New York, NY, July 29, 2009 – Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today reported results for the quarter and six months ended June 30, 2009.

Highlights of the quarter include:

• Reported (and adjusted) earnings per diluted share from continuing operations of $0.52
• 20 percent reported growth in commissions and fees
• 1 percent organic growth in commissions and fees; Global and International segments with 7 percent and 5 percent growth, respectively
• Reported operating margin of 21.0 percent; adjusted operating margin of 21.2 percent
• North America segment operating margin expansion of 660 basis points over a year ago, to 22.3 percent
• Interim bridge facility fully paid at June 30, 2009

“Willis’ strength lies in its business diversity. We continue to see excellent results from our International and Global segments, and this is bolstering our overall performance in the face of difficult economic conditions, particularly in the US, UK and Ireland,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “The HRH integration continues to go better than expected, with synergies tracking ahead of schedule. We continue to run our 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.”

Second Quarter 2009 Financial Results

Reported net income from continuing operations for the quarter ended June 30, 2009 was $87 million, or $0.52 per diluted share, compared with $39 million, or $0.27 per diluted share, in the same period a year ago. Reported net income for the second quarters of 2009 and 2008 was affected by certain items, including the acquisition of Hilb Rogal & Hobbs Company (HRH) and second quarter 2008 expense review charges for severance and other costs totaling $62 million pre-tax.

Excluding certain items, which are reviewed in detail in this release, adjusted earnings per diluted share from continuing operations were $0.52 in the second quarter of 2009 compared with $0.59 in the second quarter of 2008. In addition, a gain was recognized in this year’s second quarter on the curtailment of the US pension plan in the amount of $12 million pre-tax, or $0.04 per diluted share. Foreign currency movements had no impact on earnings in the second quarter of 2009.

Total reported revenues for the quarter ended June 30, 2009 were $784 million compared with $661 million for the same period last year, an increase of 19 percent. This increase was primarily due to the HRH acquisition, while the effect of foreign currency movements decreased reported revenues by 7 percent.

Organic growth in commissions and fees was 1 percent in the second quarter of 2009 compared with the second quarter of 2008. This growth reflected net new business won of 4 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 5 percent organic growth in commissions and fees in the second quarter of 2009 compared with the same period in 2008. This growth came from strong net 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. There was strong growth across many regions including Europe and Latin America. Specifically there was double-digit growth in Denmark, Spain, Poland and Russia, and Venezuela and Argentina.

The North America segment reported an 8 percent decline in organic commissions and fees compared with the second quarter of 2008, reflecting soft insurance market conditions, as well as increased weakness in the US economy, which has especially impacted the US Construction and Employee Benefits practices. The operating margin in North America expanded 660 basis points to 22.3 percent in the second quarter of 2009 compared to the second quarter of 2008 as a result of HRH integration synergies, expense management, and $9 million of the US pension curtailment gain.

The Global segment, which comprises Global Specialties, Faber & Dumas and Reinsurance, recorded 7 percent organic growth in commissions and fees in the second quarter of 2009 compared with the second quarter of 2008. There was double-digit growth in reinsurance driven by International and North America reinsurance while Global Specialties’ growth was slightly negative due to the effects of global economic weakness, specifically in energy and financial and executive risks.

Reported operating margin was 21.0 percent for the quarter ended June 30, 2009 compared with 11.6 percent for the same period last year. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 21.2 percent for the quarter ended June 30, 2009 compared with 21.0 percent a year ago.

Adjusted operating margin reflected good underlying business performance, HRH integration synergies, diligent cost management and favorable foreign currency movements, tempered by lower investment income, higher amortization and higher pension expense.

Salaries and benefits were $443 million, or 56.5 percent of total revenues, in the second quarter of 2009 compared with $428 million, or 64.8 percent, in the second quarter of 2008. Excluding the 2008 expense review charges, adjusted salaries and benefits were $377 million, or 57.0 percent of total revenues, in the second quarter of 2008. Other operating expenses were $139 million, or 17.7 percent of total revenues, in the second quarter of 2009 compared with $141 million, or 21.3 percent, in the second quarter of 2008. On an adjusted basis, other operating expenses in the second quarter of 2009 were $138 million, or 17.6 percent of revenues, compared with $130 million, or 19.7 percent of revenues, in the second quarter of 2008.

