HRH takeover was 'transformational'
The HRH acquisition helped Willis boost net income 44% in 2009, leading boss Joe Plumeri to describe it as a “momentous year”.
Willis reported net income of $436m (£278.8m) compared with $302m in 2008, while revenue rose from $2.8bn to $3.3bn. Organic growth in commissions and fees was 2%.
Plumeri said the HRH acquisition in 2008 and subsequent integration – which cost the company $2.1bn – was “transformational”.
It was the largest broking takeover of the decade.
He said: “2009 was a momentous year. We began in the midst of integrating our HRH acquisition, facing a difficult global economy and soft insurance market.
“We responded with 2% organic growth in commissions and fees, disciplined expense management, successful merger integration, completion of the Gras Savoye transaction and a much stronger balance sheet.”
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