Willis: Spitzer Investigation "No Big Deal"

Willis reported net income increased $31 million in the first quarter of 2004, going from $117 million, or 69 cents a share, to $148 million, or 87 cents a share. Revenues increased 20 percent, or $110 million, going from $555 million to $665 million.

Mr. Plumeri observed that the overall insurance business trend appeared to be flat, or down, but that Willis is positioned to grow and remain profitable into the future.

Part of the growth is consolidation of brokerage business holdings, which included purchasing the remaining interest in Willis A/S Denmark earlier this year. The purchase, the firm said, added 4 cents per share to Willis' performance.

The firm said it will continue to consolidate its standing with other brokerage interests it has associates with. Mr. Plumeri said the firm intends to continue the purchase of firms it has substantial investment in and intends to purchase Gras Savoye S.A., in Paris, France, which Willis owns 33 percent of, by the end of 2009. "It is something we intend to do when we have the opportunity," he said.

On the contingency fee investigation by New York Attorney General Eliot Spitzer's office, Mr. Plumeri said the firm is cooperating fully with the investigation, but because of the small percentage of revenue Willis receives from contingency fees, he did not see the investigation as material to the firm's performance.

"It is not something we consider to be significant," Mr. Plumeri said. "It is not a big deal. It does not concern us or bother us. It is not a significant part of our business." He repeated the point during a question and answer period, adding, "There is nothing going on."

He noted that the firm complies with all regulations concerning fee disclosures.