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WILLIS TOWERS WATSON (WTW)

WTW is a company that operates in two main segments: Health, Wealth & Career (HWC) and Risk & Broking. The company provides a variety of services, including advice, broking, solutions, and technology, aimed at enhancing employee benefit plans, institutional investments, compensation, career programs, and overall employee experience . WTW's offerings are designed to address human resources and risk needs, with a focus on growing revenue, improving margins, and increasing cash flow, EBITDA, and earnings through strategic priorities .

  1. Health, Wealth & Career (HWC) - Offers services such as advice, broking, solutions, and technology for employee benefit plans, institutional investors, compensation and career programs, and overall employee experience. Focuses on key areas like Health, Wealth, Career, and Benefits Delivery & Outsourcing .
  2. Risk & Broking - Provides insurance broking and consulting services, influenced by economic conditions and insurance market cycles .

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NamePositionExternal RolesShort Bio

Carl Hess

ExecutiveBoard

Chief Executive Officer (CEO)

None

CEO of WTW since January 1, 2022. Over 20 years at WTW, previously President and Head of Investment, Risk, and Reinsurance. Fellow of the Society of Actuaries.

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Adam L. Garrard

Executive

Head of Risk and Broking

None

Head of Risk and Broking since January 1, 2022. Over 25 years at WTW, previously Head of International and CEO of Willis in Asia, Europe, and Australasia.

Alexis Faber

Executive

Chief Operating Officer (COO)

None

COO of WTW since August 2021. Over 20 years at WTW, previously COO of Corporate Risk & Broking and Global Head of Financial Lines.

Andrew Krasner

Executive

Chief Financial Officer (CFO)

None

CFO of WTW since September 7, 2021. Previously Global Treasurer and Head of M&A at WTW. CPA with extensive financial expertise.

Anne Pullum

Executive

Head of Europe

None

Head of Europe since August 30, 2021. Joined WTW in 2016, previously Head of Western Europe and Chief Administrative Officer.

Imran Qureshi

Executive

Head of North America

Board Director at Smithbucklin and The Executives' Club of Chicago

Head of North America since August 30, 2021. Over 20 years at WTW, previously Co-Leader of U.S. and Chair of North American Inclusion & Diversity Council.

Julie J. Gebauer

Executive

Head of Health, Wealth, and Career

None

Head of Health, Wealth, and Career since January 1, 2022. Joined WTW in 1986, previously Head of Human Capital & Benefits. Fellow of the Society of Actuaries.

Kristy D. Banas

Executive

Chief Human Resources Officer

None

CHRO of WTW since August 16, 2021. Held various HR leadership roles at WTW, including Global Talent Advisor and Head of Total Rewards.

Pamela Thomson-Hall

Executive

Head of International

None

Head of International since August 30, 2021. Joined WTW in 1999, previously Managing Director of International and Head of CEEMEA.

Dame Inga Beale

Board

Independent Director

Director at NN Group N.V., Crawford and Company, and Mediclinic International

Independent Director since January 1, 2022. Former CEO of Lloyd’s of London and Canopius Group. Appointed Dame Commander of the Order of the British Empire (DBE) in 2017.

Fredric Tomczyk

Board

Independent Director

CEO of CBOE Global Markets, Director at Sagen MI Canada Inc.

Independent Director since April 1, 2023. Former CEO of TD Ameritrade and Vice Chair of TD Bank Group.

Fumbi Chima

Board

Independent Director

Director at AZEK Company, Whitbread plc

Independent Director since April 1, 2022. Extensive global business and technology experience. Recognized for leadership in diversity and inclusion efforts.

Jacqueline Hunt

Board

Independent Director

Director at Standard Chartered PLC, Man Group PLC, and Rothesay Life PLC

Independent Director since April 1, 2023. Former Allianz SE board member and CEO of Prudential UK, Europe, and Africa.

Michael Hammond

Board

Independent Director

Chairman of The London Insurance Market Charitable Trust

Independent Director since January 1, 2022. Former CEO of large global insurance broking entities.

Michelle Swanback

Board

Independent Director

CEO of TTEC Engage, President of TTEC Holdings, Inc.

