Willis.com Media Room

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 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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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.

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.

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

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

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

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

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

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

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

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

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

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

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

About Willis

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

willis.com — Fri, 23 Oct 2009 00:00:00 GMT

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.

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Willis Appoints Pauline Margrett COO of Global Captive Practice

willis.com — Wed, 21 Oct 2009 00:00:00 GMT

Willis Appoints Pauline Margrett COO of Global Captive Practice

London, UK, October 21, 2009 – Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced that Pauline Margrett has been appointed Chief Operating Officer for its Global Captive Practice. Based in London, Margrett will report to Tom Coughlin, the Global Captive Practice leader.

Over a 25-year career with Willis, Margrett has specialized in client advisory and operational roles in the captive and risk financing arena, most recently as Director of the International Captive Practice. Margrett’s appointment to the Willis Global Captive Practice underscores the broker’s intention to expand its captive risk management capabilities on a global scale.

Commenting on Margrett’s appointment, Coughlin said, “Pauline has worked in the captive arena for many years and has a great understanding of the business. She has the knowledge and expertise to really drive improvements in operational efficiencies to support the strategic growth plan of the Global Captive Practice. We already have a deep talent pool in the business and it will be Pauline’s job to coordinate these resources and ensure they are channelled towards finding the best risk financing and captive solutions for our clients.”

Willis’ Global Captive Practice provides consulting services to clients that help them decide on a risk financing strategy and determine whether a captive is a suitable vehicle to help manage their retained risk. The team also offers extensive global experience and capabilities to help clients set up and manage a captive, and achieve the optimal balance between risks they choose to transfer out of their business and those which they keep in-house.

The Willis Global Captive Practice includes existing operations in Bermuda, Cayman, Ireland, Gibraltar, Guernsey, Hawaii, Isle of Man, Malta, New Zealand, Singapore and Vermont. The practice is currently the third-largest global captive manager in the industry.

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Willis Appoints Tom Ealy National Partner for Midwest Region

willis.com — Mon, 19 Oct 2009 00:00:00 GMT

Willis Appoints Tom Ealy National Partner for Midwest Region

New York, October 19, 2009 – Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Thomas V. Ealy as National Partner of the Midwest Region for its North American retail operations.

In his new role, Ealy will be responsible for the company’s retail offices in Illinois, Minnesota, Wisconsin, Michigan, Ohio and a portion of Pennsylvania. He will continue to be based in Chicago. In his nearly eight years with the company, he has held a variety of roles including Managing Partner of the Chicago office, Chief Operating Officer of Willis North America, and most recently National Partner in charge of the Commercial Segment, which represents 75 percent of the company’s U.S. client base. Ealy brings 27 years of industry experience to his new role. He earned his undergraduate degree in economics from the University of Notre Dame and his M.B.A. from Harvard University.

Don Bailey, CEO of Willis North America, said of Ealy’s appointment: “In each of Tom’s roles, he has demonstrated a passion for excellence that has benefited Willis, our clients and Associates, our trading partners, and the industry. His fingerprints are all over our North American success story. In his new role, he will bring that same dedication to the leadership of one of our largest and strategically most important regions.”

Commenting on his appointment, Ealy said, “I’ve had the privilege to sit in many chairs at Willis. Working with our outstanding team in the Midwest, I look forward to translating those experiences and my deep understanding of the company and our industry into an even more compelling value proposition for our clients, fulfilling careers for our Associates, and greater results for Willis and our shareholders.”

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

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Willis Appoints Canadian Energy Practice Leader

willis.com — Fri, 16 Oct 2009 00:00:00 GMT

Willis Appoints Canadian Energy Practice Leader
--Broker Bolsters Calgary team with Eight New Hires-

London, October 16, 2009 — Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the restructuring of its Energy division in Canada, with the appointment of Joe Seeger as Energy Practice Leader for Willis Canada. In this new role, he will report to Alistair Rivers, CEO, Willis Energy and Marine.

In strengthening the team, the broker also announced several new appointments in Calgary to bolster Seeger’s Energy team. Dave Twaddle has been appointed as Senior Vice President of Willis Energy and will report to Seeger. Twaddle joins Willis from Jardine Lloyd Thompson (JLT,) where he was Managing Director and Calgary Branch Manager. Willis Energy in Calgary has grown significantly in recent months with the addition of a number of energy industry executives, including Donna Holt, Laura Lansdown and Sandra (Sam) Pearson, all Vice Presidents and Account Executives; Account Manager Nicole Murphy along with Amy Cline as Executive Assistant all of whom have joined from a variety of other insurance brokers. Robert Carter also joins from outside the industry as a Technical Assistant.

Seeger brings to Willis over 20 years of experience in the energy sector. Most recently he was Risk Manager for Suncor Energy Inc., Canada’s largest integrated oil and gas company with significant oil sands production. Earlier, he held a similar position at Enbridge Inc., a Calgary-based pipeline and gas utility company, where he was responsible for insurance program oversight, claims management, development of an Enterprise Risk Management program and captive implementation and utilization.

Alistair Rivers, CEO, Willis Energy and Marine said, “Joe’s appointment, alongside our other energy hires in Canada, builds on the steps we have already taken to develop our reputation as an industry leader in the energy field. The newly established team puts us in an even better position to give our clients a body of expertise that is truly world-wide. Joe understands the dynamic and complicated role risk managers play within an organization and with his broad background in business, insurance, and oil and gas, we know that he will lead with insight and provide meaningful and sound advice to clients.”

Based in London, New York, Houston, San Francisco, Calgary, Gothenburg and Singapore, Willis Energy delivers world-class energy risk management solutions that are effective against all levels of technical and operational risks inherent in the energy industry. Willis Energy now serves over 200 energy and energy-related client programs per year, including 14 of the 57 members of OIL.

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Willis Appoints Hugh Powell CEO, Latin America, Willis Facultative

willis.com — Thu, 15 Oct 2009 00:00:00 GMT

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

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 Group Holdings to Announce Third-Quarter Earnings on October 26

willis.com — Wed, 14 Oct 2009 00:00:00 GMT

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.

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Willis Re Enhances Global Organization to Fully Align with Clients

willis.com — Wed, 14 Oct 2009 00:00:00 GMT

Willis Re Enhances Global Organization to Fully Align with Clients
New Structure, Appointments Aimed at Delivering Leading-Edge Service Excellence

NEW YORK, NY, October 14, 2009 — Willis Re, the reinsurance arm of global insurance broker Willis Group Holdings Limited (NYSE: WSH), today announced a series of management changes and a new organizational structure designed to respond to the evolving marketplace and to better leverage the unit’s talent and resources for the benefit of clients worldwide.

Willis Re is combining its International and Specialty network into a single business unit to better enable it to provide a full range of resources and capabilities in all of the geographies in which it operates. Willis Re also is more closely aligning its U.S. and Bermuda operations in a new North America group. In support of these changes, Willis Re will unify its Analytics and Operational teams on a global basis.

“Driven by the evolving needs of our clients, the lines between reinsurance broking, analytics and our other offerings have blurred in recent years and continue to converge. A variety of market factors, including regulatory changes such as Solvency II, are also driving more consistent needs for our clients, worldwide,” said Peter Hearn, Chief Executive Officer of Willis Re. “Our new structure addresses this reality, and will enhance our ability to provide our clients with industry-leading products and services, wherever they do business.”

Hearn said the new structure will better enable Willis Re to meet its strategic objectives. “Our structural changes will enhance our ability to tap into Willis Re’s uniquely collaborative culture and harness our best thinking and skills to drive innovation and best-in-class quality for our clients,” he said.

In line with the new organizational structure, Willis Re announced a series of leadership appointments to drive its revamped business model. Chris Clark and James Vickers have been named Chairmen of the new International and Specialty business unit. Clark will focus on new business development for Specialty and Property/Casualty business, primarily in the London market and the United States. Vickers will focus on new business development in other markets, especially in Japan and across Asia, and will serve as the primary client advocate on several large global accounts. He will also be responsible for Willis Re’s global branding and marketing. Also within the International and Specialty unit, Jason Howard has been appointed CEO, with responsibility for integrating the two formerly separate businesses.

Paddy Jago has been named President of Willis Re, and will lead Global Sales and Growth. While continuing to produce business and maintain key client relationships in the United States, the London Market and internationally, Jago will work to further the development of Willis Re’s global sales model in concert with Willis Group’s global growth initiative.