Six Months 2009 Financial Results

Reported net income from continuing operations for the six months ended June 30, 2009 was $279 million, or $1.67 per diluted share, compared with $205 million, or $1.43 per diluted share, in the same period a year ago. Reported net income for the first six months of 2009 and 2008 was affected by certain items, including the acquisition of HRH and first half 2008 expense review charges for severance and other costs totaling $95 million pre-tax.

Excluding certain items, which are reviewed in detail in this release, adjusted earnings per diluted share from continuing operations were $1.68 for the six months ended June 30, 2009 compared with $1.91 in the comparable period of 2008, a decrease of 12 percent. In addition, the pension curtailment gain amounted to $12 million pre-tax, or $0.04 per diluted share, for the first half of 2009. Foreign currency movements reduced earnings per diluted share by $0.12 for the six months ended June 30, 2009. This was primarily the result of the significant strengthening of the US dollar relative to the Euro.

Total reported revenues for the six months ended June 30, 2009 were $1,714 million compared with $1,456 million for the same period last year, an increase of 18 percent. The increase was primarily due to the HRH acquisition, while the effect of foreign currency translation decreased reported revenues by 8 percent.

Organic growth in commissions and fees was 2 percent in the first half of 2009 compared with the comparable period of 2008. This growth reflected net new business won of 4 percent offset by a negative 2 percent impact from declining premium rates and other market factors.

Reported operating margin was 25.6 percent for the six months ended June 30, 2009 compared with 20.7 percent for the same period last year. Excluding certain items, which are reviewed in detail in this release, adjusted operating margin was 25.8 percent for the first half of 2009 compared with 27.3 percent a year ago.

Tax

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

Discontinued Operations

Income from discontinued operations, net of tax, was $nil in the second quarter of 2009 and $1 million, or $0.01 per diluted share, for the six months ended June 30, 2009. In April 2009, Willis Group Holdings Limited disposed of Bliss & Glennon, its US-based wholesale insurance operation, for net proceeds of $38 million. No net gain or loss was recognized relating to this 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 October 12, 2009 to shareholders of record on September 30, 2009.

As of June 30, 2009, cash and cash equivalents totaled $103 million and total debt was $2.5 billion. The interim bridge facility, with $103 million outstanding at March 31, 2009, was fully repaid as at June 30, 2009. Total stockholders’ equity was $2.2 billion.

Stanford Financial Group

Willis and one of its subsidiaries have been sued in federal courts in Texas and Florida by plaintiff lawyers acting on behalf of Mexican and South American investors in Stanford Financial Group. A Willis employee has also been named in the Texas suit and Willis has separately received a demand letter from a Texas law firm, in advance of commencing litigation. The matters relate to the collapse of Stanford, for which Willis acted as broker of record for certain lines of insurance.  The complaints generally allege that Willis aided Stanford's efforts to sell certificates of deposit by issuing to Stanford certain letters regarding the insurance policies that Willis placed for the firm. The plaintiffs are collectively seeking damages in excess of $1 billion.

The Company said that it will defend itself vigorously in these lawsuits.  The Company does not believe that any Willis employee knew that Stanford was engaged in fraudulent activity, and it is undertaking a full investigation of the facts so it can address this matter as expeditiously as possible.

Conclusion

“I am pleased with our performance for the quarter and the first six months. We continue to grow in the worst global economy the world has ever seen, and that’s a testament to our international diversity and specialist expertise,” Plumeri said. “We have always run this company with discipline, and that continues to pay off in strong operating margins, as we keep a tight control on expenses and maintain our business 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 second quarter 2009 results will be held on Thursday, July 30, 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, and through August 28, 2009 at 11:59 PM Eastern Time, by calling (866) 568-0618 (domestic) or +1 (402) 998-1520 (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, included in this document 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 HRH 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. 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;
• the potential costs and difficulties in complying with a wide variety of foreign laws and regulations and any related changes, given the global scope of our operations;
• our involvements in and the results of any regulatory investigations, legal proceedings and other contingencies;
• our exposure to potential liabilities arising from errors and omissions and other potential claims against us; and
• the interruption or loss of our information processing systems or failure to maintain secure information systems.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For additional factors see also Part I, Item 1A ‘‘Risk Factors’’ included in Willis’ Form 10-K for the year ended December 31, 2008. Copies of the 10-K are available online at http://www.sec.gov or on request from the Company as set forth in Part I, Item 1 “Business-Available Information” in Willis’ Form 10-K.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

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

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 six months ended June 30, 2009 and balance sheet as at that date.

