:45 p.m., Eastern Standard Time.

The live audio web cast of Mr. Plumeri's presentation, together with accompanying slide materials, will be available on the Willis web site at www.willis.com. After connecting to the home page, click on Investor Relations, then Events & Presentations, to access the web cast. A replay of the presentation will be available by the end of the day and will be archived through Friday, March 12, 2010 on the same web site.

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Willis CEO Joe Plumeri Says Asia's Recovery Gains Altitude on the Wings of its Aviation Industry

Willis.com — Tue, 09 Mar 2010 02:37:15 GMT

Willis CEO Joe Plumeri Says Asia’s RecoveryGains Altitude on the Wings of its Aviation Industry

Broker Chief Urges Effective Enterprise Risk Management Strategies to Address New and Emerging Threats to Airborne Commerce

London, UK, March 05, 2010 — Joe Plumeri, Chairman and CEO of Willis Group Holdings plc (NYSE: WSH), the global insurance broker, said this week at a major aviation conference in China that Asia’s aviation industry will play an important role in its economic recovery, but cautioned that it, like other industries, must take proactive steps in risk management to mitigate a series of new and emerging threats.

Last year marked the first time in aviation history that intra Asia-Pacific travel eclipsed the number of travelers in North America, Plumeri told 220 delegates at the Willis Asia Pacific Aviation Insurance Conference in Sanya, Hainan, China. The conference was hosted in conjunction with the International Air Transport Association (IATA) and the Association of Asia Pacific Airlines (AAPA). The event was also sponsored by the People's Insurance Company of China and Air Union Insurance Brokers Co. Ltd. amongst others.

“By 2013 an additional 217 million travelers are expected to take to the skies within the Asia-Pacific region,” said Plumeri. “It is estimated that the global transport industry will triple in size when Asians start to travel as much as Americans. The dynamics of the aviation industry in Asia are compelling, but while the growth potential for air travel is enormous, so too are the new risks facing airlines.”

Following speeches to audiences in Los Angeles in December and London in February, in which Plumeri laid out his “Top 10” risks for the new decade, his remarks in China calibrated those risks to specific threats facing the airline industry. A summary of some of those risks follows below:

Reputation: Managing reputational risk is one of the top priorities for companies and high profile individuals today. Plumeri noted that Pan Am and TWA had difficulty recovering in the public eye following the downing of Flight 103 and Flight 800.

Supply chain volatility: Like any other industry, airlines and airline manufacturers work with a myriad of suppliers and one weak link in the chain can mean delays and billions of dollars in losses.

Cost and availability of credit: Just as small businesses are squeezed in their ability to find funding for their enterprises, so too are airlines challenged in their ability to renew their fleets, while leasing companies are struggling to finance the purchase of new aircraft.

Cyber Security: Insurance for airlines used to be largely focused on hull, passengers and cargo, and in many cases still is. But with the Internet playing an enormous role in reservations and ticketing, the risk of airlines losing their passengers’ data or experiencing a system-wide failure is growing significantly.

Regulation and compliance: Most airlines operating in the airspace of the European Union will come under the EU’s emissions trading scheme from 2012. Such new regulations around the globe will bring new compliance risks as well.

Pandemics: Passengers wearing facemasks have become an increasingly common occurrence as fear rises of airborne disease transmission. At the same time, new screening programs for tuberculosis raise controversy. The H1N1 virus was another reminder to airlines of the operational challenge of carrying infected passengers and its associated risks.

Terrorism: On Christmas Day, 2009, a passenger on Northwest Airlines Flight 253 with 80 grams of explosives sewn into his underwear imperiled 289 others on board. It was the latest reminder of many of the threats to the industry. No sector has more experience of what both an incident and the cost of constant vigilance can have on business.

Climate change: Adverse weather and increasing frequency or severity of natural catastrophes can affect the operating environment of an airline. While climate change remains controversial, there has been less public discussion about the long-term economic impact of weather-related schedule changes and cancellations.

“These new risks are not unique to the aviation industry — all businesses face them in some shape or form. All of us as business leaders must have a clear and structured focus on risk management to protect our companies,” said Plumeri. “We must look at all the risks we face and address them head-on. We have to be honest and open about what we see and what we’re doing about it. This is not about just buying insurance. What I’m talking about is true enterprise risk management.

“Today, a lot of companies simply buy insurance without effectively analyzing their company's risk. When that happens, insurance becomes a commodity, like fuel, soybeans or lumber. When you buy a commodity, you look for the cheapest price. If you're dealing with risk as an expense — like any controllable cost — you're doing your company a disservice. We need to be focused more on the underlying nature of insurance: protecting what you’ve built and what you care about.”

In conclusion, Plumeri called for the elevation of the risk management function in companies through the hiring of Chief Risk Officers and the establishment of risk committees on boards.

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Willis Capacity in Energy Insurance Sector at Ten-Year High, Creating Soft Market Conditions

Willis.com — Wed, 24 Mar 2010 18:48:27 GMT

Willis: Capacity in Energy Insurance Sector at Ten-Year High, Creating Soft Market Conditions

Brokers are Using Actuarial Modelling to Help Buyers Take Advantage of a More Competitive Market

London, UK, March 24, 2010 - Capacity in the Energy insurance sector is at a ten-year high; this abundance of capital, together with good underwriting results, is helping to drive down prices and increase competition among insurers, according to a new report by Willis Group Holdings (NYSE: WSH), the global insurance broker.

The latest Energy Market Review from Willis titled, "On the Edge of an Abyss?", also finds that actuarial techniques are now being used more frequently to test premiums, optimise retention levels and maximise the benefits of using captive insurance companies.

Capital providers are increasingly attracted to the energy sector, Willis said, because of the profitable underwriting results posted by the vast majority of property/casualty insurers in the last year. Those results have been bolstered by a lack of major natural catastrophe losses, an upturn in energy industry activity and the worldwide recovery in oil prices. Willis said that, in the absence of a major catastrophic loss, a softening rate environment will likely continue into the foreseeable future, and could lead to an even more competitive market in 2010.

The broker's annual review found that 2009 was a relatively benign year in the energy insurance industry with US $3.75 billion in losses against an estimated global energy premium income of US $5 billion.

With the entry of new capital, 2010 global capacity for Upstream energy (the exploration and production phase) is at a ten-year high of more than US $2.7billion for construction risks and more than US $3.4 billion for operational risks.

Capacity for Downstream risks (energy operations after production and up to the point of sale) is also back up to 2000 levels, according to Willis, with a fresh injection of capital resulting in almost US $3.5 billion of International market capacity and more than US $2.8 billion of North American market capacity.

Commenting on the findings, Alistair Rivers, CEO, Willis Energy, said, "This may be one of the best buyer's markets in some years, but buyers should be cautious about the long-term implications of abandoning existing market relationships in search of the lowest price. The volatility of the Energy sector is such that a big loss is alwayslooming around the corner, threatening to turn a soft insurance market into a hard one overnight. It will be those buyers who have continued to invest in long-term partnerships who will be best positioned to navigate the market cycle."

Alistair Rivers said Willis is increasingly using sophisticated actuarial techniques to help clients quantify their risks. "Those who can prove their risk quality to insurers will stand to gain much more from the market than those who cannot. We are working closely with every client to maximise the opportunity that the softening market brings to reduce insurance costs by whatever means possible."

Other findings in the report include:

Global Upstream capacity is up 60 percent in four years, with capacity in Lloyd's increasing by 90 percent, from US $891 million in 2006 to US $1,680 million in 2010.
The Willis Energy Loss Database recorded 14 Upstream losses in excess of US $20 million in 2009, the largest being the US $750 million loss at the Ekofisk field in the North Sea.
The fledgling Singapore insurance market was especially hard hit by Upstream losses in 2009, in particular the Montara Field loss, along with a series of other losses in the Asia Pacific region.
The absence of a major storm in the Gulf of Mexico (GOM) in 2009 means that the jury is still out on the market's new Gulf Wind model. Several potential buyers decided not to purchase the GOM Wind product, which they saw as little more than an increasingly expensive "handkerchief" cover for their massive exposure.
Just 12 International Downstream losses of more than US $10 million are recorded in the Willis Energy Loss Database for 2009, with North America also experiencing 12 losses at this level. The biggest International loss recorded was US $160 million from a three-day fire at a Puerto Rico fuel storage facility; in North America, the top loss was from an explosion at a Delaware oil refinery that cost insurers US $60 million.

Click here to read the full Willis Energy Market Review.

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Willis Names Richard Magrann-Wells Head of its North American Financial Services Practice

Willis.com — Thu, 25 Mar 2010 23:53:43 GMT

Willis Names Richard Magrann-Wells Head of its

North American Financial Services Practice

NEW YORK, March 25, 2010 – Willis Group Holdings (NYSE: WSH), the global insurance broker, said today it has appointed Richard Magrann-Wells Senior Vice President and Leader of its North American Financial Services Practice. He is based in New York and reports to Eric Joost, National Partner, North American Specialties.

In his new role, Magrann-Wells will lead Willis’ client service and product development strategy to serve the unique needs of the financial services sector. In addition to working with large money center banks and other traditional financial institutions, Magrann-Wells will lead the drive to expand Willis’ service offerings to other financial services firms, such as hedge funds, community banks, insurance carriers, securities firms and asset managers, as well as to related service providers, such as transfer agents.

“Financial services is a key growth area for Willis and we are intent on continuing to expand our presence and capabilities in this space,” said Don Bailey, Chairman and CEO of Willis North America. “Our clients consistently tell us they want a broker who knows their company and their industry. With his deep background in financial services, Richard’s appointment delivers on that commitment. I’m confident that, with his experience and ability to work across business units and with distribution networks, our clients will get the very best Willis has to offer, no matter what risk solution they require.”

Commenting on his appointment, Magrann-Wells said, “I’m delighted to be joining Willis and to have the opportunity to provide strategic risk management advice to our financial services clients. I’m particularly excited to be seeking out new opportunities to grow the practice across the broad spectrum of the financial services sector, and to harness the wealth of Willis resources to meet the risk management needs of the industry.”

Magrann-Wells joins Willis after completing his Master of Laws (LLM) degree in Banking and Financial Law at Boston University. A member of the California Bar since 1985, he previously held senior positions with Merrill Lynch, Wells Fargo and Citibank, focusing on such areas as foreign exchange, syndicated loans, capital structuring and emerging markets. In addition to earning his LLM at Boston University, Magrann-Wells holds a MBA in Finance from New York University’s Stern School of Business, and an undergraduate degree in political science from the University of Southern California, Los Angeles. He received his law degree from Hastings College of the Law, San Francisco.

Willis has more than 130 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Re: $16 Billion Catastrophe Tab Makes First Three Months of 2010

Willis.com — Wed, 31 Mar 2010 17:45:32 GMT

Willis Re: $16 Billion Catastrophe Tab Makes First Three Months of 2010
Worst Ever First Quarter for Natural Peril Losses

Broker's Latest Renewals Review Says Catastrophe ClaimsWill Hit Reinsurers' First Quarter Results

London, UK, March 31, 2010 - An unprecedented US $16 billion in losses from the Chilean earthquake, the European storm Xynthia and other natural catastrophes have made the first three months of 2010 the worst first quarter on record for such events, according to the latest renewals report from Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE: WSH), the global insurance broker.

Willis Re's 1st View renewals report said that following a year of historically low frequency and severity of losses and resulting excellent financial performance, the first quarter 2010 results of reinsurers will, for the first time in many years, be worse than those of their primary insurance company clients.

The Willis Re report, titled "Calm Amid Calamity", tracks reinsurance rate movements across numerous territories and product classes. The review said the difficult first quarter does not bode well for reinsurers because their largest losses are coming from smaller markets, where they are less able to generate significant premium volumes to accelerate post-loss payback. At the same time, losses in the first three months of the year leave reinsurers exposed to the historically more loss-prone third and fourth quarters, Willis Re said. Adding to the potential for future market volatility, some forecasters are now predicting a more-active-than-usual North Atlantic hurricane season.

The report highlights two other potential areas of concern in the reinsurance arena: less plentiful reserve releases and excessive exposure to sovereign debt. A close analysis of reinsurers'2009 performance found that results are showing some evidence of reserving stress, with fourth quarter 2009 releases not as plentiful as in earlier quarters. In addition, as a result of the financial crisis, many reinsurers have aggressively "de-risked" their investment portfolios by investing in government debt as a seemingly secure alternative. This is starting to raise concerns over excessive exposure to sovereign debt at a time when many governments are under increasing fiscal strain, said Willis Re.

Other renewal trends highlighted in the report are:

Despite increasing uncertainty and loss activity, the reinsurance market has yet to react in terms of pricing, conditions and capacity. The April 1, 2010 renewals have seen continuing modest risk-adjusted reductions and hardening only in specific territories and classes with consistently poor results.
Capacity in all lines has been ample as the issues of rate exchange volatility affecting capacity no longer have any impact.
Merger and acquisition activity has picked up following the Max Capital and Harbor Point deal and Willis Re predicts the pace will quicken over the next six months as financial organisations that received government bailouts seek to divest their insurance assets as part of the recovery process. Willis Capital Markets & Advisory acted as exclusive financial advisor to Harbor Point in its announced merger of equals with Max Capital.

"While one poor quarter, which is an earnings issue for reinsurers, will not be sufficient to trigger a general market turn on its own, it is likely to stiffen reinsurers' resolve on renewals later in the year as the size of the recent catastrophe losses develop and back-year reserve releases reduce," said Peter Hearn, Chief Executive Officer of Willis Re.

"This is balanced by the remaining reinsurance capacity oversupply and the continuing difficulties companies face in achieving any top line growth to offset claims and expense increases. Against this background, absent any other major losses, buyers who will be renewing loss-free programs later in the year can continue to budget for stability or modest reductions in their reinsurance costs," Hearn concluded.

Click here to read the full Willis Re 1st View renewals report.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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At Willis, Over $400,000 Streams in for Haiti Relief via the Web

Willis.com — Wed, 31 Mar 2010 18:04:28 GMT

At Willis, Over $400,000 Streams in for Haiti Relief via the Web

Global Employees Linked by a Cause and an Online App

New York, March 30, 2010 - Haiti is a place where Willis Group Holdings plc (NYSE:WSH), the global insurance broker, does little or no business. Among its 17,000 employees worldwide, only one was known to come from Haiti. Still, it didn't deter the company's Associates from responding generously when the January 12 earthquake devastated the island nation. All it took was an urgent appeal from the CEO and an online tool to allow instant, easy giving across every time zone. And it didn't hurt that Willis was ready to match the individual response, dollar for dollar.

When the Willis Cause for Haiti Campaign concluded on March 1 after a five-week run, a total of $207,628.73 had been collected, the equivalent of a $12 donation from each person employed by the company around the world. In fact, 2,075 employees participated, making their donations at all hours via a special web site the company set up to handle the extraordinary response. Adding in the company's match, the total rises to roughly $407,000, or $81,400 per week to a list of several dozen charities with "boots on the ground" engaged in real time assistance to Haiti.

It started with a phone call. On January 14, Willis Chairman and CEO, Joe Plumeri, was in London watching two days of news coverage from Haiti. He called the company's director of human resources, Susan Gunn, and pledged corporate assistance. But Plumeri also wanted employees eager to help to have a means to act on their instincts. Over the weekend, the special web site was set up, and on the afternoon of January 19, Plumeri emailed everyone at Willis to say the site was live.

"The response started on the West Coast, where it was late morning, and made its way West around the world. As people got to work the next day, they read, clicked and gave," said Plumeri. "Our global presence is predominantly in the larger cities in the developed countries, but it was enormously gratifying to see such a fast and generous outpouring to a place and a people in such dire need," he added.

"It was incredible to watch when donations were made and where they came from," said Susan Gunn. "We received $29,000 the first day, $45,000 the second day and $14,000 the third day. Then we emailed all of our Associates again reporting the wide participation and providing our link, and another $32,000 came in right after."

"In a global company there's always someplace around the world where the lights are on," said Joshua King, head of communications and marketing. "There's no choice but to embrace the tools to share information and take action across time zones, whether those tools help us do business better or give to a very worthy cause."

Distribution of the roughly $407,000 raised through the Willis Cause for Haiti Campaign is ongoing. When Willis' special web site was set up, 50 certified charities were identified to have the ability to help bring immediate relief to a suffering people. After five weeks of operation, Willis Associates from 32 countries had participated. The largest single donation was $10,000. The smallest was the minimum $10. The average was almost exactly $100.

The largest recipient of contributions from Willis was the Clinton-Bush Haiti Fund, followed by the American Red Cross, Catholic Relief Services, Doctors Without Borders and Oxfam.

"In parts of the world like Chile where there is broad insurance coverage in place, Willis's role after a catastrophe is to get to the scene to assess damage and arrange payment of claims," said Plumeri. "That's the legacy of the San Francisco Earthquake in 1903, the attack on Lower Manhattan in 2001, Hurricane Katrina in 2005, and thousands of events in between. The eventual rebuilding of those areas is the proud heritage of the insurance industry.

"In places like Haiti, it falls to governments, NGOs, companies and individuals to help the rebuilding effort. I'm so proud of the people of Willis, and millions of others in offices and homes around the world, who answered the call when it was needed most. Haiti has a chance to turn a nightmare into something with a hopeful future," said Plumeri, "and I'm glad we're playing a role."

Charities were not the only recipients of Willis funds. Associates privately contributed to their colleague Wesly Guiteau, a Haitian native, from Willis Bermuda, who made his way to Haiti to search for missing family members, all of whom were eventually found safe and well. Guiteau continues to work on relief efforts in Haiti, helping the local mayor of Lasahobas, Guiteau's home town, raise funds and provide aid for the people of that area. He also is working to provide temporary housing (durable tents) for 200 families in Port Au Prince.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Networks Attract Six New Members

Willis.com — Thu, 01 Apr 2010 18:07:53 GMT

Willis Networks Attract Six New Members

Additions Bring Membership in Two Networks to 106 Independent Brokers

London, UK, April 1, 2010 – Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced that six new members have joined Willis Networks, its partnerships with local, independent insurance brokers in the UK, bringing the networks’ combined membership to 106 firms.

Willis Networks is made up of the Willis Commercial Network (WCN), which represents brokers placing annual premiums of between £3 million and £40 million, and Willis N², representing smaller community brokers with up to £3 million in annual premium placements. Each of these networks has seen the addition of three new broker members in the past few months.

The newest members of the WCN are Willis & Company (Insurance Brokers) Ltd., Waterfront Insurance Brokers Ltd. and Mitchell Charlesworth Insurance Solutions Limited. Willis Commercial Network now has 85 members. Details of the new members are as follows:

Willis & Company (no direct connection to Willis Group Holdings) is an independent brokerage and financial services consultancy established in Belfast over 30 years ago and the first in Northern Ireland to achieve gold accreditation from the Chartered Insurance Institute (CII). Managing Director, Billy Bennington, comments, “Membership of WCN underpins our strategy of continued independence and we look forward to the benefits of this key development over the coming months”.
Waterfront Insurance Brokers, based in Huddersfield, West Yorkshire, was established in December 2009 and serves commercial manufacturing and property owners. The new venture’s Principle, Steve Manning, has returned to the Network after buying back his business, previously known as Wilkinson Rogers, from Oval.
Mitchell Charlesworth Insurance Solutions Limited is a leading North West firm of chartered accountants and business advisors with offices in Chester, Liverpool, Manchester, Warrington and Widnes. They have established a new general insurance brokerage.

