4. Willis Group

4. Willis Group
Fee and commission income (2001): £357.9m

Operating income (2001): £161m

Address: 10 Trinity Square
London
EC3P 3AX
Tel: 020 7488 8190
Fax: 020 7481 7096

Website: www. www.willis.com

History: Willis Group is a leading risk management and insurance intermediary with operations around the world. Its origins lie in the early 19th century with the founding in London of three firms: Henry Willis & Co, Faber Brothers and Dumas & Wylie, of which the first two merged in 1897 to form Willis Faber & Co. When that firm was joined by Dumas & Wylie in 1928, the famous name of Willis Faber & Dumas came into being.

RA Corroon & Co was established in 1905. In 1966, it merged with CR Black Jr Corporation. Of a great many subsequent amalgamations, the most significant was with Synercon Corporation of Nashville in 1976.

In mid-1998, the group's shareholders accepted an offer from the leveraged buyout specialist Kohlberg Kravis Roberts. Consequently, the group, which had been publicly quoted since 1976, reverted to being a private company. In 1999, the group's operations amalgamated under one name: Willis Group. In June 2001, Willis Group returned to being a public company, with its shares being listed on the New York Stock Exchange

Chief officer: Joe Plumeri

Biography: Prior to joining Willis in October 2000, Plumeri spent 32 years at Citigroup and its predecessor companies. He led the integration of the consumer businesses at Citicorp and Travelers Group, serving as the chief executive of Citibanking North America, which included Citibank's retail branches and Citigroup Investment Services. In one year, he improved the overall financial performance with earnings soaring from $108m (£77m) to $415m (£297m). Plumeri also served on Citigroup's Global Consumer Planning Group.

Plumeri's new responsibilities at Citicorp, following the merger that created Citigroup, came in addition to his existing post as chairman and chief executive of Traveler's Primerica Financial Services division, a direct sales company of more than 150,000 independent agents, which he assumed in 1995. Under his marketing leadership, the company grew earnings from $180m (£129m) to $550m (£393m) in five years.

He had been vice chairman of the Travelers Group since 1994. Primerica and Citibank are today among the largest financial services corporations in the world with more than $100bn (£71.5bn) in combined assets.

From the start of his career in the brokerage business, he progressed rapidly into management positions with predecessor companies of the Travelers Group. He became president and managing partner of Shearson in 1990, and was appointed president of the merged Smith Barney Shearson in 1993.

Plumeri has led the return of Willis to being a public company following its successful IPO in June 2001.

Major shareholders: Kohlberg Kravis Roberts

Main lines of business: Provision to a diverse array of clients of professional risk management solutions, risk transfer through insurance and reinsurance broking and related specialised consultancy services.

Number of UK branches: 20

Number of employees (average for 2001): 4,000 approx