Grant Williamson appointed as Canada Leader for Willis
Willis, a WTW business, announced the appointment of Grant Williamson as Canada leader within the Corporate Risk and Broking (CRB) business.
In this role, Williamson will partner with the Canadian leadership team and leaders across North America and global specialty lines to drive the Canadian growth strategy through targeted go-to-market initiatives and strengthened local execution. Williamson’s appointment reflects the company’s commitment to deepening its leadership presence in Canada and driving continued growth in this key market.
With 20 years of experience spanning enterprise risk management, property and casualty insurance, and employment practices liability, Williamson has built a strong track record of delivering client-focused risk solutions. He joined WTW in October 2024 as Deputy Regional Leader, Chief Commercial Officer and Head of Strategy & Execution for Willis in Canada. Prior to joining the company, he held key senior roles in the insurance industry, including National Corporate Segment & Central Zone Leader at Marsh and Managing Director of the Toronto Branch at JLT Canada.
Based in Toronto, he will report to Ionel Rizea, Chief Commercial Officer, CRB North America.
Pat Donnelly, Head of Risk & Broking North America commented, “Grant brings a clear strategic lens, and his expertise in the Canadian market makes him exceptionally well-suited for this role. His collaborative approach, combined with a client-first mindset, will be key as we expand our Canadian presence.”
Ionel Rizea added, “We are thrilled to have Grant step into this critical role. His deep understanding of the industry and his innovative approach to risk management will drive significant client value and growth for our Canadian business.”
WTW collaboration with Sapiens to optimise real-time pricing and speed to market for insurers
WTW, a leading global advisory, broking, and solutions company, and Sapiens, a leading global provider of software solutions for the insurance industry, announced that they will work together to enhance real-time pricing and speed to market for insurers. Sapiens will join WTW’s Insurance Technology Partner Network. The collaboration will deliver an integrated solution comprising Radar Live, WTW’s price delivery and decision engine platform, and the Sapiens Tia Enterprise Solution, built to meet the ever-changing needs of insurers who want to bundle and market services for more efficient customer engagement.
In today’s intensely competitive marketplace, insurers, MGAs, and intermediaries need the ability to rapidly deploy their rates to market, to ensure the accuracy of those rates as well as to optimise their operations. Radar Live’s technology delivers these outcomes, equipping users with system scalability and stability to support the provision of hundreds of millions of quotes per year. Radar Live allows rates, rules, and adjustments to be easily developed and deployed directly to a rating system and executed in real-time.
Backed by 40 years of industry expertise, Sapiens offers a complete insurance platform with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers’ digital transformation. The significant value provided by the combined Sapiens Tia Enterprise and Radar Live solution includes best-practice implementation, improved speed to market and customer service, and reduced operational costs.
Amanda Ingram, Propositions, Alliances & Ecosystem Manager at Sapiens, said: “This latest collaboration will enable Sapiens to integrate its systems with Radar Live, further enhancing our offerings in the industry by providing customers with fast and easy access to a highly sophisticated price optimisation tool. Our customers will enjoy the flexibility to update insurance rates and quotes per need, then rapidly introduce them to end consumers, while enjoying enhanced operational efficiencies.”
Andrew Harley, Senior Director at WTW, said: “We are delighted that Sapiens is joining our Insurance Technology Partner Network. By establishing connectivity with Sapiens, the integrated real-time data analysis and automated processes in Radar Live will reduce the time and resources required to underwrite a policy, allowing insurers to offer policies to their customers in a more efficient and timely manner.”
WTW announces election of three new Board Directors
Willis Towers Watson Public Limited Company is pleased to announce that its Board has unanimously selected Stephen Chipman, former CEO of Grant Thornton U.S.; Jackie Hunt, former Chair of Allianz Asset Management and Allianz Life (U.S.); and Fredric Tomczyk, former President and CEO of TD Ameritrade, to join the Board, each with start dates effective April 1, 2023.
