Willis and Lockton Cos. Come to Resolution

August 15, 2001

Willis Group Holdings Limited and Lockton Companies Inc. announced that Willis of New York has won against Lockton Companies Inc., Gary Giulietti, Warren McGrath, Richard Leveroni and John Lumelleau in the Southern District of New York. Lockton will make a monetary payment in the millions to Willis, and Lockton will be subject to a one-year injunction restricting the hiring of Willis employees nationwide.

The lawsuit arose out of the hiring by Lockton of several former employees of Willis’ office in Farmington, Conn., and the subsequent solicitation of Willis clients by these employees.

Willis Group Holdings is a global insurance broker, developing and delivering professional insurance, reinsurance, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. With over 300 offices in more than 100 countries, its global team of 13,000 associates serves over 50,000 clients in 160 countries.

Willis specializes in serving the needs of clients in such major industries as construction, aerospace, marine and energy. In June 2001 the Group returned to public ownership and is listed on the New York Stock Exchange (symbol: WSH).

Lockton Companies Inc. specializes in insurance, surety, risk management, and employee benefits solutions for businesses. Founded in 1966, the company is the largest independently held insurance brokerage in the United States, with $193 million in worldwide revenues. Lockton Companies has more than 1,600 associates in major markets throughout the United States.

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