NYSE: TW | |
Industry | Professional services |
Predecessor | Towers Perrin Watson Wyatt Worldwide |
Founded | 2010 |
Fate | Merged with Willis Group |
Successor | Willis Towers Watson |
Headquarters | , United States |
Area served | Global |
Key people | John J. Haley (chairman, president, and CEO) |
Services | Employee benefits, talent management, rewards, and risk and capital management |
Revenue | US$3.644 billion (2015) |
US$384 million (2015) | |
Total assets | US$5.394 billion (2015) |
Total equity | US$2.932 billion (2015) |
Number of employees | 16,300 (June 30, 2015) |
Footnotes /references [1] |
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. [1]
In 2016, the company was acquired by Willis Group in a merger of equals to form Willis Towers Watson.
Towers Watson was formed on January 4, 2010, by the $4 billion merger of equals of Towers Perrin and Watson Wyatt Worldwide. The merger created the largest employee-benefits consulting firm by revenue worldwide. [2] [3] [4] [5]
Watson Wyatt Worldwide was formed by the 1995 alliance and 2005 merger between R. Watson & Sons (founded in 1878 by Reuben Watson) and The Wyatt Company (founded in 1946 by Birchard E. Wyatt). [6] [7] [8] [9] Towers, Perrin, Forster & Crosby was established in the U.S. in 1934: in 1987, the company shortened its name to Towers Perrin. [6]
In February 2011, Towers Watson acquired EMB Consultancy. EMB specialized in property & casualty consulting. EMB also had software dealing with pricing, reserving, spatial smoothing analysis, capital and risk modelling. [10] [11]
In May 2012, the company acquired Extend Health, a provider of health-care insurance services and the operator of the largest private Medicare health insurance marketplace, for $435 million. [12] [13] In September 2013, IBM signed a contract to use the Extend Health platform for insurance services for it U.S retirees. [14]
In November 2013, the company sold its reinsurance brokerage business to Jardine Lloyd Thompson for $250 million. [15] [16] That month, it also acquired Liazon, operator of the Bright Choices private health insurance marketplace, for $215 million. [17]
In May 2015, the company acquired Acclaris, a provider of software and services for consumer-driven health care and reimbursement accounts such as health savings accounts, for $140 million. [18] [19]
In July 2015, the company sold its human resources service delivery practice to KPMG. [20]
In September 2015, the company acquired Brovada Technologies for $15 million. [21] [22]
In 2016, the company was acquired by Willis Group in a merger of equals to form Willis Towers Watson. [6] [23] [24]
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.
Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written. Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list and ranked 316th on the Fortune Global 500 in 2023. Swiss Re is listed on the SIX Swiss Exchange.
The Cigna Group is an American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups. Cigna is incorporated in Delaware.
Aviva plc is a British multinational insurance company headquartered in London, England. It has about 19 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada.
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.
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.
SCOR SE is a French tier 1 reinsurance company providing Property and Casualty (P&C) and Life reinsurance solutions to its clients. It is one of the leading reinsurers in the world. Created in 1970 with the backing of the French government, its original name was Société Commerciale de Réassurance, hence "SCOR". The SE acronym indicates that the company is a Societas Europaea. In 2007, it became the first French listed company to use the SE acronym in its name.
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.
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.
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.
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.
Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.
EMB Consultancy, also known as EMB Actuaries and Consultants, is an international actuarial business consultancy and software provider. EMB was originally established as a strategic and actuarial advisor to non-life insurers. The company has developed and now operates in a growing range of business functions and sectors, such as banking, investments, asset management, fraud prevention, risk enterprise management, mergers and acquisitions and marketing. These are areas where the widespread collection and use of data and financial models have become commonplace.
Elevance Health, Inc. is an American health insurance provider. Prior to June 2022, Elevance Health was named Anthem, Inc. The company's services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.
Conning is a global investment management firm serving the insurance industry. Conning supports institutional investors, including pension plans, with investment and asset management products, risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York and Tokyo.
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."
Covéa is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).
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.
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