Independent Director since January 1, 2022. Former President of Product and Platform at Western Union and Group Operating Officer at Accenture Digital.

Paul Reilly

Board

Independent Director

CEO and Chair of Raymond James Financial, Chair of the American Securities Association

Independent Director since October 1, 2022. Extensive experience in financial services, including as CEO of Raymond James Financial.

Paul Thomas

Board

Non-Executive Chair of the Board

None

Non-Executive Chair since January 4, 2016. Former CEO of Reynolds Packaging Group and senior executive at Alcoa.

Stephen Chipman

Board

Independent Director

Director of Prudential Insurance Funds, Stout, and Auxadi Holdo

Independent Director since April 1, 2023. Former CEO of Grant Thornton LLP and Radius. Extensive experience in financial services and professional services.

  1. Your Risk & Broking segment achieved organic revenue growth of 10% this quarter, driven by your specialty businesses and increased productivity from new hires . Given that Verita, while growing, is still not contributing significantly to organic growth , how do you plan to sustain this level of growth in R&B, and what specific initiatives are you undertaking to ensure continued outperformance?

  2. With the transformation program's cost savings from this year not expected to have a meaningful impact until 2025 , how do you plan to drive further efficiencies post-2024, and can you detail the specific actions you're implementing now to ensure continued margin expansion beyond the program's conclusion?

  3. You've deliberately moderated growth in your Medicare-related businesses to maximize profitability and improve free cash flow amid increased media buying costs and consumer distraction due to the U.S. elections . How will you navigate these challenges to still achieve your mid-single-digit organic revenue growth target for the Health, Wealth & Career segment, and are there alternative strategies to drive growth without incurring higher acquisition costs?

  4. Unallocated costs increased significantly this quarter, including a $13 million legal provision , but you expect these costs to be similar to 2023 levels for the full year . Can you elaborate on the factors contributing to these unallocated costs and how you plan to manage or reduce them to prevent impacting margins in the second half?

  5. With Lucy Clark joining to lead Risk & Broking, aligning with your focus on specialization and technology , what specific strategic initiatives is she expected to implement in the next 12 to 18 months to enhance growth and profitability, and how will her leadership impact talent acquisition and service differentiation in a competitive market?

Program DetailsProgram 1
Approval DateSeptember 20, 2023
End Date/DurationNo expiration date
Total additional amount$1.0 billion
Remaining authorization amount$837 million
DetailsCan be suspended or discontinued at any time
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2026$549 4.400% senior notes4.400 10.3% = ($549 / $5,308) * 100
2027$746 4.650% senior notes4.650 14.0% = ($746 / $5,308) * 100
2028$598 4.500% senior notes4.500 11.3% = ($598 / $5,308) * 100
2029$725 2.950% senior notes2.950 13.7% = ($725 / $5,308) * 100
2033$742 5.350% senior notes5.350 14.0% = ($742 / $5,308) * 100
2043$272 6.125% senior notes6.125 5.1% = ($272 / $5,308) * 100
2048$396 5.050% senior notes5.050 7.5% = ($396 / $5,308) * 100
2049$543 3.875% senior notes3.875 10.2% = ($543 / $5,308) * 100
2054$737 5.900% senior notes5.900 13.9% = ($737 / $5,308) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Competes in various fields including HR consulting, risk management consulting, and pension consulting. It is identified as one of the largest competitors in the pension consulting industry.

Competes in the insurance brokerage and risk management consulting industries.

Competes in the insurance brokerage and risk management consulting industries.

Competes in the insurance consulting and software industry.

Competes in multiple areas, including HR consulting, risk management consulting, and insurance consulting. Its subsidiaries, Mercer HR Consulting and Oliver Wyman, are also identified as competitors in pension consulting and insurance consulting, respectively.

Competes in the human capital and risk management consulting industries.

Milliman

Competes in the insurance consulting and software industry.

Oliver Wyman

A subsidiary of Marsh & McLennan Companies, competes in the insurance consulting and software industry.

Deloitte LLP

One of the big four accounting firms, competes in the insurance consulting and software industry.

