Willis Group Holdings Limited http://www.alacrastore.com/company-snapshot/Willis_Group_Holdings_Limited-1018320 Sunday, November 23, 2008 8:32:28 AM 1018320 Willis Group Holdings Limited en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/86201spcred/86201normThe latest News from S&Pglobal10/31/2008 3:23:34 AM100News86201United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceNewsNY -- Standard&Poor's CreditWire 12/16/1998 -- Standard&Poor's today assigned its double-'B' counterparty credit rating to Willis Corroon Group Ltd. Standard&Poor's also assigned its double-'B' bank loan rating to Willis Corroon Corp.'s $600 million credit facility and its single-'B'-plus rating to the company's $550 million subordinated notes, both of which are guaranteed by Willis Corroon Group Ltd. The outlook is stable. In July 1998, Kohlberg Kravis Roberts (KKR) and a consortium of insurance companies, together known as Trinity Acquisition, made a tender offer for the publicly held shares of Willis Corroon Group plc, one of the world's largest insurance brokerage concerns. The purchase price of UK851 million plus the assumption of debt had been fundedGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/485532spcred/485532normThe latest Full Report from S&Pglobal10/31/2008 3:20:46 AM400Full Report485532United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceFull ReportGood competitive position as the third-largest global insurance broker. Strong though moderating operating margins in excess of global insurance brokerage peer group average. Good financial profile as measured by decreased leverage and improved coverage metrics compared with historical levels. Loss of market remuneration fees in the near to intermediate term and uncertainty regarding the ability of the new business model to recapture the revenue stream. Competitive and financial uncertainties (though largely diminished) related to ongoing regulatory investigations and private litigation. Lack of earnings diversification and a sustained track record throughout the underwriting cycle. The counterparty credit rating on Willis Group Holdings Ltd. (Willis) is based on the company's good competitive position as the world's third-largest broker, strong though moderating operatingGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHFULLUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/457079spcred/457079normThe latest Research Update from S&Pglobal10/31/2008 3:20:38 AM175Research Update457079United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceResearch UpdateOn Aug. 11, 2005, Standard&Poor's Ratings Services affirmed its 'BBB-' counterparty credit and senior unsecured debt ratings on Willis Group Holdings Ltd. (WSH:NYSE; Willis) and revised the outlook to stable from negative. The outlook revision reflects Standard&Poor's belief that Willis will continue to be successful, as highlighted by first- and second-quarter 2005 results, in implementing a revised business model addressing the elimination of $71 million of volume and profit-based contingent commission revenue that constituted 11.3% of consolidated pretax income in 2004. The rating action also contemplates the reduced potential that ongoing regulatory investigations will trigger allegations that would materially impact Willis' competitive or financial condition. This is because of recent regulatory and private-party settlements and theGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHRESUPDUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/447863spcred/447863normThe latest News from S&Pglobal10/31/2008 3:20:35 AM100News447863United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceNewsNEW YORK (Standard&Poor's) June 24, 2005--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' senior unsecured debt rating to Willis North America Inc.'s (WSH:NYSE) $500 million senior notes, which are guaranteed by Willis Group Holdings Ltd. and will be a combination of five- and 10-year notes. The proposed senior notes exhaust the $500 million universal shelf filed on Feb. 6, 2004. Upon issuance of the notes, the company expects to repay its existing $450 million bank facility and use the remainder for general corporate purposes, including acquisitions and funding requirements under employee pension plans. "The rating is based on Willis's good competitive position as the world's third-largest broker, strong operating margins, and prospective leverage andGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/447864spcred/447864normThe latest Research Update from S&Pglobal10/31/2008 3:20:35 AM175Research Update447864United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceResearch UpdateOn June 24, 2005, Standard&Poor's Ratings Services