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.

# # #

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.

# # #

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.

###

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.

# # #

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.

# # #

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.

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.

###

Willis Completes Change in Place of Incorporation to Ireland

About Willis

Forward-Looking Statements

###

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.

# # #

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.

# # #

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

# # #

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.

# # #

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.

###

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

# # #

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.

###

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.

# # #

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.

# # #

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.

# # #

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.

# # #

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.

###

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.

# # #

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.

# # #

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

###

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.

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 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

# # #

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.

# # #

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.”

# # #

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.

# # #

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.

###

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.

###

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.

###

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.

###

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.

###

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.

###

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