Consistent with the approach being taken across the International and Specialty network, Jim Bradshaw will take on the role of CEO of Willis Re’s new North America Group, and will be responsible for aligning Willis Re’s Bermuda operation more closely with its U.S. operation, to leverage the combined resources of these businesses to better serve Willis Re’s clients. To further that alignment, James Kent is named Managing Director of Willis Re Bermuda and President of Willis Re North America.

As Willis Re moves to globally align its Analytics capabilities, it has appointed Rowan Douglas as CEO of Global Analytics. Douglas also will maintain his leadership of the Willis Research Network, the world's largest partnership between academia and the insurance industry to study natural perils, climate change and other major risks. In line with the globalization of Willis Re’s Analytics business, Yves Provencher is named Managing Director of Global Analytics, responsible for driving greater coordination in product development and ensuring consistent quality of products and output.

“Willis Re has some of the best talent in our industry, and I am confident that this team of highly experienced senior executives are the right people to further our development as a highly collaborative, client-focused business with a consistent standard of excellence that truly sets us apart in the marketplace,” said Hearn.

About Willis

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Willis Publishes 2010 Analysis and Commentary on U.S. Insurance Industry

willis.com — Tue, 13 Oct 2009 00:00:00 GMT

Willis Publishes 2010 Analysis and Commentary on U.S. Insurance Industry

‘Marketplace Realities’ Report Available on Willis.com

NEW YORK, October 13, 2009 — Willis Group Holdings (NYSE: WSH), the global insurance broker, today published the 2010 edition of its Marketplace Realities and Risk Management Solutions report, the company’s long-standing annual series offering commentary and analysis on the insurance marketplace in every major line and select industry sectors. The report is available here, free of charge, on the company’s web site, www.willis.com.

The subtitle of the two-part report is Careful Steps. Marketplace forces that have led recently to sometimes frenzied competition among insurers may remain in place into 2010, according to Willis experts, but potential difficulties brewing on the horizon may have a market-turning effect by late 2010 or 2011. In introductory comments, Willis Chairman and CEO Joe Plumeri says, “While undoubtedly appreciating the windfall of softening rates, risk managers must also consider the issues of market security and counterparty risk as never before... We urge our clients to move deliberately, thoughtfully, to take an extra moment and consider the broadest perspective in their view of risk. And as always, Willis will be helping our clients take careful, smart steps forward.”

The 2010 report is being published in time to help insurance buyers make plans for the coming year. In addition to articles on Property, Casualty, Workers’ Compensation, Employee Benefits and all Executive Risks lines, the publication includes pieces on U.S. reinsurance, captives, the Bermuda and London markets, international programs and on several key industry segments and specialty lines. Industry segments include Aviation, Construction, Financial Institutions, Health Care, Life Sciences, Real Estate & Hotels, and Utilities. Insurance lines covered include Environmental, Marine, Personal Insurance, Political Risks, Kidnap & Ransom, Surety and Trade Credits.

Highlights from the articles include:

1. Some insurance lines are hardening — While the market remains soft in most lines, political instability, global bankruptcies and losses in aviation have brought on rate increases for Trade Credit and Aviation coverage.

2. Filling a gap in supply chain protection — Marine and other insurance that protects supply chain exposures usually share one major shortcoming: it usually requires a physical loss to respond. Trade Disruption Coverage fills that gap.

3. Estimates for catastrophic losses may be coming down — New models used in Property insurance are lowering the estimates of loss from earthquakes and hurricanes.

4. The world is catching up with the litigious U.S. — Our International experts note that the concept of moral damages — which underpins much of the litigation in the U.S. — is becoming a part of the thinking in Latin America.

5. Financial institutions are avoiding the broad brush — Banks are not having an easy time of it, but those that have successfully managed their risk — and can document it — are seeing flat renewals and even occasional reductions in premiums. The publication, which is updated periodically throughout the year, is available on the Publications page of the Willis web site, http://www.willis.com/What_We_Think/Publications/.

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Willis Research Network Forms Alliance with Scripps Institution of Oceanography

willis.com — Mon, 12 Oct 2009 00:00:00 GMT

Willis Research Network Forms Alliance with Scripps Institution of Oceanography
-- Initiative to Educate Insurers and Reinsurers on the Science of Climate Change and its Impact on Risk --

London, UK, October 12, 2009 – The Willis Research Network (WRN), part of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, and Scripps Institution of Oceanography at the University of California, San Diego have formed an educational alliance in response to the growing interest in the potential effects of climate change on the insurance and reinsurance industries. Scripps Oceanography also recently became a member of the WRN – the world's largest collaboration between academia and the re-insurance industry.

The WRN-Scripps initiative has been launched in advance of the National Association of Insurance Commissioners (NAIC) 2010 disclosure requirements which will require all insurance companies with annual premiums of more than $500 million to disclose to regulators and investors the financial risks they face from climate change, as well as actions the companies are taking to respond to those risks.

Scripps has been at the forefront of climate change research for more than 50 years and is a world-renowned leader in the study of earth systems encompassing studies of the oceans, atmosphere, and the earth's surface/subsurface. Most recently, approximately 12 Scripps scientists contributed to the International Panel on Climate Change’s (IPCC) Fourth Assessment Report.

Commenting on the alliance, Kyle Beatty, Business Leader of Willis Re’s U.S. Catastrophe Management Services team, said, “By directly linking our clients with leading scientists at Scripps, insurance executives will have a unique opportunity to discuss the realities of climate science in the context of their business objectives.”

Rowan Douglas, Chairman of the WRN, said, “Climate change is expected to have significant regional risk implications and is a major part of the Willis Research Network program. We are delighted to have an opportunity to connect the depth of expertise at Scripps with some of the world’s leading insurers and reinsurers.”

“It’s clear that insurers and reinsurers are leading the commercial sector when it comes to considering the impact of climate change on a global scale,” according to Stephen Bennett, Scripps Director for Business Development.

Scripps Director Tony Haymet added, “Scripps is proud to be working with the WRN to add climate education as a basic part of professional development programming in the insurance industry.”

The Scripps alliance extends the reach of the WRN whose network of over 20 institutions conducts original research on the subjects of natural catastrophes, geovisualizaion, risk assessment and public policy. The addition of Scripps Oceanography as an educational collaborator with the WRN will provide Willis clients with a supplementary source for basic scientific information to augment the detailed research flowing from the WRN Core Research Programme and the Willis Research Fellows.

About Willis

The Willis Research Network (WRN) is the world's largest partnership between academia and the insurance industry. Willis has teamed up more than 20 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to evaluate the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com.

About Scripps Institution of Oceanography

Scripps Institution of Oceanography, at University of California, San Diego, is one of the oldest, largest and most important centers for global science research and education in the world. The National Research Council has ranked Scripps first in faculty quality among oceanography programs nationwide. Now in its second century of discovery, the scientific scope of the institution has grown to include biological, physical, chemical, geological, geophysical and atmospheric studies of the earth as a system. Hundreds of research programs covering a wide range of scientific areas are under way today in 65 countries. The institution has a staff of about 1,300, and annual expenditures of approximately $155 million from federal, state and private sources. Scripps operates one of the largest U.S. academic fleets with four oceanographic research ships and one research platform for worldwide exploration.

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First Willis Networks Member Graduates from its Chartered Management Institute Scheme

willis.com — Wed, 07 Oct 2009 00:00:00 GMT

First Willis Networks Member Graduates from its Chartered Management Institute Scheme

London, UK, October 06, 2009 – Willis Networks, a partnership between Willis Group Holdings (NYSE: WSH), the global insurance broker, and local, independent brokers in the UK, today announced its first network member graduate of its Chartered Management Institute (CMI) accreditation scheme.

Willis Commercial Network (WCN) member Chris Harper, Insurer Relations Director of Berkeley Insurance Group, has successfully completed the CMI Level Seven accreditation through the Willis Networks training programme. He is now a CMI member and intends to continue the programme to become a Chartered Manager, which will significantly enhance Berkeley Insurance Group Ltd, which employs 55 staff. Eight other WCN members are currently taking part in the scheme Including Henshalls Insurance Brokers, Gauntlet Risk Management. K L Plester Insurance Service Limited, Scrutton Bland Ltd and Heartland Ltd with more anticipated to join in 2010.

As part of its ongoing initiative to train and support independent regional brokers, Willis Networks has developed a roster of training programmes dedicated to enhancing the management skills and expertise of its network members. The current courses include an executive development programme and a supervisors course. Last year the WCN aligned and extended these programmes to the CMI qualification to enable network members to combine and develop their practical business experience in conjunction with the theory of the programme to develop their managers.

