Willis Expands Chairman’s Office; Regan to Become CFO

Global insurance broker Willis Group Holdings Limited has announced expanded responsibilities of the Office of the Chairman, which comprises Joe Plumeri, chairman and CEO and Vice Chairmen and co-COO’s Richard Bucknall, and Thomas Colraine, who is also the Group’s current CFO.

Willis also announced the appointment of Patrick Regan as CFO and a member of Willis’ Partners Group, the firm’s global executive committee, effective January 1, 2006. He will report to Colraine, who will remain CFO until after the 2005 year-end.

“Bucknall will continue to lead the global business units. In addition, he will take on responsibility to enhance and increase the global efficiencies of Willis’ business processes,” said the bulletin. “Colraine will oversee mergers and acquisitions, investor relations, risk management, global operations, information technology, real estate and human resources. To ensure continuity in our financial operations, he will also maintain oversight of the Company’s finance group.”

Regan is a member of the Institute of Chartered Accountants of England and Wales. He joins Willis from Royal & Sun Alliance, where he has served as Group Financial Controller for the last two years. “He brings to Willis 17 years of finance experience gained in both the United Kingdom and United States,” said the announcement. “Prior to his tenure with Royal & Sun Alliance, Regan served AXA Insurance as the Finance Director of its UK General Insurance Business. Before joining AXA, he served as Global Controller for the Consumer Finance Division of GE Capital in Stamford, CT.”

The bulletin noted: “These changes are both reflective of Willis’ tremendous growth and development over the past five years and in anticipation of the new direction of the business and the entire industry. Many facets of the industry’s business model are experiencing pervasive change such as the move toward transparency and enhanced technology for efficiency and productivity. By expanding the role of the Office of the Chairman, the Company is taking strides to maintain its industry-leading position in growth and in driving best-in-class operations across all units.”

“Tom and Richard have made outstanding contributions to our growth and financial and operational well-being over the last several years,” Plumeri stated. “I look forward to the broader impact they are both certain to make as they take on increased responsibilities. With the addition of Pat Regan, we are strengthening our management team with a seasoned industry professional who has a great deal to offer our Company.”

Commenting on today’s announcement, Tom Colraine stated: “Pat Regan is a talented finance executive with an array of professional experiences on both sides of the Atlantic. His knowledge of the insurance industry, coupled with his financial expertise, is sure to add value as we continue to grow and lead the broking sector.”

Editor’s note: See related Willis updates in International news.