Willis North America Inc., a subsidiary of Willis Group Holdings Limited (WSH), today announced the final results of its cash tender offer to purchase any and all of its 5.125% senior notes due 2010.

The net proceeds from the offer came to $159,788,000. All of the 2010 notes that were tendered have been guaranteed for payment by Willis. The holders of the 2010 notes will be entitled to receive tender offer consideration of $1,027.50 per $1,000 principal amount of the 2010 notes, plus any accrued and unpaid interest.

The notes, which are guaranteed by Willis Group Holdings, carry ratings of Baa3 by Moody's and BBB- by S&P.

Bank of America (BAC) and JPMorgan Chase (JPM) were the joint book running managers for the sale.

Willis intends to use the net proceeds from this offering to purchase any and all of Willis North America's outstanding 5.125% senior notes due 2010 that

...

Willis Re -- the reinsurance wing of the Willis Group Holdings (WSH) -- has published its latest renewal report this morning, which asserts that the July 1 reinsurance renewals witnessed adequate capital and a stable pricing. This negated assertions in the reinsurance market that the July 1 renewals would see a radical increase in rates. The rate forecast came on the back of strong underwriting margins that reinsurers would have needed to cover their investment losses in the last 12 months.Significant investment and catastrophe losses incurred by both primary insurers and reinsurers over the past year have resulted in an industry-wide capital decline. These events have eroded the excess capital from the market, which had in the past resulted in significant softening of rates.However, in the first half of 2009, the reinsurance industry has not experienced any major underwriting losses. Also, there ...

The saga on the high seas continued… As much of the world continued to monitor the story of the American cargo ship that was captured by Somali pirates and held its captain hostage, the increase in piracy has sparked a fascinating conversation. 

It involves the use of innovative products that enable shippers to defend themselves from pirate attacks.

While it may not seem like a lucrative business, the uptick in high seas shenanagins over the past year or so threatens to become more prevalent if it’s not addressed. And with millions of dollars worth of cargo traveling by sea every day, both the shipping industry and the companies whose cargo they’re hauling hardly want to see the trend become a full-blown epidemic.

At the moment, however, only the Department of Defense and various small private companies are responsible for “mobility denial systems.” Described as an “oil slick in a can,” these weapons make

...

A Virginia employee benefits firm with a major presence in Central Ohio on Monday announced a buyout deal with global insurance broker Willis Group Holdings Ltd. (WSH).

Richmond, Va.-based Hilb Rogal & Hobbs Co. (HRH) said it will be acquired by London-based Willis Group in a deal valued at $2.1 billion. Willis will buy all outstanding Hilb Rogal stock for $46 a share, representing a 49-percent premium over the firm’s Friday close of $30.89.

Hilb Rogal entered the Central Ohio market in 2001 with the purchase of Berwanger Overmyer Associates. The company, ranked last year as Central Ohio’s largest independent insurance agency, in 2007 recorded about $304 million in area-written premiums.

The deal is expected to close in the fourth quarter, pending Hilb Rogal shareholder and regulatory approval. Willis said the deal will more than double its North American revenue in its employee benefits sector, an area it has targeted

...