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, founded by John Towers, Charles Perrin, Walter Forster & Arthur 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]

Related Research Articles

<span class="mw-page-title-main">Aon (company)</span> Professional services firm

Aon plc is a global professional services firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries.

<span class="mw-page-title-main">Marsh McLennan</span> Global professional services firm

Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

The human resource consulting industry has emerged from management consulting and addresses human resource management tasks and decisions.

<span class="mw-page-title-main">Watson Wyatt Worldwide</span> American consulting firm

Watson Wyatt Worldwide, Inc. was a global consulting firm that merged in January 2010 with Towers Perrin to form Towers Watson. The firm's services included managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial service companies; and delivering related technology, outsourcing and data services. Its principal operating subsidiary, Watson Wyatt & Company, was a human capital consulting firm with operations in the Americas, Europe and Asia Pacific. Its corporate offices were in Arlington, Virginia.

Mphasis Limited is an Indian multinational information technology service and consulting company based in Bangalore. The company provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries. Mphasis was ranked #7 in Indian IT companies and overall #189 by Fortune India 500 in 2019. In April 2016, Hewlett Packard Enterprise sold the majority of its stake in Mphasis to Blackstone Group LP for around US$1 billion.

Howard Weizmann was deputy director of the United States Office of Personnel Management. During his tenure, he led efforts to reform the Federal hiring process and worked to help modernize the Federal pension system. He also was responsible for the oversight of the Combined Federal Campaign (CFC) which manages the annual charitable contributions process for the Federal government. Previous to his appointment, Weizmann served as president of the Private Sector Council (PSC), part of the Partnership for Public Service, a not-for-profit organization that pairs private sector advisers with federal employees to improve agency performance management.

Mercer is an American consulting firm founded in 1945. It is one of the four operating subsidiaries of global professional services firm Marsh McLennan. Mercer is headquartered in New York City with offices in 43 countries and operations in 130 countries. The company primarily provides human resources and financial services consulting services to its clients.

<span class="mw-page-title-main">Jardine Lloyd Thompson</span> British financial services company

Jardine Lloyd Thompson Group plc, also known as JLT Group or simply JLT, was a British multinational corporation that had its headquarters in London, England. It provided insurance, reinsurance, employment benefits advice and brokerage services. It was a constituent of the FTSE 250 Index until it was acquired by Marsh McLennan in April 2019.

Milliman, formerly Milliman & Robertson, is an international actuarial and consulting firm based in Seattle, Washington.

<span class="mw-page-title-main">Willis Group</span> Multinational risk advisor, insurance brokerage and reinsurance brokerage company

Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company headquartered in the Willis Building in London. It was the third-largest insurance broker worldwide by revenues. In 2016, the company acquired Towers Watson and was renamed Willis Towers Watson.

Towers Watson & Co. was a global professional services firm that provided risk management services, human resource consulting, actuarial services, and investment management. The company operated in 37 countries. Customers included 92% of Fortune Global 500 companies and 84% of Fortune 1000 companies.

<span class="mw-page-title-main">Electronic Data Systems</span> American information technology company

Electronic Data Systems (EDS) was an American multinational information technology equipment and services company headquartered in Plano, Texas, which was founded in 1962 by Ross Perot. The company was a subsidiary of General Motors from 1984 until it was spun off in 1996. EDS was acquired by Hewlett-Packard in 2008.

Segal is a benefits and human resources consulting firm headquartered in New York City, with 1,100 employees throughout the U.S. and Canada. It is the parent of Segal Marco Advisors, Segal Select Insurance Services, Inc., andSegal Benz.

<span class="mw-page-title-main">Aon Hewitt</span> American consulting company

Aon Hewitt was a provider of human capital and management consulting services headquartered in Lincolnshire, Illinois in the United States. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services. The "Aon Hewitt" brand and legal entities have now been absorbed into the "Aon" business, leaving obsolete the names "Hewitt" and "Aon Hewitt."

Investment outsourcing is the process whereby institutional investors and high-net-worth families engage a third party to manage all or a portion of their investment portfolio. This arrangement can include functions such as establishing the asset allocation, selecting investment managers, implementing portfolio decisions, providing on-going oversight, performing risk management and other areas of portfolio management.

West Monroe is a digital services firm headquartered in Chicago, Illinois. West Monroe provides traditional management consulting, creative and product engineering services to businesses across many industries, including consumer and industrial products, energy and utilities, financial services, healthcare, life sciences, private equity, retail, and software and high tech. West Monroe is consistently recognized as a best place to work and a top consulting firm. West Monroe’s tagline is "Don’t Do Digital. Be Digital."

<span class="mw-page-title-main">Willis Towers Watson</span> Global insurance company

Willis Towers Watson plc, branded as WTW and stylised in its logo as wtw, is a British-American multinational company that provides commercial insurance brokerage services, strategic risk management services, employee benefits and compensation management, and actuarial analysis and investment management for pension plans and financial endowments. Insurance brokerage and risk management services account for 40% of the company's revenues, while employee benefit and wealth-related services account for 60% of revenues. The company operates in more than 140 countries. Customers include 95% of FTSE 100 companies, 89% of Fortune 1000 companies, and 91% of Fortune Global 500 companies. The company is the largest administrator among the 200 largest pension plans in the U.K. and one of the largest in Germany. The company is domiciled in Ireland, with its principal executive offices at the Willis Building in London.

Anna Manning is the former Chief Executive Officer of Reinsurance Group of America, Incorporated, and a former member of the company's Board of Directors. She assumed the role of CEO on January 1, 2017, and of President in December 2015. Anna Manning left her post effective December 31, 2023.

<span class="mw-page-title-main">Risk Strategies</span> US insurance brokerage and risk management advisor

Risk Strategies is a private insurance brokerage and risk management advisor. The firm was founded 1997 in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy. In 2015, private equity insurance sector investor Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies. In 2022 it was ranked the 25th fastest-growing private company in Massachusetts.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.