LONDON, Jan. 22, 2014 (GLOBE NEWSWIRE) -- Willis Group Holdings (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, is creating a new global Human Capital & Benefits (HCB) Practice led by Tim Wright, who will add this Group role to his duties as CEO of Willis International.
The practice will unite all the existing employee benefits and related consulting businesses across Willis to develop and execute a coordinated global strategy aimed at delivering the very best of Willis to our clients, and increasing its share of this large and growing market.
These businesses comprise pensions and retirement planning, healthcare, group risk and life cover. They also include a range of consultative services such as compliance, data analytics, communications, wellness and human resource consulting.
The Human Capital business in Willis North America and the Employee Benefits businesses across Willis International will continue to report to their individual geographies but will also become part of the global HCB Practice. These businesses generated combined revenues of over $500 million in 2012. This change is effective immediately.
Tim Wright, CEO, Willis International, said: "The new practice will allow us to create a sense of identity and community among our human capital and employee benefits teams around the world. It will enable us to agree growth priorities, both organically and inorganically, and leverage capabilities and best practices across the Group for the benefit of our clients. The HCB practice will work closely with the geographic businesses, together with the newly-formed global industry and product practices."
Jim Blaney, CEO, Willis North America Human Capital Practice, said: "This change reinforces the commitment we have to this business. It also adds structure, depth and range to our work in North America, where human capital consulting and brokerage has been a significant growth driver. This is a highly disrupted and competitive space and Willis stands to gain greater growth momentum by leveraging its deep expertise across the globe. A more structured and unified global practice provides a great platform to share strategies, ideas and best practices, aimed at connecting all of Willis to drive a worldwide approach to serving clients in this important area of risk."
Dominic Casserley, CEO, Willis Group, said: "The human capital and employee benefits sector is a compelling long-term growth prospect across the world. These are high-growth, differentiated markets driven by changes in demographics, healthcare and social policy. Human Capital and Benefits are already an important area for Willis but we want to create a stronger and sharper focus to extend our reach in this space."
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,500 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website,www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
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Source: Willis Group Holdings