Willis Group

Willis Group was a multinational insurance brokerage, reinsurance brokerage and risk-advisory business headquartered in London. Its commercial heritage reached back to 1828, when Henry Willis began selling imported goods on commission through the Baltic Exchange. Willis began brokering insurance for cargoes in 1841, establishing a business that gradually expanded from marine insurance into a much broader range of commercial risk services. Over time, the group developed capabilities in insurance placement, reinsurance, employee benefits, actuarial work and risk management. The company’s identity was shaped by repeated combinations of long-established British and international intermediaries. It merged with Faber Brothers in 1898 to form Willis Faber, and with Dumas & Wylie in 1928 to create Willis, Faber & Dumas. Its actuarial operations grew substantially during the expansion of private pensions in the 1950s, while its reinsurance activities became increasingly important in the 1980s. The group entered the United States at scale in 1990 through its combination with Corroon & Black, creating Willis Corroon Group and significantly strengthening its North American presence. After a leveraged buyout in 1998 by Trinity Acquisition on behalf of Kohlberg Kravis Roberts, the company adopted the Willis Group name in 1999. It returned to the public markets through a New York Stock Exchange listing in 2001. The group continued to expand through acquisitions, including its 2008 purchase of Hilb, Rogal & Hobbs for a reported $2.1 billion. HRH was a major North American insurance and risk-management intermediary, and the transaction also included Glencairn Limited. Willis positioned itself as a global intermediary rather than simply a retail insurance broker. Its activities included advising corporate, institutional and public-sector clients on risk identification, insurance procurement, reinsurance, claims-related matters and resilience. The company was regarded as one of the world’s largest insurance brokers by revenue and competed with other major international intermediaries in commercial insurance and reinsurance markets. The group also cultivated a visible London identity through the Willis Building, its headquarters from 2008, and obtained naming rights to Chicago’s Willis Tower in 2009 as part of a major office-leasing arrangement. Its public-facing work included sponsorship of the Willis Resilience Expedition, a 2013–2014 Antarctic scientific program focused on climate change and weather-related risk. Willis Group ceased to exist as a standalone corporate identity after its combination with Towers Watson. The transaction, completed in 2016, was an approximately $18 billion all-stock merger and resulted in the renamed Willis Towers Watson. That successor later became known as Willis Towers Watson plc before changing its corporate name to WTW in 2022, but those later developments belong to the successor company rather than to Willis Group itself.

Willis Group traced its origins to Henry Willis’s commercial activities in London in 1828. Willis initially sold imported goods on commission through the Baltic Exchange. In 1841 he began arranging insurance for the cargoes connected with that trade, and the business subsequently broadened into marine insurance brokerage. This origin gave the company a durable connection to international commerce, shipping and specialty risk. The firm expanded through partnerships and mergers. In 1896 it entered the United States market through a relationship with Johnson & Higgins. Two years later it merged with Faber Brothers, founded in 1886, to form Willis Faber. In 1928, Willis Faber combined with Dumas & Wylie, an intermediary founded in 1843, creating Willis, Faber & Dumas. These combinations consolidated several historic brokerage traditions under the Willis name. During the 1950s, the company’s actuarial business grew as private pension arrangements became more widely used. This development helped broaden the business beyond traditional insurance placement. In 1976 the company became listed on the London Stock Exchange. During the 1980s, reinsurance expanded rapidly and became more significant than the group’s marine brokerage operations, reflecting a strategic shift toward large-scale and specialist risk markets. A major international turning point came in 1990, when Willis merged with Corroon & Black. Corroon had been founded as R. A. Corroon & Co. in 1905. The combined Willis Corroon Group became the fourth-largest insurance broker worldwide according to the contemporary account. The transaction gave Willis a much stronger presence in the United States and supported its development as a multinational intermediary. In 1998, Trinity Acquisition acquired the company in a leveraged buyout conducted on behalf of Kohlberg Kravis Roberts. The Willis Group name was adopted in 1999, and the business later returned to public markets through a New York Stock Exchange listing in 2001. The company continued to build scale through acquisitions and international operations. In October 2008 it purchased Hilb, Rogal & Hobbs, one of the largest North American insurance and risk-management intermediaries, in a transaction reported at $2.1 billion. The purchase also included Glencairn Limited. Willis moved its registered office from Bermuda to Ireland in December 2009. Its operating and cultural center remained strongly associated with London, particularly after it occupied the Willis Building in 2008. The group also received naming rights to Chicago’s Sears Tower, subsequently known as Willis Tower, effective in 2009 under an agreement connected to its office lease. These properties became prominent symbols of the company’s international presence. The group’s legal and competitive profile was highlighted by a 2015 dispute with Jardine Lloyd Thompson. After more than 20 Willis employees, including nearly all senior personnel in one department, moved to JLT, the Court of Appeal of England and Wales upheld Willis’s entitlement to interim injunctive relief concerning unfair recruitment. JLT ultimately paid £22 million to settle the claims. Willis’s final major corporate transformation was its 2016 acquisition of Towers Watson. Towers Watson itself had been formed through the 2009 merger of Towers Perrin and Watson Wyatt Worldwide. The Willis transaction was structured as an approximately $18 billion stock deal. After completion, the combined company was renamed Willis Towers Watson, ending Willis Group’s existence as a separate listed corporate brand. The resulting business continued the group’s broad focus on insurance brokerage, reinsurance, risk management, employee benefits and related advisory services.

