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 Vows
CHICAGO--(Business Wire)--
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 here.]

To restore trust, Plumeri called on businesses to: 1. Create a real contract
with their customers and address conflicts of interest in the way they do
business; 2. Elevate risk awareness at the senior executive and board levels and
embrace comprehensive Enterprise Risk Management; 3. Voluntarily disclose the
risks they face and their levels of insurance coverage; and 4. Do a better of
job of explaining to the American people the positive role of business in
society and the economy.

"Senior executives and company boards need to take a far broader and more
comprehensive view of risk than they currently do and reflect this in their
decision-making and oversight. Companies should move to hire Chief Risk Officers
and establish Risk Committees on their boards. They should demand true
Enterprise Risk Management because they need it now more than ever before. The
fact is that the risks of doing business are increasing - and they`ll continue
to increase," Plumeri said.

Plumeri urged businesses to manage conflicts of interest transparently and
resolve them in the interests of their customers. As an example, he pointed to
contingent commissions - payments from insurance companies to brokers based on
the volume or profitability of business placed with clients - which remain a
major source of conflict within the industry. "Many in our industry believe that
simply telling clients that they are taking contingents makes it ok. I disagree.
With contingents, telling your clients you take them does not resolve the
conflict," he said.

In October 2004, Willis became the first insurance broker to refuse to accept
contingent commissions from insurance carriers when working for retail clients.
Regulators later banned the major brokers from taking such commissions. Willis
also established a Client Bill of Rights - a 10-point contract with clients
codifying the company's commitment to client service, transparency and best
practices.

"In my own business, a time could soon come when Willis and its big three
competitors will be allowed to take contingent commissions again. One big
insurance broker has already been given the green light by the insurance
regulator here in Illinois to do just that. And New York-regulated brokers may
be able to do so as well," Plumeri told his audience at the Fairmont Hotel here.

"We`ve already decided at Willis that we`re not going to go back to the old ways
- we`re looking to the future and we will continue to put in place the measures
that will enhance trust and transparency, not undermine it. It may mean that
Willis will be the only company not taking contingent commissions - but that's
ok with me," Plumeri said.

About Willis

Willis Group Holdings Limited is a leading global insurance broker, developing
and delivering professional insurance, reinsurance, risk management, financial
and human resource consulting and actuarial services to corporations, public
entities and institutions around the world. Willis has more than 400 offices in
nearly 120 countries, with a global team of approximately 20,000 Associates
serving clients in some 190 countries. Additional information on Willis may be
found at www.willis.com.

Willis Group Holdings Limited
Media:
Ingrid Booth, +44 (0)203 124 7182
boothi@willis.com
or
Investors:
Kerry K. Calaiaro, 212-915-8084
kerry.calaiaro@willis.com

Copyright Business Wire 2009