Anne Hughes, Operations Director, Willis Networks, said, “The training offered by the Willis Commercial Network only serves to further highlight our commitment to helping regional brokers thrive in these difficult times. I congratulate Chris on his achievement and look forward to seeing businesses like Berkeley Insurance Group grow as their managers reap the benefits of the CMI training.”

Chris Harper said, “I am delighted to have finished the first part of this scheme, and am eager to take the next steps towards becoming a Chartered Manager. The Willis Commercial Network has provided a vital stepping stone through the CMI scheme and I am sure that many more will see their businesses enhanced through this service.”

Willis Networks was established in 1999 and is comprised of the Willis Commercial Network, representing brokers placing annual premiums of between £3 million to £25 million, and Willis N², which represents community brokers with up to £3 million in annual premium.

About Willis

About CMI

The CMI is only chartered professional body that is dedicated to management and leadership. They are committed to raising the performance of business by championing management, and do this through supporting and advising individuals and organisations, or through engaging policy makers and key influencers in government and the management profession.

About Berkeley Insurance Group

Berkeley Insurance Group Ltd completed a management buy-out of the general insurance business in 2008. They have been members of WCN since 2000. They are the fifth largest Chartered Insurance Broker in the UK and have a gross written premium approaching £40m. Group Chairman Andrew Bedford said ‘We are delighted Chris Harper has achieved this qualification which will be invaluable in his personal development’.

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Willis Commercial Network to Work with Insurer Partners to Streamline Renewals Process

willis.com — Thu, 01 Oct 2009 00:00:00 GMT

Willis Commercial Network to Work with Insurer Partners to Streamline Renewals Process

London, UK, September 30, 2009 – Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that the Willis Commercial Network (WCN), its partnership with local independent brokers in the UK, will launch an initiative in conjunction with its insurer partners to eliminate inefficiencies in the joint renewal process.

The initiative aims to eliminate or modify non-value add parts of network members and insurer partners processes. It will also focus on getting a joint agreement on timely and “right first time” renewal processes for the future, which will be delivered through efficient and effective internal procedures. This will save time and resource and will streamline the renewals process for both parties, but most importantly it will improve the service experience for clients.

At the Willis Commercial Networks’ tenth anniversary conference in July, WCN members and representatives from Aviva, Allianz, Axa, Zurich and RSA took part in a Continuous Improvement Masterclass run by the Warwick Business School. At this workshop, inefficiencies in the renewals process – including what information is collected and how it is exchanged with insurers – were cited as one of the biggest stumbling blocks for brokers. The WCN members and insurers present resolved to work together on a project, spearheaded by the Willis Networks management team, to eliminate these inefficiencies.

After taking part in the workshops at the conference, Janice Deakin, Corporate Sales Director, Aviva, commented, "I was taken aback by some of the inefficiencies in the current renewal process and was sure such processes could be streamlined even further with insurers’ input. I therefore gave a commitment that Aviva would actively engage in such an exercise with both the Willis Networks team and WCN members, as this will ultimately benefit all the parties to this partnership."

The Continuous Improvement Project began a year ago when Willis introduced its network members to Japanese Kaizen principles and tools to help them improve their business processes. The principle of Kaizen is to bring together the constituent parts of a team and office to collectively review real-life performance issues, with the aim of improving processes and resolving the issues.

The Kaizen principles were initially applied in pilot programmes at several WCN-member brokers, in which process inefficiencies were identified and improvements put in place with great success. In these pilots, it was discovered that there were various underlying types of “waste” in most of the businesses, including duplication of work, poor access to and storage of information, and the incorrect allocation of administrative tasks to senior employees. Each member conceded there were certain efficiencies that could be achieved if they were able to include their insurer partners within this review and improvement process.

Willis Networks Managing Director, Mark Radburn said, “I am excited by the launch of this project, which we are hoping will have dramatic positive repercussions among our members and the clients they serve. It is vital that the network community works together to help each other thrive, particularly in these tumultuous times. Through this project our members and insurer partners will be able to do more with the resources they each have because they will have tackled the daily process frustrations which currently get in the way.”

Following on from the success of the previous workshops, the Willis Networks management team is currently organising a one-day workshop in October to kick off the new renewals improvement project. Participants will be drawn from WCN’s insurer partners, network members and the Willis Networks operations team.

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Willis Appoints Brian Curtis CEO in Ireland

willis.com — Thu, 01 Oct 2009 00:00:00 GMT

Willis Appoints Brian Curtis CEO in Ireland

London, UK, October 1, 2009 - Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced the appointment of Brian Curtis as Chief Executive Officer, Willis Risk Services (Ireland) Limited, effective immediately. Curtis reports to Brendan McManus, CEO of Willis UK & Ireland.

Curtis will be responsible for driving growth and maintaining world-class client service levels throughout Willis' Irish operation, which employs 320 Associates in offices in Dublin, Limerick and Cork, and generates annual revenues of more than €40 million. A full-service broker, Willis Ireland has particularly strong expertise in such areas as corporate broking and employee benefits, while offering local clients access to the full complement of Willis' global placement and specialist resources.

Curtis joins Willis from Aon Ireland, where he has been both Chief Operating Officer and Chief Broking Officer since 2000. Having started his own brokerage business at the age of 28, he sold the company in 1996.

Curtis succeeds Jim O'Mahoney, who is named Chairman of Willis Risk Solutions (Ireland). The business, formerly known as Coyle Hamilton Willis, changed its name last September, to reflect its full integration into Willis and the increasingly global nature of Willis' business in Ireland. O'Mahoney has been with Coyle Hamilton and Willis for nearly 25 years, and has played an integral role in building the business and in positioning Willis as the number one global insurance broker in Ireland.

Commenting on the appointments, McManus said, "Brian's knowledge of and presence in the local market will bring many benefits to Willis in the region. He is a dynamic and forward-thinking businessman and an outstanding leader who will work very well with the Willis team. In addition to Brian's appointment, we look forward to Jim playing an important role as Chairman, leveraging his many years of experience and critical guidance and support through this period of transition. These changes, coupled with our recent announcement about our plans to move our corporate headquarters to Ireland, underscore our strong commitment to the Irish market and our determination to be a significant part of its outstanding growth potential as one of the world's great financial and insurance centres."

Willis North America Inc. Announces Final Results of Cash Tender Offer for its 5.125% Senior Notes due 2010

willis.com — Wed, 30 Sep 2009 00:00:00 GMT

Willis North America Inc. Announces Final Results of
Cash Tender Offer for its 5.125% Senior Notes due 2010

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 Acquires 100 Percent of Argentina Business

willis.com — Tue, 29 Sep 2009 00:00:00 GMT

Willis Acquires 100 Percent of Argentina Business
Wholly Owned Subsidiary Renamed Willis Argentina S.A.

London, UK, September 29, 2009 - Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced that it has completed the purchase of 100 percent of the share capital of Herzfeld Willis S.A. (Retail operation) and Willis S.A. (Reinsurance operation) in Argentina. The business will now be known as Willis Argentina S.A. Terms of the transaction were not disclosed.

Willis established a presence in Argentina in 1999 by acquiring 20 percent of Herzfeld & Levy, a leading national insurance broker, to become Herzfeld Willis, and setting up Willis S.A., a reinsurance company in which the Group took a 60 percent stake, with the remaining 40 percent owned by two private individual investors. In 2000, Willis acquired a further 20 percent stake in Herzfeld Willis and then in 2004, became the majority shareholder of Herzfeld Willis by acquiring a further 20 percent stake to move to an overall 60 percent holding. The latest deal sees Willis increase its stake to 100 percent in both the retail and the reinsurance operations.

Eugenio Paschoal, Chief Executive Officer for Willis Latin America, said: "We have taken full ownership of Willis Argentina because we see excellent growth prospects in this country and are committed to becoming the leading broker there. We have ambitious expansion plans for Latin America as a whole and a strong foothold in Argentina will help us maintain the double-digit growth momentum that we have built up in the region."

Fabiana Scalone, Chief Executive Officer of Willis Argentina S.A., said: "Together with Willis, we have developed a dynamic hub of insurance and reinsurance broking expertise in Argentina. By coming fully under the Willis umbrella, we believe that our clients will continue to benefit from high-touch local service, backed by the extensive global resources and expertise of one of the world's leading broker power houses."

Willis Argentina has 130 Associates located in its office in Buenos Aires. All told, the global broker has 26 offices throughout Latin America in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela.

Panama Canal Authority Awards Insurance Broker Services Contract To Willis Limited

willis.com — Fri, 25 Sep 2009 00:00:00 GMT

PANAMA CITY, Panama, September 25, 2009 - The Panama Canal Authority (ACP) announced today that it has awarded a contract for insurance brokerage services to Willis Limited, a unit of Willis Group Holdings (NYSE: WSH), a global insurance broker. Beginning October 2009, Willis will provide strategic risk management counsel, and advise the ACP on the best policies to cover property, floating equipment, loss of income and maritime contingencies, among others. The contract will be for one year with an option to renew for three additional years.

