Willis, the third-largest global broker, is riding high thanks to soaring premium rates. President and CEO Joe Plumeri announced in New York that the group’s revenue rose 23% in the first quarter to $897.6 million.

“Our pipelines are robust, our sales efforts are succeeding and clients endorse our client-advocate model which builds all our efforts around them and their unique needs,” Mr Plumeri said.

The company is on track to exceed its goal of 25% growth in income during 2003, he said, and premium rates are continuing to rise. “These have moderated in some areas, principally property-related, as new capacity has allowed placements to be completed at reasonable rates.”