Throwback Thursday: Willis merger; CII’s coffers concerns
Insurance Post’s Throwback Thursday steps back in time to October 1990 to remind you what was going on this week in insurance history when Willis was set to merge with a New York broker.
4 October 1990: Willis marriage looks likely
The merger between Willis Faber and New York’s Corroon & Black was due to become effective that week, reported Post’s Reuel Golden.
During the meeting, shareholders gave the merger proposal unanimous approval.
In 2016 Willis Group and Towers Watson merged to become Willis Towers Watson.
In 2022 Willis Towers Watson rebranded as WTW. Carl Hess became the new CEO, succeeding John Haley after 23 years as company CEO.
CII makes a loss
The Chartered Insurance Institute reported a £393,000 loss on all activities in the previous year, resulting in then treasurer Peter Ward seeking to reassure members the body’s finances were not “out of control”.
He said in recent years the CII had deliberately built up its reserves by a series of special provisions to cover developments that were in the pipeline.
Developments included the introduction of the new examination structure, refurbishment of the hall at Aldermanbury and improved staffing levels “to bring services up to standard”.
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