The chief executive of Willis Group Holdings' assured analysts today that despite the credit market freeze the insurance brokerage has plenty of liquidity available and expects to access the public debt market as soon as there is a thaw.
Joe Plumeri, chairman and chief executive officer of London-based Willis, laid-out for analysts the breadth of company liquidity during an earnings conference call discussing a third quarter in which company net income fell 46 percent.
Explaining that Willis executives have received a lot of calls concerning the firm's bridge financing, Mr. Plumeri said the company has $1 billion bridge financing and $475 million in credit it has not used. Willis also plans to access the public debt market as soon as possible.
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