Willis N² announced that Absolute Insurance Brokers Ltd., Executive Benefit Consultancy Limited and Wilsons Insurance Group will join the now 21-strong network:

Absolute Insurance Brokers is a privately-owned and independent company, based in Croydon, Surrey. Established in July 2009, Absolute aims to provide an exceptional personal service to corporate clients.
Executive Benefit Consultancy Ltd, a financial services broker based in Glasgow, was established more than 10 years ago. It plans to build on its excellent client relationships to expand its new commercial insurance broking arm.
Manchester-based Wilsons Insurance Group, established in 1969, has ambitious plans to develop its commercial account with the support of the Network. The six new members are in addition to the two new Northern Ireland-based Network Members, McCausland Light & Rankin and Dickson & Co, that were announced in January.

Phil Scarrett, Managing Director, Willis Networks UK, said, "We are thrilled to have added these six fine firms to our network – a great start to our year. We hope this will set the pace for the rest of the year, as we move closer to our goal of attracting more than 100 members to each of these networks, respectively. Our network members enjoy the benefit of having access to Willis’ global resources and expertise, allowing them to meet any client need. We welcome our newest members and look forward to working with them as part of our network community.”

Members of the Willis Networks receive technical and sales training from Willis, as well as strategic marketing, compliance, business development and sales support. They also enjoy access to Willis’ global resources and facilities, including its specialist divisions and training programmes. By partnering with Willis but still maintaining their independence, Network members gain increased leverage with insurers for better products, client servicing and policy terms.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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President Bill Clinton Visits Willis to Hail Haiti Relief Efforts

Willis.com — Tue, 13 Apr 2010 06:52:07 GMT

President Bill Clinton Visits Willis to Hail Haiti Relief Efforts: Corporate Effort Raised $408,000 with Online Campaign

Former President Receives Donation from Willis CEO Joe Plumeri On Behalf of Clinton Bush Haiti Fund and Other Charitable Causes

NEW YORK, April 13, 2010 — President Bill Clinton today visited Lower Manhattan to thank Joe Plumeri, Chairman and CEO of Willis Group Holdings (NYSE: WSH), and the employees of the global insurance broker for contributing $408,000 for Haiti relief efforts as part of an online fundraising campaign.

During ceremonies in the company’s offices at One World Financial Center, Mr. Plumeri presented President Clinton with a ceremonial check recognizing the generosity of more than 2,000 Willis employees who participated in the five-week Willis Cause for Haiti Campaign, and whose contributions were matched dollar-for-dollar by the company. Nearly 200 of those employee-donors were on hand to witness the event, and to hear Mr. Plumeri and President Clinton speak about the progress of relief efforts in the earthquake-ravaged nation.

“The response and generosity of the people of Willis is a tremendous example of the global outpouring of goodwill that has led more than 200,000 individuals to make contributions to the Clinton Bush Haiti Fund,” President Clinton said. “Through our Fund, which is assisting long-term recovery and rebuilding efforts on the ground, I have seen the remarkable resolve of the Haitian people to rebuild their homes, communities, and country back better than they were before the earthquake. With help from their neighbors and friends like the people of Willis, Haiti has a chance to reclaim its destiny.”

“I am enormously gratified by the swift and generous response of our people to this devastating natural disaster. With each donation and offer of help, they showed the true heart of Willis and our One Flag culture of selfless teamwork,” Mr. Plumeri said in thanking President Clinton for personally accepting the Willis donation. “Throughout modern history, the insurance industry has helped to rebuild when calamity strikes. It was true after Northridge, during the Clinton Administration, and after Katrina, during the Bush Administration. In countries with limited insurance coverage, like Haiti, it falls to the generosity of individuals, companies, governments and NGOs to respond and rebuild. In Haiti, thanks to people who have stepped up from around the world, from Willis and other companies and groups, we have a real opportunity to turn disaster into hope."

Among those at the ceremony were Willis Senior Vice President Wesley Guiteau, a Haitian native, who rushed to Haiti to search for missing family members (all of whom were found safe and sound) in the immediate aftermath of the January 12 earthquake. Mr. Guiteau has since been working to provide aid to his hometown of Lasahobas and temporary housing to 200 families in Port Au Prince left homeless by the disaster, one of the most devastating earthquakes on record. Mr. Plumeri cited Mr. Guiteau for his heroic efforts on behalf of his home country.

Willis employees designated the Clinton Bush Haiti Fund, which President Clinton chairs along with former President George W. Bush, as their number one choice among charities to provide aid to Haiti.

The Willis Cause for Haiti Campaign was launched in the days following the 7.0— magnitude temblor, when Mr. Plumeri pledged the company’s assistance and made an urgent appeal for help to the company’s 17,000 employees. A special web site was quickly established to allow Willis employees around the world to make their contributions, and the money began flowing in: $29,000 on the first day, $45,000 the second day and, immediately after a reminder email was distributed, another $32,000.

A total of $207,628.73 was contributed by Willis employees during the five-week appeal, the equivalent of $12 from every person employed by the company around the world. More than 2,000 employees from 32 countries gave an average of $100; the single largest individual contribution was $10,000. Adding in the company’s match, the total rose to nearly $408,000, or $81,400 per week to a list of several dozen charities with “boots on the ground” engaged in real time assistance to Haiti.

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Willis Launches Willis DataWize, powered by Riskonnect

Willis.com — Wed, 14 Apr 2010 22:43:50 GMT

Willis Launches Willis DataWize^SM, powered by Riskonnect®

New Enterprise-class Risk Management Information System the Product of Willis-Riskonnect Strategic Alliance;

Willis DataWize^SM Gives Clients a Better Way to Track, Manage and Control Risk

NEW YORK, April 14, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the launch of Willis DataWize^SM, powered by Riskonnect®, an enterprise-class Risk Management Information System (RMIS) that gives companies of all sizes a better way to track, manage and control their risks and achieve better outcomes.

The product of Willis’ strategic alliance with Riskonnect, Inc., a leading independent provider of risk management technology, Willis DataWize^SM responds to growing demand from clients for a technology solution that enables them to make better risk management decisions. Available to Willis clients in North America, Willis DataWize^SM is a natural extension of the consulting services offered by the Willis Strategic Outcomes Practice, the claim advocacy, risk control and data analytic resource of Willis North America.

“Willis focuses all of its attention on being the best advocate possible for our clients,” said Don Bailey, Chairman and CEO of Willis North America. “That means thoroughly understanding their business issues and industries; being able to develop solutions with the best markets, price and terms; relentlessly delivering quality service, and getting claims paid quickly, and doing all of that with the utmost integrity. That’s the Willis Cause, and that’s what sets us apart as the most trusted client advisor and advocate in our industry.

“Willis DataWize^SM embodies that commitment, and serves as the perfect complement to our existing analytical and consulting services,” Bailey said. “Clients asked us for a technology solution that would allow them to manage all of their risk and exposure information in a way that identifies trends, helps mitigate losses, achieves better claim outcomes and ultimately leads to lower costs and greater value. Willis DataWize^SM delivers on all counts.”

The Willis DataWize^SM system helps clients track all of their loss, exposure and insurance policy data, and provides the tools to turn that data into actionable insights. The system brings greater speed, efficiency and integrity to the loss control, claim and placement processes, and identifies trends and measures outcomes that deliver meaningful cost savings to the client. Willis DataWize^SM features dashboards, scorecards, automatic information alerts, a cost allocation system, and sophisticated modeling and analytics capabilities that help achieve sustainable and measurable improvements to the entire risk management process.

The system is scalable to meet the requirements of the most demanding global enterprises, but it can be configured to meet the needs of small-to medium-sized businesses as well. Competitively packaged with Willis’ claim, risk control and data analytics consulting services, Willis DataWize^SM can help small risk management departments achieve better overall results.

“Willis DataWize^SM is a premiere, integrated software solution enabling Willis clients of all sizes to benefit from enterprise-class risk management technology that, to date, has only been available to large commercial accounts,” said Bob Morrell, CEO of Riskonnect. “Bringing the advanced technology of cloud-computing — the engine behind Willis DataWize^SM — to the risk management industry enables disparate data to be consolidated and integrated without the need for expensive and time-consuming IT development projects.

“Willis is a proven leader and innovator in risk management services. Matching their extensive capabilities and expertise with Riskonnect's enterprise-class risk management information system technology creates a really exciting offering that has been lacking in the marketplace, particularly in the middle market, where Willis has a strong presence,” Morrell said. “We’re delighted to be partnering with them.”

Willis DataWize^SM, powered by Riskonnect®, will be showcased at the Risk and Insurance Management Society, Inc. (RIMS) 2010 Annual Convention in Boston, April 25 — 29. Visit the Wills booth (No. 1913) or the Riskonnect booth (No. 509) to see a live demonstration.

To learn more about Willis DataWize^SM, please visit www.willisdatawize.com. Willis DataWize^SM is a service mark of Willis North America Inc.

About Willis

Willis Group Holdings is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

About Riskonnect, Inc.

Riskonnect, Inc. is the provider of a premier, enterprise-class technology platform for the risk management industry. As an independent innovator in risk management software, Riskonnect develops and markets a growing suite of software solutions on a world-class cloud computing model, helping clients elevate their risk management programs, safety solutions and programs for management of risks across the enterprise. Through its strategic, operational and insurable risk software applications, Riskonnect provides the risk management industry with the specific, configurable solutions needed to reduce losses, control risk and affect shareholder value. For more information about Riskonnect, contact us at www.riskonnect.com.com, email to info@riskonnect.com or call 770-790-4700.

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President Bill Clinton Visits Willis to Hail Haiti Relief Efforts

Willis.com — Thu, 15 Apr 2010 04:24:26 GMT

President Bill Clinton Visits Willis to Hail Haiti Relief Efforts:
Corporate Effort Raised $408,000 with Online Campaign

Former President Receives Donation from Willis CEO Joe Plumeri On Behalf of Clinton Bush Haiti Fund

NEW YORK, April 14, 2010 — President Bill Clinton yesterday visited Lower Manhattan to thank Joe Plumeri, Chairman and CEO of Willis Group Holdings (NYSE: WSH), and the employees of the global insurance broker for contributing $408,000 for Haiti relief efforts as part of an online fundraising campaign.

During ceremonies in the company’s offices at One World Financial Center, Mr. Plumeri praised the generosity of more than 2,000 Willis employees who participated in the five-week Willis Cause for Haiti Campaign, and whose contributions were matched dollar-for-dollar by the company. Nearly 200 of those employee-donors were on hand to witness the event, and to hear Mr. Plumeri and President Clinton speak about the progress of relief efforts in the earthquake-ravaged nation.

Willis employees designated the Clinton Bush Haiti Fund, which President Clinton chairs along with former President George W. Bush, as their number one choice among charities to provide aid to Haiti.

The Willis Cause for Haiti Campaign was launched in the days following the 7.0—magnitude temblor, when Mr. Plumeri pledged the company’s assistance and made an urgent appeal for help to the company’s 17,000 employees. A special web site was quickly established to allow Willis employees around the world to make their contributions, and the money began flowing in: $29,000 on the first day, $45,000 the second day and, immediately after a reminder email was distributed, another $32,000.

About Willis

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Mount Vesuvius Eruption Could Cause 21,000 Casualties, Economic Losses of $24 Billion

Willis.com — Thu, 15 Apr 2010 01:39:13 GMT

Mount Vesuvius Eruption Could Cause 21,000 Casualties, Economic Losses of $24 Billion

Volcano Ranks Number One on Willis List of Europe’s 10 Most Dangerous

London, UK, April 15, 2010 - A major eruption of Italy's Mount Vesuvius could result in 8,000 fatalities, 13,000 serious injuries and total economic losses of more than $24 billion, according to a new study supported by the Willis Research Network (WRN) that puts Vesuvius at the top of the list of Europe’s 10 most dangerous volcanoes.

The WRN, funded by Willis Group Holdings (NYSE: WSH), the global insurance broker, is an industry-leading public-private partnership between Willis and many of the top scientific research institutions in the world.

The WRN volcano risk ranking, which examines European volcanoes with potentially affected populations of greater than 10,000, was developed by researchers from the University of Cambridge, the University of Naples Federico II and Willis Re, Willis’ reinsurance broking arm.

In the paper titled, “Insurance Risks From Volcanic Eruptions in Europe,” the researchers propose that the ranking be used as the basis for developing the first detailed insurance risk models for volcanoes in Europe and various European overseas territories. At present, no such models exist.

The WRN team identified the 10 most dangerous European volcanoes based on the size of a potential eruption, the number of people potentially at risk, and the value of property in the area surrounding each volcano. The study found that, together, the 10 volcanoes could affect almost 2.1 million people with an aggregated exposed residential property value of US $85 billion. The Eyjafjallajökull volcano in Iceland that erupted yesterday was not on the list, but the Hekla volcano, Iceland’s most active, was ranked as the ninth most dangerous volcano in Europe.

Vesuvius poses the greatest risk to life and property, the study found, because it has the highest exposed population (1.7 million people), the highest exposed residential property value (US $66.1 billion), and the greatest potential for a seriously damaging eruption among the top 10 volcanoes. The study noted that more than 87 percent of the aggregated exposed property value for the 10 volcanoes is concentrated in the Neapolitan region near Vesuvius and Campi Flegrei.

The WRN European volcano risk ranking below shows the number of people living in the area that could be affected by 25 cm of ash fall in the assumed greatest eruption. It also shows the total residential property value exposed to severe damage or destruction in that eruption, taking into account the total number of dwellings within possible reach of pyroclastic flows or 25 cm ash fall and their full current reconstruction cost. While the Caribbean volcano of Soufri�re Saint Vincent is not on European soil, it has been included in the top 10 due to the significant impact that an eruption would have on European territory.

Volcano	Country	Affected population	Values of residences at risk (US $ billion)
1.Vesuvius	Italy	1,651,950	66.1
2.Campi Flegrei	Italy	144,144	7.8
3.La Soufrière Guadeloupe	Guadeloupe, France	94,037	3.8
4.Etna	Italy	70,819	2.8
5.Agua de Pau	Azores, Portugal	34,307	1.4
6.Saint Vincent	Saint Vincent, Caribbean	24,493	1.0
7.Furnas	Azores Portugal	19,862	0.8
8.Sete Cidades	Azores Portugal	17,889	0.7
9.Hekla	Iceland	10,024	0.4
10. Mt Pelée	Martinique, France	10,002	0.4

Dr. Rashmin Gunasekera, a Catastrophe Risk Analyst at Willis Re and one of the authors of the paper, said, “There are significant numbers of highly active volcanoes in the wider European region, taking into account those in Iceland, the Spanish Canary Islands, the Portuguese Azores and the French islands of the Lesser Antilles. These are all major tourist destinations, and while property values drive our loss estimates, it should be noted that aviation, agriculture, motor and business interruption policies also will be affected.”

WRN member Prof. Robin Spence, CURBE, University of Cambridge & CAR Ltd., and an author of the study, said, “Large explosive volcanic eruptions are rare events, but when they do occur, they have the potential to cause huge economic and human losses. In 2002, for example, rain combined with ash fall alone caused economic losses of around US $960 million after the eruption of Mount Etna in Sicily. In principle, however volcanic eruption is an insurable risk and our study concludes that the time has come for the development of an insurance risk model for European volcanoes to identify the scale of potential future impacts.”

The WRN team was made up of Dr. Gunasekera, Prof. Robin Spence and Prof. Giulio Zuccaro, Scientific Director, Plinius Centre, University of Naples Federico II.

Volcanic risk affects major metropolitan areas worldwide, including Tokyo (Mt. Fuji), Mexico City (Popocatépetl) and Auckland (Auckland Field). WRN officials said they expect their volcano risk methodology will prove to be valuable in assessing risk in these other areas beyond Europe and its territories.

Click here to read the full paper, “Insurance Risks From Volcanic Eruptions in Europe”.

The Willis Research Network (WRN) is focused on evaluating the frequency, severity and impact of major catastrophes — from flooding to hurricanes and earthquakes — and seeks to help society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. To achieve this mission, Willis has teamed up with 32 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Signals Push Into ILS Space With Hire of Industry Veteran William Dubinsky

Willis.com — Tue, 20 Apr 2010 16:26:19 GMT

Willis Signals Push Into ILS Space With Hire of Industry Veteran William Dubinsky

New York, NY, April 20, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today the appointment of Bill Dubinsky as Managing Director and Head of Insurance—Linked Securities (ILS) for Willis Capital Markets & Advisory (WCMA), effective April 27. Based in New York, Mr. Dubinsky will report to Tony Ursano, CEO, WCMA, and will be charged with overseeing the division’s expansion into the ILS space.

Since WCMA was created in April 2009, the division has built upon Willis' existing capital markets capability and advises insurance and reinsurance companies on mergers and acquisitions, as well as a broad array of capital markets products.

Mr. Dubinsky will be leading WCMA’s charge to become a significant player in the ILS space. He has a strong background in both the capital markets and reinsurance. His most recent role was at Swiss Re Capital Markets, where he had lead responsibility for originating and structuring ILS transactions for reinsurers, insurers, corporates and government entities.

Prior to his role at Swiss Re, Mr. Dubinsky was an investment banker with Merrill Lynch, where he worked in the Financial Institutions Group, focusing on mergers and acquisitions, demutualizations and financings for insurance and reinsurance companies. Prior to his role at Merrill Lynch, he worked with Aon Capital Markets in the initial years of the ILS market.

Commenting on Mr. Dubinsky’s appointment, Tony Ursano said, “WCMA is committed to being a major player in the ILS space and hiring Bill to run the effort is the first in a number of steps we intend to take to strengthen our position. Bill has executed over 25 catastrophe bond transactions over his years in the industry. We are delighted to welcome him to our team.”

Mr. Dubinsky said, “I am excited to be joining Willis and to have the opportunity to further develop the business. As the ILS market continues to grow and evolve, WCMA coupled with the broader resources of Willis, especially Willis Re, is uniquely positioned to deliver best—in—class ILS solutions to clients.”

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in approximately 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Board of Directors Appoints Michael J. Somers as a Director

Willis.com — Wed, 21 Apr 2010 16:54:09 GMT

Willis Board of Directors Appoints Michael J. Somers as a Director

New York, April 21, 2010 — The Board of Directors of Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today appointed Michael J. Somers a Director of the company and member of the Risk Committee of the Board of Directors.

Dr. Somers was Chief Executive Officer of the Irish National Treasury Management Agency from 1990, when it was established, until the end of 2009. The Agency, which is a commercial entity outside the public administration, was initially set up to arrange Ireland’s borrowing and manage its National Debt. Its remit was extended to establish and manage the National Pensions Reserve Fund, of which he was a Commissioner, and the National Development Agency, of which he was Chairman. It also incorporated the State Claims Agency, which handles claims against the State and against hospitals and other medical institutions.

He previously worked in the Irish Department of Finance and the Central Bank and served as Secretary General of the Department of Defence from 1985 to 1987. He was the Irish member of the EU Monetary Committee from 1987 to 1990 and chaired the EU group that established the European Bank for Reconstruction and Development.

Dr. Somers served on the board of the Irish Stock Exchange until the end of 2009. He is currently the Irish Director on the Board of the European Investment Bank and also serves on the Boards of Allied Irish Banks plc, St. Vincent’s Healthcare Group Ltd., the Institute of Directors and is a Council member of the Dublin Chamber of Commerce. He was awarded the honor of Chevalier of the Légion d’Honneur by the President of France. Dr. Somers is also in the process of joining the Board of Hewlett Packard International Bank in Dublin. He holds B. Comm, M.Econ.Sc and Ph.D degrees from University College Dublin.

"Michael has extensive knowledge and experience in serving the Irish and European financial, business and governmental communities," said Joe Plumeri, Chairman and CEO of Willis. "The Irish market is important to the Group which is why we recently redomiciled there, and we are proud to have such a well-respected local business leader on our Board."