The Board made these selections as part of its multi-year succession planning process, utilizing the assistance of a leading search firm.
In addition, two current Directors – Brendan O’Neill and Linda Rabbitt – have given notice to WTW that they will not be standing for re-election at the Company’s next Annual General Meeting (“AGM”), to be held in the second quarter of 2023. Each has decided not to stand for re-election in light of other commitments and in furtherance of the Board succession plan.
Paul Thomas, WTW Board Chair, said: “On behalf of the Board, I would like to welcome our three new Directors and to thank Brendan and Linda, our two outgoing Directors, for the many years of dedicated service that they have given WTW.
“We are delighted to have identified such strong incoming candidates in Stephen, Jackie and Fred, each of whom has significant experience leading dynamic professional and financial service firms as well as broad financial and operational expertise.”
New Director Biographies
Stephen Chipman was previously CEO of Grant Thornton U.S. and a member of the firm’s global Board of Governors from 2009 to 2014. Shortly after retiring from Grant Thornton, Stephen became CEO of Radius, a business services company, until its acquisition in 2018. He is currently a Director of Auxadi, Stout and Prudential Insurance Funds. Stephen is originally from the UK and is a U.S. and British citizen. He is a certified public accountant in Texas and is a chartered accountant in England and Wales.
Jackie Hunt has held a number of senior management positions in companies including Aviva, Hibernian Group, Norwich Union Insurance, PricewaterhouseCoopers and RSA Insurance. From 2016 until 2021, she was a member of the Allianz SE management board with executive responsibility for the asset management and U.S. life insurance divisions. Prior to that, she was an Executive Director of Prudential plc and CEO of Prudential UK, Europe and Africa from 2013 to 2015. She was Group CFO of Standard Life from 2010 to 2013. She is currently a Director of Standard Chartered PLC, Man Group PLC and Rothesay Life PLC. Jackie trained as a chartered accountant in South Africa and now lives in London, England.
Fredric Tomczyk was previously President and CEO of TD Ameritrade from 2007 to 2016. Prior to that, he joined Toronto-Dominion Bank in 2000 where he rose to Vice Chair of Corporate Operations. He is currently a director of CBOE Global Markets, Inc. and a Director of Sagan MI Canada Inc. and its operating subsidiary Sagan Mortgage Insurance Company Canada. Fred is a resident of Toronto, Canada.
Willis Towers Watson appoints Nimisha Srivastava to lead its Investments business in North America
Willis Towers Watson, a leading global advisory, broking and solutions company, announced the appointment of Nimisha Srivastava as head of Investments for North America. In this role, Srivastava will be responsible for driving the growth strategy of the company’s Investments business in the region. She will report to Chris Ford, global head of Investments.
“We’re delighted to appoint Nimisha to this important leadership position,” said Ford. “Nimisha has been with the team for over seven years and is well versed in all parts of our business. She has a proven track record of achieving excellent results for our clients and colleagues, and I look forward to her many contributions in the future.”
Srivastava joined the company in 2014 in Research, most recently serving as global head of Credit Research. Srivastava has a B.S. in mathematics and operations research from Carnegie Mellon University and an M.B.A. in finance from the MIT Sloan School of Management.
Willis Towers Watson and Vizyoneks collaborate to drive real-time risk management in Turkey’s competitive market
Willis Towers Watson announced that Vizyoneks is the latest insurance software provider to join its global Radar Live partner programme. Vizyoneks brings extensive knowledge of Turkey’s insurance market needs to Willis Towers Watson’s ecosystem of leading insurance software houses and system integrators.
In Turkey’s highly competitive market, insurers and intermediaries need the functionality for rapid speed to market, accuracy of rate development and significant operational efficiency. Radar Live’s technology delivers these results, equipping insurers with system scalability that has the stability to support hundreds of millions of quotes per year. The software allows prices, rules and adjustments to be easily developed and deployed directly to a rating system, calculated in real time.