assigned its 'BBB-' senior unsecured debt rating to Willis North America Inc.'s (WSH:NYSE) $500 million senior notes, which are guaranteed by Willis Group Holdings Ltd. and will be a combination of five- and 10-year notes. The proposed senior notes exhaust the $500 million universal shelf filed on Feb. 6, 2004. Upon issuance of the notes, the company expects to repay its existing $450 million bank facility and use the remainder for general corporate purposes, including acquisitions and funding requirements under employee pension plans. The rating is based on Willis's good competitive position as the world's third-largest broker, strong operating margins, and prospective leverage and coverage metrics commensurate with the rating. OffsettingGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHRESUPDUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/152424spcred/152424normThe latest News from S&Pglobalstructuredpubfin10/31/2008 3:19:13 AM100News152424United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceCommercial MBSNewsNEW YORK (Standard&Poor's CreditWire) May 24, 2000--Standard&Poor's today affirmed its double-'B' counterparty credit rating on Willis Group Ltd. (Willis). At the same time, Standard&Poor's affirmed its double-'B' bank loan rating and single-'B'-plus senior subordinated debt rating on Willis North America Inc., which is guaranteed by Willis Group Ltd. The outlook is negative. The ratings reflect Willis's well-established position in the insurance brokerage market and strong brand name recognition in the property/casualty insurance industry. Also considered are the unique ownership structure of the company and its solid management team, which Standard&Poor's believes strongly help Willis remain a viable and competitive intermediary. Offsetting these strengths is the company's very aggressive financial leverage, fairly weakGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSUSA03738903739J03739K03739L03739M20016657174857174V57174W57174Y97062097064897064V40301010 403010 4030 40Willis North America Inc.Aon Corp.Marsh&McLennan Cos.109872330271101435ASIAEMERGINGEUROMIDAFRLATAMERICAUSAMMCAOCGLOBISSSTRUCPUBFINFIINSCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/131824spcred/131824normThe latest News from S&Pglobal10/31/2008 3:19:12 AM100News131824United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceNewsNEW YORK (Standard&Poor's CreditWire) Nov. 16, 1999--Standard&Poor's today affirmed its double-'B' counterparty credit rating on Willis Corroon Group Ltd. In addition, the double-'B' bank loan rating and the single-'B'-plus senior subordinated debt rating on Willis Corroon Corp., which are fully guaranteed by Willis Corroon Group Ltd., were affirmed. The outlook, however, has been revised to negative from stable. The outlook revision reflects the earnings pressure on Willis and its various debt-servicing protection measures, including interest coverage and fixed-charge coverage. While Willis' overall financial leverage, at about 75%, has remained virtually unchanged since being purchased by KKR in 1998, interest coverage and fixed-charge coverage have been below expectations. Through the first nine months of 1999, interest coverageGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1975237ccbn/B1975237norm...Relatively flat adjusted operating margin grew nine months as Co. recognizes cost savings and makes further investments for profitable growth. ... 10/23/2008 10:17:14 PMWillis Group Holdings Limited106.0000EditedWillis Group Holdings Limited Q3 2008 Earnings Conference Call SummaryWSH8:00am ETBriefB1975237Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1975237ccbn/T1975237norm...Welcome and thank you for standing by. At this time all participants are in a listen-only mode. After the presentation we will conduct a question-and-answer session. (Operator Instructions). Today's conference is being recorded, if you have any objections you may disconnect at this time. Now I would like to turn the call over to Ms. Kerry Calaiaro, Director of Investor Relations. Ma'am, you may begin. ... 