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Reports on Annual Meeting of Shareholders

Willis.com — Wed, 21 Apr 2010 17:18:08 GMT

Willis Reports on Annual Meeting of Shareholders

Dublin, Ireland, April 21, 2010 — Willis Group Holdings plc (NYSE: WSH), the global insurance broker, held its first Annual General Meeting of Shareholders in Dublin, Ireland today since the redomicile of the parent company of the Group at the end of last year.

At the meeting, shareholders:

Re-elected William W. Bradley; Joseph A. Califano, Jr.; Anna C. Catalano; Sir Roy Gardner; The Rt. Hon. Sir Jeremy Hanley, KCMG; Robyn S. Kravit; Jeffrey B. Lane; Wendy E. Lane; James F. McCann; Joseph J. Plumeri, and Douglas B. Roberts to the Board of Directors. All will serve until the next Annual General Meeting of Shareholders or until their respective successors are elected or appointed.
Reaffirmed the reappointment of Deloitte & Touche as auditors until the close of the next Annual General Meeting of Shareholders and authorized the Audit Committee on behalf of the Board of Directors to fix the auditors’ remuneration.
Approved the Willis Group Holdings Public Limited Company 2010 North American Employee Stock Purchase Plan

About Willis

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Group Holdings to Announce First-Quarter Earnings on April 28; Investor Conference Call Set for April 29

Willis.com — Thu, 22 Apr 2010 23:42:51 GMT

Willis Group Holdings to Announce First-Quarter Earnings on April 28; Investor Conference Call Set for April 29

NEW YORK, April 22, 2010 - Willis Group Holdings plc (NYSE:WSH), the global insurance broker, will announce its earnings for the first quarter ending March 31, 2010 after the market closes on Wednesday, April 28, 2010. The Willis earnings release will be available soon thereafter within the "Investor Relations" section of the company's web site (www.willis.com).

On Thursday, April 29, 2010, at 8:00 AM, Eastern Time, Joe Plumeri, Chairman and Chief Executive Officer of Willis Group Holdings, will host a conference call to discuss the company's results and business trends. Interested parties may access the conference call by dialing (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a passcode of "Willis." Media and individuals will be in a listen-only mode. Participants are asked to call in a few minutes prior to the call to register for the event.

Interested parties may also access the conference call in a listen-only mode via the Internet. To do so they should go to the "Investor Relations" section of the company's web site and register for the call. A replay of the call will be available through May 30, 2010 at 11:59 PM, Eastern Time, by calling (877) 387-6450 (domestic) or + 1 (203) 3694751 (international) with no passcode, or by accessing the web site.

About Willis

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Puts Clients Before Contingents in a New Internet-Based Campaign to Combat Apathy and Increase Education About the Controversial and Conflict-prone Payments

Willis.com — Mon, 26 Apr 2010 17:05:42 GMT

Willis Puts Clients Before Contingents in a New Internet-Based Campaign to Combat Apathy and Increase Education About the Controversial and Conflict-prone Payments

Broker Launches ClientsBeforeContingents.com, Backed by Online Advertising, at RIMS Conference to Give Insurance Buyers a Voice in the Debate Over Compensation

BOSTON, April 26, 2010 — “Clients Before Contingents” is the banner for a multichannel public awareness campaign launched today by Willis Group Holdings plc (NYSE:WSH), the global insurance broker, to educate insurance buyers about the conflicts of interest inherent in contingent commissions. Willis Chairman and CEO Joe Plumeri debuted the campaign at the 2010 Risk and Insurance Management Society (RIMS) Conference in Boston, where he urged risk managers to use their wallets to send a strong signal against the controversial payments.

The campaign is anchored by a new web site, ClientsBeforeContingents.com, and promoted through online advertising and digital communications that offer compelling online video and tools for buyers of insurance to take action.

Willis initiated the campaign after recent agreements with regulators paved the way for the big global brokers to resume taking contingent commissions, a conflict-prone practice still used broadly by thousands of agents and brokers to generate extra end-of-year profits. Contingent commissions are bonuses that insurance carriers pay to retail agents and brokers based on the volume and profitability of the business they give to carriers. Willis voluntarily stopped accepting them in its retail business in 2004 before they were banned for the big brokers in 2005.

Speaking to a press conference from the Willis booth at RIMS, Mr. Plumeri explained why the broker has been a long-standing critic of contingent commissions. “Willis put its stake in the ground in 2004 and declared contingents a conflict of interest and not in the buyer’s best interest. We stopped taking them in our retail business and are a better company for it. Buyers of insurance should ask their brokers to follow suit. It’s time for the level playing field to be free of these controversial payments. A broker should be squarely on your side, fighting to get you the best terms and conditions, the fairest premium and fastest claim service, not putting profit before principle.”

Grahame Millwater, President of Willis Group, said, “In placing risk and servicing policies in a retail insurance brokerage, you can't have two masters. But that's what happens when brokers are beholden to insurance companies for big bonuses dependent on growth and profitability. Instead of fighting for lower premiums and faster claims service for their clients, contingents may make a broker think twice.”

Don Bailey, Chairman and CEO, Willis North America, added, “Insurance buyers have been fed misinformation over the years about contingents and it’s time to set the record straight. Clients Before Contingents states clearly where our principles lie and is aimed at empowering insurance buyers with knowledge and information. Unless your broker tells you, upfront, who is paying them, how much they are being paid and in what form they are receiving payment, you're not getting the whole story.”

Centered on an interactive web site, ClientsBeforeContingents.com, the Willis campaign is designed for risk managers, but also offers information for C-suite leaders and other industry players and stakeholders. The campaign employs social media, online advertising and print media to raise awareness about the conflicts posed by contingent commissions. The features currently available on ClientsBeforeContingents.com include:

An embeddable, sharable online video featuring Joe Plumeri and Don Bailey explaining Willis’ stand on trust, transparency and contingent commissions.
An up-to-date newsroom with press articles and news releases on the controversy surrounding the proposed return of contingent commissions.
A third-party White Paper from Edwards Angell Palmer & Dodge LLP that outlines the history of contingent commissions and their inherent conflicts.
A toolkit to educate insurance buyers about the mechanics of contingent commissions and the questions they should be asking their brokers.
An interactive blog to encourage debate from all sides about the issues raised by contingent commissions and broker compensation in general.
A page where buyers of insurance can put their own stake in the ground and declare their objection to contingent commissions in retail brokerage.

For more information on the campaign, visit www.ClientsBeforeContingents.com

About Willis

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Willis Group Reports First Quarter 2010 Results

Willis.com — Thu, 29 Apr 2010 03:13:27 GMT

Willis Group Reports First Quarter 2010 Results

Reported net income per diluted share from continuing operations of $1.20; adjusted net income per diluted share from continuing operations of $1.27
5 percent reported growth in commissions and fees compared with first quarter of 2009
3 percent organic growth in commissions and fees compared with first quarter of 2009, with positive organic growth in commissions and fees in each segment: 1 percent in North America; 7 percent in Global; 3 percent in International
Reported operating margin of 31.0 percent; adjusted operating margin of 32.2 percent

NEW YORK, April 28, 2010 — Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today reported results for the quarter ended March 31, 2010.

“We delivered another solid quarter of financial results, supported by positive organic growth in each segment of our business. Combined with our continued focus on cost control, we expanded our adjusted operating margin by over 200 basis points,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “I am pleased with our performance in the quarter as we continue to face a challenging environment, with rates still soft and economic pressures persisting in a number of countries in which we operate.”

First Quarter 2010 Financial Results

Reported net income from continuing operations for the first quarter of 2010 was $204 million, or $1.20 per diluted share, compared with $192 million, or $1.15 per diluted share, in the same period a year ago. Reported net income in the first quarter of 2010 was impacted by a charge of $12 million, or $0.07 per diluted share, relating to the devaluation of the Venezuelan currency, and in the first quarter of 2009, by certain items, which are detailed later in this release.

Adjusted net income per diluted share from continuing operations was $1.27 in the first quarter of 2010 compared with $1.16 in the first quarter of 2009. Other foreign currency movements positively impacted adjusted earnings per diluted share from continuing operations by $0.06 in the first quarter of 2010. Total reported revenues for the first quarter of 2010 were $972 million compared with $930 million for the same period of 2009, an increase of 5 percent. Total commissions and fees were $963 million, an increase of 5 percent from $915 million reported in the first quarter of 2009. Foreign currency movements increased reported commissions and fees by 3 percent compared with the same period a year ago. Investment income was $9 million in the first quarter of 2010 compared with $13 million in the first quarter of 2009, a decline of 31 percent, principally due to lower interest rates.

Organic growth in commissions and fees was 3 percent in the first quarter of 2010 compared with the same period of 2009. Organic growth reflected net new business won of 5 percent, driven by solid new business generation with steady retention of existing clients. Partially offsetting net new business growth was a negative 2 percent impact from declining premium rates and other market factors.

The North America segment reported 3 percent decline in commissions and fees and 1 percent growth in organic commissions and fees in the first quarter of 2010 compared with the same period of 2009. Included in North America reported commissions and fees were legacy HRH contingent commissions of $8 million in the first quarter of 2010 compared with $20 million in the first quarter of 2009. North America continues to generate strong new business, with steady client and producer retention. The North America segment continued to benefit from specialist industry expertise, with strong results from the healthcare, financial institutions, personal lines and real estate/hospitality businesses. North America’s results also continue to reflect headwinds from the soft insurance market conditions and ongoing weakness in the US economy. As a result of organic growth in commissions and fees and ongoing cost management, operating margin expanded 60 basis points to 25.5 percent in the first quarter of 2010 compared with the prior year period.

The International business segment reported 12 percent growth in commissions and fees and 3 percent organic growth in commissions and fees in the first quarter of 2010 compared with the same period of 2009. Strong growth in the emerging economies of Latin America, Asia and Eastern Europe, was partially offset by slowing growth in some developed European economies and continued weakness in the UK and Ireland retail market. Excluding the UK and Ireland, the International business segment organic growth was 5 percent. Strong new business more than offset the soft rate environment and weakness in the UK and Ireland market. Operating margin was33.9 percent compared with 34.9 percent in the first quarter of 2009.

The Global segment, which comprises the Reinsurance, Global Specialties, Faber & Dumas, and Willis Capital Markets & Advisory divisions, reported 9 percent growth in commissions and fees and 7 percent organic growth in commissions and fees in the first quarter of 2010 compared with the first quarter of 2009. Growth was primarily driven by the Reinsurance division, with strong organic growth in commissions and fees, especially in North America. Solid net new business in this division more than offset the softness in reinsurance rates. Global Specialties contributed positive organic growth in commissions and fees, led by financial and executive risks and marine. Operating margin was a seasonally high 45.5 percent, in line with the first quarter of 2009.

Reported salaries and benefits were $486 million in the first quarter of 2010 compared with $480 million in the first quarter of 2009. Salaries and benefits improved to 50.0 percent of total revenue in the first quarter of 2010 compared with 51.6 percent in the first quarter of 2009.

Salaries and benefits do not reflect the unamortized portion of annual cash retention awards made to employees. Employees must repay a proportionate amount of these cash retention awards if they voluntarily leave the Company's employ (other than in the event of retirement or permanent disability) before a certain time period, currently three years. The Company makes cash payments to its employees in the year it grants these retention awards and recognizes these payments ratably over the period they are subject to repayment, beginning in the quarter in which the award is made.

During the first quarter of 2010, the Company made $169 million of cash retention payments compared with $111 million in the first quarter of 2009. Salaries and benefits in the first quarter of 2010 include $28 million of amortization of cash retention payments made on or before March 31, 2010 compared with $18 million in the first quarter of 2009. As of March 31, 2010, December 31, 2009 and March 31, 2009, the Company included $233 million, $98 million and $127 million, respectively, in other assets on the balance sheet, which represented the unamortized portion of cash retention payments made on or before those dates.

Reported other operating expenses were $149 million in the first quarter of 2010 compared with $138 million in the first quarter of 2009. Other operating expenses as a percentage of revenues were 15.3 percent in the first quarter of 2010 compared with 14.8 percent in the same quarter a year ago. Reported other operating expenses for the first quarter of 2010 included $12 million in respect to the devaluation of the Venezuelan currency.

Reported operating margin was 31.0 percent for the first quarter of 2010 compared with 29.5 percent for the same period of 2009. Excluding the impact from the devaluation of the Venezuelan currency and other items, which are detailed later in this release, adjusted operating margin was 32.2 percent for the first quarter of 2010 compared with 29.8 percent for the prior year period. The improvement in the adjusted operating margin reflected solid organic growth in commissions and fees and other expense savings.

Tax

The effective tax rate for the quarter ended March 31, 2010 was 26 percent. After adjusting for the net effect of certain items, the underlying effective tax rate for the quarter ended March 31, 2010 remained at 26 percent, the same underlying effective tax rate as for the full-year 2009.

Capital

As of March 31, 2010, cash and cash equivalents totaled $196 million and total debt was $2.4 billion. Total equity as at March 31, 2010 was $2.4 billion.

Dividend

The Board of Directors declared a regular quarterly cash dividend on the Company’s ordinary shares of $0.26 per share (an annual rate of $1.04 per share). The dividend is payable on July 16, 2010 to shareholders of record on June 30, 2010.

Conclusion

“As we move through 2010, we will continue to reinforce our sales and revenue culture, maintain disciplined expense management to fund growth and work to further strengthen our balance sheet. Even as we face continued challenges from economic and rate headwinds, I believe these efforts position us well for continued success,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings.

Conference Call and Web Cast

A conference call to discuss the first quarter 2010 results will be held on Thursday, April 29, 2010, at 8:00 AM Eastern Time. To participate in the live teleconference, please dial (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a pass code of “Willis”. The live audio web cast (which will be listen-only) may be accessed at www.willis.com. This call will be available by replay starting at approximately 10:00 AM Eastern Time, through May 30, 2010 at 11:59 PM Eastern Time, by calling (877) 387-6450 (domestic) or +1 (203) 369-4751 (international) with no pass code, or by accessing the website.

About Willis

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

We have included in this document “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes, are forward-looking statements. Also, when we use the words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “probably”, or similar expressions, we are making forward-looking statements.

the impact of any regional, national or global political, economic, business, competitive, market and regulatory conditions on our global business operations;
the impact of current financial market conditions on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions;
our ability to continue to manage our significant indebtedness;
our ability to compete effectively in our industry;
our ability to implement and realize anticipated benefits of the Shaping Our Future, Right Sizing Willis initiatives or any other new initiatives;
material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise;
the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control;
our ability to retain key employees and clients and attract new business;
the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;
any fluctuations in exchange and interest rates that could affect expenses and revenue;
rating agency actions that could inhibit ability to borrow funds or the pricing thereof;
a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations;
our ability to achieve the expected strategic benefits of transactions;
changes in the tax or accounting treatment of our operations;
the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
the interruption or loss of our information processing systems or failure to maintain secure information systems.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information see the section entitled “Risk Factors” included in Willis’ Form 10-K for the year ended December 31, 2009 and our subsequent filings with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or on request from the Company as set forth in Part I, Item 1 “Business-Available Information” in Willis’ Form 10-K.

Non-GAAP Supplemental Financial Information

This press release contains references to non-GAAP financial measures as defined in Regulation G of SEC rules. Consistent with Regulation G, a reconciliation of this supplemental financial information to our GAAP information is in the note disclosures that follow. We present such non-GAAP supplemental financial information, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. This supplemental financial information should be viewed in addition to, not in lieu of, the Company’s condensed financial statements.

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Willis: Soft Market Persists, Despite Recent Spate of Natural Catastrophes

Willis.com — Thu, 29 Apr 2010 01:24:52 GMT

Willis: Soft Market Persists, Despite Recent Spate of Natural Catastrophes

2010 ‘Marketplace Realities’ Report Details Opportunities
Beyond Price for Educated Buyers

NEW YORK, April 29, 2010 — The soft insurance market is likely to continue despite an increase in the number of natural catastrophes in early 2010, according to the latest issue of Marketplace Realities & Risk Management Solutions, the long-standing annual series published by global insurance broker Willis Group Holdings (NYSE:WSH). Available free of charge on the company’s website, www.willis.com, the report compiles market intelligence and analysis from Willis experts in the areas of Market Security, Property, Casualty, Employee Benefits, Directors & Officers Liability, Cyber, Construction and Surety coverage.

“The persistence of the soft rate environment in most lines, however, does not mean the marketplace is static,” Willis Chairman and CEO Joe Plumeri wrote in an introduction to the report . “As these articles attest, the offerings and strategies of insurance carriers are always in motion, and the smart buyer will take advantage of a buyer’s market not only to lower costs, but to adjust and improve coverage in ways that promote organizational goals and ambitions.”

Subtitled “Careful Steps,” the publication aims to help insurance buyers take full advantage of the constantly evolving marketplace for risk products and solutions.

According to the Market Security article, improving financial market conditions in late 2009 and early 2010 boosted insurance industry capital positions. However, the struggling global economy is impacting overall demand and insurers’ top-line growth, and underlying underwriting profitability is deteriorating, a trend that is expected to continue in the near term. Buyers are set to gain from market competition as market churn continues to drive premium rate declines across many classes of business, despite some tempering from recent earthquake losses.

According to Willis, the Property sector remains soft — and continues to soften — even for risks with high catastrophe exposures. The broker said that on recent renewals, buyers have seen decreases of up to 10 percent on catastrophe accounts.

Willis experts in Casualty say the long soft market continues to be fueled by aggressive price competition in the face of declining exposures and, in some cases, rate levels. To retain business, many carriers are lowering their collateral requirements. Umbrella / excess capacity remains plentiful, and rates are approaching historic lows, with claim trends holding steady or worsening. Strategic buyers, focused on managing loss costs that represent up to 65 percent of the total cost of risk, are likely to be rewarded with better program designs, superior terms and conditions and state-of-the-art service.

In the wake of broad and complicated health care reform, Willis Employee Benefits experts offer help in minimizing risk by keeping track of numerous additional legislative initiatives on the state and federal level, while providing advice on dealing with the impact of new laws in both the near and long term.

Willis’ Directors & Officers specialists comment that a stable D&O marketplace offering new and often expansive terms and conditions may mask changes on the horizon. For now, terms and conditions are improving for buyers in primary as well as excess forms. The report noted that Willis clients experienced a 24 percent increase in D&O claims in 2009 compared with the previous year.

The Cyber Risk article points out that cyber risks are increasing in both frequency and severity due to increased reliance on technology and increased regulation. The market is maturing alongside the risk, with more carriers offering solutions as more companies seek protection. Cyber crime is one of the growing priorities risk managers face and companies seeking catastrophe-level coverage should find the insurance market readily able to meet their needs.

According to Willis Construction analysts, significant capacity, declining exposure and rising competition in most lines have sustained a soft rate environment. With few exceptions, it’s a buyer’s market for all Construction coverages, including Workers’ Compensation, Builders Risk, Professional Liability, Environmental, and others.

Authors of the Surety Marketplace article warn that buyers of Surety products should prepare for the worst as a long-anticipated loss cycle may be imminent. Although yearend 2009 data is not yet available, it is likely the Surety industry experienced contraction in its top line for only the third time since 1997. Yet no significant changes in overall industry pricing are anticipated in 2010, unless loss activity rises suddenly.

Click here for the Marketplace Realities & Risk Management Solutions report, which is updated periodically throughout the year.

About Willis

Willis Group Holdings is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Appoints George Haitsch Head of Willis Risk Solutions

Willis.com — Tue, 04 May 2010 02:45:02 GMT

Willis Appoints George Haitsch Head of Willis Risk Solutions

Former SAP Risk Manager to Oversee Willis Unit Serving Large Corporate Clients

NEW YORK, May 4, 2010 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced that George J. Haitsch has been appointed Practice Leader for Willis Risk Solutions (WRS), the business unit that serves the broker's large, complex corporate clients in North America.