Vizyoneks, a leading software provider in the Turkish insurance market, has extensive expertise in developing successful, integrated solutions for some of the leading financial services companies operating in the region. This collaboration with Radar Live will enable insurers to benefit from powerful, accessible, and well-managed predictive modelling and machine learning software.
Öykü Şahverdi, Information Technologies R&D and Regulation Leader, Vizyoneks, said: “Combining Radar Live with our Modular Vizyoneks insurance package, which has rich business features and is integrated end-to-end by a wide reference list, provides the opportunity to produce an integrated solution for our customers’ data analytics and pricing needs.”
Willis Towers Watson’s Radar pricing technology ensures risk factors and customer characteristics that influence damage costs and customer behaviour are examined with greater depth and accuracy, significantly strengthening insurers’ product offerings.
Özay Yarkın, Country Leader, Insurance Consulting and Technology Turkey, Willis Towers Watson, said: “We are delighted that Vizyoneks is joining our global Radar Live programme. This collaboration will further enhance our combined offerings in the industry by providing Vizyoneks customers with easy access to Radar’s highly sophisticated price optimisation tool and a connected, flexible and agile system capable of creating competitive advantage and a greater understanding of the business they write.”
Willis Towers Watson names Tim Rourke as UK Head of its P&C Pricing, Product, Claims and Underwriting business
Willis Towers Watson has announced that it has selected Tim Rourke as the new UK Head of P&C Pricing, Product, Claims and Underwriting in the company’s Insurance Consulting and Technology business. Tim succeeds Graham Wright in this role, who is taking on a new challenge outside of the company.
Commenting on the appointment, Stephen Jones, UK P&C Consulting Lead at Willis Towers Watson, said: “I am delighted to announce that Tim will be taking on the role of UK Head of P&C Pricing, Product, Claims and Underwriting. Tim has a proven track record and brings with him an outstanding reputation within the insurance industry and a wealth of knowledge of the specialist risks unique to the UK market and the innovative solutions being sought by our clients during this time of rapidly accelerating change.”
Tim Rourke most recently served as Head of Intermediated Insurance and Distribution within Willis Towers Watson’s Insurance Consulting and Technology business and has over 20 years’ insurance industry experience. Before joining Willis Towers Watson he held a number of senior roles at LV=, including Head of Broker Pricing and Head of Personal Lines Underwriting, where he delivered business transformation to maximise the benefits achieved from broker partnerships.
Duncan Anderson, Global Leader, Insurance Technology at Willis Towers Watson, said: “This senior appointment is a clear demonstration of our strategy to invest in industry-leading talent and build on the sustained success of our P&C business. We wish Graham well and look forward to Tim’s energy, expertise and leadership, which will prove invaluable as we continue to innovate and develop propositions that help our clients unlock their growth potential.”
Tim Rourke said: “I am excited to be taking on this new role and look forward to continuing to work with one of the industry’s most talented insurance and technology teams. We are well placed to build on our strong track record in UK P&C business by harnessing Willis Towers Watson’s vast capability, unparalleled bench strength and cutting-edge technology capabilities to deliver solutions that will help our clients to quickly adapt and transform their operations in order to take advantage of emerging opportunities for profitable growth.”
Willis Towers Watson expands aviation insurance broking expertise and solutions with acquisition of Aerosure
Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced the acquisition of Aerosure, a leading aviation industry specialist, focused on the Australia, New Zealand and Pacific Island region.
Aerosure, based in Sydney, will become a part of Willis Towers Watson’s (WTW) Global Aerospace business, providing a suite of aviation insurance broking solutions to service the insurance and risk needs of the aviation industry in Australia and New Zealand, as well as the broader Asia Pacific region. Greg Rector, current Managing Director of Aerosure, will move into WTW as Managing Director, Australasia Aviation Division, and will be joined by his colleagues from Aerosure.
