Willis turns around to profit
Dynamic Willis Chairman and CEO Joe Plumeri has pulled the formerly ailing company into a $55 million third-quarter profit – a dramatic turnaround from the $156.9 million lost in the corresponding period last year.
Not that Willis is alone. Aon and Marsh have both also reported much stronger second-half results as the flow-on effects of the hardening market (ie, higher premiums and higher charges) become more evident.
And there’s another upside for the big brokers: more clients are reportedly turning to them for risk management and other consulting services to reduce their risks and control their premiums – and that means more fees, too.