Willis Limited is also the ACP's broker for its Owner Controlled Insurance Program that includes the Third Party Liability and Construction All Risk coverage for the design and construction of the new set of locks and the fourth dry excavation projects under the Panama Canal Expansion Program.

"Willis has the industry experience and knowledge that we need. We are confident that their experience will help the ACP secure the most cost effective and competitive insurance plans. We look forward to working with our current and future insurers through Willis," said ACP Executive Vice President for Administration and Finance Francisco J. Miguez.

The well-established ACP bidding system follows a fair, rigorous and transparent contracting process that welcomes open competition.

The ACP received three bids September 4 from top-level internationally renowned insurance brokerage firms vying for the contract. After careful review and thorough evaluation of the submissions, the ACP selected the firm with the lowest bid that met the contract’s objectives as described in the request for proposal released August 4.

About Willis

About the Panama Canal Authority (ACP)

The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP's Web site: www.pancanal.com.

###

Willis North America Inc. Prices Offering of $300 Million of Senior Notes

willis.com — Tue, 22 Sep 2009 00:00:00 GMT

Willis North America Inc. Prices Offering of $300 Million of Senior Notes

The Company intends to use the net proceeds of the offering to purchase any and all of WNA’s outstanding 5.125% Senior Notes due 2010 that are tendered and accepted in the Tender Offer announced separately on September 22, 2009. Any remaining proceeds will be used for general corporate purposes. The public offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission and is expected to close on September 29, 2009.

The joint book-running managers for the offering are BofA Merrill Lynch and J.P. Morgan Securities Inc. Willis Capital Markets and Advisory served as Transaction Advisor for the Company. Interested parties may obtain a final prospectus supplement, when available, and prospectus by contacting BofA Merrill Lynch toll free at (800) 294-1322, or J.P. Morgan Securities Inc., at 270 Park Avenue, New York, NY 10017, Attn: High Grade Syndicate Desk, or at (212) 834-4533.

About Willis

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 North America Inc. Announces Offering of $250 Million of Senior Notes

willis.com — Tue, 22 Sep 2009 00:00:00 GMT

Willis North America Inc. Announces
Offering of $250 Million of Senior Notes

NEW YORK, September 22, 2009 – Willis North America Inc. (“WNA”), a subsidiary of global insurance broker Willis Group Holdings Limited (NYSE: WSH) (the “Company”), announced today that it has commenced a registered offering of $250 million aggregate principal amount of its senior unsecured notes due 2019. Payment of principal and interest on the notes will be fully and unconditionally guaranteed by all the direct and indirect parent entities of WNA, including Willis Group Holdings Limited.

The Company intends to use the net proceeds of the offering to purchase any and all of WNA’s outstanding 5.125% Senior Notes due 2010 that are tendered and accepted in the Tender Offer announced separately on September 22, 2009. Any remaining proceeds will be used for general corporate purposes. The public offering will be made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission.

The joint book-running managers for the offering are BofA Merrill Lynch and J.P. Morgan Securities Inc. Willis Capital Markets and Advisory served as Transaction Advisor for the Company. Interested parties may obtain a preliminary prospectus supplement and prospectus by contacting BofA Merrill Lynch toll free at (800) 294-1322, or J.P. Morgan Securities Inc., at 270 Park Avenue, New York, NY 10017, Attn: High Grade Syndicate Desk, or at (212) 834-4533.

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 North America Inc. Announces Cash Tender Offer for its 5.125% Senior Notes due 2010

willis.com — Tue, 22 Sep 2009 00:00:00 GMT

Willis North America Inc. Announces Cash Tender Offer for its 5.125% Senior Notes due 2010

NEW YORK, September 22, 2009 – Willis North America Inc. (“WNA”), a subsidiary of global insurance broker Willis Group Holdings Limited (NYSE: WSH) (the “Company”), announced today that it has commenced a tender offer to purchase any and all of its 5.125% Senior Notes due 2010. The tender offer is being made pursuant to an Offer to Purchase dated September 22, 2009 and a related Letter of Transmittal.

Upon the terms and subject to the conditions described in the Offer to Purchase and the Letter of Transmittal, WNA is offering to purchase for cash (the “Tender Offer”) any and all of its 2010 Notes for a maximum aggregate consideration equal to $256.875 million plus all accrued and unpaid interest on the Notes purchased pursuant to this Offer up to, but not including, the Settlement Date. Tenders of the Notes may be withdrawn at any time prior to 11:59 p.m., New York City time, on September 29, 2009, but may not be withdrawn thereafter. The Tender Offer will expire at 11:59 p.m., New York City time, on September 29, 2009, unless extended or earlier terminated (the “Expiration Date”).

The consideration for each $1,000 principal amount of Notes of each series validly tendered and accepted for purchase pursuant to the Tender Offer will be $1,027.50 per $1,000 principal amount of the Notes.

WNA’s obligation to accept for purchase and to pay for the Notes in the Tender Offer is subject to the satisfaction or waiver of a number of conditions, including the completion of WNA’s concurrent note offering of not less than $250 million in aggregate principal amount of unsecured senior debt securities (the “Financing Condition”).

In addition to the applicable Notes Consideration, all Holders of Notes accepted for purchase will also receive accrued and unpaid interest on those Notes from the last interest payment date to, but not including, the Settlement Date.

None of WNA, WNA’s board of directors, the dealer manager, the depositary and the information agent makes any recommendation in connection with the Tender Offer. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.

WNA has retained J.P. Morgan Securities Inc. to serve as Dealer Manager. WNA has retained 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.

About Willis

Forward-looking Statements

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Willis Proposes Change in Place of Incorporation to Ireland

willis.com — Mon, 21 Sep 2009 00:00:00 GMT

Willis Proposes Change in Place of Incorporation to Ireland

NEW YORK, September 21, 2009 – Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, announced today that its Board of Directors has approved changing the company’s place of incorporation from Bermuda to Ireland. Willis’ shareholders will be asked to vote in favor of completing the change in place of incorporation, also known as a redomestication, at a shareholders meeting to be held in approximately three or four months. The redomestication will also be subject to approval of the Supreme Court of Bermuda, as well as receipt of customary consents, approvals and waivers.

If the redomestication is approved by Willis shareholders and the Supreme Court of Bermuda, it is expected that a new Irish public limited company, Willis Group Holdings plc, would replace Willis Group Holdings Limited as the ultimate public holding company of the Willis Group.

Joseph J. Plumeri, the company’s Chairman and CEO, said, “The Board of Directors has determined that the company’s redomestication to Ireland is in the best interests of Willis and our shareholders. We reviewed a number of alternatives with our Board of Directors, and believe that incorporating in Ireland will provide Willis with economic benefits and help ensure our continued global competitiveness.”

A member of the European Union, Ireland offers a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Willis does business. In addition to providing a more stable environment with the financial and legal infrastructure to meet Willis’ needs, it also improves Willis’ ability to maintain a competitive worldwide effective corporate tax rate. Most importantly, Willis has had ongoing operations serving a wide range of clients in Ireland since 1903 and currently is the largest insurance broker in Ireland.

Willis does not expect the redomestication will have any material change on its financial results and day-to-day operations and the Willis Group will continue to conduct its current business operations after the redomestication. Willis will continue to be registered with the U.S. Securities and Exchange Commission (SEC) and be subject to SEC reporting requirements, as if a U.S. domestic company. Further, Willis will continue to be subject to the mandates of the Sarbanes Oxley Act of 2002 and the applicable corporate governance rules of the New York Stock Exchange, and will continue to report its financial results in U.S. dollars and under U.S. generally accepted accounting principles, in addition to any reporting requirements by Irish law. Willis’ shares will continue to trade on the New York Stock Exchange under the ticker symbol “WSH.”

This communication is being made in respect of the proposed redomestication. Full details of the proposed redomestication, and the associated benefits and risks, will be provided to shareholders in the coming months in a proxy statement with respect to a special shareholders’ meeting. Willis intends to file a preliminary proxy statement with the SEC and mail a final proxy statement to its shareholders. This press release is not a substitute for the proxy statement and shareholders are urged to read the proxy statement when it becomes available because it will contain important information about Willis and the proposed redomestication. The proxy statement will be, and any other relevant documents filed or to be filed by Willis with the SEC are or will be, available free of charge at the SEC’s website (www.sec.gov) and at Willis’ website (www.willis.com).