Over the last two years, the COVID-19 pandemic has created unprecedented disruption in the global aviation industry. It is expected that domestic and international flights will start to return gradually as countries reopen their borders and move to a new normal. WTW plays a key role in supporting the aviation industry globally with its expertise in understanding the sector’s key risks and concerns, managing complex challenges and advising aviation companies and operators on the optimal insurance coverage needed to meet their long-term risk management needs. This industry support extends to WTW’s Airport Risk Community (ARC), a knowledge sharing network that facilitates global connectivity between groups of professionals to help them understand and take action on emerging risks and industry trends.
Commenting on the acquisition, Head of Corporate Risk & Broking, Asia and Australasia, and Head of Australasia, Simon Weaver, said: “Aerosure is a leading aviation industry specialist with a large book of aviation focused industry clients, including airlines, airports and air traffic control, committed to the long-term position of its clients. Over the years, it has not only grown to become the pre-eminent specialist Aviation broker in the region but has contributed to the growth and development of the aerospace community in Australia and New Zealand.
WTW has worked in close partnership with Aerosure to provide services to local aviation clients for many years. We already know that the Aerosure team shares our values and ethos. Bringing them into WTW reflects our global strategy to work with high-performing and high-potential businesses in our chosen markets and industry sectors. With this acquisition, we see great opportunities in providing additional services and solutions to clients throughout Asia and Australasia, supporting companies and operators as they return to normality.”
John Rooley, CEO, Global Aerospace, WTW, added: “We are very excited by the deal and delighted that the highly talented Aerosure team is joining WTW. By combining the capabilities of Aerosure, this acquisition further expands the footprint of our aerospace business, enhancing our client offering both locally and globally as the teams work together with our aviation specialists in over 35 locations across the WTW network. The combination of our teams will strengthen our value proposition for our clients as a world-leading insurance broker and trusted risk adviser in the aerospace industry, providing them with a wide and deep range of solutions.”
Greg Rector, Managing Director, Aerosure, said: “We are delighted to take our partnership with WTW to the next level to provide added value to all of our aviation focused industry clients. This partnership has proven to be an industry leading proposition for all of our clients and we are extremely excited to be cementing our relationship for the benefit of all our clients across Australia, New Zealand and the Pacific Islands.”
The acquisition is effective immediately.
Willis Towers Watson Announces Changes with Respect to the Board of Directors
Willis Towers Watson (the “Company”) is pleased to announce that it has selected Inga Beale, Fumbi Chima, Michael Hammond, and Michelle (Shelly) Swanback to join its Board of Directors. As previously announced, the Company had been engaging in a thorough, multi-year succession planning process prior to announcing the transaction with Aon in March 2020, including planning with respect to the composition of the Board. Today’s announcement, together with the CEO transition plan announced in August and the plans discussed in September at Investor Day, build upon this work.
Three of the four new directors (Ms. Beale, Mr. Hammond and Ms. Swanback) will join the Board effective January 1, 2022, concurrent with the transition to Carl Hess as the new CEO. Ms. Chima will join the Board effective April 1, following her ending another commitment. The new directors were selected in connection with the Corporate Governance and Nominating Committee’s process, including with the assistance of a leading search firm, and following a constructive engagement with Elliott Investment Management L.P. (together with its affiliates, “Elliott”), one of the Company’s largest investors. In order to facilitate the director transition process, Jaymin Patel has decided to step down from the Board on January 1, at the time three of the new directors join the Board. Mr. Patel had previously been considering transitioning off the Board at the end of his term to spend more time on other commitments and agreed to accelerate this to coincide with new directors’ joining the Board. In addition, Victor Ganzi has decided not to stand for re-election to the Board but will continue to serve as a member of the Board and as Chair through the end of his current Board term, which runs until the 2022 annual meeting of shareholders. He has chosen to do this to facilitate the director transition process and to spend more time on other commitments. The Board thanks Mr. Ganzi and Mr. Patel for their years of dedicated service to the Company.
