Willis third quarter results show premium rate decline
Broker Willis Group has reported revenues for the third quarter of $579m compared with $574m for the same period last year - although this 1% growth was largely accounted for by currency fluctuations. The company said organic growth in commissions and fees was 2% which reflected net new business won of 5% offset by a negative 3% impact from declining premium rates.
The company's global segment, which comprises global specialties and reinsurance, recorded negative 2% organic growth in commissions and fees in the third quarter 2008 compared with third quarter 2007
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