Willis and its directors and executive officers and other persons may be deemed participants in the solicitation of proxies in connection with the proposed redomestication. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the Willis’ shareholders in connection with the redomestication will be set forth in the proxy statement when it is filed with the SEC. You can find information about Willis’ directors and executive officers in the definitive proxy statement filed with the SEC on March 13, 2009, and in the annual report on Form 10-K for the year ended December 31, 2008, filed with the SEC on February 27, 2009. Copies of these documents are available free of charge at the SEC’s website (www.sec.gov) and at Willis’ website (www.willis.com).

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 the largest insurance broker 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 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 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.

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 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.

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Willis HRH Teams up with Concentra to Reduce Clients’ Healthcare Costs

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

Willis HRH Teams up with Concentra to Reduce Clients’ Healthcare Costs

National Healthcare Company to Offer Clients Worksite Clinics

New York, NY, September 15, 2009 – The Employee Benefits Practice of Willis HRH, the North American retail arm of Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced it has formed a strategic alliance with Concentra, a U.S.-based national healthcare company, to offer flexible, customized solutions to improve employee health management initiatives and lower healthcare costs for Willis client companies.

By teaming up with Concentra, Willis HRH has enhanced its wellness value proposition to clients with a fresh approach to combating growing healthcare costs. Willis HRH will be able to offer a number of additional services designed to help clients strengthen their employee health management programs by addressing employee health conditions outside traditional channels.

Under the alliance, Willis HRH employee benefits clients will have the opportunity to take advantage of Concentra’s innovative worksite clinic solutions, which bring efficient and convenient healthcare services to more employees. These clinics offer extensive health and wellness services, including employee health screenings, direct health coaching, and employee engagement and education strategies. Addressing health issues at the workplace keeps routine services out of the higher-cost medical delivery system, saving money and limiting the impact of lost productivity due to time away from work. Additionally, Willis HRH clients can benefit from Concentra’s leadership position in occupational health and urgent care.

Commenting on the alliance, Jim Blaney, Willis HRH Employee Benefits Chief Growth Officer, said, “Willis HRH is dedicated to providing innovative solutions to help our clients in their quest to address rising healthcare costs. Additionally, we are focused on identifying tools that assist our clients with the broad challenges associated with workforce productivity. Working with Concentra, we are able to offer more resources, such as on-site clinics, to address preventive, routine and even acute healthcare issues, as well as complete employee engagement approaches to health, wellness and productivity. We are excited to work with an organization that brings a comprehensive approach to the table.”

Jim Greenwood, CEO of Concentra, said, “Working with companies across the country, Concentra has helped leading employers make a significant difference in the health of their workforces. Through this alliance with Willis HRH, we welcome the opportunity to offer our wide-ranging health programs to more employers. Our solutions make it easier for companies to take an active role in the health of their employees, curbing the effects of unhealthy behaviors, and furthering the growth of business operations in the U.S.”

The Willis HRH alliance with Concentra represents a new option in traditional employee healthcare benefits that improves access and affordability of medical care and preventive health services. At the same time, these programs target the behaviors and issues that lead to poor health and chronic conditions, which are the primary contributors to rising healthcare costs for employees and employers. Because these programs are customizable, Willis HRH can work with its clients to develop an offering that meets the unique needs of each client’s workforce.

About Willis

About Concentra®

Concentra is a leading healthcare company focused on improving America’s health, one patient at a time. Through its affiliated clinicians, the company provides occupational medicine, urgent care, physical therapy, and wellness services from more than 300 medical centers in 40 states. In addition to these medical center locations, Concentra serves employers by providing a broad range of health advisory services and operating more than 250 worksite medical facilities. Through this complement of services, Concentra intends to raise the standard of health by putting individuals first, treating them with clinical excellence, and focusing on their ongoing wellness.
www.Concentra.com

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Willis HRH Appoints Jason Richardson Managing Partner for Colorado

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

Willis HRH Appoints Jason Richardson Managing Partner for Colorado

New York, September 11, 2009 – Willis HRH, the North American retail business of Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced the appointment of Jason M. Richardson as Managing Partner of its Colorado operations, effective immediately.

In his new role, Richardson will be responsible for the company’s retail offices in Denver and Greenwood Village, reporting to Bill Creedon, National Partner, South Central Region of Willis HRH. Richardson will be based in Denver.

Richardson most recently served as a Senior Vice President with insurance broker Beecher Carlson in Atlanta, where he focused on large, national risk management clients, in particular those in the Construction and Real Estate (REIT) sectors.

Commenting on the appointment, Don Bailey, Chairman and CEO of Willis HRH, said, “Jason brings outstanding credentials to his new role here. He is a strong advocate for clients, and that dedication is reflected in his tremendous track record of growing his book of business. We are delighted to have Jason as a member of our team. His move to Willis HRH reaffirms our strong position as the employer of choice in this industry.”

Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.

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Willis: Commercial D&O Sector Continues to Resist Rate Increases

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

Willis: Commercial D&O Sector Continues to Resist Rate Increases
--Average Premium Reduction of Five Percent on Renewal Business;
Continued Reductions Expected for Third Quarter--

London, UK, September 11, 2009 – The commercial sector continues to resist thesharp rate increases for Directors & Officers insurance seen in the financialinstitutions sector, with the average premium for commercial business falling fivepercent in the second quarter, according to a new survey from Willis Group Holdings(NYSE:WSH), the global insurance broker.

The five percent reduction is for commercial clients with strong risk profiles, Willisnoted. Reductions are smaller for those more directly impacted by the financialdownturn or with highly leveraged balance sheets, and some may even be seeingslight increases in premium. This compares with double-digit percentage premiumincreases levied on financial institutions during the second quarter, as the fallout fromthe credit crisis continues.

Based on feedback from the London market, Willis expects the commercial sector will see continued small reductions over the next three months.

The Willis D&O Index is produced quarterly by FINEX Global, Willis’ Financial, Executive Risk and Professional Liability business, and asks D&O insurers from Lloyd’s and the London market to comment on premium rates and coverage terms for the preceding three months, as well as make projections for the upcoming quarter.

The Willis survey also found that the commercial market continues to benefit from significant capacity for business domiciled outside of the USA, with new entrants into the market providing significant excess competition. It also shows that the fallout from the banking crisis has yet to filter through into significant claims.

Commenting on the findings of the survey, Julian Martin, Executive Director of Willis FINEX Global, said, “Owing to the economic downturn, we are experiencing an increased level of scrutiny and underwriting analysis, meaning that is essential for renewal negotiations to begin early in order to deliver timely renewals. Despite this, policy coverage remains broad and the wealth of information now being requested of clients should be given particular attention and the specifics thoroughly analyzed. When it comes to renewal business, we would urge that all forms of No Claims Declaration should be avoided.”

In addition to the survey results, the latest Willis Index D&O newsletter features a commentary by Jane Hickman and Ben Rose of Hickman & Rose Solicitors on how directors and officers are under increased risk due to tougher action by prosecuting agencies against those deemed “fraudulent” or “reckless.” Hickman and Rose argue that this increasingly litigious climate makes it crucial for senior employees and directors to carry their own properly tailored D&O policy.

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Willis Re Wins Analyst / Researcher of the Year Award for the Willis Research Network

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

Willis Re Wins Analyst / Researcher of the Year Award for the Willis Research Network

London, UK, September 08, 2009 – Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE: WSH), the global insurance broker, won the 2009 Analyst / Research category at The Review Worldwide Reinsurance Awards held at the Dorchester Hotel in London last week.

The award recognised the work of the Willis Research Network (WRN), the world's largest collaboration between the scientific and insurance communities. The WRN sponsors research posts at more than 20 leading universities, including Princeton, Kyoto, Cambridge and Bologna, to further research into natural perils, climate change, the vulnerability of the built environment and related systems, extreme statistics, financial risk, law and liability, management and economics.

The award cited the WRN for “the most consistent objective analytical work applied to the re/insurance industry.” The judging criteria include the highest quality analytical research of a company or market sector, and the best contribution to the intellectual base of the industry. The judges were particularly impressed by the WRN's ethos of open and collaborative research, which encourages publication of all its core research in both academic and industry arenas.

Commenting on the award, Rowan Douglas, Managing Director of Analytics for Willis Re and Chairman of the Willis Research Network, said, “What sets the WRN apart is the integration of leading scientists with the business community to develop practical and useful outputs. This is great public recognition for our academic members, clients and market partners, as well as for Willis Re colleagues worldwide. Our thanks to all of them for making the first three years of the WRN such a success. This award is further incentive for us to make even greater progress in the years ahead.”