Haitsch, who will be based in New York and report to Eric Joost, National Partner, North American Specialties, joins Willis from SAP AG, the world's largest business software company, where he was Vice President-Global Risk Management. At SAP, Haitsch was responsible for the company's traditional risk management activities, and was also involved in due diligence, business continuity and credit risk management.

"Willis Risk Solutions is a significant part of our business, and remains an area of great growth opportunity for us. We plan to invest in people and solutions to further expand within this key client segment," said Don Bailey, Chairman and CEO of Willis North America. "George is the ideal, client-focused leader to take our business in this area to the next level. Having worked for the last decade at a global company with a significant international presence and range of complicated business issues, he brings to our WRS client relationships an intimate understanding of, and appreciation for, the complex risk management needs of large, multinational companies, along with great technical expertise. We're confident that under George's leadership, we'll be able to deliver even more value to our large corporate clients and gain even more share in this strategically important space."

"This is a terrific opportunity to work closely with some of the largest, most complex and well-known companies in the world," Haitsch said. "I look forward to serving as a trusted advisor to our existing clients, and to working with our outstanding team of risk management professionals to bring our unmatched global capabilities to large multinationals who have yet to experience the Willis difference."

Haitsch earned both a Bachelors of Science and an MBA in Finance from LaSalle University in Philadelphia. While at SAP, he was instrumental in founding the Tech Industry Risk Forum, a highly active and influential group of risk managers in the technology sector.

About Willis

Willis Group Holdings is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com .

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Willis Chairman and CEO Joe Plumeri to Speak at 2010 Barclays Capital Financial Services Conference

Willis.com — Tue, 11 May 2010 02:39:00 GMT

Willis Chairman and CEO Joe Plumeri to Speak at
2010 Barclays Capital Financial Services Conference

NEW YORK, May 11, 2010 — Willis Group Holdings plc (NYSE:WSH), the global insurance broker, today announced that its Chairman and Chief Executive Officer, Joe Plumeri, will speak at the 2010 Barclays Capital Financial Services Conference in London on Tuesday, May 18, at 8:45 a.m., GMT (3:45 a.m., EDT).

The live audio web cast of Mr. Plumeri's presentation, together with accompanying slides, will be available on the Willis web site at www.willis.com. After connecting to the home page, click on Investor Relations, then Events & Presentations, to access the web cast. A replay of the presentation will be archived on the Willis web site through Friday, June 18, 2010.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Chair in Climate and Weather Risk for Insurance Announced at Walker Institute, University of Reading

Willis.com — Thu, 13 May 2010 04:18:52 GMT

Willis Chair in Climate and Weather Risk for Insurance Announced at Walker Institute, University of Reading

New Post Forms Part of the Growing Climate Modeling & Risk Laboratory at Walker Supported by Willis Research Network

London, UK, May 13, 2010 — The University of Reading’s Walker Institute and the Willis Research Network (WRN), part of Willis Group Holdings (NYSE:WSH), the global insurance broker, announced today the creation of a new Chair, the Willis Professor of Climate and Weather Risk for Insurance, at the university’s Climate Modeling and Risk Laboratory.

High-resolution climate and weather modeling is set to revolutionise the way the insurance industry sees and responds to environmental risk in future years. The practical integration of this emerging science to support effective insurance, risk management and public policy decision-making is a key objective of this post.

This new Chair joins the growing Willis-supported Climate Modeling & Risk Laboratory at Reading, which includes WRN members Professor Pier Luigi Vidale, Dr Len Shaffrey and Dr Jane Strachan.

Professor Nigel Arnell, Director of the Walker Institute, says: “We’re delighted that the first Willis Research Network-sponsored Professor will be here at the Walker Institute. We’re a world leader in understanding climate change and extreme events. Working collaboratively with the insurance industry means we can effectively apply our knowledge to help manage current and changing climate risks.”

Dr. Greg Holland, Director of the US National Center for Atmosphere Earth System Laboratory and a Willis Senior Researcher welcomed the announcement: “The Willis Chair at Reading emphasises the commitment that Willis Re has made to supporting research aimed at reducing the impacts of weather and climate for our increasingly vulnerable global societies.”

High-resolution climate modeling simulates the complex interaction between the world’s oceans, atmosphere and land surfaces to predict weather patterns and long-term climate shifts. This ground-breaking technique, used in conjunction with some of the world’s largest supercomputers, liberates scientists and policy makers from the limitations of relying on historical data alone to gain a further insight into the likely location, frequency and severity of extreme events, such as intense hurricanes or severe European storms.

Rowan Douglas, CEO, Global Analytics, Willis Re and Chairman of the Willis Research Network, said, “The financial security which regulators and rating agencies now seek from insurance companies and financial institutions requires our industry to work with leaders of the international scientific community to understand the hazards we face. We know high-resolution climate modeling is a cornerstone of that process and we are delighted to extend our support of this critical area of public science.”

The Laboratory works with renowned WRN weather and climate modeling members in the UK, US and Asia Pacific and leading international insurers and reinsurers. WRN scientists represent the largest working group in the emerging field of climate modeling, risk and finance.

Worldwide applications for the Willis-funded Chair are invited from qualified individuals from academia, industry and the public sector. Further details on the Chair and application information may be obtained here.

About Willis

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Chief Says New UK Government Must Address

Willis.com — Thu, 20 May 2010 04:21:34 GMT

Willis Chief Says New UK Government Must Address Economic Issues to Spur Growth in Insurance Industry

Plumeri Says EU Needs to Resolve Regulatory Issues to Bring Clarity, Certainty to Industry

London, UK, May 20, 2010 — Joe Plumeri, Chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, told an audience of insurance executives that the new UK Government must address the struggling economy to spur growth in the British insurance industry, while calling on the EU to resolve pending regulatory issues to bring greater certainty to the industry. Mr. Plumeri’s comments were made yesterday before a capacity crowd of more than 800 delegates attending the British Insurance Brokers’ Association (BIBA) 2010 Conference and Exhibition at the ExCel Centre here.

Mr. Plumeri said the UK Government needs to act decisively to spur recovery and that the negative impact of the downturn on insurance is reflected in the quarterly results of both large and small brokerages. “Right now, our industry in the U.K. is hit by the double whammy of a persistent soft market and lagging economic activity. We’ve seen a dramatic slowing of the consolidation among smaller firms and downward pressure on the value of broking businesses.”

Mr. Plumeri, while lauding the consumer protection goals of Solvency II, questioned the impact of the proposed EU regulatory scheme on insurance captives, saying the regulatory requirements for EU insurance firms may not take into account “the fact that captives are fundamentally different from mainstream insurance companies and may not require Solvency II’s intended level of regulation.”

“The concern is that, rather than improving the system, Solvency II could make risk management more difficult for some companies,” Mr. Plumeri said.

Mr. Plumeri also pointed to the uncertainty surrounding the new Insurance Mediation Directive from Brussels, with changes impacting European brokers that could range from full transparency in compensation to the abolishment of commissions altogether in favor of client-paid fees, as is currently the practice in Scandinavia. “What our industry would most welcome is clarity and certainty,” Mr. Plumeri said.

Click here to read the full text of Mr. Plumeri’s speech, which also examines the increase in catastrophic “Black Swan” events, the decline of corporate trust and the top ten risks facing business today, along with the insurance implications of those risks.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Beta Gamma Sigma and Seton Hall University Present Business Achievement Award to Willis CEO Joe Plumeri

Willis.com — Fri, 27 May 2010 02:35:35 GMT

Beta Gamma Sigma and Seton Hall University Present
Business Achievement Award to Willis CEO Joe Plumeri

SOUTH ORANGE, N.J., May 27, 2010 - Beta Gamma Sigma, the international business honor society, and Seton Hall University's Stillman School of Business presented Beta Gamma Sigma's 2010 Business Achievement Award to Joseph J. Plumeri, Chairman and CEO, Willis Group Holdings (NYSE: WSH), the global insurance broker, during a ceremony Monday at the Seton Hall campus here. The honor is awarded annually to individuals who have made significant accomplishments in business and contributions to the community.

Presenting the award was Karen E. Boroff, Dean of the Stillman School of Business and a member of Beta Gamma Sigma Board of Governors. Seton Hall University nominated Mr. Plumeri for the 2010 Beta Gamma Sigma Business Achievement Award.

"We are thrilled to present this honor to Mr. Plumeri," said Dean Boroff. "He has been an exemplary leader and a generous supporter of the community. His call to us to 'do something great' inspires us in all our endeavors. His passion energizes us to know anything is possible."

"It is a tremendous honor to receive this prestigious award," said Mr. Plumeri. "I accept it on behalf of the 17,000 Willis Associates around the world whose hard work and dedication drive our success every day. It is because of them - some of the best and brightest in our industry - that we continue to lead our sector in organic growth and margins quarter after quarter, while cutting a new path in innovation, service excellence and an unwavering commitment to trust and transparency. I am proud of our people and what we've been able to accomplish together over the last decade as we strive to be the best insurance brokerage in the world."

Under Mr. Plumeri's leadership since 2001, Willis has cultivated a "One Flag" culture of teamwork centered on the Client Advocate® service model and Glocal service - the ability to deliver the full breadth of Willis' global resources and expertise through more than 400 offices serving clients in virtually every part of the world. In 2004, the company became the first - and only - insurance broker to abolish the practice of accepting contingent commissions for retail clients and the first to establish a Client Bill of Rights. In recognition of his efforts to drive positive change, St. John's University School of Risk Management named Mr. Plumeri 2006 Insurance Leader of the Year.

Prior to joining Willis, Mr. Plumeri enjoyed a 32-year career at Citigroup and its predecessor companies. As CEO of Citibank North America, he led the integration of the consumer businesses at Citicorp and Travelers Group. Mr. Plumeri also served as chairman and CEO of Travelers Primerica Financial Services, vice chairman of the Travelers Group, and President and Managing Partner of Shearson Lehman Brothers.

An active and committed community leader, Joe has been honored by numerous civic and philanthropic organizations, including the Insurance Industry Charitable Foundation in 2009 for his positive impact on the reputation of the insurance industry, and by the Jackie Robinson Foundation in 2010 for hisleadership and pursuit of excellence. He also has been honored by the Sons of Italy Foundation, the Intrepid Foundation, the Boy Scouts of America, and the Make-A-Wish Foundation, among others.

Among his many philanthropic endeavors, Mr. Plumeri funded the construction of the Samuel & Josephine Plumeri Wishing Place, the headquarters of the New Jersey Chapter of the Make-A-Wish Foundation. The facility was named in honor of his parents with a $2 million gift - the largest single contribution from an individual donor in the history of the organization. He also contributed more than $1 million to the College of St. Rose in Albany, New York, for the development of the school's new sports complex, named in honor of his late son, Christian.

Mr. Plumeri currently serves on the boards of the National Center on Addiction and Substance Abuse, Mount Sinai Medical Center, the Intrepid Sea, Air & Space Museum and American Friends of the Churchill Museum in London. A sports fan and lifelong athlete, he was Commissioner of the New Jersey Sports and Exposition Authority from 1997 to 2004. He also is co-owner of two New Jersey minor league baseball teams - the Trenton Thunder, the Double-A affiliate of the New York Yankees, and the Lakewood BlueClaws, the Single-A affiliate of the Philadelphia Phillies.

Born in Trenton, NJ, Mr. Plumeri received his Bachelor of Arts degree in history and education from The College of William and Mary and also attended New York Law School.

Beta Gamma Sigma established the Business Achievement Award in 1998. Individuals are nominated by Beta Gamma Sigma deans, faculty advisors and members of the board of governors. They are selected based on their significant accomplishment(s) in business, contributions to the community, and ability to establish themselves as models of ethical business leadership.

Mr. Plumeri is one of three recipients of this year's award. The other 2010 recipients are Keith Busse, Chairman and CEO, Steel Dynamics Inc., and Robert S. Reitman, former CEO, Trazonic Companies, and Chair, Robert S. and Sylvia K. Reitman Philanthropic Fund.

About Beta Gamma Sigma
Beta Gamma Sigma is the international honor society serving business programs accredited by AACSB International - The Association to Advance Collegiate Schools of Business. Membership in Beta Gamma Sigma is the highest recognition a business student anywhere in the world can receive in a business program accredited by AACSB International.

Beta Gamma Sigma has established 498 collegiate chapters in 20 countries and territories around the world, and inducted more than 625,000 outstanding students into membership since its founding in 1913. These members have served in corporate, government, non-profit, educational, and other management positions at every level of responsibility. Members currently reside in all 50 U.S. states and more than 160 countries around the world. For more information, visit www.betagammasigma.org.

About the Stillman School of Business
The Stillman School of Business at Seton Hall University is the first private business school in New Jersey to be accredited by AACSB International - The Association to Advance Collegiate Schools of Business and recently received initial accreditation for the Department of Accounting. The Stillman School has a nationally recognized undergraduate assessment process and is ranked 8th by Bloomberg Businessweek for return on investment among private universities. The School is committed to its mission of enriching the life of each student through a nationally recognized educational experience that is inspired by innovative teaching, supported by applied research, and guided by a values-centric curriculum. For more information, see www.shu.edu/academics/business.

About Willis
Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

Willis Commercial Network Members - Heartland and Peter Hattersley's — Recognised with CII Broker Awards

Willis.com — Wed, 02 Jun 2010 16:31:40 GMT

Willis Commercial Network Members - Heartland and Peter Hattersley's
— Recognised with CII Broker Awards

London, UK, June 1, 2010 — The Willis Commercial Network (WCN) — the growing partnership between independent UK insurance brokers, leading insurers and global insurance broker Willis Group Holdings (NYSE: WSH) — today announced one of its longstanding members, Heartland (Midlands) Ltd, and its newest member, Peter Hattersley & Partners Ltd, have been recognised with 2010 Chartered Insurance Broker Awards by the Chartered Insurance Institute (CII).

Heartland (Midlands) Ltd scooped the Chartered Broker Corporate award at this year's British Insurance Brokers' Association (BIBA) 2010 Conference and Exhibition in recognition of its contribution to driving greater professionalism in the insurance sector. The award also recognises Heartland's commitment to continuous professional development and Chartered status.

Peter Hattersley and Partners Ltd, was highly commended in the Chartered Broker Corporate award category.

Phil Scarrett, Managing Director, Willis Networks, said, "We are delighted that these two outstanding members of the Willis Commercial Network have been recognised by the CII. WCN prides itself on the quality of brokers we invite to join our network, and these awards are a further testament to the strong reputations Heartland and Peter Hattersley enjoy in the marketplace."

Alasdair Stewart, head of corporate development at the CII, stated, "We were delighted with the number and the quality of responses we received from across the broking sector. We spent a considerable amount of time examining all entries. It was a tough selection process and I believe both Heartland and Peter Hattersley deserved to be recognised for all the hard work they have done".

The inaugural CII Chartered Insurance Broker Awards programme, open to more than 2,600 individual CII members and 62 firms holding the Chartered Insurance Broker title, were judged on criteria focusing on professionalism, ethics and exceptional customer service. Corporate firms also had to demonstrate evidence of professional development programmes for their employees and examples of consumer facing literature.

Members of the Willis Commercial Network have access to Willis' global resources and facilities, including its specialist divisions and global placement group. In addition Members receive a broad range of training, including programmes offered by the CII, as well as strategic marketing, regulation, compliance, business development and sales support.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Global Special Risks Opens Office in Calgary

Willis.com — Wed, 09 Jun 2010 03:34:52 GMT

Global Special Risks Opens Office in Calgary

Appoints Energy Specialist Selena Halasz to Head New Office

LONDON, UK, June 8, 2010 — Global Special Risks (GSR), the wholesale insurance broker and managing general agent, announced today it has established an office in Calgary, Alberta, Canada to more effectively serve its existing and prospective clients in the local oil and gas industry, with plans to expand to other industries in the future.

With the opening of the Calgary office, GSR, a unit of London-based Faber & Dumas, also announced the appointment of Selena Halasz to head the new office. Halasz will be responsible for delivering to local clients the full range of GSR’s underwriting, risk management and claim services, including their new Property Facility and Wellsure®, the preventative energy risk solution offered in partnership with Boots & Coots Services, the premier worldwide well control specialists.

“We are extremely pleased to establish a permanent presence in Canada and to appoint Selena Halasz to head our new office in Calgary,” said Rick Burns, president of GSR. “With her strong background in the oil and gas industry, Selena is a terrific choice to work with our local clients and provide them with superior risk solutions and the best possible personalized service and attention. Calgary also gives us a solid base upon which to expand our business throughout Canada.”

Halasz brings nine years of oil and gas insurance experience to GSR. She joins the company from the Energy Practice Group at Aon Reed Stenhouse. Before that, she was an underwriter for upstream oil and gas risks at the Energy Insurance Reciprocal (formerly Canadian Petroleum Insurance Exchange), and later a broker with Willis Canada focusing on oil and gas production and energy services accounts. Halasz earned a Bachelor of Commerce degree in Risk Management and Insurance from the University of Calgary, and holds the Canadian Risk Management (CRM) designation from the Global Risk Management Institute (affiliated with the Risk and Insurance Management Society).

GSR’s new office is located at 630 Sixth Avenue, S.W., Suite 1000, Calgary, AB T2P 0S8, telephone (403) 767-9209. In addition to the office in Calgary, GSR has offices in New Orleans, Houston and Dallas.

About GSR

Global Special Risks is an excess and surplus lines wholesale broker and managing general agency specializing in the energy and non-marine property fields. Founded in 1979 as a London market cover holder concentrating on marine and energy placements, GSR has developed unique product offerings and multiple niche products with the London and North American markets. GSR is part of Glencairn Energy, a unit of Faber & Dumas, which provides specialist services in a number of areas including property, accident & health; fine art, jewellery and specie; kidnap and ransom, bloodstock; energy; construction; cargo and casualty lines.

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Willis: Upstream Energy Insurers Seeking to Impose Rate Increases in Wake of Recent Rig Losses

Willis.com — Fri, 04 Jun 2010 18:39:20 GMT

Willis: Upstream Energy Insurers Seeking to Impose Rate Increases in
Wake of Recent Rig Losses

Total Deepwater Horizon Claims Estimated at Well Over US $1.2 Billion

London, UK, June 3, 2010 — The Deepwater Horizon and Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of US $795 million within the space of a single month, destabilizing the market and driving up rates, according to a new report from Willis Group Holdings (NYSE: WSH), the global insurance broker.

Despite the twin rig disasters, most major insurers have honored commitments that were in place prior to the losses, Willis said, but are no longer considering rate reductions on new business and instead are seeking to impose rate increases, particularly on drilling contractor fleets.

According to the latest Willis Energy Market Review Newsletter, the market has been further destabilized by a recent announcement by Apache Corporation, a Houston-based oil and gas exploration and production company, of an unexpected US $150 million loss from Hurricane Ike. Any insurers that have avoided a Deepwater Horizon loss almost certainly have been involved in at least one of the other two incidents, spreading the pain throughout the upstream sector, Willis said.

The Willis report said the Aban Pearl rig off the coast of Venezuela was insured for US $235 million while the Deepwater Horizon rig in the Gulf of Mexico was valued at US $560 million. Another US $140 million may have to be reserved to remove the Deepwater Horizon wreck from the seabed. Even though a large portion of the Deepwater Horizon loss, which could amount to US $10 billion to $15 billion, is understood to be self-insured, the broker estimates that total claims to the market from the disaster, including control of well, re-drilling, third-party liability and seepage and pollution costs, could still be well in excess of US $1.2 billion.

Alistair Rivers, CEO of Willis Energy, said, “The tragedy of the Deepwater Horizon loss — potentially the largest in the history of the upstream market — has come as major shock that has fundamentally altered the existing market environment.”

