Willis Group Holdings
Encyclopedia
Willis Group Holdings is a global insurance broker
headquartered in the Willis Building
, London
, United Kingdom
. It has more than 400 offices in 120 countries, and approximately 17,000 employees. As of June 2010, the company had the third-highest insurance brokerage revenue
s in the world.
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. It has major clients in the aerospace, marine, construction, and energy industries.
Willis Group is listed on the New York Stock Exchange
.
in 1828, and initially operated as Henry Willis & Co. In 1898 it merged with Faber Brothers (founded in 1886) to form Willis Faber, and then in 1928 it merged with Dumas & Wylie (founded in 1843) to create Willis, Faber & Dumas. It was first listed on the London Stock Exchange
in 1976 as Willis Faber.
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. In 1998 in a leveraged buyout
the Company was acquired by Trinity Acquisition on behalf of Kohlberg Kravis Roberts, and in 1999 the name Willis Group was adopted. It was first listed on the New York Stock Exchange
in 2001.
Willis moved into the Willis Building
, its new London
headquarters, in May 2008.
In October 2008, Willis acquired Hilb, Rogal & Hobbs Co.
(HRH), one of the largest insurance and risk management intermediaries in North America and this has boosted their North American presence, as well as acquired Glencairn LImited which has augmented its Lloyd's of London Market strength.
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 140000 square feet (13,006.4 m²) of space in the 3800000 square feet (353,031.6 m²) tower. It was the world's tallest building from 1974 until 1998, when it was surpassed by the Petronas Towers in Kuala Lumpur, Malaysia.
Willis Group Holdings announced plans in 2009 to relocate its registered office from Bermuda
to Ireland
. Its shareholders approved the move in December 2009, and the company announced on December 31, 2009, that its reorganization has been completed and the new parent company of the Willis Group – known as Willis Group Holdings Public Limited Company – is incorporated in Ireland.
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
headquartered in the Willis Building
Willis Building (London)
The Willis Building at 51 Lime Street, is a large office tower in London's main financial district, the City of London.Designed by architect Norman Foster and developed by British Land, it stands opposite the Lloyd's building and is tall, with 26 storeys...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It has more than 400 offices in 120 countries, and approximately 17,000 employees. As of June 2010, the company had the third-highest insurance brokerage revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
s in the world.
The company acts as an intermediary between its clients and insurance carriers, advising its clients on risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
requirements, helping them determine the best way to manage risk
Risk
Risk is the potential that a chosen action or activity will lead to a loss . The notion implies that a choice having an influence on the outcome exists . Potential losses themselves may also be called "risks"...
, and negotiating and placing insurance risk with insurance carriers. It has major clients in the aerospace, marine, construction, and energy industries.
Willis Group is listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
History
The company was founded by Henry Willis in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
in 1828, and initially operated as Henry Willis & Co. In 1898 it merged with Faber Brothers (founded in 1886) to form Willis Faber, and then in 1928 it merged with Dumas & Wylie (founded in 1843) to create Willis, Faber & Dumas. It was first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1976 as Willis Faber.
It expanded into the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in 1990 when it merged with Corroon & Black (founded as R. A. Corroon & Co. in 1905) to form the Willis Corroon Group. In 1998 in a leveraged buyout
Buyout
A buyout, in finance, is an investment transaction by which the ownership equity of a company, or a majority share of the stock of the company is acquired. The acquiror thereby "buys out" control of the target company....
the Company was acquired by Trinity Acquisition on behalf of Kohlberg Kravis Roberts, and in 1999 the name Willis Group was adopted. It was first listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 2001.
Willis Building (London)
The Willis Building at 51 Lime Street, is a large office tower in London's main financial district, the City of London.Designed by architect Norman Foster and developed by British Land, it stands opposite the Lloyd's building and is tall, with 26 storeys...
, its new London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
headquarters, in May 2008.
In October 2008, Willis acquired Hilb, Rogal & Hobbs Co.
Hilb, Rogal & Hobbs Co.
Hilb, Rogal, & Hobbs Co. is a US insurance firm.-History:The firm was established by Bob Hilb, Alvin Rogal and David Hamilton, former Insurance Management Corporation executives in 1982.In July 2007, Hilb Rogal & Hobbs Co...
(HRH), one of the largest insurance and risk management intermediaries in North America and this has boosted their North American presence, as well as acquired Glencairn LImited which has augmented its Lloyd's of London Market strength.
The 110-story Sears Tower
Sears Tower
Sears' optimistic growth projections were not met. Competition from its traditional rivals continued, with new competition by retailing giants such as Kmart, Kohl's, and Wal-Mart. The fortunes of Sears & Roebuck declined in the 1970s as the company lost market share; its management grew more...
in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
was renamed the Willis Tower in July 2009. Willis secured the naming rights as part of its agreement to lease 140000 square feet (13,006.4 m²) of space in the 3800000 square feet (353,031.6 m²) tower. It was the world's tallest building from 1974 until 1998, when it was surpassed by the Petronas Towers in Kuala Lumpur, Malaysia.
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
to Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. Its shareholders approved the move in December 2009, and the company announced on December 31, 2009, that its reorganization has been completed and the new parent company of the Willis Group – known as Willis Group Holdings Public Limited Company – is incorporated in Ireland.