The Willis Research Network (WRN), funded by Willis Group Holdings, is the world's largest partnership between academia and the insurance industry. Willis has teamed up with more than 20 leading institutions across a full range of research disciplines, from atmospheric science and climate statistics, to geography, hydrology and seismology, to evaluate the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

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NRG, Willis Partner on Innovative Agreement to Reduce Hurricane Risk Hedging Costs

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

NRG, Willis Partner on Innovative Agreement to Reduce Hurricane Risk Hedging Costs
Utility Holding Company Adopts Willis Hurricane-Load Protection (WHIP)

Princeton, NJ, and New York, NY, September 8, 2009 - NRG Energy (NYSE: NRG), a major US electric generation and retail electricity provider, and Willis, the global insurance broker and risk advisor, announced today that they have closed a ground-breaking index-based hedge.

The transaction is designed to offset the potential financial impact to NRG if a hurricane were to affect its business in the Houston area. This innovative risk management vehicle, known as Willis Hurricane Load-Protection, allowed NRG to lower hurricane risk hedging costs by embedding two additional energy variables into the payout formula. Any payout would not require a prolonged claims handling process.

NRG and Willis partnered to access an unusually wide spectrum of markets: insurance, re-insurance, retrocession, banking, hedge funds and OTC derivatives. The deal term is through October 2009. Other key terms and conditions of the transaction are considered confidential.

About NRG

NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country's largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company's power plants provide more than 24,000 megawatts of generation capacity-enough to supply more than 20 million homes. NRG's retail business, Reliant Energy, serves more than 1.6 million residential, business, commercial and industrial customers in Texas. A past recipient of the energy industry's highest honors-Platts Industry Leadership and Energy Company of the Year awards, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.

Safe Harbor Disclosure

This news release contains 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. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include our expected earnings, future growth and financial performance, and typically can be identified by the use of words such as "will," "expect," "estimate," "anticipate," "forecast," "plan," "believe" and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, weather conditions, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, the condition of capital markets generally, our ability to access capital markets, unanticipated outages at our generation facilities, adverse results in current and future litigation, and the inability to implement value enhancing improvements to plant operations and companywide processes.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.

About Willis Group Holdings

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.

University of Oxford Joins Willis Research Network (WRN)

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

University of Oxford Joins Willis Research Network (WRN)
--University's Smith School of Enterprise and the Environment Forms Centre of Catastrophe Risk Financing and Public Policy with Support from WRN--

LONDON, UK September 7, 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 announcing the addition of Oxford University to its roster of leading academic institutions. In keeping with its focus on groundbreaking, industry-relevant research into catastrophe risk, the WRN will sponsor the creation of a Centre of Catastrophe Risk Financing and Public Policy at Oxford University's Smith School of Enterprise and the Environment.

The first of its kind, the centre will examine ways in which the costs of catastrophic events can be shared across society, equitably and sustainably, via catastrophe risk financing and sound public policy on a local and global basis.

Commenting on the rationale behind the centre's creation, Rowan Douglas, Managing Director, Willis Re and Chairman of the WRN, said, "Governments worldwide are struggling to share the costs of natural catastrophes across populations at local and global levels via public and private mechanisms. Climate change and expected increases in extreme events make this an acute concern in developed and emerging economies. And yet, until now, no academic centre existed to provide governments and others with the science, support and solutions to confront these issues."

The new Smith School of Enterprise and the Environment at the University of Oxford, led by former UK Government Chief Scientific Adviser, Professor Sir David King, provided the ideal platform to create such a centre, which fosters collaboration among leading environmental science, economics, quantitative finance, legal and business experts to confront these challenges.

Professor Sir David King said, "This exciting initiative by Willis Re and the Smith School of Enterprise and the Environment could not be more timely and to the point. It is a prime example of how decision-makers in public and private enterprise can be supported in building the knowledge and understanding so necessary to managing issues such as climate change and extreme events. We are very grateful for the opportunity given by Willis Re to build this centre as one of the leading sources of information for public policy on catastrophe risk management."

The WRN-sponsored Oxford-based research programme will explore ways of employing new environmental data, models and techniques to stimulate greater confidence in catastrophe risk transactions and public policy interventions.

The centre will be led by Dr. Patrick McSharry, who is currently a member of the Oxford Centre for Industrial and Applied Mathematics and also heads the System Analysis, Modelling and Prediction Group at the University's Department of Engineering Science. His work combines research in environmental and weather modelling with applications for financial and industrial sectors. He is appointed Senior Academic within the WRN.

Dr. Cameron Hepburn, Senior Research Fellow at the Smith School and Visiting Fellow at the Grantham Institute, LSE, will also join the centre and be appointed WRN Senior Academic. Dr. Hepburn is an environmental economist specialising in climate policy and long-term decision-making.

The WRN will sponsor a research fellowship at Smith School's new Centre of Catastrophe Risk Financing and Public Policy. The first Willis Research Fellow, who will be appointed from October 2009 following a period of nomination and selection, will report to Dr. McSharry.

"With growing human and economic losses from extreme events, we need to confront the challenges of frequency and uneven patterns across the developed and developing world," said Dr. McSharry. "Our role will be to provide traders and policy makers with new tools and instruments to support populations in exposed regions."

The Oxford team will be fully integrated with Willis Re, Willis Capital Markets and Advisory, and the other members of the WRN around the world.

"This is a natural and exciting extension of the WRN, from modelling natural perils to determining ways in which this work can be translated into enhanced risk sharing," said Mr. Douglas. "We are proud to be supporting the new Smith School of Enterprise and the Environment under Professor Sir David King's leadership. The School will make major contributions to getting the private sector more deeply involved with developing global environmental solutions."

Francis Ghesquiere, Lead Disaster Risk Management Specialist at The World Bank in Washington, DC, commented, "We are delighted that the Smith School of Enterprise and the Environment at Oxford University has decided to create the centre to help governments and populations better cope with disaster risk. It will provide a new and important source of focussed academic expertise on these key issues."

Further support for the centre came from the World Forum of Catastrophe Programmes. David Middleton, Chief Executive of the New Zealand Earthquake Commission and Chairman of the World Forum of Catastrophe Programmes, said, "Oxford University's decision to form the centre is further evidence of the importance of catastrophe risk management as a vital area of multidisciplinary applied research. We are delighted that the centre will stimulate further science and developments for our community, and we look forward to world-class outputs."

Dr. Rui Pinho, Secretary General, Global Earthquake Model (GEM) at the EUCENTRE in Pavia, Italy, said, “The establishment at the Smith School, Oxford of a centre dedicated to research on how advances in cat modelling can provide public and private stakeholders with tools and guidance to share the costs of natural disasters could not come at a more timely moment. This fits perfectly with and feeds into the global earthquake risk model development endeavour of the GEM Foundation."

Willis: Insurance M&A Activity to Increase in 2010

willis.com — Fri, 04 Sep 2009 00:00:00 GMT

Willis: Insurance M&A Activity to Increase in 2010
CEO of Willis Capital Markets & Advisory Offers Industry Outlook at London Conference

London, UK, September 4, 2009 - The insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, Chief Executive Officer of Willis Capital Markets & Advisory, a unit of Willis Group Holdings (NYSE:WSH), the global insurance broker. Speaking at an industry event at The Willis Building in London yesterday, Ursano said that the soft market is fuelling the search for growth, diversification and specialisation that can be achieved through M&A.

Citing the factors likely to drive future M&A activity, Ursano said that the size and scale of insurance companies was becoming increasingly important for rating agencies, investors and clients, and that M&A would satisfy the pent-up demand for liquidity from private equity owners. So far in 2009, insurance M&A volume has been light, with deals completed at an average price of 1.09 times book value. This is in contrast, he said, to specialty insurance M&A transactions that took place before the financial crisis in which the average price was 2.46 times book value.

"As markets stabilize, valuations boost confidence and acquisition financing capacity and terms improve, we expect to see a significant increase in M&A activity in the insurance space," Ursano told 375 delegates at The Insurance Insider's Pre-Monte Carlo Rendez-Vous Executive Briefing. "While the outlook is positive, we must bear in mind that more than 50 percent of insurance deals have failed to create shareholder value due to a number of factors, including difficulty assessing the profitability of the target, the cyclical nature of the insurance market and the volatility of the financing markets.

"In order for an M&A deal to be successful, it needs to be financially and strategically compelling," he said, citing Ace Limited's successful M&A strategy as an example. "Insurance companies looking to acquire should first ensure that the deal is accretive to earnings, return on equity and book value per share. There should be clear, defensible strategic logic behind the acquisition, transparency of loss reserves and committed financing upfront. It's also important that key management are given appropriate incentives to stay," he said.