10/23/2008 11:16:44 AMWillis Group Holdings Limited106.0000FinalWillis Group Holdings Limited Q3 2008 Earnings Conference Call TranscriptWSH8:00am ETTranscriptT1975237Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/BW-0001-28620618newstex/BW-0001-28620618xml Oct. #, #### (Business Wire) -- Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, today announced the merger consideration shareholders of Hilb Rogal & Hobbs Company (HRH) will receive in connection with Willisa€™...040000000401600004016005040060000400600602000000020020000200200610/8/2008 7:05:34 PM1800000018016000Business WireBW-0001-28620618WILLIS GROUP HOLDINGS LTDWSHNewsNewstexhttp://www.alacrastore.com/storecontent/ccbn/T1920592ccbn/T1920592norm... - Willis Group Holdings Limited - International Practice Leader Welcome to our Willis Webcast. Hello, my name is Claude Gallello and I'm located in New York and I am the international practice leader for Willis. I'd like to welcome you to our latest series of Webcasts, which we deliver as part of our ongoing commitment to providing thought leadership and consultative advice to clients. Today's Webcast will highlight an increasingly challenging issue -- the effective management of environmental liabilities on a global platform. As we all know, the world is getting smaller and smaller; and as companies continue to expand their operations into new territories they face an array of new risks. Environmental risks has become one of the most important issues as policy and legislative regimes across the globe continue to evolve and become inevitably more stringent. Insurance plays an important role in the management of environmental risks on a global basis. In this Webcast, we will explore some... 10/6/2008 4:11:00 PMWillis Group Holdings Limited54.0000FinalIn Search of the Global Pollution Solution TranscriptWSH11:00am ETTranscriptT1920592Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/BW-0001-28510941newstex/BW-0001-28510941xml Oct. #, #### (Business Wire) -- Fitch Ratings has downgraded its ratings on Willis North America Inc. (WNA) and Willis Group Holdings Ltd. (Willis) by one notch (see rating list below). The Rating Outlook is Negative. Fitch's rating...040000000400900004009001040160000401600502000000020020000200200610/2/2008 3:06:38 PM18000000180240001800900018016000Business WireBW-0001-28510941HILB ROGAL & HOBBS COWILLIS GROUP HOLDINGS LTDHRHWSHNewsNewstexhttp://www.alacrastore.com/storecontent/moodys/PR_164096_600070880moodys/PR_164096_600070880htmlGlobal Credit Research Rating Action # OCT #### Rating Action: Trinity Acquisition Limited Moody's downgrades Willis senior debt to Baa# upon HRH merger $#.# billion of guaranteed senior notes of Willis North America Inc. affected....10/2/2008 2:15:27 AMhtmlTrinity Acquisition LimitedWillis Group Holdings LimitedWillis North America Inc.Trinity Acquisition Limited; Willis Group Holdings Limited; Willis North America Inc.600070880600070643211070150.0000NewsRating ActionPR_164096_600070880Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674577spcred/674577normThe latest News from S&Pglobal10/1/2008 9:02:00 PM100News674577United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceNewsNEW YORK (Standard&Poor's) Oct. 1, 2008--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' senior unsecured debt rating to Willis North America Inc.'s (WSH:NYSE) $1 billion senior credit facility, which consists of a five-year, $700 million senior term loan and a five-year $300 million revolving credit line. Willis announced today that it has completed its acquisition of Hilb Rogal&Hobbs (HRH) for a total purchase price of $2.1 billion, including the assumption of approximately $400 million of HRH debt. Willis raised $1.525 billion of debt to partially finance this acquisition. Willis will fund the remaining costs related to the transaction with an approximately $800 million stock issuance. On June 9, 2008, Standard&Poor'sGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674578spcred/674578normThe latest Research Update from S&Pglobal10/1/2008 9:02:00 PM175Research Update674578United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceResearch UpdateOn Oct. 1, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' senior unsecured debt rating to Willis North America Inc.'s (WSH:NYSE) $1 billion senior credit facility, which consists of a five-year, $700 million senior term loan and a five-year $300 million revolving credit line. Willis announced today that it has completed its acquisition of Hilb Rogal&Hobbs (HRH) for a total purchase price of $2.1 billion, including the assumption of approximately $400 million of HRH debt. Willis raised $1.525 billion of debt to partially finance this acquisition. Willis will fund the remaining costs related to the transaction with an approximately $800 million stock issuance. On June 9, 2008, Standard&Poor's had responded to Willis's announced plans ofGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHRESUPDUSA97062097064897064V40301010 403010 4030 40Willis North America Inc.330271EUROMIDAFRUSAGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/newstex/BW-0001-28442778newstex/BW-0001-28442778xml Sep. ##, #### (Business Wire) -- Hilb Rogal & Hobbs Company (NYSE:HRH), one of the worlda€™s largest insurance and risk management intermediaries, announced that at a special shareholders meeting held