Broking giant Willis Group, has posted a second-quarter profit, as it benefited from increased premium rates.
The London-based broker, generated a second-quarter profit of $80m (£49.7m), up from a loss of $7m (£4.3m) a loss a year ago.
Total revenues for the quarter ended increased 20% to $492m (£305m), up from $411m (£255m) for the corresponding quarter last year.
Joe Plumeri, chairman and chief executive officer said: "Over the past several years, we have diligently enhanced cash flow through improved performance. This has allowed us to make substantial debt repayments far ahead of schedule and initiate a quarterly dividend this past February, less than two years following the initial public offering of our stock.
"We remain committed to pursuing acquisitions at the appropriate time and price. This action, as well as the Board's authorization for the common stock buyback plan, illustrates continued confidence in our long-term growth and profitability."
