Moody's has downgraded the outlook on the senior debt rating of Willis to negative from stable.
The change was prompted by the uncertainties facing Willis since New York attorney general Eliot Spitzer announced his investigation into contingent commission practices at Marsh & McLennan, said Moody's.
It said despite the pro-active decision by Willis to suspend the use of contingent commissions, the short term financial impact of the suspension was unknown.
Willis has disclosed that market arrangement fees received from insurance carriers are expected to total about $160m in 2004 with $80m of those fees being volume and profit contingent commissions.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