NEW YORK, July 21, 2009 - Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, will announce its earnings for the second quarter ending June 30, 2009 after the market closes on Wednesday, July 29, 2009. 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, July 30, 2009, 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 second-quarter 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 August 28, 2009 at 11:59 PM, Eastern Time, by calling (888) 568-0618 (domestic) or + 1 402-998-1520 (international) with no passcode, or by accessing the web site.

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.

NEW YORK, September 30, 2009 - Willis North America Inc. (“WNA”), a subsidiary of global insurance broker Willis Group Holdings Limited (NYSE: WSH), today announced the final results of its cash tender offer to purchase any and all of its 5.125% Senior Notes due 2010 (the “Tender Offer”).

As of 11:59 p.m., New York City time, on September 29, 2009, the aggregate principal amount of 2010 Senior Notes tendered in the Tender Offer was $159,788,000. All of the 2010 Notes that were tendered have been accepted for payment by WNA, with settlement expected to occur today. The holders of the 2010 Notes that were accepted for purchase will be entitled to receive tender offer consideration of $1,027.50 per $1,000 principal amount of the 2010 Notes, plus any accrued and unpaid interest from and including the last interest payment date up to, but not including, the Settlement Date.

The Tender Offer was made pursuant to an Offer to Purchase dated September 22, 2009, and a related Letter of Transmittal, which set forth a complete description of the terms of the offer.

WNA retained J.P. Morgan Securities Inc. to serve as Dealer Manager, and Global Bondholder Services Inc. to serve as the depositary and information agent. For additional information regarding the terms of the Tender Offer, please contact J.P. Morgan Securities Inc. at (866) 834-4666. Requests for documents and questions regarding the tender of the Notes may be directed to Global Bondholder Services Inc. at (866) 470-4200.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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 some 190 countries. Additional information on Willis may be found at www.willis.com.

Forward-looking Statements
This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as the redomicile of Willis Group Holdings Limited, general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, changes in premium rates, the competitive environment and the actual cost of resolution of contingent liabilities. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission.

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Willis Group Holdings to Announce Third-Quarter Earnings on October 26;
Investor Conference Call Set for October 27

NEW YORK, October 14, 2009 — Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, will announce its earnings for the third quarter ending September 30, 2009 after the market closes on Monday, October 26, 2009. The Willis earnings release will be available soon thereafter within the "Investor Relations" section of the company's web site (www.willis.com).

On Tuesday, October 27, 2009, 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 third-quarter 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 November 27, 2009 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 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.

Willis Appoints Hugh Powell CEO, Latin America, Willis Facultative

London, UK, October 15, 2009 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Hugh Powell as CEO, Latin America, for Willis Facultative.

Powell will have responsibility for Willis' facultative reinsurance business across the entire region and will join the Executive Committee of Willis Facultative. This committee will be chaired by Jason Howard who, while remaining CEO of Willis Re International and Specialty, will become Executive Chairman of Willis Facultative.

Powell also will have responsibility for the management of the company's reinsurance offices located in Latin America. He will be supported in this role by Edward Fyfe as Deputy CEO, Latin America, for Willis Facultative.

Powell joins Willis from Guy Carpenter, where he headed up the Latin America Facultative operation.

Commenting on Powell's appointment, Grahame Millwater, President of Willis Group, said, "In March of this year we launched our unified global facultative business. The recruitment of Hugh Powell is a clear signal that we intend to attract the very best in the industry and at the same time broaden our global facultative footprint."

Jason Howard commented, "Latin America is a highly successful and growing region for Willis. I am confident that Hugh will grow our Latin American reinsurance business while at the same time allowing us to ensure that our facultative and treaty offerings are fully aligned to the benefit of ceding company clients."

Matthew Keeping, Chief Executive Officer of Willis Facultative, commented, "Hugh brings us further credibility in the Latin American region and his appointment to our Executive Committee greatly strengthens our global management team. With Jason becoming Chairman of our Executive Board, we have finalised the makeup of our senior management team."

