Canadian Underwriter

What’s New: In brief (March 13, 2006)

March 13, 2006   by Canadian Underwriter

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Willis Group Holdings (NYSE: WSH) has appointed of three new members to the Canadian Advisory Board of Willis Canada Inc. Robert Hogan, D. Udo Nixdorf, and Bernard R. Wilson will join Willis Canada as senior members and advisors. Hogan, LL.M. (Tax); LL.B., is currently a partner in the Montreal office of Stikeman Elliott, LLP and a member of the Tax Group. Offering over 20 years of industry experience, Hogan specifically specializes in corporate reorganizations, mergers and acquisitions, investment funds, cross-border financing and derivative products, partnerships, trusts, joint ventures and international taxation. Nixdorf offers over 40 years industry with Chubb Insurance Co. of Canada (CICC) where he held positions including director, senior vice president and manager of the Chubb Specialty Insurance business unit. Nixdorf, continuing to serve as an outside director on Chubb Insurance Canada Board, serves as a member of the Institute of Corporate Directors (ICD), is the founding director of the Centre for Director and Board Development, and is a member of a variety of insurance related organizations including SFPE, PLUS, RIMS, CRIMS. Wilson, FCA, ICD.D., most recently served as vice chairman of PricewaterhouseCoopers for 40 years. Offering expertise as a senior financial professional advisor in corporate finance and investment banking, international trade and commerce, Wilson also has extensive experience in major financial restructurings. Wilson currently serves as chairman of the Institute of Corporate Directors; Chairman of Langstaff Equities Inc., chairman of Ontario Business Advisory Council; Governor of Portage; founder and chairman, Meritus Network; founder and chairman of ICD Fellowship Awards Program. In their roles on the Advisory Board, Hogan, Nixdorf and Wilson will provide advice and business networking contributions to assist Willis Canada to fulfill its potential as a global risk advisory and insurance brokerage firm.

Aon Corp. plans to lay off an additional 400 employees as part of its three-year restructuring plan, according to a Securities and Exchange Commission filing the brokerage recently filed. The restructuring initiatives are expected to result in the elimination of approximately 1,800 employee positions by the end of 2007, which Aon says is an increased from its initial Nov. 2005 estimate of 1,400. Previously Aon expected the initiatives to result in $262 million in cumulative pretax charges through 2007, with targeted annualized savings of about $180 million by 2008. The restructuring is expected to result in $250 million in charges and $150 million in savings.

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