Although brokers have been inundated with requests to price and obtain increased cover for liability and control of well risks in the wake of the April 20 disaster, Rivers said this increased demand “may be something of an over-reaction” since the Deepwater Horizon loss is fairly unique and the likelihood of a similar event is “somewhat remote for most operators.” Willis said buyers and their brokers need to analyze individual risk portfolios in detail before seeking to buy or place as much insurance as possible.

Other key findings in the Willis EMR Newsletter include:

Most upstream insurers will have written approximately 75% of their income for the year by early July. There is likely to be less pressure to compete for market share, but no withdrawal of capacity yet either. It is therefore possible that that over-supply of capacity may dampen the level of market increases.
Since the Deepwater Horizon loss, the recently launched Chrysalis product, which provides US $100 million of unscheduled cover for interest excess of OIL, may now become more attractive to buyers.
As a result of the Gulf of Mexico oil spill, the market has clearly hardened for Offshore Property risks. Furthermore, for Marine Liability risks such as offshore seepage, pollution and contamination insurance, it is likely that there will be a wholesale revision of the way in which this class of business is underwritten in the future. The Reinsurance market is also likely to harden as well in response to the recent major losses.
The impact of any future US legislation on control of well and liability policy limits will likely force US companies to carry much higher levels of insurance for deepwater activities in the future, and it is possible other governments and legislatures may follow suit, increasing both demand and rates for these product lines.
Any major losses during the 2010 Gulf of Mexico hurricane season could prompt a significant withdrawal of insurers from the market.
Tougher underwriting stances may appear later in the year in anticipation of increased reinsurance costs and increased retentions, as well as Solvency II capital requirements.

Click here to read the full Willis Energy Market Review update.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Research Network Says Managing Extreme Risks is Key to Sustainability, Financial Security and Poverty Reduction

Willis.com — Wed, 09 Jun 2010 23:21:12 GMT

Willis Research Network Says Managing Extreme Risks is Key to
Sustainability, Financial Security and Poverty Reduction

World Bank Delegates Discuss How Insurance Risk Models Can Help
World's Most Vulnerable Cope with Extreme Events

WASHINGTON, D.C., June 8, 2010 - The scientific models used by the insurance industry to assess the financial risks of extreme weather events could help governments and aid agencies develop new approaches for sustainable development and poverty alleviation, according to Rowan Douglas, Chairman of the Willis Research Network.

Addressing delegates at the World Bank's inaugural Understanding Risk conference, held June 1-4 in Washington, D.C., Mr. Douglas said that the methods employed by insurers to model extreme risks could be the key to helping the world's most vulnerable communities cope with the social and economic impacts of floods, droughts and other climate-related threats.

"We tend to manage for normality, but it is the extreme events that often matter most," said Mr. Douglas. "Whether it's in our financial institutions, societies or environment, sustainability is achieved by avoiding or managing the impacts of undesirable extremes within tolerable parameters. Therefore, we are proposing a new lens through which we look at the issue of sustainability, one which repositions the fundamental concepts and roles of insurance at the heart of delivering sustainability, financial security and poverty reduction," said Mr. Douglas.

During his closing keynote speech, Mr. Douglas illustrated how the tools, models and techniques used to help insurance companies sustain 1-in-200-year shocks could help deliver sustainability and financial security, and combat poverty in those regions most at risk to extreme weather. The idea of extending insurance concepts of extreme risk modeling and risk sharing across finance, development and other sectors comes at a time when the world's leading development and aid organizations are searching for new solutions to prepare poor nations and emerging economies for future catastrophes.

According to the World Bank's research, it is the poorest of the poor in regions such as Southeast Asia who will be most affected by extreme weather events, including floods,

cyclones and drought. India alone could see a 30-40 percent decline in agriculture productivity as a direct result of more extreme weather.

More than 400 international development, re/insurance and technology leaders gathered at the World Bank's headquarters in Washington, D.C. for the event. The meeting reviewed the use of new technologies, including sophisticated climate modeling techniques, innovative insurance solutions and inter-sector collaboration to help countries throughout the world mitigate and prepare for the catastrophic effects of extreme natural disasters. Meanwhile, the United Nations Framework Convention on Climate Change is holding its follow-up conference to last year's Copenhagen climate discussions in Bonn, Germany from May 31 to June 11. One of the main aims of that meeting is to decide how to distribute a multi-billion dollar fund designed to help the world's poorest communities adapt to the impacts of rising global temperatures.

"Above the World Bank entrance is the inscription 'our dream is a world without poverty'. It's an inspiring goal, but poverty is pervasive. Perhaps poverty should be defined not just as a lack of access to essential resources, such as clean water, but more specifically as a vulnerability to extremes that cause hunger, disease and homelessness," Mr. Douglas told delegates.

"Perhaps we should reshape strategies to alleviate poverty by either reducing exposure to extremes or increasing resilience. It's a subtle change in philosophy, but it raises fascinating questions about how we spend our aid budgets or focus other interventions," said Mr. Douglas.

Speaking at the World Bank event, Margareta Wahlstrom, United Nations Assistant Secretary-General for Disaster Risk Reduction, said, "The question that still confronts us is why countries repeatedly fail to mitigate risk ex ante and the world is repeatedly faced with growing loss of GDP, infrastructure and human lives."

The Understanding Risk Conference was part of a week-long agenda of events in Washington that included the Global Earthquake Model 2010 Outreach Meeting, the First Global Random Hacks of Kindness Hackathon - a partnership between Google, Yahoo!, Microsoft, NASA and the World Bank - and a Crisis Camp. Supported by the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR) in partnership with the United Nations International Strategy for Disaster Reduction and others, the meeting brought together the science, development and insurance communities confronting catastrophe risks.

"The concept of this meeting stems from the idea that bringing people from different backgrounds, but concerned with the same problem, is the best way to spur innovation," said Francis Ghesquiere, Disaster Risk Management Lead for the World Bank's Latin America and Caribbean Region, who oversaw the proceedings.

Prior to the forum, more than 1,500 people from over 130 countries were engaged for six months in a number of on-line discussions related to the conference through the event's community website: Understanding Risk Community Site.

The Willis Research Network (WRN), funded and supported by Willis Re, the reinsurance arm of Willis Group Holdings (NYSE: WSH), the global insurance broker, is the world's largest collaboration between academia and the insurance industry. The research supported by the WRN is focused on evaluating the frequency, severity and impact of major catastrophes - from flooding to hurricanes and earthquakes - with the aim of helping society at local and global levels manage these risks and share the costs of these events via public and private sector approaches. To achieve this mission, the WRN has teamed up with more than 40 leading universities and scientific institutions across a full range of disciplines, from atmospheric science and climate statistics, to geography, hydrology and seismology, to assess the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. More information can be found at www.willisresearchnetwork.com.

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Brokers Berkeley and Beaumonts Recommit to Willis Commercial Network

Willis.com — Thu, 10 Jun 2010 05:11:28 GMT

Brokers Berkeley and Beaumonts Recommit to Willis Commercial Network

Two of WCN’s Biggest Members Signal Loyalty With Long-term Deals

London, UK, June 10, 2010 — The Willis Commercial Network (WCN) — a thriving alliance between independent UK insurance brokers, leading insurers and global insurance broker Willis Group Holdings (NYSE: WSH) — today announced two of its largest members, Berkeley Insurance Group UK Ltd and Beaumonts Insurance Brokers Ltd, have committed to remain with WCN in long-term deals.

Beaumonts Insurance Brokers Ltd has committed to an extended ten-year deal and Berkeley Insurance Group UK Ltd has signed for another five years. The two broker members bring a combined network-traded premium of £30 million to the growing WCN, which was established in 1999 and includes invited members from all regions of the UK. The network currently has 85 members.

Beaumonts, based in Bradford, is a leading independent intermediary and risk management consultancy and offers transactional and advisory services on all types of non-life general insurance products.

Commenting on their extended ten-year commitment to Willis Networks, Simon Bland, CEO said, “We pride ourselves on our independence and we’ve found our autonomy has been preserved being a part of the Willis Commercial Network. Willis provides a great deal of clout in the market and we have particularly valued the specialist teams within Willis, which have helped us continue to offer a range of complex services to clients.”

Berkeley Insurance Group, established in 1973 as Berkeley Burke and headquartered in Leicester, is one of the UK’s largest privately-owned independent insurance brokers. The broker joined the WCN in 1999 dealing with Corporate clients and specialising in a variety of sectors, including Property, Construction, Leisure, Charities, Professional Indemnity and high net worth personal insurance.

On recommitting to the WCN for a further five years, Tim Maxted, Chief Executive, Berkeley Insurance, said, “When we formed Berkeley Insurance Group in 2008, following a management buy-out, we conducted an extensive review process of both Willis and other networks’ offerings and the Willis Commercial Network came out top.

In the time we’ve been members, we’ve found its advice and expertise to be invaluable to growing our business.”

Phil Scarrett, Managing Director, Willis Networks, said, “The fact that two leading independent brokers like Berkeley Insurance Group and Beaumonts are willing to put pen to paper and commit to our network says a lot about the value they derive from their association with the Willis Commercial Network. Our network is only as good as the sum of its constituent parts, so it’s vital that we retain high-calibre companies such as these. We look forward to our continued partnership with them in the years to come.”

Members of the Willis Commercial Network have access to Willis’ global resources and facilities, including its specialist divisions and training programmes. In addition Members receive a broad range of training, as well as strategic marketing, regulation, compliance, business development and sales support.

Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis CEO Heads List of Sponsors for 11th Annual LIFE Event

Willis.com — Mon, 14 Jun 2010 01:07:30 GMT

Willis CEO Heads List of Sponsors for 11th Annual LIFE Event

The Joe Plumeri Family is Lead LIFE Partner in Fight Against Breast Cancer
Val Skinner and LPGA Pros Tee Up in NJ to Raise Support, Awareness

NEW YORK, June 14, 2010 - Joe Plumeri, Chairman and CEO of global insurance broker Willis Group Holdings plc (NYSE: WSH), served as the lead sponsor for the 11th annual LIFE (LPGA Pros In the Fight to Eradicate Breast Cancer) Event today at the Mountain Ridge Country Club in West Caldwell, N.J.

The annual golf gathering, founded by former LPGA pro Val Skinner, benefits breast cancer research and advocacy. This year's event drew a field of 27 top women professional golfers, including World Golf and LPGA Halls of Fame members Nancy Lopez, Beth Daniel and Karrie Webb, along with top-ranked players Brittany Lincicome, Morgan Pressel, Christina Kim, Anna Nordqvist and Angela Stanford.

This is the third consecutive year that Plumeri has served as a personal donor to the LIFE Event. His charitable foundation, The Joe Plumeri Family, generously contributed to the fight against breast cancer through this year's event.

"Breast cancer touches so many lives and so many families," said Plumeri. "The fact is, one in eight women will develop breast cancer in their lifetime, a shockingly high percentage of the women we know and love.

"We can - and will - win the fight against breast cancer by increasing awareness, ensuring quality care and energizing the scientific and medical communities in their search for a cure. I'm enormously gratified to join Val Skinner and all of the participants and supporters of today's LIFE event in continuing this important work."

The LIFE Event, under the auspices of the Val Skinner Foundation, has raised $6.3 million to date for the Cancer Institute of New Jersey and Susan G. Komen for the Cure. The Cancer Institute of New Jersey is a National Cancer Institute-designated comprehensive cancer facility which houses the education-based LIFE Center, named after this advocacy. Susan G. Komen for the Cure is the LPGA's official national charity and largest private backer of breast cancer research and education.

"Thanks to the generous support of partners like Joe Plumeri, the LIFE Event has made a meaningful contribution to breast cancer awareness, research and advocacy, and I am proud of what we have accomplished," said Skinner. "However, until we erase breast cancer from our vocabulary, our work is not done, and we must stay the course with total dedication and commitment.

"This is one of the premier events in the country, gathering the finest of athletes. We are fortunate to have so many returning supporters who are responsible for our success. Their friendship has created important programs that can change the future of breast cancer and move us closer to a cure."

Skinner has been an advocate for breast cancer awareness since the 1990s. In 1999 she created the Val Skinner Foundation to assist organizations primarily concentrating on breast cancer research, treatment and education. A member of three golf Halls of Fame, she played on the LPGA Tour for 21 years, winning six tournaments and ranking in the top 15 in seven of those years. Skinner has been the recipient of numerous rewards and honors for her work in the fight against breast cancer. In addition to overseeing her Foundation, Skinner serves as an analyst for the Golf Channel.

For more information on the 2010 LIFE Event and its beneficiaries and partners, visit www.valskinnerfoundation.org.

About Willis

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Willis Appoints Pickering Head of its Russia, Eastern Europe, Middle East and South Africa Operations

Willis.com — Wed, 26 May 2010 20:58:04 GMT

Willis Appoints Pickering Head of its Russia, Eastern Europe, Middle East and South Africa Operations

London, UK, May 26, 2010 — Willis Group Holdings (NYSE:WSH), the global insurance broker, has appointed Scott Pickering CEO, Russia, Eastern Europe, the Middle East and South Africa, effective immediately. Pickering will be based in the Al Futtaim Willis office in Dubai and will report to Sarah Turvill, Chairman and CEO, Willis International.

Mr. Pickering most recently worked for RSA Insurance as Regional CEO for Asia and Middle East, based in Dubai.

Prior to joining RSA, Mr. Pickering held a variety of senior leadership roles at ACE Insurance. In 2006, as CEO of ACE’s South African operations, he successfully reestablished the insurer’s presence in that country. Earlier, Mr. Pickering was Regional President, ACE Insurance Far East, based in Japan, and before that, he served as President, CEO Hong Kong and Regional Director, South East Asia, having been promoted from General Manager and Regional Director for ACE Insurance in Thailand.

Mr. Pickering’s insurance career began in 1989 working in the Asia Pacific region for CIGNA Insurance (whose non-life insurance operations were acquired by ACE Insurance Limited in 1999). At CIGNA, he served in several roles, including CEO for Indonesia and the Philippines, Chief Operating Officer for Australia and New Zealand, and General Manager for Property and Casualty, Hong Kong and Macau, for CIGNA International.

Commenting on his appointment, Ms. Turvill said, “Scott’s extensive experience in international business development is fundamental to his new role. He will work with our retail network and Global Specialties to drive our continued growth in the rapidly expanding markets of Russia, Eastern Europe, Middle East and South Africa, where we already have a strong presence.”

Mr. Pickering added, “I’m delighted to be joining Willis and to be leading our businesses in such dynamic, high-growth regions. From the booming construction industry in South Africa to the oil and gas fields of Russia; from the growing Eastern European pharmaceuticals sector to the Middle East’s established aviation market, there are abundant opportunities for Willis to deliver world-class insurance solutions in each local market, backed by the global expertise of the Group.”

Willis Group Holdings plc is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Re Opens New Office in Toronto

Willis.com — Wed, 16 Jun 2010 19:26:12 GMT

Willis Re Opens New Office in Toronto

Appoints Robert M. Wildbore as Office Head

London, UK, June 16, 2010 — Willis Re, the reinsurance arm of Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today announced the establishment of a new office in Toronto, Canada. The office will open September 1, 2010 and will complement Willis Group’s existing presence in Toronto. Willis also has offices in Montreal, Vancouver and Calgary.

With the opening of the Toronto office, Robert M. Wildbore, currently Executive Director at Willis Re, has been appointed Executive Vice President and head of the new office. He will relocate from London to Toronto. Wildbore most recently has been responsible for the Group’s reinsurance business in the English-speaking Caribbean, working closely with Willis Re’s Miami office, which he helped establish in 1994. He began his career at Willis in 1982, working in various leadership roles in reinsurance claims and accounting.

Toronto is fast becoming the hub of the Canadian insurance industry, which has shown steady growth in recent years.

Commenting on the new office, Peter Hearn, CEO, Willis Re, said, “Adding an office in Toronto will enable us to build on our success in Canada and offer an enhanced level of service to our current and future clients. Robert is ideally suited to lead the office thanks to his extensive experience advising our clients on the structuring and placement of their reinsurance protections.”

The new Willis Re office will be located at 145 King Street West, Suite 1200, Toronto, Ontario, M5H 1J8, Canada.

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Willis Forms Distressed Assets Practice

Willis.com — Thu, 17 Jun 2010 21:38:25 GMT

Willis Forms Distressed Assets Practice

Appoints Real Estate Leader Brian Ruane to Oversee Unit

NEW YORK, June 17, 2010 — Willis North America, a unit of Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it has formed a Distressed Assets Practice to advise clients on managing the risks associated with financially distressed, foreclosed or abandoned properties and to provide a range of insurance solutions.

The company announced the new practice today at a Willis seminar, “Distressed Assets: The Hidden Risks,” at the Union League Club here.

The new unit will be headed by Brian Ruane, National Real Estate and Hotel Practice Leader for Willis. It will bring together resources and expertise from Willis’ Real Estate and Hotel, Construction, Environmental, Executive Risks, Financial Services and Mergers & Acquisitions practices and its Loan Protector unit to serve the unique risk management needs of all industry players. These include property owners, developers, investors, lenders, receivers, special servicers and others active in the distressed assets space.

Ruane was tapped to head the new practice because of his extensive experience working with real estate clients contending with or seeking growth opportunities in distressed assets. Ruane, a 25-year Willis veteran, established Willis’ Real Estate and Hotel Practice in 2005 and it has since become one of the broker’s largest industry practice areas.

According to industry reports, an estimated $1.4 trillion in commercial real estate loans will need to be refinanced between now and 2014. Of those, about 60 percent are “under water,” where the loan exceeds the value of the asset. The real estate market collapse has seen commercial property values plummet 42 percent nationally since 2007. There is now $245 billion of distressed commercial assets in the U.S., up 40 percent in the last year alone. On the residential front, things are similarly troubled, with a record high 10 percent of all mortgagors having missed at least one payment. Many of these assets will be moved to financial institutions during the foreclosure process, and some will become Real Estate Owned (REO), others sold, and others will become the responsibility of receivers and special servicers.

“The burst real estate bubble has created an avalanche of distressed assets today that only seems to be growing. In this challenging environment, there is a great need for sound, objective risk management advice and specialized expertise,” said Don Bailey, Chairman and CEO of Willis North America. “Our new Distressed Assets practice brings together all of our industry-leading capabilities and knowledge to deliver a coordinated response to every potential risk area associated with distressed assets. Our objective is to help all industry players reduce and manage their risks and turn distressed assets into productive assets.”

The Willis Distressed Assets Practice coordinates specialist capabilities from across Willis’ practice areas to structure insurance programs that respond to a range of risk management and insurance issues related to distressed assets. Major areas of focus include Property, Liability and Environmental insurance; Forced Placed coverage; insurance for Real Estate Owned assets; Professional Liability insurance and Construction insurance for incomplete projects.

About Willis

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Willis Opens New Representative Office in Kazakhstan

Willis.com — Mon, 21 Jun 2010 02:42:31 GMT

Willis Opens New Representative Office in Kazakhstan

Broker Names Simon Aubrey-Jones to Lead Local Operation

London, UK, June 21, 2010 — Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today announced that it has received official approval from local authorities to open a representative office of Willis Limited in Kazakhstan. This is the third such office Willis has opened in the former Soviet Union, in addition to branches in Russia and the Ukraine.

In opening the new office, Willis also announced that Simon Aubrey-Jones, Executive Director, Willis Eastern Europe, will lead its Kazakh venture. Aubrey-Jones, who is based in London, has extensive knowledge of the region and has been involved with Willis’ Russian and Ukrainian representative offices since their establishment in the 1990s.

The new Willis operation is located in Almaty, the financial centre of Kazakhstan. As a representative office, all local contracts and policies will be issued through Willis’ existing network partner in the country, CIS Risk Consultants, a Kazakh brokerage that provides a full range of insurance services.

