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Member, Beacon International Group, Ltd.
LONDON—Willis Group Holdings P.L.C. reported increases in revenues and profits for the first quarter of 2010.
Willis reported brokerage revenues of $963 million for the first quarter of 2010, a 5.2% increase over the same period in 2009, and total revenues of $972 million, a 4.5% increase over last year.
Profits at the London-based brokerage increased 5.7% to $204 million for the quarter.
“I am pleased with our performance in the quarter as we continue to face a challenging environment, with rates still soft and economic pressures persisting in a number of countries in which we operate,” Willis Chairman and CEO Joe Plumeri said in a statement.
The North American segment of its business reported a 3% decline in commissions and fees, Willis said. Included in the North American segment was $8 million in contingent commissions from business that Willis acquired with its 2008 purchase of Hilb Rogal & Hobbs Co., which compares with $20 million in contingents from HRH business in the first quarter of 2009, Willis said.
International business reported a 12% growth in commissions and fees, Willis said.
Overall, Willis reported organic growth in commission and fees of 3% compared with the first quarter of 2009.