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Recent research from Willis Towers Watson's Thinking Ahead Institute highlights the growing importance of organizational purpose and culture in the investment industry. Over five years, discussions on enhancing cultural effectiveness have evolved, with investment organizations recognizing the need for leadership in shaping culture. The report recommends creating unique organizational purposes, developing culture dashboards, and establishing common language for culture. It identifies common failings that hinder cultural quality and emphasizes the need for improved standards, particularly in light of challenges posed by COVID-19 and social crises.
The funded status of the largest corporate pension plans in the U.S. improved in Q2 2020, with an estimated funded status of 82%, up from 79% in Q1 but below 87% at the end of 2019. The pension deficit decreased to $325 billion from $365 billion, although it remains higher than the $222 billion deficit in 2019. Pension obligations rose to $1.84 trillion. Positive market returns offset some losses, while future challenges include potential revenue declines and increased pension costs due to the pandemic.
Willis Re's 1st View report reveals that the global reinsurance market has regained capital levels, now only 5% lower than December 2019, after a 30% drop in March 2020. The report highlights double-digit risk-adjusted reinsurance price increases for loss-hit catastrophe treaties, particularly in the U.S., with rises of +10% to +35%. COVID-19 losses are reported at approximately $7 billion. While the market remains capital-adequate, there is a cautious approach to underwriting profitability amid ongoing pandemic concerns.
Willis Towers Watson (NASDAQ: WLTW) announced the launch of the Homestead Insurance Company Incorporated Cell, aimed at upper middle market companies. This group captive solution allows members to purchase insurance more efficiently over a 5-to-10-year period while retaining ownership of underwriting profits. It promises competitive up-front premiums, potential long-term savings, and control over administrative decisions. Partnering with The Hartford, Homestead provides coverage against adverse losses and aims to offer a tailored strategy in an uncertain insurance market.
According to Willis Towers Watson's Commercial Lines Insurance Pricing Survey, U.S. commercial insurance prices rose over 6% in Q1 2020, marking the second consecutive quarter of price increases. Various insurance lines, including directors’ and officers’ liability and excess/umbrella, reported significant double-digit increases. Small commercial accounts saw minimal price changes, while mid-market and large accounts experienced higher increases. The report noted that first-quarter statistics may not fully reflect COVID-19 impacts, with ongoing analysis expected to determine future premium trends.
Willis Towers Watson (NASDAQ: WLTW), a global advisory and solutions company, will attend the Stifel 2020 Virtual Cross Sector Insight Conference on June 10, 2020. John Haley, the CEO, is set to present at 10:40 a.m. Eastern Time. Investors can access a live webcast of the presentation via the Investor Relations section on their website. A replay will be available shortly after.
Research by Willis Towers Watson (NASDAQ: WLTW) reveals that over 90% of global employees report anxiety due to the pandemic. Despite these concerns, 78% of employees commend their leaders for effective support and communication. Additionally, 61% express financial worries stemming from COVID-19 disruptions, while only 46% feel their companies facilitate benefit access. The ongoing COVID-19 Employee Pulse Survey involved 95,426 participants worldwide. Employers have an opportunity to enhance employee experience through improved support and technology.
Willis Towers Watson (NASDAQ: WLTW) announced a registered offering of an additional $275 million in 2.950% senior unsecured notes due 2029. This move follows a previous issuance of $450 million in similar notes. The new notes will be issued at 102.666% of the principal amount and guarantee principal and interest payments. Proceeds will be used to repay $175 million in term loans and $105 million in revolving credit, enhancing financial stability. The offering is set to close on May 29, 2020, pending customary conditions.
