Towers Perrin

Last updated
Towers Perrin
Industry Professional services
FoundedMarch 1, 1934;90 years ago (1934-03-01)
DefunctJanuary 4, 2010;14 years ago (2010-01-04)
Successor Towers Watson
Headquarters Stamford, Connecticut, USA
Key people
Mark Mactas, CEO
Services Actuarial
Management consulting
Insurance
Human Resources
Professional Services

Towers Perrin was a professional services firm that provided human resource consulting, financial services consulting, reinsurance intermediary services, as well as actuarial consulting services via its Tillinghast subsidiary. The firm was entirely owned by its employees. In 2010, the firm merged with Watson Wyatt Worldwide, forming Towers Watson.

History

On March 1, 1934, Towers, Perrin, Forster & Crosby opened for business in Philadelphia, Pennsylvania. [1]

In 1982, the company acquired Cresap, McCormick and Paget, general management consultants. [2]

In 1986, the company acquired Tillinghast, Nelson & Warren. [1]

In 1987, Towers Perrin was established as the umbrella name for the firm. [1]

In December 2001, the company acquired Working Concepts, a human resources firm. [3]

In November 2002, the company acquired London-based reinsurance broker Denis M. Clayton & Co. [4]

In September 2004, Russell Investment Group acquired the company's Australia pension consulting and employee benefits business. [5]

In January 2005, the company sold its human-resources outsourcing unit to Electronic Data Systems (EDS) for $420 million. [6] In addition, ExcellerateHRO, a venture owned 85% by EDS and 15% by the company was formed to provide HR-related outsourcing services as work force administration, employee recruitment and relocation, as well as traditional benefits administration. [7] In 2009, the company sold its minority stake in the venture to Hewlett-Packard, which had acquired EDS. [8]

In July 2005, the company acquired Rauser AG, a German pension consulting services firm. [9]

In July 2006, the company acquired Risk Capital Management Partners, which provided financial risk management services to companies in the financial services, energy, utilities and mining industries. [10]

In March 2007, the company acquired ISR, which surveys employees on working conditions. [11]

On January 4, 2010, Towers Perrin merged with Watson Wyatt Worldwide, forming Towers Watson, the largest employee-benefits consulting firm by revenue worldwide. [12] [13] [14]

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References

  1. 1 2 3 "Our History". Willis Towers Watson.
  2. ↑ "Management Consultants To Merge" . The Washington Post . October 17, 1982.
  3. ↑ Winig, Eric (December 18, 2001). "Working Concepts works out deal with Towers Perrin" . American City Business Journals .
  4. ↑ Mcleod, Douglas (November 27, 2002). "Towers Perrin Re buys Claytons". Business Insurance . Crain Communications.
  5. ↑ "Russell Investment Group acquired Towers Perrin's Australian pension" . Pensions & Investments. Crain Communications. September 1, 2004.
  6. ↑ McWilliams, Gary (January 19, 2005). "EDS to Acquire Towers Perrin Unit" . The Wall Street Journal .
  7. ↑ Geisel, Jerry (January 23, 2005). "EDS acquires Towers Perrin's benefit outsourcing business". Business Insurance . Crain Communications.
  8. ↑ Moore, Rebecca (June 26, 2009). "Towers Perrin Gives Up HR Outsourcing Biz to Hewlett Packard". PlanSponsor.
  9. ↑ Schneyer, Fred (July 20, 2005). "Towers Perrin Acquires German Consultant". Plan Sponsor.
  10. ↑ "Towers Perrin buys Risk Capital Management". Risk.net. July 1, 2006.
  11. ↑ Sebastiano, Craig (March 15, 2007). "Towers Perrin buys ISR". Benefits Canada.
  12. ↑ "Towers Perrin and Watson Wyatt Complete Merger to Form Towers Watson" (Press release). PR Newswire. January 3, 2010.
  13. ↑ Wahba, Phil (January 3, 2010). "Watson Wyatt completes $4 bln merger with Towers". Reuters .
  14. ↑ "Watson Wyatt Sews Up $4 Billion Merger With Towers". The New York Times . January 4, 2010.
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