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Willis.com Media Room
Willis.com Media Room
- Willis CEO Plumeri Says Trust Central To Economic Recovery; Calls On Business To Commit To True Transparency
WILLIS CEO PLUMERI SAYS TRUST CENTRAL TO ECONOMIC RECOVERY; CALLS ON BUSINESS TO COMMIT TO TRUE TRANSPARENCY
In Chicago Speech, Plumeri Says Only Accountability, Openness Will Restore Trust
Willis Will Continue to Refuse Contingent Commissions, Plumeri VowsCHICAGO, October 29, 2009 – Joe Plumeri, Chairman and CEO of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, called on corporate America today to embrace a new commitment to transparency and risk management to restore trust in business and the U.S. economy. Plumeri proposed four steps to re-establish that trust, which he said is necessary to support sustained economic recovery and real growth.
In a speech to the Executives’ Club of Chicago, Plumeri pointed to respected public opinion surveys that show Americans now have less faith in business to do the right thing than after the Enron scandal or the dot-com bust. He urged business leaders to reject the opaque transactions and “lip service” transparency of the past in favor of a new commitment to accountability and openness.
“True transparency means being up-front with our various stakeholders – whether they’re shareholders, clients, partners, employees or the communities in which we do business – and explaining what’s in it for them and what’s in it for us. It means educating them in a clear and straightforward way about the risks and opportunities so they can make informed decisions based on their best interests,” Plumeri said. [The full text of the speech, as prepared for delivery, can be found www.willis.com.
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- Willis Group Reports Third Quarter 2009 Results
Willis Group Reports Third Quarter 2009 Results
New York, NY, October 26, 2009 - Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today reported results for the quarter and nine months ended September 30, 2009.
Highlights of quarter ended September 30, 2009 include:- Reported earnings per diluted share from continuing operations of $0.46; adjusted earnings per diluted share from continuing operations of $0.53
- 28 percent reported growth in commissions and fees compared with third quarter of 2008
- 2 percent organic growth in commissions and fees: Global and International segments with 4 percent and 3 percent growth, respectively; North America decline of 3 percent improved from second quarter of 2009
- North America segment operating margin expansion of 1,140 basis points over a year ago
- Outlook raised to Stable by both Moody’s and Standard & Poor’s
- Issued $300 million of senior unsecured notes due 2019 at 7.0 percent; repurchased $160 million of 5.125 percent senior notes due July 2010
- Reported earnings per diluted share from continuing operations of $2.13; adjusted earnings per diluted share from continuing operations of $2.21
- 2 percent organic growth in commissions and fees over the comparable prior year; Global and International segments each with 5 percent growth
- Reported operating margin of 21.4 percent; adjusted operating margin of 22.1 percent
- North America segment operating margin expansion of 970 basis points over prior year
“Willis continues to maintain its growth momentum in spite of the difficult global economy and soft market conditions - and that’s a tribute to the strength of our diverse global business,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “We continue to get strong contributions from each segment, despite the marketplace challenges we face, which are especially pronounced in the US, UK and Ireland. We continue to run the company with discipline and foresight, implementing strict cost controls, right sizing for the current environment, and investing in areas that will drive current and future growth.”
Third Quarter 2009 Financial Results
Reported net income from continuing operations for the quarter ended September 30, 2009 was $78 million, or $0.46 per diluted share, compared with $36 million, or $0.25 per diluted share, in the same period a year ago. Reported net income for the third quarters of 2009 and 2008 was affected by certain items, including the acquisition of Hilb Rogal & Hobbs Company (HRH).
Excluding certain items, which are reviewed in detail in this release, adjusted earnings per diluted share from continuing operations were $0.53 in the third quarter of 2009 compared with $0.32 in the third quarter of 2008. Foreign currency movements had a negative $0.05 impact on earnings per diluted share in the third quarter of 2009.
Total reported revenues for the quarter ended September 30, 2009 were $725 million compared with $579 million for the same period last year, an increase of 25 percent. This increase was primarily due to the HRH acquisition. Foreign currency movements decreased reported revenues by 2 percent compared with a year ago.
Organic growth in commissions and fees was 2 percent in the third quarter of 2009 compared with the third quarter of 2008. This growth reflected net new business won of 5 percent, offset by a negative 3 percent impact from declining premium rates and other market factors. Continued strong client retention levels and momentum from Shaping our Future growth initiatives, such as Global Placement and Client Profitability, also contributed to organic growth in commissions and fees.
The International business segment contributed 3 percent organic growth in commissions and fees in the third quarter of 2009 compared with the same period in 200