Ernst & Young

One of the big four accounting firms, competes in the insurance consulting and software industry.

PricewaterhouseCoopers

One of the big four accounting firms, competes in the insurance consulting and software industry.

KPMG

One of the big four accounting firms, competes in the insurance consulting and software industry.

SunGard

Competes in the insurance consulting and software industry.

Buck Consultants

An HIG Capital Company, competes in the insurance exchange industry.

Connextions

A United Healthcare company, competes in the insurance exchange industry.

Competes in the insurance exchange industry.

Fidelity

Competes in the insurance exchange industry.

WageWorks

Competes in the account-based health plans and consumer-directed benefits market.

Competes in the account-based health plans and consumer-directed benefits market.

NameStart DateEnd DateReason for Change
Deloitte & Touche LLP2017PresentCurrent auditor.
Deloitte LLPN/A2017 The decision was made in recognition that key financial leadership now resides in the United States.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

N/A

2022

Completed acquisition during the nine months ended September 30, 2022 with a cash payment of $109 million and an additional $22 million in contingent considerations; no further strategic rationale, asset details, or specific terms were provided.

Recent press releases and 8-K filings for WTW.

Willis Towers Watson: Commercial insurance market sees stability and buyer opportunities
·$WTW
  • The commercial insurance sector is entering a period of stability after pandemic-era volatility, supported by over $1 trillion in surplus capital and $725 billion in reinsurance capacity.
  • Property insurance has moved into a soft market, with renewal rates down 5.5% in Q1 2025 and 8% in Q2 2025.
  • Workers’ Compensation remains favorable, underpinned by a $16 billion reserve surplus.
  • Artificial intelligence is now transforming underwriting, claims management, and product design, delivering deeper risk insights and faster decision-making.
5 days ago
Willis Towers Watson launches digital SME insurance platform in Australia
·$WTW
Product Launch
New Projects/Investments
  • Zest Insurance launched on June 18, 2025, offering a fully digital insurance platform for Australian SMEs.
  • Initial rollout targets the administration and support services sector, with policies exclusively underwritten by Chubb.
  • SMEs comprise 97% of Australian businesses, in a market valued at over AUD 9 billion in gross written premiums.
  • The platform enables online purchase, management, and renewal of policies with on-demand broker support, aligning with WTW’s digital transformation and expected to drive future revenue growth.
Jun 19, 2025, 2:10 AM
Willis Towers Watson Announces 2025 AGM Outcomes
·$WTW
Proxy Vote Outcomes
Board Change
  • 2025 AGM held on May 15, 2025 saw a quorum with over 91 million shares voting on director nominations and key shareholder proposals.
  • Shareholders provided overwhelming support for resolutions on director elections and advisory votes regarding executive compensation and auditor selection, including ratifying Deloitte & Touche LLP and Deloitte Ireland LLP.
  • The meeting recorded detailed voting outcomes for each proposal, highlighting numerical support and dissent.
  • A Board Change occurred as Paul Thomas retired and was succeeded by Paul Reilly as non-executive Chair, effective at the AGM’s conclusion.
May 20, 2025, 12:00 AM
WTW Q1 2025 Earnings Report Highlights & Results
·$WTW
Earnings
Revenue Acceleration/Inflection
M&A
Share Buyback
  • Revenue declined by 5% to $2.2 billion vs Q1 2024, though organic revenue grew by 5%.
  • Reported diluted EPS increased by 27% to $2.33 and adjusted EPS reached $3.13, aligning with guidance and full-year targets.
  • Operating margin improved with a 100 basis point uptick, reaching 19.4%.
  • Net income rose from $194 million to $239 million.
  • Business segments including Health, Wealth & Career and Risk & Broking delivered robust results, with Risk & Broking achieving 7% organic growth amid economic uncertainty.
  • Investments in technology, automation and new product launches such as the Tariff Guard endorsement are enhancing efficiency and competitive positioning.
  • A deliberate M&A strategy is in place to pursue high-growth opportunities, complemented by the repurchase of 607,221 shares for $200 million as part of its capital allocation efforts.
Apr 24, 2025, 1:01 PM