today, its shareholders overwhelmingly...04000000040060000400600604016000040160059/29/2008 1:05:45 PM1800000018016000Business WireBW-0001-28442778HILB ROGAL & HOBBS COWILLIS GROUP HOLDINGS LTDHRHWSHNewsNewstexHUNGARY - Willis Group Holdings Ltd of the UK acquired the remaining ##% stake, which it did not already own, in Willis Kft , a Budapest-based insurance agency, from its joint venture partner Erix. Terms were not disclosed.7/17/2008 1:03:50 PMG9665597060CG9665597060CWillis Group Holdings LtdWillis KftWillis Group Holdings LtdWillis Kfthttp://www.alacrastore.com/storecontent/Thomson_M%26A/Willis_Group_Holdings_Ltd_acquires_remaining_interest_in_Willis_Kft-1996227040sdc/19962270401996227040Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkInsuranceUnited KingdomInsurance agents, brokers, and service6411FFForeignPublicWSH6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6411:Insurance agents, brokers, and service6719:Offices of holding companies, nec6799:Investors, nec6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6411:Insurance agents, brokers, and service6719:Offices of holding companies, nec6799:Investors, necInsuranceHungaryInsurance agents, brokers, and service6411FFForeignPrivate17117006Pvd ins brkg svcsIns agcyUnspecifiedStock1029103001Jul 17 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Wills Group Holdings Ltd,located in London, providesinsurance brokerage, casualtyinsurance, risk management andinsurance consulting serviceswith over 300 locations inover 100 countries worldwide.The company's services includeinvestment holding servicesand specialized riskmanagement advisory and otherservices on a global basis tothe clients in variousindustries includingaerospace, marine, energy andconstruction industries. Thecompany was founded in 1959.Wills Group Holdings Ltd, located in London, providesinsurance brokerage, casualty insurance, risk management andinsurance consulting services with over 300 locations inover 100 countries worldwide. The company's services includeinvestment holding services and specialized risk managementadvisory and other services on a global basis to the clientsin various industries including aerospace, marine, energyand construction industries. The company was founded in1959.Wills Group Holdings Ltd, located in London, provides insurance brokerage, casualty insurance, risk management and insurance consulting services with over 300 locations in over 100 countries worldwide. The company's services include investment holding services and specialized risk management advisory and other services on a global basis to the clients in various industries including aerospace, marine, energy and construction industries. The company was founded in 1959.1.000002.000003.00000Willis Kft, located inBudapest, Hungary, is aninsurance agency firm.Willis Kft, located in Budapest, Hungary, is an insuranceagency firm.Willis Kft, located in Budapest, Hungary, is an insurance agency firm.0.000000.000000.000000.00000Y14 Jul 08Mon, 14 Jul 2008 00:00:00 ESTDate Announced: 07/14/200814 Jul 08Date Effective: 07/14/200814 Jul 08Acq. Rem. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.0000020.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000080.0000020.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000HUNGARY - Willis GroupHoldings Ltd of the UKacquired the remaining 20%stake, which it did notalready own, in Willis Kft , aBudapest-based insuranceagency, from its joint venturepartner Erix. Terms were notdisclosed.HUNGARY - Willis Group Holdings Ltd of the UK acquired the remaining 20% stake, which it did not already own, in Willis Kft , a Budapest-based insurance agency, from its joint venture partner Erix. Terms were not disclosed.HUNGARY - Willis Group Holdings Ltd of the UK acquired the remaining 20% stake, which itdid not already own, in Willis Kft , a Budapest-based insurance agency, from its jointventure partner Erix. Terms were not disclosed.HUNGARY - Willis Group Holdings Ltd of the UK acquired the remaining 20% stake, which it did not already own, in Willis Kft , a Budapest-based insurance agency, from its joint venture partner Erix.Terms were not disclosed.HUNGARY - Willis Group Holdings Ltd of the UK acquired the remaining 20% stake, which it did not already own, in Willis Kft , aBudapest-based insurance agency, from its joint venture partner Erix. Terms were not disclosed.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006411:Insurance agents, brokers, and service17117006New YorkUnited Kingdom6411ForeignPublicWSH6411:Insurance agents, brokers, and service1029103001Hungary6411ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_157095_600070880moodys/PR_157095_600070880htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Trinity Acquisition Limited Moody's reviews Willis (senior at Baa#) for possible downgrade $#.