Commenting on the illusive hard market, Ursano said, "We are one event away from a hard market. Profitability and returns are under tremendous pressure and there have been major investment losses and reduced investment income in the insurance world, with valuations at all-time lows; more than 50 insurance and reinsurance companies are trading at below their stated book value. Under these circumstances, a significant investment or catastrophic loss would catapult the industry into a hard market."

Ursano also predicted an increase in sidecar and cat bond activity, and an increase in ILS fund formation in 2010 fuelled by the light catastrophe losses so far this year, which could drive strong investor returns in an attractive, uncorrelated asset class. This, coupled with financial market stability, could increase hedge fund participation, he said.

Ursano was one of five speakers at the event, which focused on the reinsurance landscape one year after the start of the financial meltdown. The other speakers included Ulrich Wallin, CEO, Hannover RE; Dominic Christian, CEO - International, Aon Benfield; Peter Rogan, Partner, Ince & Co, and Mark E Watson, President & CEO, Argo Group International.

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

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Willis: Insurance M&A Activity to Increase in 2010
CEO of Willis Capital Markets & Advisory Offers Industry Outlook at London Conference

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Willis China Rated Best for Quality Service

willis.com — Thu, 27 Aug 2009 00:00:00 GMT

Willis China Rated Best for Quality Service

China Insurance Regulatory Commission in Shanghai Assigns Global BrokerTop Rating in Quality Review for the Second Year Running

London, UK, August 27, 2009 — Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it has once again received the top five-star rating in the China Insurance Regulatory Commission’s (CIRC) review of the quality of licensed insurance brokers operating in Shanghai in 2008.

Of the 70 brokers assessed by the CIRC, only 15 were awarded five stars, with Willis achieving the highest number of points and first place overall. This is the second year in a row that Willis China has been awarded the top five-star rating.

The CIRC evaluated intermediaries in a 360° process that included peer review by insurance companies, clients and other brokers, in addition to the CIRC's own assessment. Based on this input, companies were then awarded points on their management, integrity, service delivery, quality of work, premium processing and value-added services, including claims.

Mitchell Ma, CEO, Willis China, said, “We are proud to be recognised for delivering consistently outstanding service to our clients. This award is a testament to the quality of our people and the dedication they show in providing our clients with the best service available. It also reflects our successful investments in broking technology and in the establishment of an operations centre in Shanghai, both of which have driven increased back-office efficiency while freeing up our client-facing staff to focus even more of their time and energy on clients.”

In 2004, Willis purchased a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd., a leading Chinese insurance broker. In 2005, Willis increased its stake in the Willis Pudong Insurance Brokers Ltd joint venture to 51 percent, making it the first foreign-controlled broker in China. In 2007, the company name became Willis Insurance Brokers Co. With its extensive network of 20 licensed offices throughout the country and more than 225 Associates, Willis has the largest local network and workforce of all the global brokers in China.

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Willis Names Vic Krauze President of its North American Business

willis.com — Tue, 25 Aug 2009 00:00:00 GMT

Willis Names Vic Krauze President of its North American Business

New York, NY, August 25, 2009 — Willis Group Holdings (NYSE: WSH), the global insurance broker, today named Vic Krauze President of Willis HRH, its North American retail business. Krauze will retain his current responsibilities as Chief Operating Officer of Willis HRH and will continue to report to Don Bailey, Chairman and CEO of Willis HRH.

As President and COO, Krauze will be responsible for the day-to-day operations of the business and establishing more consistent business-wide processes and systems for managing growth at the regional level. The National Partners who head each of Willis HRH’s seven regions will now report to Krauze.

Krauze was named COO of the North America business in February 2008 and has played a key leadership role in overseeing the integration of Willis HRH following the company’s acquisition of broker Hilb Rogal & Hobbs (HRH) in October 2008. The integration — which includes combining offices, business processes and systems — is ahead of plan, and is delivering synergy savings in excess of targets.

“Vic has a long track record of success at Willis as a producer, office leader, National Partner and COO of Willis HRH, in which he has led a very successful integration for us,” said Bailey. “In each of these roles, Vic has always delivered. I have no doubt that Vic will make many significant contributions going forward to advance our business and ensure that we continue to deliver the best value and service experience to our clients.”

Krauze joined Willis in January 1997 as a producer and was soon promoted to President and CEO of the company’s Minnesota operations. In July 2003, he was named National Partner of the Great Lakes Region, which became part of the company’s larger Central Region in 2006 under Krauze’s leadership. Krauze began his insurance career in 1989 with Marsh as a marketing specialist and later was responsible for production for both risk management and middle-market clients. Prior to entering the insurance industry, Krauze served 12 years in the U.S. Navy and is a graduate of the University of Minnesota and the University of St. Thomas, where he earned his MBA in Finance.

“I am excited about the great opportunities we have at Willis HRH to serve our clients with a unique combination of global resources and expertise and an unmatched local presence that allows us to deliver those capabilities right where our clients do business,” said Krauze. “Our platform allows us to serve clients of all sizes — from large corporations and middle-market companies to small businesses — with industry and product specialists and a global marketing organization that provides the best access to carriers. That translates into great service for our clients and great growth potential for us.”

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Global Special Risks Announces Energy Insurance Underwriting Alliance with Chaucer Syndicate 1084

willis.com — Mon, 24 Aug 2009 00:00:00 GMT

Global Special Risks Announces Energy Insurance Underwriting Alliance with Chaucer Syndicate 1084

Houston, TX. August 24, 2009 — Global Special Risks, LLC (GSR), a leading US excess and surplus lines broker serving the Energy industry and a unit of Faber & Dumas, the third-party wholesale insurance broker, today announced the formation of a strategic alliance with Lloyd’s insurer Chaucer Syndicate 1084. The two firms have joined forces to provide a more efficient underwriting platform for the primarily land-based oil and gas operators throughout North America.

The product distribution network and high quality front-end services offered by GSR, which has offices in New Orleans, Dallas and Houston, will combine with the proven underwriting expertise of Chaucer Syndicate 1084. This new initiative will enhance the services of both firms to clients by streamlining quoting and policy issuance processes.

Helen Tarr, located in the GSR Houston office, will represent Chaucer Syndicate 1084. Tarr, formerly of GSR, brings a wealth of experience to the Chaucer underwriting team. She is a graduate of the University of Bath, U.K. and has obtained her Associateship of the Chartered Insurance Institute. She has nine years of insurance experience, and commenced her career at Willis in London, where she spent two years in the Aerospace and Aerospace Reinsurance divisions broking to both underwriters at Lloyd’s and to international markets.

Tarr then joined GSR in 2002, first based in London then relocating to the Houston office shortly thereafter, where she was responsible for placing Operator's Extra Expense coverage for GSR’s exclusive Upstream Energy insurance product, Wellsure� for numerous North American clients, while developing GSR's book of Canadian business.

Rick Burns, President of GSR, said, “As our industry continues to evolve, this strategic alliance gives GSR the ability to offer the top notch products and services that our clients demand. Helen has a deep knowledge of our business and our clients and is ideally positioned to ensure seamless delivery of services.”

Chris White, Head of Energy, Chaucer Syndicate 1084, said, “Our alliance with Global Special Risks significantly increases our US presence. It will enable us to service our existing clients directly from the US and to generate new business opportunities.”

About Faber & Dumas

Faber & Dumas provides specialist wholesale services in a number of areas including property, accident & health; fine art, jewellery and specie; kidnap and ransom, bloodstock; energy; construction; cargo and casualty lines. For more information on GSR, please visit: www.globalspecialrisks.com.

About Chaucer Syndicates Limited

Chaucer Syndicates Limited is the Managing Agency of Chaucer Holdings PLC, a specialist insurance and reinsurance group listed on the London Stock Exchange. Chaucer provides the capital and expertise required to underwrite business at Lloyd’s, the world’s leading insurance and reinsurance market.

At the core of the business are Syndicate 1084, which underwrites marine, aviation, energy, property, specialist lines and motor insurance, and Nuclear Syndicate 1176. Syndicate 1084 is rated �A' (Excellent) by A.M. Best.

For more information on Chaucer, please visit www.chaucerplc.com.

