October 29, 2015 by Canadian Underwriter
Commercial insurance brokerage Willis Group plc reported a 4.1% increase in third-quarter commissions and fees and net income of $116 million in the three months ending Sept. 30, compared to an $8-million loss in the third quarter of 2014.
London-based Willis released Tuesday its financial results for the third quarter.
Total revenue for the latest quarter was $846 million, up 4.1% from $821 million in Q3 2014. All figures are in United States dollars. Commissions and fees were $841 million in the latest quarter, up 4.1% from $808 million in Q3 2014.
In addition to placing insurance, Willis provides risk consulting, human resources consulting and capital markets products.
In North America, commissions and fees dropped 4%, from $321 million in Q3 2014 to $308 million in the most recent quarter.
“Organic commissions and fees in Willis North America were flat in the third quarter of 2015 compared with the third quarter of 2014,” Willis reported. “Low-to-mid-single digit growth in most regions was offset by a modest decline in the Midwest and Western regions compared to the third quarter of 2014 as result of timing differences compared to the prior year in certain business lines, most notably Healthcare. Strength in Construction, FINEX and M&A businesses was offset by moderation in Transportation and Natural Resources. The Human Capital Practice produced low-single digit organic growth as compared to the third quarter of 2014.”
In North America, Willis has about 80 locations, including Toronto, Montreal, Vancouver and Calgary.
Its largest industry practice group in North America is construction, where it provides risk management, insurance brokerage and surety bonding services.
Other commercial lines provided by Willis include directors’ and officers’ liability, professional liability and cyber risk, among others.
Worldwide, Willis reported commissions and fees of $2.839 billion during the first nine months of this year, up 0.4% from $2.828 billion during the same period in 2014.
Net income increased 38%, from $290 million during the first nine months of 2014 to $402 million in the same period this year.