Willis Group Holdings reports first-quarter net income dropped 4 percent over the same period last year on a pre-tax charge of $46 million related to the company's reorganization that eliminated 207 positions.
The insurance brokerage firm says net income was down $9 million to $223 million while revenues increased 4 percent to $1.05 billion. Without the restructuring charge this year and a write-off of $13 million last year related to the discovery of fraudulent overstatements in its Chicago office, Willis says net income would be up 10 percent to $257 million.
Willis CEO Dominic Casserley, who announced the restructuring earlier this year, says the reorganization, which included elimination of positions and consolidations in property and systems is complete and the firm expects no further charges related to this move.
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