In addition, in connection with the transition to the new CEO and the addition of new Board members on January 1, 2022, the Board will also establish an Operational Transformation Committee (“OT Committee”). The OT Committee will make recommendations to the full Board regarding the oversight of management’s initiatives to drive operational efficiencies and help oversee the implementation of the Company’s operational transformation plan, which aims to achieve $300 million or more of run rate cost savings by the end of 2024. The initial members of the OT Committee will be Ms. Beale, Mr. Hammond, Ms. Swanback and Mr. Paul Thomas, an existing member of the Board.
“We have been very pleased with the response of Willis Towers Watson shareholders, including Elliott, to the strategic plan discussed at the Investor Day and the leadership transition,” said Victor Ganzi, the Chairman of the Board of Willis Towers Watson. “We look forward to continuing to engage with Elliott and our other shareholders as we continue the process of refreshing the Willis Towers Watson Board and moving forward with our strategic plan to enhance the value of the Company for the benefit of shareholders,” he added.
“We welcome the appointment of Ms. Beale, Ms. Chima, Mr. Hammond and Ms. Swanback to the Board. We believe these four outstanding independent directors have the right combination of skills and experience to support the Company’s efforts to drive superior shareholder returns. The Company’s focus now turns to successful execution and Elliott looks forward to continuing our constructive engagement with Willis Towers Watson and to supporting the Board as well as Carl and the management team in the coming months as they implement the Company’s strategic plan,” said Mark Wills, Portfolio Manager at Elliott.
As previously announced, Carl Hess will join the Board on January 1, 2022 when he becomes Chief Executive Officer and John Haley steps down from the Board at the end of his contract term. As a result of all of the actions described above, on January 1, the Board will be composed of 11 directors and on April 1 the Board will be composed of 12 directors.
The Board’s focus on director succession will continue during 2022, leading up to the 2022 annual meeting of shareholders. In order to reduce the size of the Board back to nine directors, two other current Willis Towers Watson directors will serve the remainder of their terms through the shareholders’ meeting but will not stand for reelection at the shareholders’ meeting. At the time of the 2022 shareholders’ meeting, the Board will be composed of nine directors, five of whom will be new and not on the current Willis Towers Watson Board and the Board will have a new Chair.
The Company will continue to provide updates with respect to this transition, including the identity of directors who will be transitioning off the Board. “We are very excited about our strategic plan and the value that we think that it will deliver to Willis Towers Watson shareholders. We very much appreciate the support of Elliott and all of our investors. As I near my retirement, I look forward to working with Carl, the management team and the refreshed Board to continue the transition and best position the Company for continued value creation,” said Mr. Haley.
“We are very pleased to have Ms. Beale, Ms. Chima, Mr. Hammond and Ms. Swanback join the Board,” said Mr. Ganzi. “Collectively, they add to the Board a deep and broad base of knowledge and a wide diversity of experience and skills. We are confident they will add significant value to the Board through their insights into the opportunities and challenges the Company is facing as it moves forward with its strategic plan.”
New Director Bios
Ms. Beale is the former Chief Executive Officer of Lloyd’s of London, a role she held from 2014 to 2018. Previously, Ms. Beale was Chief Executive Officer of Canopius Group Ltd, with its principal operations at Lloyd’s, from 2012 to 2014. Prior to that, from 2008 through 2011, she was Global Chief Underwriting Officer and Head of Mergers & Acquisitions, Organizational Transformation and Internal Consulting for Zurich Insurance Group. She held the role of Group CEO of Swiss reinsurer Converium Ltd in 2006 and 2007, joining after having spent 14 years in a variety of international roles for GE Insurance Solutions in both Europe and the US.