In addition to commercial insurance, the new Willis office will support both domestic and international clients with optimum reinsurance solutions delivered through the local insurance market and relying on Willis’ global placement capabilities.

Kazakhstan is best known as an oil and gas producer, with all major international oil companies having a presence there. The country’s target oil production is 150 million tonnes per annum by 2015, equal to three million barrels a day, which would rank it among the top 10 oil-producing nations in the world. Kazakhstan is also a major exporter of grain and is the world's largest exporter of uranium.

Among its recent assignments in the Kazakh market, Willis was appointed by Halyk-Kazakhinstrakh AO, a local provider of insurance services, to arrange reinsurance for two subsidiaries of Kazakhstan’s state-owned oil and gas company: KazMunaiGas Exploration and Production and Trade House, its sales operation.

“Formalising Willis’ representation in Kazakhstan underscores Willis’ commitment to this country and its future growth and development,” said Aubrey-Jones. “We are confident that our investment in Kazakhstan, an area so rich in natural resources, will yield many rewards and we look forward to becoming a leading player in its insurance and reinsurance industry.”

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Willis Programs Partners with Krause and Butt to Launch RecycleGuard® in Ontario, Canada

Willis.com — Tue, 22 Jun 2010 23:22:59 GMT

Willis Programs Partners with Krause and Butt to Launch RecycleGuard® in Ontario, Canada

Portsmouth, NH, June 22, 2010 — Willis Programs of New Hampshire, Inc., a unit of Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it has signed an agreement with Krause and Butt Insurance Brokers Limited of Barrie, Ontario, Canada to offer the RecycleGuard® program exclusively in Ontario.

RecycleGuard® is the leading commercial insurance and risk management program in the recycling industry and the only one sponsored by the Institute of Scrap Recycling Industries (ISRI). Established in 1996, RecycleGuard® is designed for businesses with primary operations in recycling, including scrap metal, paper, plastic, glass, textiles, rubber (including scrap tire processing) and electronics.

According to Nicole Croteau, Program Manager for RecycleGuard®, “Willis Programs has enjoyed a great relationship working with Krause and Butt in some of our other programs and we couldn’t be more excited to partner with them to offer RecycleGuard® in Ontario.”

Jeff Krause, Principle of Krause and Butt, said, “RecycleGuard® is a terrific insurance program which has served the recycling industry for many years in the U.S. We’re delighted to partner with Willis Programs and to combine their experience with our advocacy here in Ontario.”

RecycleGuard® provides industry-specific coverages for General Liability, Property, Inland Marine, Automobile, and Umbrella in the U.S. and Canada.

About Krause and Butt

Krause and Butt Insurance Brokers Limited is a general insurance brokerage with a specialty in several areas of Commercial Property and Casualty and Personal Insurance. The firm has significant experience in providing innovative, comprehensive and custom insurance solutions to its clients.

For more information, visit www.kandbinsurance.com or contact Jeff Krause at 705-719-4193 or jkrause@kandbinsurance.com, or David Butt at 705-719-4193 or dbutt@kandbinsurance.com.

About Willis Programs

Willis Programs of New Hampshire, Inc. is a wholly owned subsidiary of Willis Group Holdings and serves commercial insurance brokers throughout the United States with 30 unique insurance programs serving a range of businesses, from auto dealers to well drillers. In Canada, Willis Programs currently offers the RecycleGuard® and MountainGuard® programs. A complete list of program offerings can be found at www.willisprograms.com.

About Willis

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Willis Appoints Michael Neborak Group Chief Financial Officer

Willis.com — Wed, 23 Jun 2010 05:22:17 GMT

Willis Appoints Michael Neborak Group Chief Financial Officer

Financial Services Industry Veteran Joins Global Insurance Broker from MSCI

NEW YORK, June 23, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Michael K. Neborak as Executive Vice President and Group Chief Financial Officer. Mr. Neborak, who will join the company on July 6, 2010, will report to Joe Plumeri, Chairman and CEO, and will serve as a member of Willis’ Executive Committee. He will be based in New York, and will also work out of the Group’s Executive Offices in London.

In his new role, Mr. Neborak will be responsible for all of Willis’ global finance functions, including corporate accounting and reporting, financial planning and analysis, tax, treasury and investor relations.

“Mike is an outstanding CFO with broad experience in the financial services sector,” said Mr. Plumeri. “He brings great skill and deep background to our senior management team and joins Willis at an important moment in our company’s history. With Mike helping to lead the charge, we will continue to build on our successes and work to accelerate our growth, while we maintain our expense discipline and further strengthen our balance sheet.”

“I’m thrilled to be joining Willis, one of the great names in insurance and one of the best-run firms in the industry,” said Mr. Neborak. “Willis has built a global platform for serving its clients and has the capabilities and expertise to capitalize on the opportunities ahead as economic and market conditions improve. I look forward to being a part of the Willis success story and to joining the team that’s driving its future growth.”

Mr. Neborak joins Willis from MSCI Inc., a leading provider of investment decision-support tools for institutional investors, where he was CFO and part of the senior management team that took the company public in November 2007. Prior to joining MSCI, Mr. Neborak worked for Citigroup and its predecessors from 1982 to 2006, most recently as divisional CFO for the Global Operations and Technology Group and the Alternative Investments Group. From 1982 to 2000, Mr. Neborak held senior positions in the investment banking group at Salomon Smith Barney, focusing on insurance and the broader financial services sector. He began his career as an accountant with Arthur Andersen & Co.

Mr. Neborak holds a Bachelor of Arts degree in economics from Lafayette College, Easton, Pa., and an M.B.A. from the Stern School of Business at New York University.

About Willis

Willis Group Holdings is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

Forward-Looking Statements

There are important uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: the impact of any regional, national or global political, economic, business, competitive, market and regulatory conditions on our global business operations; the impact of current financial market conditions on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions; our ability to continue to manage our significant indebtedness; our ability to compete effectively in our industry; our ability to implement and realize anticipated benefits of the Shaping Our Future, Right Sizing Willis, Funding for Growth initiatives or any other new initiatives; material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise; the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control; our ability to retain key employees and clients and attract new business; the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions; any fluctuations in exchange and interest rates that could affect expenses and revenue; rating agency actions that could inhibit ability to borrow funds or the pricing thereof; a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations; our ability to achieve the expected strategic benefits of transactions; any potential impact from the new US healthcare reform legislation; the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations; changes in the tax or accounting treatment of our operations; our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies; underwriting and advisory risks we assume in connection with our non-core capital markets and advisory operations; our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and the interruption or loss of our information processing systems or failure to maintain secure information systems.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

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Willis Re: Chile Earthquake and Australia Storm Losses Have Little Impact on Property Catastrophe Pricing

Willis.com — Wed, 30 Jun 2010 05:06:21 GMT

Willis Re: Chile Earthquake and Australia Storm Losses Have Little Impact on Property Catastrophe Pricing

Majority of Reinsurance Market Remains Soft at June 1 and July 1 Renewals

London, UK, June 30, 2010 - Major losses from the Chile earthquake and storms in Australia in the first quarter of 2010 have had little impact on pricing in the global reinsurance market, which continued to soften this renewal season. The exception was on Chilean-specific renewals, which have seen rate increases of between 40 and 70 percent. This assessment of the state of the marketplace comes from the latest renewals report from Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE: WSH), the global insurance broker.

Titled "Running on Empty," the Willis Re 1st View report for the June 1 and July 1 renewals found that, in Property Catastrophe lines, there have been no general market moves to increase prices, despite the fact that the Chile earthquake and Australia storm catastrophe losses, together with some other minor catastrophe losses, are probably sufficient to erode the entire 2010 Catastrophe Excess of Loss premium base outside of the US.

The report said that the global reinsurance market has experienced a continued gradual decline in pricing, with only a handful of loss-driven classes and territories showing any pricing stability or upward pricing pressure. Barring any major loss event which removes a considerable portion of the excess capital, there is unlikely to be any rating upturn in the near future, according to the reinsurance broker.

However, with the UK Met office predicting an "exceptionally active" hurricane season from June to November in the Atlantic region, Willis Re's report, which tracks reinsurance rate movements across numerous territories and product classes, warned that a storm of a different kind is brewing for reinsurers.

A combination of excess capital, stable investment returns and limited growth prospects continues to obscure the potential impact that prolonged soft pricing could have on the global reinsurance market in the event of a major hurricane or a similar catastrophe, said Willis Re.

Commenting on a "growing nervousness" in the market, Peter Hearn, CEO, Willis Re, said, "There is a concern that the longer the wait for any upturn in the reinsurance market, the more abrupt it will be once it eventually arrives."

Other renewal trends highlighted in the report are:

Casualty pricing remains generally soft and rates have continued to decline, though with some territorial variability.
Competition remains fierce, with substantial capacity chasing premium volume in many lines of business, but most particularly in areas of perceived diversifying risk, such as the Middle East.
US property renewals performed as expected, with significant rate reductions, as high as 25 percent, being obtained in Florida.
In recognition of excess capital, some companies are redistributing their capital through share buy backs and special dividends, but major M&A activity remains muted.
Reinsurance capacity from Capital markets is gradually increasing, and the products being structured are increasingly attractive for issuers, both in terms of coverage and pricing.

Click here to read the full Willis Re 1st View Renewals Report.

One of the world's leading reinsurance brokers, Willis Re is known for its world-class, analytics capabilities, which it combines with its Capital Markets and Reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms.

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Willis Named Insurance Broking Team of the Year – Casualty

Willis.com — Fri, 09 Jul 2010 15:35:28 GMT

Willis Named Insurance Broking Team of the Year — CasualtyBy Reactions Magazine

--Team Recognized at London Market Awards Ceremony --

London, UK, July 09, 2010 — Willis Global Markets International (GMI) Liability, a unit of Willis Group Holdings (NYSE: WSH), the global insurance broker, was named “Insurance Broking Team of the Year — Casualty,” at the Reactions Magazine London Market Awards last week.

The awards recognize the best insurance, reinsurance and broking teams in the London insurance market and were voted on by an independent panel of industry experts. The experts relied on the findings of a survey of more than 1,000 risk managers, insurers, reinsurers and brokers in judging the candidates.

According to the judging panel, “Over the past 12 months, and in challenging market conditions, the Willis Casualty Broking team has particularly demonstrated a consistent, focused and transparent approach to their insurer markets by fully playing their part in understanding clients’ needs and expectations, using marketplace knowledge, and obtaining the best deal and delivering optimal service, for the benefit of those clients.”

On receiving the award, Alex Clayton, Executive Director, GMI, commented, “This award is a result of a true team effort that ensures our clients get the most tailored policies at the most competitive prices. Supported by our unmatched wordings expertise and placement capabilities, we look forward to continuing to provide our clients with the best bespoke service in the London market.”

The GMI Liability team includes 16 Willis Associates who function as a specialist resource available to all Willis offices, trading partners and clients. The team includes four liability wordings professionals with an average of 21 years experience in the Liability policy wordings field. Areas of focus include Public Liability, Products Liability, Pollution Liability, Employers' Liability, Motor Liability, Umbrella Liability, Excess Liability and Wraparound Insurance.

The Reactions awards were presented by England’s World Cup Football legend Sir Geoff Hurst. Reactions extensively surveyed industry participants to find out who they believe are the best firms operating in the London market. Nominated companies were then asked to complete entry forms explaining why they thought they deserved the award. At the end of this process, an independent panel of senior leaders from the London market debated each firm’s merits, taking the number of reader votes into account and choosing the overall winners.

About Willis

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Willis Group Holdings to Announce Second-Quarter Earnings on July 28; Investor Conference Call Set for July 29

Willis.com — Wed, 14 Jul 2010 15:35:28 GMT

Willis Group Holdings to Announce Second-Quarter Earnings on July 28; Investor Conference Call Set for July 29

NEW YORK, July 14, 2010 – Willis Group Holdings plc (NYSE:WSH), the global insurance broker, will announce its earnings for the second quarter ending June 30, 2010 after the market closes on Wednesday, July 28, 2010. The Willis earnings release will be available in the “Investor Relations” section of the company’s web site, www.willis.com.

On Thursday, July 29, 2010, at 8:00 AM, Eastern Time, Joe Plumeri, Chairman and Chief Executive Officer of Willis Group Holdings, will host a conference call to discuss the company’s results and business trends. Interested parties may access the conference call by dialing (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a passcode of “Willis.” Media and individuals will be in a listen-only mode. Participants are asked to dial in a few minutes prior to the call to register for the event.

The conference call also will be webcast live through the Willis web site. Interested parties should go to the “Investor Relations” section of the company’s web site to register for the webcast. A replay of the call will be available through August 29, 2010 at 11:59 PM, Eastern Time, by calling (888) 568-0518 (domestic) or + 1 (203) 369-3480 (international) with no passcode, or by accessing the web site.

About Willis

Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 Associates serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.

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Willis Steps Up Campaign Against Contingents

Willis.com — Mon, 19 Jul 2010 20:55:43 GMT

Willis Steps Up Campaign Against Contingent Commissions
with Broad Release of White Paper in Business Insurance 'Broker Trends and Profiles' Issue

Law Firm's Analysis of Controversial Issue Lands on the Desks of 45,000 Risk Professionals; Exposes Conflicts of Interest in Contingent Compensation

NEW YORK, July 19, 2010 - Willis Group Holdings (NYSE: WSH), the global insurance broker, stepped up its industry education campaign against contingent commissions today by distributing a third-party white paper in this week's issue of Business Insurance that highlights in greater detail than ever the conflicts of interest created by the controversial payments. A leading industry trade publication, Business Insurance is read by more than 45,000 risk professionals in North America.

The 16-page report, written by Edwards Angell Palmer & Dodge, a respected international law firm, is part of a broader effort, Clients Before Contingents, that Willis launched at the end of April at the annual Risk and Insurance Management Society (RIMS) conference in Boston. The education campaign is centered around a website,www.ClientsBeforeContingents.com, which aims to combat apathy and increase awareness among insurance buyers about the dangers of contingent commissions in the retail brokerage business.

Writing in an introduction to the white paper, Joe Plumeri, Willis Group Chairman and CEO, said, "Willis has long opposed contingents because we believe they are at odds with the obligation retail brokers have to their clients to get them the best terms, conditions and price, and to advocate for them when they have a claim.

"It's important for insurance buyers to know about the conflicts of interest created when insurance companies pay retail brokers bonuses for increasing premium volume and profitability," Plumeri said. "Not only do contingents have the potential to affect the loyalty and service insurance buyers get from their brokers, they also negatively impact the image of our industry."

The white paper, inserted as a special supplement in the July 19, 2010 "Broker Trends and Profiles" issue of Business Insurance, examines in detail how contingent commissions began, how they have grown, how they work, and what the insurance buyer should know about the conflicts of interest they create.

In the white paper, Edwards Angell Palmer & Dodge commented on proposed state compensation disclosure rules, saying, "A regulatory arrangement built around minimum disclosure requirements tends to result in just that: minimum disclosure." The law firm found that in the absence of "compelling" financial or regulatory benefits,there is little incentive for brokers to raise disclosure standards, thereby placing the burden on policyholders to ask more probing and direct questions of their brokers to assess the impact of contingent compensation on their insurance arrangements.

"Unless and until the policyholder believes it has all the information necessary to accurately answer this question," said the law firm, "there is a risk that the trust and confidence relationship both parties to an insurance brokerage arrangement desire cannot exist."

Since a 2010 rule change allowing big brokers to once again accept contingents, some brokers have argued that simply telling clients about the contingents they take eliminates the conflict. However, the white paper concluded this disclosure could be "undermined both by the broad range and scope of contingent compensation arrangements, as well as the inherent difficulty of demonstrating the ways in which a large-volume contingent compensation arrangement can be understood to affect broker behavior with respect to a single placement or claim-reporting transaction."

Don Bailey, Chairman and CEO of Willis North America, dismissed the notion put forth by many brokers that insurance buyers can effectively "opt out" if they don't want their broker to accept contingents. "Contingent commissions are paid annually on a broker's entire book of business, so the cost to the individual buyer can't be known until months after the insurance is purchased," he said. "Even then, the accounting is so opaque that the true cost can't be determined without an extensive forensic examination of the books.

"Willis wants insurance buyers to have the whole story, and by making this information available, it's our hope they will be in a better position to ask the tough questions of their broker," Bailey said.

The paper proposes a simple list of questions that insurance buyers should ask brokers regarding their role in the transaction and the compensation they will receive before authorizing them to make a placement on their behalf:

What is your role in the insurance transaction and who do you represent?

What will you be compensated and how will your compensation be calculated?

What would have been the expected compensation for any alternative quotes presented to you?

Readers of the white paper are invited to call Willis at (212) 915-8644 or write to clientsbeforecontingents@willis.com if they have any questions about contingent compensation or Willis' position on this issue. The complete EAP&D white paper is available at www.ClientsBeforeContingents.com or by clicking here.

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Willis Responds to Aon's Announcement That It Will Accept

Willis.com — Wed, 21 Jul 2010 01:52:24 GMT

Willis Responds to Aon’s Announcement That It Will Accept
Contingent Commissions Where ‘Appropriate and Legally Permissible’

NEW YORK, July 21, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, issued the following statement today in immediate response to the announcement by Aon Corporation that it would resume accepting contingent commissions “where appropriate and legally permissible”:

With Aon retreating to a troublesome and ambiguous position on contingent commissions, Willis now stands as the world’s only insurance broker to refuse to accept contingents in its retail business. Aon’s overdue and muted announcement, floated in mid-summer, should come as a wake-up call to all risk managers and buyers of insurance to re-evaluate whether their broker really works for them, or the insurance carrier. Offering opaque statements about doing what is “legally permissible,” another competitor has opted to put contingents before principle. Willis puts clients before contingents.

What buyer of insurance would take comfort in their broker adopting a minimum standard of what’s “legally permissible” to define their relationship? Who is really convinced that taking back door payments from carriers at the end of a year based on profitability and growth of a book of business is an example of, as Aon’s Steve McGill says in the company’s news release, “doing what is right to serve the best interests of our clients”? Clients’ best interests are served when their brokers work for them, and only them, with standards of service based on ethics and integrity, not merely on what’s “legally permissible.”

Indeed, Aon’s announcement this week flies directly in the face of what clients want from their brokers. In a brand new poll of commercial insurance buyers released by Business Insurance magazine on July 19, 70 percent of buyers said contingent commissions represent a conflict of interest. This is what we have been saying all along: a retail broker cannot serve two masters. They either represent the client or the carrier, but they can’t do both.

Willis’ stand is unwavering on the matter of contingent commissions and is clearly spelled out on www.ClientsBeforeContingents.com, our web site devoted to this issue. On the site is a full archive of commentary about the issue and tools for risk managers to take action and demand true transparency from their brokers. Also on the site is a White Paper, written by the respected international law firm Edwards Angell Palmer & Dodge, on contingent compensation. The White Paper, which was broadly quoted in news stories this week, states clearly that “A regulatory arrangement built around minimum disclosure requirements tends to result in just that: minimum disclosure.”

The recent history of broker behavior and regulatory oversight in the insurance industry is not a proud one. The permissive rules that have fostered rampant conflicts of interest have returned and, with them, an industry environment that’s headed deeper into a morass and bound for more trouble when “legally permissible” is the new standard of excellence. Our industry can do much better by its clients, and clients should demand better from their brokers.

About Willis

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Brooklyn Sports & Entertainment Announces
Willis Group Holdings as a Major Partner of
The Barclays Center in Brooklyn

Willis.com — Tue, 27 Jul 2010 04:18:43 GMT

BROOKLYN SPORTS & ENTERTAINMENT ANNOUNCES WILLIS GROUP HOLDINGS AS A MAJOR PARTNER OF THE BARCLAYS CENTER IN BROOKLYN

BROOKLYN -- Brooklyn Sports & Entertainment, a sales and marketing arm of the Barclays Center, today announced that Willis Group Holdings plc (NYSE: WSH), the global insurance broker, has become a major partner of the planned Barclays Center in Brooklyn.

