Willis Group Holdings plc has officially reorganized from three operating segments into four, and promoted a key executive as part of the changes.
The global insurance/reinsurance broker and risk advisor disclosed its new structure in a recent regulatory filing: Willis Capital, Wholesale and Reinsurance; Willis North America, Willis International, and Willis Great Britain.
Previously, Willis’s operating segments were: Willis Global, Willis North America and Willis International.
Willis Capital, Wholesale and Reinsurance entails Willis Re, Willis Capital Markets and Advisory, and also its wholesale business. As well, the newly created business segment also includes a new unit: Willis Portfolio and Underwriting Services, according to the regulatory filing.
In a related move, Willis has promoted Philip Smaje to be chief broking officer for Willis Great Britain (Willis GB). This segment includes Willis’s U.K. retail insurance business, facultative and London specialty business. Smaje had been CEO of Willis’s Aerospace business based in London, and he’ll be succeeded in that job by John Rooley, the Vancouver-based CEO of Willis Aerospace Americas.
Source: Willis Group Holdings