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Insurance Industry Leader Martin Sullivan Joins Willis in Key Global Roles
NEW YORK --(Business Wire)--
Willis Group Holdings (NYSE: WSH), the global insurance broker, today
announced the appointment of Martin J. Sullivan as Deputy Chairman of
Willis Group Holdings plc and Chairman and CEO of a new business unit,
Willis Global Solutions, which will oversee brokerage and risk
management advisory services for Willis's multinational and global
accounts. Mr. Sullivan will be based in New York City.
In Mr. Sullivan's role as Deputy Chairman of Willis Group Holdings, he
will report to Joe Plumeri, Chairman and CEO of Willis Group Holdings,
and assist in managing and shaping the long term growth strategy for the
company. He will also work with Mr. Plumeri and other senior leaders as
a member of the company's Executive Committee.
As Chairman and CEO of Willis Global Solutions, Mr. Sullivan will work
with Grahame Millwater, Willis Group President, to develop and manage a
differentiated service proposition in the large account sector. Building
on the differentiated global capabilities already in place at Willis,
this new unit will distinguish the company as a significant player in
the global marketplace positioned to serve the world's largest clients
and challenge entrenched brokers who have a significant share of
multinational business.
Willis Global Solutions will be a unit of Willis Global, the Chairman
and CEO of which will be Grahame Millwater. Mr. Millwater will also
retain his current title as President of Willis Group Holdings. Willis
Global will encompass Willis Global Solutions, and will also include
Willis Re, Willis Global Specialties, Willis Global Markets, Willis
Global Placement, Willis Facultative Reinsurance, Willis Capital Markets
& Advisory, Willis Analytics and Faber & Dumas, which comprises many of
Willis's wholesale businesses. Each unit will continue to operate under
their current leadership teams.
"To meet the insurance and risk management needs of global
organizations, we believe Willis will be second to none in the level,
quality and expertise of the service it provides to clients from
continent to continent and on the seas in between," said Mr. Plumeri.
"Across the length and breadth of the insurance industry, a client would
be hard pressed to find a more experienced or skilled expert than Martin
Sullivan. Martin's deep, strong and lasting connections to all segments
of the insurance industry will be an enormous asset to Willis, working
for our current and future clients in the type of role that has earned
him well-deserved recognition over many decades in our business."
Grahame Millwater added: "Willis Global will bring together in one
tightly coordinated organization many of the best qualities and
capabilities that make Willis unique in the insurance business. The
synergies and linkages within Willis Global make us stronger than the
sum of our parts. Then add in our company's integrated culture and the
individual strength of each of our global specialist units and it gives
Willis a truly unique position. In his role as CEO of Willis Global
Solutions, Martin Sullivan will be instrumental in delivering a
differentiated proposition to multinational clients whose demands for
global services are unmet by larger, less nimble competitors in this
sector."
Martin Sullivan added: "In my four decades in the insurance industry, I
have always had great admiration for the Willis organization and am
delighted to have the opportunity of joining their senior management
team. I look forward to working with Joe, Grahame and the team in
building Willis Global Solutions into a significant service provider
responding to the insurance and risk management needs of major companies
around the world."
Martin Sullivan, 56, began his career in insurance in 1970 and joined
AIU, the non-life UK company of American International Group (AIG), in
1971. He joined the Property Department of AIU in 1974 and continued to
advance in a succession of underwriting and management assignments in
the UK and Ireland. In 1993, he was named President of AIU's UK/Ireland
Division and Managing Director of AIG Europe (UK) Ltd. He was elected
Senior Vice President, Foreign General Insurance in 1996 and Executive
Vice President, Foreign General in 1998. In 1996 he was appointed Chief
Operating Officer of AIU in New York and named President in 1997. He was
elected to the Board of AIG in May 2002. He served as CEO of AIG from
2005 to 2008.
Mr. Sullivan is an Associate Member of the Chartered Insurance
Institute, a Fellow of the Institute of Leadership & Management and a
Member of the Chartered Management Institute. He is also a former
President of the Geneva Association and has served as Chairman of the
US-ASEAN Business Council and currently serves as Chairman of the
Business Advisory Committees of the St. George's Society and The British
Memorial Garden Trust and is on the Board of Trustees of the American
Associates of the Royal Academy Trust. He is also on the Board of
Trustees of the Inner City Scholarship Fund.
Mr. Sullivan was awarded the Order of the British Empire in 2007 and an
honorary doctorate from Hofstra University. He is married and has three
children.