The partnership with Brooklyn Sports & Entertainment marks another bold branding move for Willis in the U.S. market. The broker, with operations around the world, doubled its size in North America with the 2008 acquisition of Hilb Rogal & Hobbs, and in 2009 significantly increased its global brand awareness by securing the naming rights to the former Sears Tower (now Willis Tower) in Chicago. Aligning itself with the Barclays Center, one of the most important new sports and entertainment facilities in America, represents further momentum for the Willis brand in New York City and, indeed, everywhere professional basketball and other events staged at the arena command worldwide attention.

As part of its integrated marketing platform within the arena, the Willis brand will be displayed prominently as the exclusive sponsor of the Barclays Center’s 38 Loge Boxes. The Willis name also will appear in all marketing and advertising associated with this premium seating, including a significant presence on Barclayscenter.com.

“We are thrilled to become partners with Willis and to help enhance its brand in Brooklyn and throughout New York City,” said Brett Yormark, president and CEO of Brooklyn Sports & Entertainment. “The Barclays Center will serve as a powerful catalyst in driving new business to Willis, which has built its reputation by providing world-class client service and global expertise. Offering unlimited networking opportunities, the Barclays Center will soon be recognized as a place where business gets done.”

“Brooklyn is a great global brand that’s reaching new heights with the Barclays Center. The borough has earned a storied place in sports mythology, from the heroics at Ebbets Field to being the birthplace of legends such as Vince Lombardi, Joe Torre and Joe Paterno,” said Joe Plumeri, Chairman and CEO of Willis. “Willis helps manage the world’s most complex risks, and we look forward to both helping the Barclays Center through its multi-faceted construction process and, when the arena is opened, to working with Mikhail Prokhorov, Bruce Ratner, Brett Yormark, Jay-Z and their team to carry Jackie Robinson’s legacy forward and bring a new generation of champions to Brooklyn and New York.”

Willis will provide insurance and risk management services to the Barclays Center and will play an integral role as an associate sponsor of the Barclays Center Business Alliance, the premier business association for the arena’s partners.

“Willis and the Barclays Center are a natural fit,” said Joe Gunn, New York Regional Partner for Willis. “Willis is all about challenging the status quo in the insurance industry and advocating fiercely for our clients around the world. We sense that same energy and excitement in our partnership with the Barclays Center, which will soon take New York and Brooklyn by storm and change the professional sports and entertainment landscape in this town. We couldn’t be more excited about our partnership, or more proud to provide the insurance and risk management services that will help Barclays Center become a reality.”

Joshua King, Senior Vice President of Marketing and Communications for Willis, said, “Like our deal for the naming rights to Willis Tower in Chicago, our involvement in Brooklyn is part of a strategic marketing program to elevate our brand and connect in a powerful way with clients, prospects and the community at large — here in New York and around the world. We look forward to a great partnership that will benefit all parties as we work together to make Barclays Center the home of future champions, and at the same time, raise the Willis flag even higher.”

In addition to Barclays, the naming rights partner, and Willis, the Barclays Center currently has 10 major partners, including: ADT, Cushman & Wakefield, EmblemHealth, MetroPCS, MGM Grand at Foxwoods, Jones Soda, Haier America, Phillips-Van Heusen, Anheuser-Busch, and High Point Solutions.

About Willis

About Barclays Center

The state-of-the-art Barclays Center, to be located at Atlantic and Flatbush Avenues, will host more than 200 events annually, including professional and collegiate sports, concerts, family shows, and NETS Basketball. The arena will offer 18,000 seats for basketball and up to 19,000 seats for concerts, and will also have 104 luxury suites, including 15 Brownstone Suites (16 seats each), 68 Loft Suites (10 seats each), 11 Backstage Suites, six Studio Suites, and four Party Suites. The arena will also include six clubs and restaurants, and the onsite practice facility at the Barclays Center.

While construction has been on-going since last fall, a ceremonial groundbreaking was held in March 2010 to mark the next phase of construction of the arena, which is expected to open in late spring/early summer 2012.

The Barclays Center, designed by the award-winning architectural firms Ellerbe Becket and SHoP Architects, will be one of the most intimate seating configurations ever designed into a modern multi-purpose arena, with unparalleled sightlines and first-class amenities.

For more information on the Barclays Center log on to www.barclayscenter.com.

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Willis Group Reports Second Quarter 2010 Results

Willis.com — Wed, 28 Jul 2010 04:07:11 GMT

Willis Group Reports Second Quarter 2010 Results

$0.52 reported, or $0.54 adjusted, net income
per diluted share from continuing operations

2 percent reported, or 4 percent organic, growth in commissions and fees
compared with second quarter of 2009, driven by 16 percent new business growth
and solid client retention

21.2 percent reported operating margin; 21.4 percent adjusted operating margin, up 20
basis points compared with second quarter of 2009

NEW YORK, July 28, 2010 — Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today reported results for the quarter and six months ended June 30, 2010.

“Our second quarter results continue to reflect the strength of our geographic diversity and our relentless focus on building the business,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “Organic growth in commissions and fees was 4 percent, driven by 16 percent new business growth and solid client retention. This result was in the face of a continued soft insurance market and challenging economic conditions. We continue to exercise disciplined expense management while funding investments for future growth.”

Second Quarter 2010 Financial Results

Reported net income from continuing operations for the quarter ended June 30, 2010 was $89 million, or $0.52 per diluted share, compared with $87 million, or $0.52 per diluted share, in the same period a year ago. Reported net income from continuing operations for the second quarter of 2010 was impacted by a net loss on disposal of operations of $3 million after tax, or $0.02 per diluted share, and for the second quarter of 2009 by certain items, which are detailed later in this release.

Adjusted net income per diluted share from continuing operations increased 4 percent to $0.54 in the second quarter of 2010 compared with $0.52 in the second quarter of 2009. Foreign currency movements favorably impacted earnings by $0.03 per diluted share compared with the second quarter of 2009. In addition, a pre-tax gain of $12 million, or $0.04 per diluted share, was recognized on the curtailment of the US pension plan in the second quarter of 2009.

Total reported revenues for the quarter ended June 30, 2010 were $799 million compared with $784 million for the same period last year, an increase of 2 percent. Total commissions and fees were $789 million, an increase of 2 percent from $772 million in the second quarter of 2009. Foreign currency movements unfavorably impacted reported commissions and fees by 2 percent. Investment income was $10 million in the second quarter of 2010, compared with $12 million in the second quarter of 2009. This decline was principally due to lower interest rates.

Organic growth in commissions and fees was 4 percent in the second quarter of 2010 compared with the second quarter of 2009. Net new business growth of 6 percent reflected strong new business generation of 16 percent and solid client retention. Partially offsetting net new business growth was a 2 percent negative impact from declining premium rates and other market factors.

The North America segment reported a 2 percent decline in commissions and fees in the second quarter of 2010 compared with the second quarter of 2009. Organic commissions and fees declined 1 percent in the second quarter of 2010 compared with an 8 percent decline in the same period a year ago. North America generated new business growth in the teens, with improved client retention, and also benefited from positive growth in the employee benefits practice. In addition, there was a $2.9 million favorable impact from a one-time accounting adjustment related to the HRH acquisition within the specialty businesses. The segment continues to be impacted by headwinds from soft insurance market conditions and ongoing weakness in the US economy. Operating margin was 20.5 percent in the second quarter of 2010. This compares with operating margin of 22.3 percent in second quarter of 2009, which included the pre-tax gain of $9 million from the curtailment of the US pension plan.

The International business segment reported 6 percent growth in commissions and fees and contributed 8 percent organic growth in commissions and fees in the second quarter of 2010 compared with the same period in 2009. Growth was recorded across all regions, with double- digit expansion in Latin America, Asia and Eastern Europe. The UK and Ireland retail market recorded modestly positive growth after several negative quarters. Operating margin was 23.5 percent in the second quarter of 2010.

The Global segment, which comprises the Reinsurance, Global Specialties, Faber & Dumas, and Willis Capital Markets & Advisory divisions, reported 4 percent growth in commissions and fees and 7 percent organic growth in commissions and fees in the second quarter of 2010 compared with the second quarter of 2009. Willis Capital Markets & Advisory was the primary driver of organic growth in the second quarter as a result of increased capital market activity. Reinsurance and Global Specialties also contributed positive growth in commissions and fees. Reinsurance continues to generate strong new business despite market softness, while the Global Specialties practices, especially Financial and Executive Risks and Energy, were significant contributors to organic growth in the second quarter. Operating margin was 31.8 percent in the second quarter of 2010.

Reported salaries and benefits were $456 million in the second quarter of 2010 compared with $443 million in the second quarter of 2009. Salaries and benefits, as a percentage of revenues, were 57.1 percent in the second quarter of 2010 compared with 56.5 percent in the second quarter of 2009. Salaries and benefits in the second quarter of 2010 include $32 million of amortization of cash retention payments compared with $26 million in the second quarter of 2009. As of June 30, 2010, December 31, 2009 and June 30, 2009, the Company included $217 million, $98 million, and $142 million, respectively, in other assets on the balance sheet, which represented the unamortized portion of cash retention payments made before those dates. Salaries and benefits in the second quarter of 2009 included the pre-tax gain of $12 million on the curtailment of the US pension plan.

Reported other operating expenses were $135 million in the second quarter of 2010 compared with $139 million in the second quarter of 2009. Other operating expenses, as a percentage of revenues, were 16.9 percent in the second quarter of 2010 compared with 17.7 percent in the second quarter of 2009.

Reported operating margin was 21.2 percent for the quarter ended June 30, 2010 compared with 21.0 percent for the same period last year. The operating margin in second quarter of 2009 was impacted by the pre-tax gain of $12 million on the curtailment of the US pension plan. Excluding certain items, which are detailed later in this release, adjusted operating margin was 21.4 percent for the quarter ended June 30, 2010 compared with 21.2 percent a year ago. Adjusted operating margin reflected continued solid growth in organic commissions and fees, rigorous expense management, and favorable foreign currency movements, partially offset by amortization of retention payments.

Six Months 2010 Financial Results

Reported net income from continuing operations for the six months ended June 30, 2010 was $293 million, or $1.71 per diluted share, compared with $279 million, or $1.66 per diluted share, in the same period a year ago. Reported net income from continuing operations for the first six months of 2010 was impacted by a charge of $12 million, or $0.07 per diluted share, relating to the devaluation of the Venezuelan currency and a net loss on disposal of operations of $3 million after tax, or $0.02 per diluted share. Reported net income from continuing operations for the six months ended June 30, 2009 was impacted by certain items, which are detailed later in this release.

Adjusted earnings per diluted share from continuing operations increased 7 percent to $1.80 for the six months ended June 30, 2010 compared with $1.68 in the comparable period of 2009. Foreign currency movements positively impacted adjusted earnings per diluted share by $0.09 in the six months ended June 30, 2010 compared to the same period in 2009. In the first half of 2009, adjusted earnings per diluted share from continuing operations were positively impacted by the US pension curtailment gain of $12 million pre-tax, or $0.04 per diluted share.

Total reported revenues for the six months ended June 30, 2010 were $1,771 million compared with $1,714 million for the same period last year, an increase of 3 percent. Foreign currency movements increased reported revenues by 1 percent.

Organic growth in commissions and fees was 4 percent in the first half of 2010 compared with the comparable period of 2009. This growth reflected net new business won of 6 percent partially offset by a negative 2 percent impact from declining premium rates and other market factors.

Reported operating margin was 26.5 percent for the six months ended June 30, 2010 compared with 25.6 percent for the same period last year. Excluding items detailed later in this release, adjusted operating margin was 27.3 percent for the first half of 2010 compared with 25.8 percent a year ago. Operating margin in the first half of 2009 included the pre-tax gain of $12 million on the curtailment of the US pension plan.

Tax

The effective tax rate was 27.3 percent for the quarter ended June 30, 2010 and 26.4 percent for the six months ended June 30, 2010. Excluding the impact of nonrecurring items, the underlying tax rate for the quarter and six months ended June 30, 2010 was approximately 26.0 percent, the same as the 2009 full year rate.

Capital

As of June 30, 2010, cash and cash equivalents totaled $139 million and total debt was $2.3 billion. Total equity was $2.4 billion.

Dividends

The Board of Directors declared a regular quarterly cash dividend on the Company’s ordinary shares of $0.26 per share (an annual rate of $1.04 per share). The dividend is payable on October 15, 2010 to shareholders of record on September 30, 2010.

Conclusion

“I am pleased with the progress we have made in growing our business through the first six months of 2010. While the external environment is still challenging, we are up to the challenge. We continue to manage the business to maximize the opportunity for success in any environment, growing and investing in our business, while keeping a sharp focus on expense management,” Plumeri said.

Conference Call and Web Cast

A conference call to discuss the second quarter 2010 results will be held on Thursday, July 29, 2010, at 8:00 AM Eastern Time. To participate in the live teleconference, please dial (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a pass code of “Willis”. The live audio web cast (which will be listen-only) may be accessed at www.willis.com. This call will be available by replay starting at approximately 10:00 AM Eastern Time, and through August 29, 2010 at 11:59 PM Eastern Time, by calling (888) 568-0518 (domestic) or +1 (203) 369-3480 (international) with no pass code, or by accessing the website.

About Willis

Forward-Looking Statements

We have included in this document ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, future capital expenditures, growth in commissions and fees, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans and references to future successes, are forward-looking statements. Also, when we use the words such as ‘‘anticipate’’, ‘‘believe’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘plan’’, ‘‘probably’’, or similar expressions, we are making forward-looking statements.

the impact of any regional, national or global political, economic, business, competitive, market, environmental and regulatory conditions on our global business operations;
the impact of current financial market conditions on our results of operations and financial condition, including as a result of any insolvencies of or other difficulties experienced by our clients, insurance companies or financial institutions;
our ability to continue to manage our significant indebtedness;
our ability to compete effectively in our industry;
our ability to implement and realize anticipated benefits of the Shaping Our Future, Right Sizing Willis, Funding for Growth initiatives or any other new initiatives;
material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane, or otherwise;
the volatility or declines in other insurance markets and premiums on which our commissions are based, but which we do not control;
our ability to retain key employees and clients and attract new business;
the timing or ability to carry out share repurchases or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;
any fluctuations in exchange and interest rates that could affect expenses and revenue;
rating agency actions that could inhibit our ability to borrow funds or the pricing thereof;
a significant decline in the value of investments that fund our pension plans or changes in our pension plan funding obligations;
our ability to achieve the expected strategic benefits of transactions;
changes in the tax or accounting treatment of our operations;
any potential impact from the new US healthcare reform legislation;
the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
underwriting, advisory or reputational risks associated with non-core operations;
our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
the interruption or loss of our information processing systems or failure to maintain secure information systems.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information see the section entitled ‘‘Risk Factors’’ included in Willis’ Form 10-K for the year ended December 31, 2009 and our subsequent filings with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or www.willis.com.

Non-GAAP Supplemental Financial Information

This press release contains references to non-GAAP financial measures as defined in Regulation G of SEC rules. Consistent with Regulation G, a reconciliation of this supplemental financial information to our GAAP information is in the note disclosures that follow. We present such non-GAAP supplemental financial information, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis. This supplemental financial information should be viewed in addition to, not in lieu of, the Company’s condensed financial statements.

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Willis China Again Achieves Top Quality Rating

Willis.com — Mon, 02 Aug 2010 18:22:42 GMT

Willis China Again Achieves Top Quality Rating

CIRC Shanghai Assigns Willis Top Rating in Quality Review for Third YearRunning

London, UK, August 2, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it has once again been rated the highest quality insurance broker by the Shanghai China Insurance Regulatory Commission (CIRC Shanghai) and the Shanghai Insurance Association (SIA) in their annual review of licensed insurance brokers operating in Shanghai. This is the third year in a row the broker has received this accolade.

Each year, the CIRC Shanghai evaluates intermediaries in a 360° process that includes peer review by insurance companies, clients and other brokers, in addition to the CIRC and SIA’s own assessments. Brokers are assessed on their management, integrity, service delivery, quality of work, premium processing and value-added services, including claims.

The CIRC Shanghai and SIA classified 50 brokers into five categories, with 16 awarded the top ranking of five stars. Willis achieved the highest score in the five-star category, placing it first overall in the rankings for the third year in succession.

“The strong emphasis Willis places on the quality of its risk and insurance services is clearly acknowledged not only by our clients, but also by our industry peers,” said Mitchell Ma, CEO, Willis China. “We are committed to continuously enhancing our service offering in all areas through improved insurance management consultancy, enhanced risk analysis, more efficient processes and deeper industry specialisation delivered through our network of local offices. All of this effort in China is strongly supported by the Willis Group’s global resources, an active staff training programme and strong teamwork focused on achieving the best solutions for our clients.”

Willis China, based in Shanghai, has 20 licensed branch offices in China and 251 staff, with industry-leading expertise in such areas as Marine, Energy, Aerospace, Construction, Employee Benefits, General Property, Liability and Utilities. These speciality business units are supported by teams specialising in risk and insurance management, insurance placements for overseas projects, claims, analytics and processing services.

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Willis Power Market Review Shows Softening Market Environment

Willis.com — Tue, 03 Aug 2010 14:36:57 GMT

Willis Power Market Review Shows Softening Market Environment

Market Fails to Harden Despite Continuing Poor Loss Experience

Competitive Market Expected to Continue for Remainder of 2010

London, UK, August 3, 2010 — Insurance rates in the power sector are expected to soften further in 2010, despite the existence of many of the conditions that would normally presage a hardening market, according to the latest Power Market Review from Willis Limited, a unit of Willis Group Holdings (NYSE: WSH), the global insurance broker.

Foremost among these conditions is the steady stream of losses associated with generating equipment. Insurers continue to be beset with attritional machinery breakdown claims, especially for combined cycle gas turbine failures, while “mega claims” (defined as a claim of more than US $100 million) now seem to be an established feature of the power sector. Willis found that, over a ten-year period ending in 2008, such claims accounted for only three percent of the total number of losses, but 43 percent, or US $4.2 billion, of total loss value.

The “mega claim” trend continued in 2009, the report noted, with a catastrophic turbine failure at the Sayano — Shushenskaya hydroelectric power station in Russia, followed earlier this year by the explosion at the Kleen Energy combined cycle plant under construction in Connecticut. If 2010 follows the pattern of the last decade, Willis says that one more mega claim can be expected before the end of the year.

In contrast with the widespread perception that property underwriters had a good year in 2009, mainly due to an abnormally low level of insured natural catastrophe losses, the continuing level of generator failure claims meant that some power insurers may have failed to turn an underwriting profit in 2009.

Despite this loss trend, the Willis review said a hard market failed to materialise in 2009, as some predicted, and soft market conditions persisted through the first half of 2010. Surplus capacity and reduced customer demand, attributable to the global recession, have largely prevented underwriters from increasing rates to the level that many consider is merited. Willis predicts that absent any market-turning events, power sector insurance rates will continue to ease for the remainder of 2010.

Commenting on the report’s findings, Graham Knight, Managing Director of the Willis Utilities Practice Group, said, “In the absence of major natural catastrophes, loss levels were significantly lower in 2009 than in prior years; however, insurers were presented with additional volumes of machinery breakdown losses, particularly involving gas turbine technology, plus a number of less predictable loss events. This may have caused some underwriters to incur an underwriting loss on their power book in 2009, notwithstanding the healthier position of much of the rest of the market.”

Knight said there is “frustration” among underwriters that “the current surfeit of capacity in the market has militated against an increase in rates to levels they consider justified.”