"A stronger reinsurance business with a unified regional management structure will complement our existing retail businesses. This will be pivotal in enabling Willis to offer the full range of propositions across the region, whether it is retail or reinsurance," said Eugenio Paschoal, Chief Executive Officer of Willis Latin America.

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 insome 190 countries. Additional information on Willis may be found at www.willis.com.

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London, UK, October 15, 2009 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Hugh Powell as CEO, Latin America, for Willis Facultative.

Powell will have responsibility for Willis' facultative reinsurance business across the entire region and will join the Executive Committee of Willis Facultative. This committee will be chaired by Jason Howard who, while remaining CEO of Willis Re International and Specialty, will become Executive Chairman of Willis Facultative.

Powell also will have responsibility for the management of the company's reinsurance offices located in Latin America. He will be supported in this role by Edward Fyfe as Deputy CEO, Latin America, for Willis Facultative.

Powell joins Willis from Guy Carpenter, where he headed up the Latin America Facultative operation.

Commenting on Powell's appointment, Grahame Millwater, President of Willis Group, said, "In March of this year we launched our unified global facultative business. The recruitment of Hugh Powell is a clear signal that we intend to attract the very best in the industry and at the same time broaden our global facultative footprint."

Matthew Keeping, Chief Executive Officer of Willis Facultative, commented, "Hugh brings us further credibility in the Latin American region and his appointment to our Executive Committee greatly strengthens our global management team. With Jason becoming Chairman of our Executive Board, we have finalised the makeup of our senior management team."

"A stronger reinsurance business with a unified regional management structure will complement our existing retail businesses. This will be pivotal in enabling Willis to offer the full range of propositions across the region, whether it is retail or reinsurance," said Eugenio Paschoal, Chief Executive Officer of Willis Latin America.

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 insome 190 countries. Additional information on Willis may be found at www.willis.com.

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Willis Initiates Search for New Chief Financial Officer to Succeed Patrick C. Regan in Early 2010

Regan Will Remain Through Year-End Reporting and Assist with Transition

NEW YORK, October 23, 2009 - Willis Group Holdings (NYSE: WSH), the global insurance broker, today said that it has initiated a search for a new chief financial officer to replace CFO and Group Chief Operating Officer Patrick C. Regan in early 2010. Mr. Regan will remain at Willis through the year-end reporting and regulatory filing process for 2009, as well as to assist with the search for a successor and ensure a seamless transition, before joining Aviva plc (LON: AV), the world’s fifth largest insurance group, as CFO.

Willis has retained Spencer Stuart, one of the world’s leading executive search consulting firms, to assist with the recruitment process.

Joseph J. Plumeri, the Chairman and CEO of Willis, said: “In the past four years, Pat has contributed greatly to our efforts to grow Willis’ business and strengthen our financial and operating performance. We appreciate Pat’s many contributions to our company, as well as his commitment to remain fully engaged at Willis through our 2009 year-end reporting and regulatory filing process. We congratulate Pat and wish him well on the exciting opportunity he is taking with Aviva. Meanwhile, we are moving quickly to identify the best possible candidate to succeed Pat and help take Willis to the next level.”

Mr. Regan said: “It has been a privilege to be a part of Willis’ outstanding management team, which has helped cement Willis’ position as the most client-focused global brokerage in the industry. As I embark on the next stage of my career, I am confident that under Joe Plumeri’s leadership and with the breadth and depth of the senior executive team behind him, Willis will continue to thrive and grow.”

Mr. Regan joined Willis as an Executive Officer in January 2006. He has been CFO since March 2006 and Group COO since 2008.

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

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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.

• 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

• 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.

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 subsequent filings with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or on request from the Company as set forth in Part I, Item 1 “Business-Available Information” in Willis’ Form 10-K.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

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

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.

• 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

• 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.

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 subsequent filings with the Securities and Exchange Commission. Copies are available online at http://www.sec.gov or on request from the Company as set forth in Part I, Item 1 “Business-Available Information” in Willis’ Form 10-K.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

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

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 Announces Definitive Agreement with Family ShareholdersAnd Astorg Partners to Reorganize the Capital of Gras Savoye

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.