A culture clash between Willis Group Holdings and Hilb, Rogal & Hobbs (HRH), acquired in 2008, led to a significant amount of business lost in North America, contributing to a 57 percent drop in net income for Willis' 2011 fourth quarter.
The global insurance broker reports Q4 2011 net income dropped $59 million vs. the prior year to $44 million. Revenues were down 1 percent, or $8 million, to $825 million.
For the year, net income was down 50 percent, or $235 million. Revenues on the year grew 4 percent, or $121 million, to $3.45 billion.
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