Newly Merged Willis Towers Watson Begins Operating

January 5, 2016
merger

Willis Towers Watson Public Limited Co. began operating today following the successful completion of the merger of Willis Group Holdings and Towers Watson.

The company, which will do business as Willis Towers Watson, is a global advisory, broking, and solutions company with 39,000 employees in more than 120 countries.

“Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients. We intend to help our clients manage risk and engage their people in a whole new way,” said John Haley, CEO of Willis Towers Watson.

“We believe we can change our industry by delivering solutions that are driven by data and analytics, and are integrated, innovative and tailored to meet the evolving needs of our clients,” Haley added.

The company said in a statement that it advises clients across four business segments: corporate risk and broking; exchange solutions; human capital and benefits; and investment, risk and reinsurance. “Willis Towers Watson currently serves 80 percent of the world’s 1,000 largest companies along with many mid-market and smaller businesses around the world,” the statement said.

“Our focus now is on realizing the full potential of this powerful combination for our clients, our people and our investors,” said Dominic Casserley, Willis Towers Watson president and deputy CEO. “These are two companies with world-class brands, shared values and now, a vastly expanded set of capabilities, people and geographic reach. Together, we can continue to provide the services and solutions our clients have been used to receiving from us, and also create new offerings that they cannot find elsewhere.”

Value Creation

Willis Towers Watson said it expects to generate $4.7 billion in incremental value for shareholders, consisting of $375 million to $675 million in incremental revenues, which include “expanded distribution of Towers Watson’s health care exchange, expansion of Willis’ large-market P&C brokerage business and further globalization of Towers Watson’s Health and Group Benefits consulting business.”

The company also expects $100 million to $125 million in annual merger-related cost savings and approximately $75 million in annual tax savings.

Board of Directors

The board of directors of Willis Towers Watson consists of 12 members – six directors formerly on the Willis board and six formerly on the Towers Watson board. James McCann, previously chairman of Willis, is chairman of the Willis Towers Watson Board. John Haley, previously chairman and chief executive officer of Towers Watson, and Dominic Casserley, previously chief executive officer of Willis, are also members of the board of Willis Towers Watson.

Executive Officers

The company’s executive leadership team, as previously announced, includes senior management from both Willis and Towers Watson. Along with Haley and Casserley, it is comprised of the following individuals:

  • Nicolas Aubert, head of Great Britain
  • Anne Donovan Bodnar, head of Human Resources
  • James K. Foreman, head of Exchange Solutions
  • Matthew S. Furman, general counsel
  • Adam Garrard, head of International
  • Julie J. Gebauer, head of Human Capital and Benefits
  • Carl Hess, co-head of North America
  • Todd Jones, co-head of North America
  • Roger Millay, chief financial officer
  • Paul Morris, head of Western Europe
  • David Shalders, head of Operations and Technology
  • Timothy D. Wright, head of Corporate Risk and Broking
Merger Finalized

Willis and Towers Watson completed their merger on Jan. 4, 2016, and shares of Willis and Towers Watson ceased trading at the close of the New York Stock Exchange and NASDAQ Stock Market, respectively, on that day. From today (Jan. 5), the ordinary shares of Willis Towers Watson will trade on the NASDAQ Stock Exchange under the symbol “WLTW.”

Source: Willis Towers Watson

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