Insurance broker Willis Group Holdings says it plans to eliminate 200 full-time positions after reporting a fourth-quarter net loss of more than $800 million due to charges and tax.
Dominic Casserley, Willis CEO, said the firm will take a first quarter charge of about $35 million to $45 million primarily from the elimination of the 200 positions. Willis expects to save $20 million to $25 million starting the second quarter, with annualized savings of approximately $25 million to $30 million.
Willis says the decision to eliminate the positions is a cost savings move that came after an assessment of the firm's organizational design in the weeks since Casserley took over Jan. 7.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