Ms. Chima is currently the Executive Vice President and Chief Information Officer at Boeing Employees’ Credit Union, a role she has had since 2020. Ms. Chima previously served as Chief Information Officer at Adidas AG, from 2019 to 2020, Chief Information Officer at Fox Networks Group, from 2017 to 2019, Chief Information Officer at Burberry Group plc, from 2015 to July 2017, and Chief Information Officer – Asia, at Walmart, Inc., from 2014 to 2015.Ms. Chima also previously served in other leadership roles at Walmart, Inc. from 2010 to 2014, and as Vice President of Corporate Systems at American Express Co. from 2006 to 2010.
Mr. Hammond is a retired senior executive with experience at several international insurance broking firms. Most recently, he served in a variety of senior roles at Lockton. This included Chairman and CEO, Lockton Overseas (from 2016 to 2017), Chairman, Lockton International Holdings Ltd. (from 2016 to 2017), CEO of Lockton International Holdings Ltd. (from 2005 to 2016) and CEO of Lockton Companies LLP (from 2010 to 2015). He previously served as CEO of JLT Risk Solutions and a member of the Board of JLT Group plc (from 2004 to 2005), and CEO of Marsh UK Ltd. (from 2000 to 2003) and Director of Marsh Ltd. and Marsh Europe (from 2001 to 2003).
Ms. Swanback is currently President, Product and Platform, of The Western Union Company, a role she has had since 2020. From 2014 to 2020, Ms. Swanback served as the Group Operating Officer at Accenture Digital. She previously served as the lead for Accenture Technology, North America from 2012 to 2014. Prior to that, she served as a managing director in the North American operating unit of the Accenture Communications, Media, and Technology operating group from 2011 to 2012.
Willis Towers Watson appoints new Canadian Executive Compensation and Rewards Leader
Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced the appointment of Chad Hiley as the Region Leader for the Canadian Rewards business.
Hiley brings a rich and diverse perspective to the role with expertise in both senior corporate management and consulting. Most recently, he was the EVP and CHRO of a multinational industrial equipment and services firm. Prior to that, he held a variety of senior roles in the mining industry. Hiley began his career with another global professional services firm.
Hiley has extensive experience advising on sensitive and complex executive compensation and related governance issues. Working at both the senior executive and Board levels, he has broad experience in engaging all stakeholders, including external advisors and shareholder advisory groups. Equally, Hiley’s expertise includes program design and implementation across the full spectrum of total rewards, communications and employee engagement.
“I am honoured to be taking on the leadership of the Canadian Rewards business at such an exciting time”, said Hiley. “As companies look to expand out of the pandemic, we have new opportunities to help our clients capitalize in the market for innovation and talent. Our team is well positioned to help capture this momentum across all our areas of expertise.”
Adrienne Altman, North America Rewards Leader, said “We are very excited to have Chad join us as both a colleague and a leader in Canada, and in the broader North American business. We look forward to the fresh perspectives and energy he will bring.”
Willis Towers Watson signs agreement to acquire remaining 51% shares in WTW India
Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking, and solutions company, announced the signing of an agreement to acquire the remaining 51% shares from Anemone Holdings Private Ltd and Rohit Jain in Willis Towers Watson (WTW) India. WTW currently owns 49% of Willis Towers Watson India Insurance Brokers Private Limited (WTW India) and recent changes in regulation have made it possible for WTW to own up to 100% of WTW India.
Pamela Thomson-Hall, Head of International, WTW, said: “As one of the world’s largest and fastest growing economies, with an expected 17% growth rate in the non-life insurance market over the next five years, we see rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market. Acquiring 100% ownership of WTW India will enable us to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of our clients in India.
The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses and communities’ resilience to pandemic shock in emerging markets such as India. We are committed to the Indian market and see we can play a significant role to help raise the under-penetration of insurance and close the protection gap that the country needs.”
Rohit Jain, Head of India, WTW added: “These are unprecedented times for humanity and businesses, especially the risks that confront both. Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss. WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”
This transaction remains subject to customary legal and regulatory approvals.