# billion of guaranteed senior notes of Willis North America Inc. affected...6/11/2008 12:43:29 AMhtmlTrinity Acquisition LimitedWillis Group Holdings LimitedWillis North America Inc.Trinity Acquisition Limited; Willis Group Holdings Limited; Willis North America Inc.600070880600070643211070150.0000NewsRating ActionPR_157095_600070880Credit & Investment ResearchMoody's Global Credit ResearchUS - Willis Group Holdings Ltd definitively agreed to acquire all the outstanding common stock of Hilb Rogal & Hobbs Co, an insurance company, for $#.### bil. WG offered $## per share, subject to a collar agreement and to proration whereby ##% of the consideration was to be paid in stock and ##% in cash. The transaction was subject to regulatory and shareholder approvals and customary closing conditions.6/10/2008 2:26:44 PMG96655431294G96655431294Willis Group Holdings LtdHilb Rogal & Hobbs CoWillis Group Holdings LtdHilb Rogal & Hobbs Cohttp://www.alacrastore.com/storecontent/Thomson_M%26A/Willis_Group_Holdings_Ltd_acquires_Hilb_Rogal_Hobbs_Co-1984819020sdc/19848190201984819020Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkInsuranceUnited KingdomInsurance agents, brokers, and service6411FFForeignPublicWSH6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6411:Insurance agents, brokers, and service6719:Offices of holding companies, nec6799:Investors, nec6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6411:Insurance agents, brokers, and service6719:Offices of holding companies, nec6799:Investors, necWeil Gotshal & MangesNew YorkInsuranceUnited StatesInsurance agents, brokers, and service6411VAVirginiaPublicHRH17117006Pvd ins brkg svcsPvd ins svcsCashCommon StockCommon Stock2838003Jun 10 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Wills Group Holdings Ltd,located in London, providesinsurance brokerage, casualtyinsurance, risk management andinsurance consulting serviceswith over 300 locations inover 100 countries worldwide.The company's services includeinvestment holding servicesand specialized riskmanagement advisory and otherservices on a global basis tothe clients in variousindustries includingaerospace, marine, energy andconstruction industries. Thecompany was founded in 1959.Wills Group Holdings Ltd, located in London, providesinsurance brokerage, casualty insurance, risk management andinsurance consulting services with over 300 locations inover 100 countries worldwide. The company's services includeinvestment holding services and specialized risk managementadvisory and other services on a global basis to the clientsin various industries including aerospace, marine, energyand construction industries. The company was founded in1959.Wills Group Holdings Ltd, located in London, provides insurance brokerage, casualty insurance, risk management and insurance consulting services with over 300 locations in over 100 countries worldwide. The company's services include investment holding services and specialized risk management advisory and other services on a global basis to the clients in various industries including aerospace, marine, energy and construction industries. The company was founded in 1959.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.00000Hilb Rogal & Hobbs Co, locatedin Glen Allen, Virginia,provides insurance servicesthat manages property,casualty, marine, aviation andemployee benefits withinsurance underwriters. Thecompany also provides riskmanagement intermediaryservices which involvesplacing various types ofinsurance, including propertyand casualty, employeebenefits, professionalliability and other areas ofspecialized exposure, withinsurance underwriters onbehalf of its clients in 30states. It operates in threesegments namely DomesticRetail, Excess and Surplus,and International. The companywas founded in 1982.Hilb Rogal & Hobbs Co, located in Glen Allen, Virginia,provides insurance services that manages property, casualty,marine, aviation and employee benefits with insuranceunderwriters. The company also provides risk managementintermediary services which involves placing various typesof insurance, including property and casualty, employeebenefits, professional liability and other areas ofspecialized exposure, with insurance underwriters on behalfof its clients in 30 states. It operates in three segmentsnamely Domestic Retail, Excess and Surplus, andInternational. The company was founded in 1982.Hilb Rogal & Hobbs Co, located in Glen Allen, Virginia, provides insurance services that manages property, casualty, marine, aviation and employee benefits with insurance underwriters. The company also provides risk management