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Member, Beacon International Group, Ltd.
LONDON--Willis Group Holdings Ltd. reported double-digit gains in revenues and profits for the first quarter of 2004.
Revenues totaled $665.0 million in the quarter, up 19.8% over the year-earlier period. Of the increase, 9% was attributable to organic growth, 8% to currency values and 3% to acquisitions, the brokerage said.
Profits increased 26.5% to $148.0 million, London-based Willis said.
Rates continued to moderate during the quarter, with declines in some property lines and modest increases in casualty and professional liability lines, the broker said.
As of March 31, Willis' long-term debt stood at $300 million, down 40% from the end of March 2003.