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Willis Towers Watson (NASDAQ: WLTW) has announced a new Global Leadership Team aimed at enhancing collaboration and strategic execution. This team comprises leaders from three key geographies: Europe, International, and North America, and two segments, Health, Wealth and Career and Risk and Broking, effective January 1, 2022. CEO John Haley emphasized the importance of this balanced approach for decision-making and innovation. The announcement also included leadership changes to support business development and the establishment of a new corporate function focused on innovation.
Willis Towers Watson (NASDAQ: WLTW) announced the appointment of Andrew Krasner as the new Chief Financial Officer (CFO), replacing Michael Burwell, who will move to a senior role in the medical and data analytics sector. Krasner, with nearly 25 years of financial experience, previously served at Willis Towers Watson and is expected to drive future financial strategies. The company has an Investor Day scheduled for September 9, 2021, to share future insights and plans.
On August 25, 2021, Willis Towers Watson (NASDAQ:WLTW) announced a non-binding agreement to acquire Leaderim, a premier insurance broking and consultancy firm in Israel. Established over 20 years ago, Leaderim boasts a strong team of 45 professionals delivering comprehensive commercial insurance solutions. The acquisition is seen as a strategic move for market expansion and enhanced capabilities, with both companies aiming to leverage synergies. The transaction is subject to definitive agreements and regulatory approvals, marking a significant step for Willis Towers Watson in enhancing its presence in the Middle East.
Willis Towers Watson (NASDAQ: WLTW) announced the appointment of Carl Hess as its new president and future CEO, following a comprehensive succession planning process. He will succeed John Haley, who will retire on January 1, 2022. Hess, currently leading the Investment, Risk and Reinsurance segment, brings over 30 years of experience in various leadership roles within the company. The board expressed confidence in Hess’s ability to guide the firm forward. An Investor Day is scheduled for September 9, 2021, with further details to be announced.
Willis Towers Watson (NASDAQ:WLTW) announced plans to divest its reinsurance business, Willis Re, in a deal worth $3.25 billion, plus a potential earnout of up to $750 million in 2025. This sale follows the termination of its merger with Aon and is part of WTW's strategy to refocus as an independent company. The transaction is expected to close by the end of Q1 2022, pending regulatory approvals. CEO John Haley expressed confidence in WTW's ability to compete and grow in the global market.
Willis Towers Watson (NASDAQ: WLTW) has appointed Kristy Banas as its new chief human resources officer, effective August 16, 2021. Banas, who has over 20 years of HR leadership experience, previously served as the company’s global talent advisor. Her role will focus on enhancing employee experience and driving talent strategy to attract and retain diverse talent amid a competitive market. She succeeds Anne Bodnar, who remains the chief administrative officer. Banas has been with the company since 2011, leading several global HR initiatives.
Cloud to Street's new research, part of Willis Research Network, showcases innovative flood risk analysis using satellite data and AI. The Global Flood Database reveals a 24% increase in the global population exposed to floods since 2000. This partnership aims to close the significant insurance gap in developing regions, where 90% of economic losses from disasters are uninsured. The database will aid insurers in understanding flood risks better and developing competitive coverage, addressing the ongoing flood insurance penetration challenge.
Willis Towers Watson (NASDAQ: WLTW) reported strong financial performance for Q2 2021, with total revenue rising 8% to $2.3 billion, supported by 4% constant currency growth and 8% organic growth. Diluted EPS surged 96% to $1.41, and adjusted EPS increased 48% to $2.66. Operating income showed significant improvement at $260 million, 11.4% of revenue, reflecting a 370 basis point rise year-over-year. The company announced a 13% dividend increase from $0.71 to $0.80 per share, highlighting confidence in its ongoing growth momentum amidst a favorable macroeconomic environment.
According to the Quarterly InsurTech Briefing by Willis Towers Watson, global investment in the InsurTech sector reached a record US$7.4 billion in H1 2021, surpassing the total for all of 2020. More than 162 deals contributed to over $4.8 billion in Q2 alone, driven by 15 mega-rounds exceeding $100 million. InsurTechs focusing on distribution made up 55% of start-up deals, with P&C-related InsurTechs accounting for 73% of total investments. The brief details influential case studies and highlights a growing trend towards technology integration in insurance.