Although the first half of 2010 was marked by a number of significant natural catastrophe-related loss events — from earthquakes in Chile to the European windstorm Xynthia — they have not been enough to change the market. However, further natural catastrophes, particularly from a more active windstorm season, could bring the softening rate environment to a sharp halt, the report warned.

Continuous modification and innovation in generation technologies to increase efficiency and performance, coupled with increased use of prototypical machinery and the accelerated development of “clean” energy, will continue to make the business environment challenging for both power generation companies and their insurers, the report said.

Other key findings from the Willis Power Market Update include:

Recent events in the Gulf of Mexico are strengthening the case for alternative, ”clean” energy resources.
Global property market capacity for power risks is at an eight-year high of US $4 billion.
With growing electricity demand in the Middle East (likely to triple in the UAE by 2020) and some additional 35,000 megawatts required in Saudi Arabia over the next 10 years to meet projected demand, requiring capital expenditure of more than US $50 billion, it is not surprising that US $1 billion of energy and engineering capacity is now available from within the region.
Renewable energy represents the fastest growing source of power generation worldwide. The size of the wind market has grown from 60 gigawatts to 130 gigawatts between 2005 and 2010. The solar market currently stands at 10,000 megawatts. In 2008, wind power (onshore) in Spain generated more electricity than coal for the first time.

The Willis Power Market Review provides a thorough overview of insurance issues related to the global power generation industry over the last 18 months. The report looks at how rapid changes and new challenges in this sector are affecting the insurance market in the areas of Operational Property, Renewable Energy, Claims, Liability, Terrorism, Political Risk, Accident & Health, Engineering and Construction.

Click here to read the Willis Power Market Review.

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Willis Partners with Innography® to Launch Willis PatentWize™

Willis.com — Mon, 09 Aug 2010 01:23:57 GMT

Willis Partners with Innography® to Launch Willis PatentWize™

Business Intelligence Solution Part of Broader Plan to Offer Products and Services to Help Companies Manage Intellectual Property Risk

NEW YORK, August 09, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today it is partnering with Innography® to launch Willis PatentWize™, an enterprise-wide business intelligence solution that is part of Willis’ overall plan to help companies better manage their intellectual property (IP) risks.

Willis said it will offer a comprehensive suite of technology, consulting and risk transfer solutions that will deliver a complete approach to intellectual property risk management. The broker’s strategy is built around Willis PatentWize, designed to help companies of all sizes gain a better understanding of their IP risks.

“Intellectual property and other intangible assets are a critical and growing part of the global economy, and carry with them a unique set of risks,” said Don Bailey, Chairman and CEO of Willis North America. “Those risks are on the rise as a result of the increasing globalization of business, investments in offshore operations, and the ubiquitous use of information technology, which makes IP assets more difficult to protect.”

In the U.S. alone, intellectual property is worth $5 trillion, and accounts for more than half of all U.S. exports, helping to drive 40 percent of U.S. economic growth, according to the U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC). The theft of intellectual property is a growing problem, accounting for $500 billion to $600 billion in lost sales each year, or 5-7 percent of world trade, as reported by the Organisation for Economic Co-operation and Development (OECD).

“In this environment, there is a greater demand for sophisticated IP risk management solutions. Willis is uniquely positioned to meet that need through our consulting and analytical services and innovative insurance solutions,” said Bailey. “Our partnership with Innography and the launch of Willis PatentWize is a crucial step for Willis to develop a robust platform to help companies manage and mitigate their intellectual property risks.”

Willis PatentWize establishes a new standard for effectively dealing with IP risk by providing rapid and relevant insights based on the automated correlation of patent, trademark, legal, financial and other key information. Powered by the Innography software platform, this IP business intelligence solution instantly displays real-time visualizations that can be leveraged to:

Improve the strength and marketability of new technologies and inventions
Identify emerging industry trends, opportunities and threats
Disclose and preempt points of exposure to litigation
Reveal critical details when evaluating merger and acquisition candidates and partnerships
Conduct required portfolio reviews and compliance audits
Facilitate intra-and cross-organizational collaboration and reporting

“As a CEO, I understand the critical role that risk and intellectual property plays in corporate strategy. It is a frequent challenge shared by everyone with board responsibilities, regardless of the industry. By partnering with Willis, we are innovating to directly address these customer pain points and introduce a new standard in IP risk analysis,” said Robert J. Lynch, CEO of Innography. “Powered by Innography, Willis PatentWize reinforces this customer commitment by delivering a robust, reliable solution so organizations have a leading edge when acquiring, enforcing and managing their strategic intellectual property investments.”

Willis PatentWize combines dozens of patent, trademark and business data sources from more than 70 countries to generate interactive visualizations that make IP research and analysis more efficient and cost-effective. It initially will be offered to Willis clients in North America starting August 17, 2010 with the potential for future international expansion.

On August 17, 2010 at 11:00 a.m. (EDT), Willis and Innography will co-host a live webinar on effective IP risk management strategies by showcasing actual use case scenarios and demonstrating Willis PatentWize. For more information and to register, visit ipriskwebinar.w.innography.com.

About Innography

Innography® delivers a comprehensive, online intellectual property business intelligence application that enables companies of all types and sizes to achieve the optimal return on their IP investments. By correlating patent and trademark data with financial, litigation and other key business information, Innography instantly generates a variety of unique visualizations to help organizations reduce the time it takes to perform IP research and reduce associated legal expenditures. This enables corporations to get products to market faster, uncover new and more lucrative revenue sources, keep better track of competitors, manage litigation claims, and stay on top of additional IP-associated functions. Visit www.innography.com to view a brief online product demo or call 1.512.306.8688 for more information.

About Willis

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Willis Continues to Strengthen its Global Placement Unit With Appointment of a New Managing Director

Willis.com — Thu, 12 Aug 2010 01:05:21 GMT

Willis Continues to Strengthen its Global Placement Unit With Appointment of a New Managing Director

London, UK, August 12, 2010 — Willis Group Holdings (NYSE: WSH), the global insurance broker, has appointed Alastair Burns as Managing Director of its Insurance Facilities Practice, part of Willis Global Placement, the division that co-ordinates worldwide insurance placement strategy for the benefit of Willis clients.

Burns, who will be based in London, will join the Willis Global Placement team in early September, and will report to Dominic Samengo-Turner, Chief Executive Officer, Global Placement.

Burns has spent the last 20 years at Marsh, most recently as Managing Director of its UK Affinity and Mergers and Acquisition businesses. Prior to this, he held a number of leadership positions within the Marsh International placement organisation, developing both their wholesale and retail placement strategies.

Facilities allow brokers to aggregate high-volume, low-premium business together and place it through Binders, Lineslips, Programmes, Schemes or Managing General Agencies. This collective buying power offers clients broader, more flexible coverage at better prices than would be available in the open market. Facilities typically lend themselves to less complex lines of business or specialist product areas, for example, commercial combined, motor, personal lines, personal accident and terrorism.

Commenting on Burns’ appointment, Samengo-Turner said, "We are delighted to welcome Alastair, who is well known in the industry, and has huge experience working with clients and carriers to develop market-leading propositions. As part of the Global Placement management team, Alastair’s skills will help us deliver on the many facets of our Placement strategy.”

Grahame Millwater, President of Willis, said, “Since the creation of our Global Placement unit in early 2009, our strategy has been to achieve greater global coordination of Willis' placement activities in the best interest of our clients. An area of success has been our ability to consolidate certain books of business into facilities to give clients broader terms and eliminate inefficiencies. Alastair is the right person to drive this forward and we are convinced that dedicated coordination in this area will significantly benefit our clients."

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Willis Introduces Health Care Reform Impact Analysis Calculator

Willis.com — Wed, 25 Aug 2010 00:40:47 GMT

Willis Introduces Health Care Reform Impact Analysis Calculator

Robust Online Tool Part of Broader Strategy to Help Employers Navigate Complexities of New Law

NEW YORK, August 24, 2010 - The Human Capital Practice of Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the launch of its Health Care Reform Impact Analysis Calculator, a robust online tool that helps employers of all sizes assess the financial impact of health care reform measures on their businesses over time.

Willis’ employee benefits consultants will use the tool when working with clients interested in a broad overview of the costs of health care reform and related timing. For a deeper analysis and more detailed strategic recommendations, Willis is offering a corresponding consulting service that leverages the resources of its National Actuarial Practice to advise clients on benefit program design and cost-mitigation options related to each of the health care reform measures that will take effect over the next seven years.

Willis’ HCR Calculator and actuarial consulting services are part of the broker’s broader strategy to help clients navigate the complexities of health care reform. Other elements include educational programs for insurance buyers (employers), information and decision-support tools for consumers (employees), ongoing education and training for Willis consultants, and lobbying efforts on such matters as wellness program grants and waivers for limited medical plans.

“Willis offers the industry’s most comprehensive approach to helping companies manage their benefits costs in the era of health care reform, the most sweeping set of changes to the benefits landscape in our lifetime,” said Michael Barton, Chairman of the Willis Human Capital Practice. “From advocating on our clients’ behalf with federal officials, to offering insightful information, analysis, advice and solutions, to helping clients bend the demand curve with innovative employee wellness programs, Willis is taking a holistic view in helping companies navigate the maze of health care reform measures in ways that lead to lower costs and healthier work forces.”

The Willis HCR Calculator offers a variety of features not found in other online calculators, which typically focus on only one aspect of health care reform. This comprehensive tool includes:

A Regulation Impact Interface, which evaluates the cost of compliance for each new regulation, with incremental cost impacts based on grandfathered status, retiree health population and existing plan design;
A Cadillac Plan Calculator, to determine the exposure to “Cadillac” medical excise taxes, effective in 2018;
A Pay or Play Calculator, which determines monthly exposure to “play or pay” penalties, effective 2014, based on hours worked and number of full-time employees;
A Small Business Tax Credit Calculator, to determine potential tax credits between 2010 and 2013 for employers with fewer than 25 full-time employees.

Each of the cost estimates generated by the Willis HCR Calculator is automatically summarized in an HCR Report Card, a one-page executive overview with major observations and a graphical display of results.

Barton said Willis’ team of actuaries, lawyers, underwriters, accountants and benefit consultants has devoted tens of thousands of hours in the last five months to researching and interpreting the new law, and devising an easy-to-use interface to help clients understand the true costs of health care reform. The company is offering a variety of additional informational resources - online portals, publications, webcasts and in-person seminars - to provide further guidance to clients.

Willis also is conducting a detailed survey of more than 25,000 U.S. companies in conjunction with the American Benefits Council to gauge opinions and determine how employers are reacting to health care reform, Barton said. A valuable benchmarking resource, the results of the survey will be announced later this year.

Focusing on helping employers control costs by lowering demand, Willis broke new ground in 2008 with the launch of “Winning with Willis” (www.winningwithwillis.com), an innovative consumer health and wellness portal designed to help companies lower health care costs by encouraging employees to lead healthier lifestyles. The site features health and wellness information from the U.S. Centers for Disease Control and Prevention and other sources; the “Willis Rewards” incentive program that encourages exercise and other healthy behaviors by offering employees discounts on their favorite merchandise and services; and access to “The Biggest Loser League,” a social-networking site connected with the hit NBC TV show that provides a support forum for like-minded individuals who want to lose weight.

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Willis.com Media Room

Willis North America Appoints Alastair Swift Chief Placement Officer

Willis North America Appoints Alastair Swift Chief Placement Officer

Willis Group Holdings to Announce Fourth-Quarter Earnings on February 3; Investor Conference Call Set for February 4

Willis Group Holdings to Announce Fourth-Quarter Earnings on February 3; Investor Conference Call Set for February 4

Willis Forms Hedge Fund Practice Group in the UK

Willis Forms Hedge Fund Practice Group in the UK

Willis Commercial Network Expands Into Northern Ireland

Willis Commercial Network Expands Into Northern Ireland

--Broker Establishes New Region with Addition of Three New Members with Combined Revenue of Over GBP 20 Million--

Willis Commercial Network Expands Into Northern Ireland

--Broker Establishes New Region with Addition of Three New Members with Combined Revenue of Over GBP 20 Million--

Willis Completes Change in Place of Incorporation to Ireland

Willis Completes Change in Place of Incorporation to Ireland

Willis Completes Change in Place of Incorporation to Ireland

Willis Re: Talk of a Hard Market Evaporates With Measured Softening at January Reinsurance Renewals

Willis Re: Talk of a Hard Market Evaporates With Measured Softening atJanuary Reinsurance Renewals

Broker's Quarterly Renewals Report Shows a Recoveryin the Catastrophe Bond Market and Predictsa Pick-up in M&A Activity in 2010

Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

Willis Completes Leveraged Transaction with Family Shareholders and Astorg Partners to Reorganize Capital of Gras Savoye

Willis Launches New Lawyers Professional Liability Program

Willis Launches New Lawyers Professional Liability Program

Willis Survey: Hard Market for Financial Institutions Insurance Shows Signs of Softening in 2010

Willis Survey: Hard Market for Financial Institutions Insurance Shows Signs of Softening in 2010

Willis Shareholders Approve Proposal to Change Place of Incorporation to Ireland

Willis CEO Plumeri says Business must confront New Risks

WILLIS CEO PLUMERI SAYS BUSINESS MUST CONFRONT NEW RISKS; URGES TRANSPARENCY AS ONLY WAY TO RESTORE TRUST

Willis Executive Named to Business Insurance's 2009 "Women to Watch" List

Willis Executive Named to Business Insurance's 2009 "Women to Watch" List

Willis Appoints Head of European Capital Markets and Advisory Unit

Willis Appoints Head of European Capital Markets and Advisory Unit

Willis Appoints Joshua King Senior Vice President, Group Marketing and Communications

Willis Appoints Joshua King Senior Vice President,Group Marketing and Communications

Willis Group Announces Definitive Agreement with Family Shareholders and Astorg Partners to Reorganize the Capital of Gras Savoye

Willis Group Announces Definitive Agreement with Family Shareholders and Astorg Partners to Reorganize the Capital of Gras Savoye

Partners Will Own Equal 31.8 Percent Stakes in a New Holding Company and Have Equal Board Representation

Willis Obtains Option to Purchase 100 Percent Stake in 2015; Existing Put Option will be Cancelled at Closing; Net Cash Proceeds of $160 Million from Transaction to Reduce Existing Debt

Willis Report: Marine Insurance Market Facing Choppy Seas in Wake of Global Economic Crisis

Willis Report: Marine Insurance Market Facing Choppy Seas in Wake of Global Economic Crisis

Willis Appoints Eric Joost National Partner for North American Specialties

Willis Appoints Eric Joost National Partner for North American Specialties

Willis Appoints New CEO for its Dutch Operations

Willis Appoints New CEO for its Dutch Operations

Willis Commercial Network to Expand Internationally

Willis Commercial Network to Expand Internationally

--Mark Radburn Appointed CEO, Willis Networks International; Phil Scarrett to lead UK Networks-

Ten Leading Scientific Institutions Join the Willis Research Network

Ten Leading Scientific Institutions Join the Willis Research Network

Willis CEO Plumeri Says Trust Central To Economic Recovery; Calls On Business To Commit To True Transparency

WILLIS CEO PLUMERI SAYS TRUST CENTRAL TO ECONOMIC RECOVERY; CALLS ON BUSINESS TO COMMIT TO TRUE TRANSPARENCY In Chicago Speech, Plumeri Says Only Accountability, Openness Will Restore Trust Willis Will Continue to Refuse Contingent Commissions, Plumeri Vows

Willis Group Reports Third Quarter 2009 Results

Willis Group Reports Third Quarter 2009 Results

Willis Group Reports Third Quarter 2009 Results

Major German Research Institutions Join Willis Research Network

Major German Research Institutions Join Willis Research Network The Renowned CEDIM Consortium of GFZ Potsdam and Karlsruhe Institute of Technology Partners With Reinsurance Broker on Natural Catastrophe Risk Research

Willis Re Launches New Service Designed to Manage Client Risk and Maximize Franchise Value

Willis Re Launches New Service Designed to Manage Client Risk and Maximize Franchise Value

Value Based Capital Management is the First and Only Commercially Available Service Created to Measure Risk, Manage Capital and Protect Current and Future Earnings

Climate Change Expected to Increase Storm Activity in Texas

Climate Change Expected to Increase Storm Activity in Texas

Willis Group Holdings Extends Contract of Chairman and CEO

Willis Group Holdings Extends Contract of Chairman and CEO

Willis Re-launches “Winning With Willis” Website

Willis Re-launches “Winning With Willis” Website

Willis Names Stephen Wood Interim CFO

Willis Names Stephen Wood Interim CFO

Willis: Mining Rates Likely to Soften in 2010

Willis: Mining Rates Likely to Soften in 2010

Willis Group Reports Fourth Quarter and Full Year 2009 Results

Willis Group Reports Fourth Quarter and Full Year 2009 Results

Willis CEO Joe Plumeri Reiterates Company Stance on

Willis CEO Joe Plumeri Reiterates Company Stance on Contingent Commissions

Statement of Willis Group Holdings Regarding the Amended and Restated Agreement Between Willis and the Attorney General of the State of New York And the Superintendent of Insurance of the State of New York

Statement of Willis Group HoldingsRegarding the Amended and Restated AgreementBetween Willis and the Attorney General of the State of New YorkAnd the Superintendent of Insurance of the State of New York

Willis Chairman and CEO Joe Plumeri to Speak at Bank of America Merrill Lynch 2010 Insurance Conference

Willis Chairman and CEO Joe Plumeri to Speak atBank of America Merrill Lynch 2010 Insurance Conference

Willis CEO Joe Plumeri Says Asia's Recovery Gains Altitude on the Wings of its Aviation Industry

Willis CEO Joe Plumeri Says Asia’s RecoveryGains Altitude on the Wings of its Aviation Industry

Broker Chief Urges Effective Enterprise Risk Management Strategies to Address New and Emerging Threats to Airborne Commerce

WILLIS CEO PLUMERI SAYS TRUST CENTRAL TO ECONOMIC RECOVERY; CALLS ON BUSINESS TO COMMIT TO TRUE TRANSPARENCY

In Chicago Speech, Plumeri Says Only Accountability, Openness Will Restore Trust

Willis Will Continue to Refuse Contingent Commissions, Plumeri Vows

Major German Research Institutions Join Willis Research Network

The Renowned CEDIM Consortium of GFZ Potsdam and Karlsruhe Institute of Technology Partners With Reinsurance Broker on Natural Catastrophe Risk Research

Willis CEO Joe Plumeri Reiterates Company Stance on
Contingent Commissions

Willis Re: $16 Billion Catastrophe Tab Makes First Three Months of 2010
Worst Ever First Quarter for Natural Peril Losses

Willis Launches Willis DataWize^SM, powered by Riskonnect®

President Bill Clinton Visits Willis to Hail Haiti Relief Efforts:
Corporate Effort Raised $408,000 with Online Campaign

Willis Chairman and CEO Joe Plumeri to Speak at
2010 Barclays Capital Financial Services Conference

Willis Chair in Climate and Weather Risk for Insurance Announced at Walker Institute, University of Reading

New Post Forms Part of the Growing Climate Modeling & Risk Laboratory at Walker Supported by Willis Research Network

Beta Gamma Sigma and Seton Hall University Present
Business Achievement Award to Willis CEO Joe Plumeri

Willis Commercial Network Members - Heartland and Peter Hattersley's
— Recognised with CII Broker Awards

Willis: Upstream Energy Insurers Seeking to Impose Rate Increases in
Wake of Recent Rig Losses

Willis Research Network Says Managing Extreme Risks is Key to
Sustainability, Financial Security and Poverty Reduction

World Bank Delegates Discuss How Insurance Risk Models Can Help
World's Most Vulnerable Cope with Extreme Events