intermediary services which involves placing various types of insurance, including property and casualty, employee benefits, professional liability and other areas of specialized exposure, with insurance underwriters on behalf of its clients in 30 states. It operates in three segments namely Domestic Retail, Excess and Surplus, and International. The company was founded in 1982.0.000000.000000.0000036.39000YU.S. Dollar08 Jun 08Sun, 08 Jun 2008 00:00:00 ESTDate Announced: 06/08/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.0000046.00000Price/Share0.000001673.99 U.S. Dollar1673.991001673.991001673.99 U.S. Dollar1673.991000.000000.0000046.0000046.000001673.991001673.99 U.S. Dollar1.00000N849.698000.000000.000000.000000.000000.000001673.991001673.991000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000005136.1790030.8900030.9600029.320000.000000.000000.000000.000000.000000.000000.000001066.987000.000000.000000.000000.000000.0000056.8900048.9200048.580001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000US - Willis Group Holdings Ltddefinitively agreed to acquireall the outstanding commonstock of Hilb Rogal & HobbsCo, an insurance company, for$1.674 bil. WG offered $46 pershare, subject to a collaragreement and to prorationwhereby 50% of theconsideration was to be paidin stock and 50% in cash. Thetransaction was subject toregulatory and shareholderapprovals and customaryclosing conditions.US - Willis Group Holdings Ltd definitively agreed to acquire all the outstanding common stock of Hilb Rogal & Hobbs Co, an insurance company, for $1.674 bil. WG offered $46 per share, subject to a collar agreement and to proration whereby 50% of the consideration was to be paid in stock and 50% in cash. The transaction was subject to regulatory and shareholder approvals and customary closing conditions.US - Willis Group Holdings Ltd definitively agreed to acquire all the outstanding commonstock of Hilb Rogal & Hobbs Co, an insurance company, for $1.674 bil. WG offered $46 pershare, subject to a collar agreement and to proration whereby 50% of the consideration wasto be paid in stock and 50% in cash. The transaction was subject to regulatory andshareholder approvals and customary closing conditions.US - Willis Group Holdings Ltd definitively agreed to acquire all the outstanding common stock of Hilb Rogal & Hobbs Co, an insurance company, for $1.674 bil. WG offered $46 per share, subject to acollar agreement and to proration whereby 50% of the consideration was to be paid in stock and 50% in cash. The transaction was subject to regulatory and shareholder approvals and customary closingconditions.US - Willis Group Holdings Ltd definitively agreed to acquire all the outstanding common stock of Hilb Rogal & Hobbs Co, an insurancecompany, for $1.674 bil. WG offered $46 per share, subject to a collar agreement and to proration whereby 50% of the consideration was tobe paid in stock and 50% in cash. The transaction was subject to regulatory and shareholder approvals and customary closing conditions.$ 1,673.991 - Banc of America Securities LLC - Adv,Pvd Fin0.00000Banc of America Securities LLC1.00000Sandler O'Neill Partners L.P.1.00000$ 1,673.991 - Sandler O'Neill Partners - Adv,F Opin0.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006411:Insurance agents, brokers, and service6719:Offices of holding companies, nec17117006New YorkUnited Kingdom6411ForeignPublicWSH6411:Insurance agents, brokers, and service6719:Offices of holding companies, nec2838003New YorkUnited States6411VirginiaPublicHRH1673.991001673.991001673.99100849.69800Wachtell Lipton Rosen & KatzDeal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/653042spcred/653042normThe latest News from S&Pglobal6/9/2008 8:58:42 PM100News653042United KingdomInsurance BrokersEurope, Middle East, AfricaUnited StatesGlobal IssuersInsuranceNewsNEW YORK (Standard&Poor's) June 9, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit rating on Willis Group Holdings Ltd. (Willis) to 'BBB-' from 'BBB' following the recent announcement that it will acquire Richmond, Va.-based insurance broker Hilb Rogal&Hobbs (HRH) for a total purchase price of $2.1 billion. Standard&Poor's also said that the outlook on Willis is negative. "We believe that the transaction will further solidify Willis's competitive market position and local presence in U.S. insurance brokerage," said Standard&Poor's credit analyst Tracy Dolin. "However, Willis intends to increase its usage of debt, thus further leveraging the company." Willis, the third-largest insurance broker in the U.S., generated $2.6 billionGBR22029140301010 403010 4030 40Willis Group Holdings Ltd.105793EUROMIDAFRUSAWSHNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Research