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Willis Aviation Continues to Recruit Industry’s Best Talent

willis.com — Mon, 10 Aug 2009 00:00:00 GMT

Willis Aviation Continues to Recruit Industry’s Best Talent

New York, NY, August 10, 2009 – Willis Aerospace, a division of Willis Group Holdings (NYSE:WSH), the global insurance broker, has made another key appointment to its global aviation team by naming Stephen Kisor Executive Vice President and Head of the Willis Aviation office in Los Angeles. Kisor, who will be joining Willis from Aon, will report to Garrett Hanrahan, Chief Executive Officer of Global Aviation in North America.

Kisor’s appointment is one of a number of strategic new hires to the Willis Aviation team. These include Hanrahan, who joined Willis from Aon in 2008; Steve Ogden, a Senior Client Advocate in London, who will be joining from Marsh later this year; and Neil Getter, Executive Vice President in New York, and Larry Mills, Vice President in Dallas, both formerly of Aon who recently joined the team. Willis has also bolstered its specialist space division with the appointment last week of Aon Benfield’s Roger Bathurst as CEO, Willis Inspace.

Kisor, an industry veteran of over 26 years, has experience in all phases of aviationinsurance, including major accounts in the airline, products, leasing, airport, public entity,corporate and other classes of complex aviation business, both as an underwriter and asa broker. He joins Willis after 11 years at Aon where he was most recently an ExecutiveVice President overseeing Aon’s Los Angeles and Chicago operations.

Prior to Aon, Kisor held a similar position at Marsh in Los Angeles. For the first half of hiscareer, he was based in Dallas, where he held an airline products underwriting /reinsurance position at Aviation Office of America followed by a role as a broker atAlexander & Alexander of Texas and at Navigators Group, where he managed theoverall aviation underwriting operations of the company.

Commenting on the appointment, Joe Trotti, Chief Executive Officer of Willis GlobalSpecialties, said, “Bringing on board another high-profile hire like Steve demonstratesour commitment to investing in and growing the best team in the aviation insurancebroking business. His in-depth knowledge and expertise will help us offer our clientsmarket-leading insurance and risk management solutions.”

Kisor graduated in 1983 from The Ohio State University with a Bachelor of Science inBusiness Administration, specializing in Aviation Management. He also has participatedin the CPCU program and holds a private pilot license.

Willis Aerospace employs more than 320 Associates in 22 offices serving the insuranceneeds of aerospace companies around the world, including aerospace riskmanagement, leasing and financial consulting.

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

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Willis Appoints New CEO of Inspace Unit to Drive Broker's Growth in Burgeoning Space Market

willis.com — Thu, 06 Aug 2009 00:00:00 GMT

Willis Appoints New CEO of Inspace Unit to Drive Broker's Growth in Burgeoning Space Market

London, UK, August 5, 2009 - Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced the appointment of Roger Bathurst as Chief Executive Officer of its specialist space division, Willis Inspace, effective immediately.

Bill Lloyd, previously Chairman & Chief Executive Officer of Willis Inspace, will retain the position of Chairman and will support Bathurst on strategy. Bathurst will have responsibility for the day-to-day running of Inspace's global operations and both he and Lloyd will report to Philip Smaje, Managing Director, Willis Aerospace.

Bathurst's appointment comes at a time of strong growth in the space sector. According to The Satellite Industry Association's (SIA) "2009 State of the Satellite Industry Report," the worldwide space industry's revenue grew by 19 percent from 2007 to 2008, compared with a 15 percent increase from 2006 to 2007. The SIA report found that overall revenues for the whole satellite industry totalled USD144.4 billion in 2008.

Bathurst was most recently CEO of International Space Brokers (ISB), the space arm of Aon Benfield. He began his 30-year career in the industry at Willis Faber Aviation in 1979. In 1982, Bathurst joined Leslie and Godwin (later acquired by Aon) where he rose to the position of Executive Director of Aon Aviation, with responsibility for the aerospace division until 1997. In 1998, he joined ISB which was subsequently acquired by Benfield. Having spent three years in ISB's Washington DC office, Bathurst returned to the UK in 2002 to become CEO of ISB and also to head up Benfield's aviation team.

Commenting on his appointment, Smaje said, "The space market is rapidly expanding and to reach new frontiers, the industry needs sophisticated risk management solutions. Roger's appointment coincides with a period of significant growth in the space industry and signals a new push for Willis Inspace to increase its market share and presence in the space and satellite insurance market."

Lloyd added, "Roger is one of the most experienced people in the space industry and his leadership, along with our existing team and talent pool, will help us build on our leading position in this market."

Bathurst and Lloyd will be supported by a global Inspace team that includes Mark Quinn, US Practice Leader; Philippe Montpert, Managing Director, and Xavier Lacombe, Deputy Managing Director, of Willis Inspace Consulting, Paris; and Charles Barder, UK Practice Leader.

Willis Inspace was established in 1979 and provides insurance broking, consultancy and risk management services to the space industry. It comprises 27 dedicated professionals in six strategically placed offices providing services to clients worldwide that include satellite operators, satellite manufacturers and launch services agencies.

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Note to Editor: To read the full SIA report, please go to: http://www.sia.org/news_events/2009_State_of_Satellite_Industry_Report.pdf

Willis: Financial Institutions Insurance Market Continues to Harden

willis.com — Tue, 04 Aug 2009 00:00:00 GMT

Willis: Financial Institutions Insurance Market Continues to Harden

--Average Premium Increase of 15 Percent in Second Quarter of 2009--

London, UK, August 4, 2009 – Financial institutions faced an average premium hike of 15 percent in the second quarter of 2009, as insurers seek to make up for underwriting losses resulting from a deluge of credit crunch-related Professional Indemnity and Directors and Officers’ claims, according to a new report from Willis Group Holdings (NYSE: WSH), the global insurance broker.

Premium increases can be dramatically higher, the report said, in cases where underwriters have concerns over exposure or where financial institutions have experienced significant growth.

Willis’ second-quarter Financial Institutions (FI) market update, published by FINEX Global, Willis’ London-based Financial, Executive Risk and Professional Liability business, said that there had been a “notable hardening” of the FI insurance market in the first half of 2009, with the trend set to continue for the rest of the year.

The report, which represents the opinions of 20 leading FI insurers in the London market, noted that, for some financial institutions insurers, the claims they have paid in 2007 and 2008 have exceeded the premiums received, hence the push for rate increases in early 2009.

Willis noted that underwriters were taking three different approaches towards mitigating the effects of the financial turmoil on their business, namely:

Increasing premium: Underwriters are looking to enforce premium increases across their entire portfolio regardless of risk profile and are prepared to “walk away” from unprofitable risks.

Reducing exposure: In a very difficult marketplace it is common for insurers to reduce their overall participation on a programme.

Restricting policy coverage: Underwriters are examining existing wordings in detail with a view to restricting various areas.

Commenting on the findings, Duncan Holmes, Managing Director of FINEX Professional Risks, said, “Due to the magnitude and long-tail nature of the type of claims financial institutions insurers are facing and the continuing climate of economic uncertainty, we expect to see the market hardening further. That being said, we have not seen a widespread withdrawal of insurers from this sector and there is still a surplus of capacity for certain risks. In these conditions there are still opportunities for specialist FI brokers like Willis to drive competition and dilute premium increases. While negotiations are getting more difficult, the market is still flexible.”

Financial institutions are likely to face increased due diligence from underwriters, the report noted, and as a result, Willis is advising clients to begin the renewal process early and to be pro-active in responding to underwriter queries, to secure coverage at the best possible terms.

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

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Note to Editor: Click here to read the full Willis FI Index.

Ten Leading Scientific Institutions Join the Willis Research Network

Willis.com — Mon, 02 Nov 2009 18:12:27 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

Willis Commercial Network to Expand Internationally

Willis.com — Wed, 04 Nov 2009 23:03:28 GMT

Willis Commercial Network to Expand Internationally

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

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

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

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

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

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

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

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Willis Appoints New CEO for its Dutch Operations

Willis.com — Mon, 09 Nov 2009 02:33:43 GMT

Willis Appoints New CEO for its Dutch Operations

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

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

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

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

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

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

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Willis Appoints Eric Joost National Partner for North American Specialties

Willis.com — Tue, 17 Nov 2009 04:04:56 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.

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

Willis.com — Tue, 17 Nov 2009 23:29:38 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 Report: Marine Insurance Market Facing Choppy Seas

Willis.com — Tue, 17 Nov 2009 02:42:39 GMT

Willis Report: Marine Insurance Market Facing Choppy Seasin 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.

# # #

Note to Editor:

To view the full Marine Market Review, please click here.

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

Willis.com — Wed, 18 Nov 2009 06:59:23 GMT

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

Partners Will Own Equal 31.8 Percent Stakes in a New Holding CompanyAnd 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.com Media Room

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