Media Conference Call
Joe Plumeri will host a media conference call with Grahame Millwater and
Martin Sullivan today, Wednesday, September 8, at 1:30 PM British Summer
Time (8:30 AM Eastern Time) to discuss Mr. Sullivan's appointment and
the creation of Willis Global Solutions. Interested parties may access
the conference call by dialing the following numbers with a passcode of
"Joe Plumeri":
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COUNTRY
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TOLL NUMBERS
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TOLL FREE OR FREE PHONE NUMBERS
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UNITED KINGDOM
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44-20-7108-6248
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0800-279-3953
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USA
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1-210-795-1098
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866-803-2143
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Participants are asked to dial in a few minutes prior to the call to
register for the event. All participants other than media
representatives will be in a listen-only mode.
About Willis
Willis Group Holdings is a leading global insurance broker. Through its
subsidiaries, Willis develops and delivers professional insurance,
reinsurance, risk management, financial and human resource consulting
and actuarial services to corporations, public entities and institutions
around the world. Willis has more than 400 offices in nearly 120
countries, with a global team of approximately 17,000 employees serving
clients in virtually every part of the world. Additional information on
Willis may be found at www.willis.com.
Forward-Looking Statements
We have included in this document ''forward-looking statements'' within
the meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934, which are intended to be
covered by the safe harbors created by those laws. These forward-looking
statements include information about possible or assumed future results
of our operations. All statements, other than statements of historical
facts that address activities, events or developments that we expect or
anticipate may occur in the future, including such things as our
outlook, future capital expenditures, growth in commissions and fees,
business strategies, competitive strengths, goals, the benefits of new
initiatives, growth of our business and operations, plans and references
to future successes, are forward-looking statements. Also, when we use
the words such as ''anticipate'', ''believe'', ''estimate'', ''expect'',
''intend'', ''plan'', ''probably'', or similar expressions, we are
making forward-looking statements.
There are important uncertainties, events and factors that could cause
our actual results or performance to differ materially from those in the
forward-looking statements contained in this document, including the
following: the impact of any regional, national or global political,
economic, business, competitive, market and regulatory conditions on our
global business operations; the impact of current financial market
conditions on our results of operations and financial condition,
including as a result of any insolvencies of or other difficulties
experienced by our clients, insurance companies or financial
institutions; our ability to continue to manage our significant
indebtedness; our ability to compete effectively in our industry; our
ability to implement and realize anticipated benefits of the Shaping Our
Future, Right Sizing Willis, Funding for Growth initiatives or any other
new initiatives; material changes in commercial property and casualty
markets generally or the availability of insurance products or changes
in premiums resulting from a catastrophic event, such as a hurricane, or
otherwise; the volatility or declines in other insurance markets and
premiums on which our commissions are based, but which we do not
control; our ability to retain key employees and clients and attract new
business; the timing or ability to carry out share repurchases or take
other steps to manage our capital and the limitations in our long-term
debt agreements that may restrict our ability to take these actions; any
fluctuations in exchange and interest rates that could affect expenses
and revenue; rating agency actions that could inhibit ability to borrow
funds or the pricing thereof; a significant decline in the value of
investments that fund our pension plans or changes in our pension plan
funding obligations; our ability to achieve the expected strategic
benefits of transactions; any potential impact from the new US
healthcare reform legislation; the potential costs and difficulties in
complying with a wide variety of foreign laws and regulations and any
related changes, given the global scope of our operations; changes in
the tax or accounting treatment of our operations; our involvements in
and the results of any regulatory investigations, legal proceedings and
other contingencies; underwriting and advisory risks we assume in
connection with our non-core capital markets and advisory operations;
our exposure to potential liabilities arising from errors and omissions
and other potential claims against us; and the interruption or loss of
our information processing systems or failure to maintain secure
information systems.
The foregoing list of factors is not exhaustive and new factors may
emerge from time to time that could also affect actual performance and
results. For more information see the section entitled ''Risk Factors''
included in Willis' Form 10-K for the year ended December 31, 2009 and
our subsequent filings with the Securities and Exchange Commission.
Copies are available online at http://www.sec.gov
or on request from the Company as set forth in Part I, Item 1
"Business-Available Information" in Willis' Form 10-K.
Although we believe that the assumptions underlying our forward-looking
statements are reasonable, any of these assumptions, and therefore also
the forward-looking statements based on these assumptions, could
themselves prove to be inaccurate. In light of the significant
uncertainties inherent in the forward-looking statements included in
this document, our inclusion of this information is not a representation
or guarantee by us that our objectives and plans will be achieved. Our
forward-looking statements speak only as of the date made and we will
not update these forward-looking statements unless the securities laws
require us to do so. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this document may
not occur, and we caution you against unduly relying on these
forward-looking statements.

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