The insurance industry is not particularly well known for its flamboyant personalities. So, when one does emerge, they make news. It’s not too surprising therefore to find Willis’ CEO Joe Plumeri as the subject of an in depth profile on the BBC News Website (http://news.bbc.co.uk.com).
Since he took over the reins at Willis in 2000, Plumeri’s All-American approach has “revitalized sleepy Willis,” according to the report. The BBC describes him as providing leadership that’s a mix of “old world England and New York cool.” Its doubtful that any other broker has a flashing neon sign in its lobby blinking out “Our Chairman is Happy.”
Despite the turmoil the industry is going through, Plumeri does seem to be happy. He looks upon it more as a challenge to be mastered and a golden opportunity. Shortly after Eliot Spitzer announced his investigation of Marsh, Plumeri took the bold step of terminating all of Willis’ U.S. contingency agreements and as quickly as possible those outside the U.S. as well. The decision may have cost the company around $80 million in lost revenues, but it enhanced its reputation for integrity.
Plumeri’s also embarked on a bold expansion strategy, acquiring brokers and agents, and hiring a number of experienced personnel – many of them from Marsh.
He grew up in Trenton New Jersey – long way from London in more than just distance – and spent 32 years with Citigroup, as CEO Sandy Weil was building it into the world’s largest financial services company.
Since taking over at Willis, Plumeri’s impressed the industry and investors on both sides of the Atlantic. The 176-year-old firm (it traces its origins back to the founding of Henry Willis & Co. in 1828) is now firmly entrenched as the third largest global insurance broker with over 300 offices in more than 100 countries. Its share price has risen from the offering price of $13.50 when it went public in 2000 to around $40.
The BBC describes Plumeri as being “passionate” about what he’s doing, and concludes that he’s planning on doing it for a number of years to come. The profile offers a welcome respite from the current quasi-daily announcements of investigations, suspicious transactions and manipulation that have surfaced throughout the brokerage community since last October.
Topics Agencies
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