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 .
- 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 .
- Risk & Broking - Provides insurance broking and consulting services, influenced by economic conditions and insurance market cycles .
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| Name | Position | External Roles | Short 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. | View Report → |
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. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during WILLIS TOWERS WATSON earnings calls.
Robert Cox
The Goldman Sachs Group, Inc.
2 questions for WTW
Andrew Kligerman
TD Cowen
1 question for WTW
Brian Meredith
UBS
1 question for WTW
Charlie [for Mike Zaremski]
BMO
1 question for WTW
Charlie Lederer
BMO Capital Markets
1 question for WTW
David Motemaden
Evercore ISI
1 question for WTW
Elyse Greenspan
Wells Fargo
1 question for WTW
Gregory Peters
Raymond James
1 question for WTW
Jon Paul Newsome
Piper Sandler & Co.
1 question for WTW
Josh Shanker
Bank of America
1 question for WTW
Katie Sakys
Autonomous Research
1 question for WTW
Mark Hughes
Truist Securities
1 question for WTW
Mark Marcon
Baird
1 question for WTW
Michael Zaremski
BMO Capital Markets
1 question for WTW
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- On October 17, 2025, Willis Towers Watson Public Limited Company and its subsidiaries executed a Third Amended and Restated Credit Agreement with Barclays Bank PLC as Administrative Agent, replacing the October 6, 2021 facility.
- The amended facility provides revolving credit commitments of up to $1.5 billion, letters of credit commitments up to $150 million, and a swing line facility up to $300 million.
- The agreement includes covenants requiring a minimum 4.00x Consolidated Cash Interest Coverage Ratio and a maximum 3.50x Consolidated Leverage Ratio, with one-time reset options tied to qualifying acquisitions.
- Proceeds will refinance existing indebtedness under the prior agreement, cover transaction expenses, and fund working capital, capital expenditures and permitted acquisitions.
- 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.
- 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.
- 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.
- 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.