• 2016

  Combination with Towers Watson

  [1]Willis Groupen.wikipedia.org

  The approximately $18 billion stock transaction is completed and Willis Group is renamed Willis Towers Watson.

• 2008

  Move into the Willis Building

  [1]Willis Groupen.wikipedia.org

  The group occupies its prominent London headquarters, known as the Willis Building.

• 2008

  Acquisition of Hilb, Rogal & Hobbs

  [1]Willis Groupen.wikipedia.org

  Willis acquires HRH in a transaction reported at $2.1 billion.

• 2001

  New York Stock Exchange listing

  [1]Willis Groupen.wikipedia.org

  Willis Group becomes listed on the New York Stock Exchange after its post-buyout reorganization.

• 1990

  Expansion through Corroon & Black merger

  [1]Willis Groupen.wikipedia.org

  Willis combines with Corroon & Black to form Willis Corroon Group and materially strengthen its US operations.

• 1976

  London Stock Exchange listing

  [1]Willis Groupen.wikipedia.org

  The company is listed on the London Stock Exchange.

• 1928

  Formation of Willis, Faber & Dumas

  [1]Willis Groupen.wikipedia.org

  The company combines with Dumas & Wylie, adding another established brokerage lineage.

• 1898

  Formation of Willis Faber

  [1]Willis Groupen.wikipedia.org

  Willis merges with Faber Brothers to create Willis Faber.

• 1841

  Entry into insurance brokerage

  [1]Willis Groupen.wikipedia.org

  Willis begins brokering insurance for commodity cargoes and subsequently expands into marine insurance.

• 1828

  Henry Willis begins commission trading

  [1]Willis Groupen.wikipedia.org

  Henry Willis begins selling imported goods for commission through London’s Baltic Exchange, establishing the commercial roots of the later brokerage group.

A global, relationship-led intermediary for commercial insurance, reinsurance and complex corporate risk.

• Insurance brokerage

  Commercial insurance brokerage

  Willis arranged insurance coverage for corporate, institutional and other complex commercial clients. Its brokerage role involved assessing exposures, designing insurance programs, approaching underwriters and helping clients manage coverage across multiple jurisdictions and specialty markets.

• Reinsurance

  Reinsurance brokerage

  Reinsurance became a major part of the group’s business, particularly during the 1980s. The service connected insurers and other risk-bearing institutions with reinsurance capacity, supporting the transfer and structuring of large, specialized or geographically concentrated risks.

• Specialty insurance · 1841

  Marine insurance

  Marine insurance was central to the company’s nineteenth-century origins. Willis initially brokered cover for cargoes associated with commodity trading and later developed broader marine brokerage capabilities as part of its international commercial insurance practice.

• Risk advisory

  Risk management advisory

  The group advised organizations on identifying, quantifying and mitigating operational, financial, natural-catastrophe and other business risks. These services complemented insurance placement and supported the company’s positioning as a risk adviser rather than only a transaction intermediary.

• Professional advisory

  Actuarial and employee-benefits consulting

  Willis developed actuarial capabilities that grew during the expansion of private pensions in the 1950s. The broader advisory portfolio included employee-benefits and pension-related work, extending the company’s relationships with employers and institutions beyond property and casualty insurance.

• 2013Willis Resilience Expedition

  International · Antarctica

  Willis sponsored a scientific expedition that operated from November 2013 to January 2014 in Antarctica. The program examined climate change and resilience to weather-related risks, aligning the company’s public profile with its advisory focus on catastrophe and environmental risk.

  Outcome. Completed as a scientific and public-engagement initiative focused on climate and resilience.

  Source

• 2016

  Combine with Towers WatsonM&A

  Background

  Willis pursued a larger platform combining insurance brokerage with consulting, actuarial and employee-benefits capabilities.

  Action taken

  The company completed an approximately $18 billion all-stock acquisition of Towers Watson and changed its name to Willis Towers Watson.

  Aftermath

  Willis Group ceased to operate as a standalone corporate identity and became part of the combined Willis Towers Watson group.

  Reported transaction value. $18 billion (2016)

  Source

• 2015

  Pursue legal protection in employee-recruitment disputeOther

  Background

  More than 20 Willis employees moved to competitor Jardine Lloyd Thompson, including nearly all senior staff in one department.

  Action taken

  Willis sought an interim injunction concerning alleged unfair recruitment, and the Court of Appeal of England and Wales held that it was entitled to that interim relief.

  Aftermath

  JLT paid £22 million to settle the claims.

  Settlement payment. £22 million (2015)

  • Jardine Lloyd Thompson — JLT settled the claims with a reported £22 million payment.

  Source

• 2008

  Acquire Hilb, Rogal & HobbsM&A

  Background

  Willis pursued additional North American scale in insurance and risk-management intermediation.

  Action taken

  The group acquired Hilb, Rogal & Hobbs, including Glencairn Limited.

  Aftermath

  The acquisition expanded Willis’s North American platform.

  Reported transaction value. $2.1 billion (2008)

  Source

• 1990

  Merge with Corroon & BlackM&A

  Background

  Willis sought greater scale in the United States and international brokerage markets.

  Action taken

  It merged with Corroon & Black to form Willis Corroon Group.

  Aftermath

  The combined business became the fourth-largest insurance broker worldwide according to the cited historical account.

  Source

1. 1Willis Groupen.wikipedia.org