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| Type | Public (NYSE: WSH) |
|---|---|
| Founded | 1828, London |
| Headquarters | London, United Kingdom Incorporated Principal executive offices: The Willis Building,51 Lime Street, London EC3M 7DQ United Kingdom |
| Key people | Joe J. Plumeri, Chairman & CEO; Grahame J. Millwater, Group President |
| Industry | Insurance broking; insurance, reinsurance, risk management, financial and human resource consulting, and actuarial services |
| Products | Insurance, Risk management, Human resource consulting |
| Revenue | $2,578 million (2007) $3,378 million (2007 pro forma combined following 2008 acquisition of HRH) |
| Operating income | $620 million (2007) |
| Net income | $409 million (2007) |
| Employees | 20,000 (following HRH acquisition) |
| Website | www.willis.com |
Willis Group Holdings (NYSE: WSH) is an insurance broker operating throughout the world.
As an insurance broker, the company acts as an intermediary between its clients and insurance carriers, advising its clients on risk management requirements, helping them determine the best way to manage risk, and negotiating and placing insurance risk with insurance carriers.[1] It has major clients in the aerospace, marine, construction, and energy industries.[2]
As of July 2008, the company placed third in the world among insurance brokers by brokerage revenues, behind Marsh & McLennan and Aon Corp.[3]
It was formerly listed on the London Stock Exchange, and was once a constituent of the FTSE 100 Index, but it is now instead listed on the New York Stock Exchange.
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History
The company was founded by Henry Willis in London in 1828, and initially operated as Henry Willis & Co.[4] In 1898 it merged with Faber Brothers (founded in 1886) to form Willis Faber,[4] and then in 1928 it merged with Dumas & Wylie (founded in 1843) to create Willis, Faber & Dumas.[4] It was first listed on the London Stock Exchange in 1976 as Willis Faber.[4]
It expanded into the United States in 1990 when it merged with Corroon & Black (founded as R. A. Corroon & Co. in 1905) to form the Willis Corroon Group.[4] In 1998 in a leveraged buyout the Company was acquired by Trinity Acquisition on behalf of Kohlberg Kravis Roberts,[4] and in 1999 the name Willis Group was adopted.[4] It was first listed on the New York Stock Exchange in 2001.[4]
Willis moved into the Willis Building, its new London headquarters, in May 2008.[5]
In October 2008, Willis acquired Hilb, Rogal & Hobbs Co. (HRH), one of the largest insurance and risk management intermediaries in North America.[6]
The 110-story Sears Tower in Chicago was renamed the Willis Tower in July 2009. Willis secured the naming rights as part of its agreement to lease 140,000 square feet (13,000 m2) of space in the 3.8 million square foot tower.[7] It was the world's tallest building from 1974 until 1996, when it was surpassed by the Petronas Towers in Kuala Lumpur, Malaysia.[8]
Willis Group Holdings announced plans in 2009 to relocate its headquarters from Bermuda to Ireland.[9] Its shareholders approved the move in December 2009, but the proposal still needs to be approved by the Supreme Court of Bermuda.[10]
Operations
Willis has 400 offices in 100 countries.[11]
External links
References
- ^ Plunkett's Insurance Industry Almanac 2006: The Only Complete Reference To The Insurance And Risk Management Industry, Jack W. Plunkett, Plunkett Research, Ltd., 2005, ISBN 1593920385, 9781593920388, accessed December 17, 2009
- ^ Plunkett's Insurance Industry Almanac 2007 (E-Book): Insurance Industry Market Research, Statistics, Trends and Leading Companies, Jack W. Plunkett, Plunkett Research, Ltd., 2006, ISBN 1593924054, 9781593924058, accessed December 17, 2009
- ^ Basic concepts of accounting and taxation of property/casualty insurance companies, Book 2009, p. 6, Insurance Information Institute, ISBN 0932387012, 9780932387011, accessed December 17, 2009
- ^ a b c d e f g h Willis: History
- ^ Crunch? And the Willis building is sold World Architecture News, 13 May 2008
- ^ Insurance broker Willis to buy HRH Business Week, June 2008
- ^ Willis Tower Becomes Official: Sears Tower Renamed - Huffington Post - July 17, 2009
- ^ Fodor's Chicago 2010, p. 125, Stephanie Butler, Kelly Kealy, Alexis Kelly, Random House, Inc., 2009, ISBN 1400008603, 9781400008605, accessed December 17, 2009
- ^ Willis Proposes Change in Place of Incorporation to Ireland
- ^ "Willis Group holders agree to move co. to Ireland", Associated Press, December 11, 2009, accessed December 17, 2009
- ^ Willis: The Willis Way
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