WTW: insurance broker profile

Overview

WTW, formerly Willis Towers Watson, is the third of the three global brokers usually grouped with Marsh McLennan and Aon. It reported 2025 revenue of $9,708 million, down 2% from $9,930 million in 2024 on a reported basis. The drop reflects the sale of its TRANZACT consumer-insurance business; the company reported 5% organic growth for the year. Its 2025 Form 10-K describes approximately 47,000 colleagues serving more than 140 countries and markets. Carl Hess is chief executive.

The cover of the 10-K lists the principal executive office care of Willis Group Limited, 51 Lime Street, London, and the phone number is 44-20-3124-6000. The shares trade on Nasdaq under WTW.

WTW reports two segments. Health, Wealth & Career covers benefits, retirement, talent and rewards consulting. Risk & Broking covers corporate risk and broking, including reinsurance placement. For a business owner, the broking side is what places property, casualty and specialty coverage, and the benefits side is what advises a larger employer on health plan design and funding.

History

The current company dates to the merger of Willis Group Holdings and Towers Watson & Co. The merger agreement was dated June 29, 2015, amended on November 19, 2015, and completed on January 4, 2016, according to the 10-K's definitions section. We did not verify the founding years of the legacy firms from company sources and do not state them.

The merger gave a risk-broking firm a large human-capital and benefits consultancy. Since then WTW has sold and bought pieces: it acquired TRANZACT in 2019 and sold it at the end of 2024, then moved to buy a U.S. middle-market broker in late 2025 (see below).

Services

On the Risk & Broking side WTW places commercial property, casualty, financial and professional lines, cyber and specialty coverages, and offers risk consulting, claims advocacy and reinsurance broking. On the Health, Wealth & Career side it advises on health and group benefits strategy, retirement plans and investment consulting, executive pay and workforce programs. Large employers that self-fund health plans often buy stop-loss insurance through a broker of this type, and WTW also works with captives (see captive insurance company).

Who it serves

WTW's clients are mainly large and multinational companies, governments and institutions. Its U.S. middle-market reach has been thinner than that of its two larger peers, and that is the gap the Newfront deal addresses. A small business will usually meet WTW only through that kind of acquired agency. If you are deciding between a global broker and a regional or local agency, how to choose a commercial insurance broker and independent agent, broker, captive agent or direct? cover the questions to ask.

How it is paid

WTW's 2025 Form 10-K says it derives the majority of its revenue from commissions or fees for brokerage, or from consulting services. It also says commission levels generally follow the same trend as premium levels, which means broker revenue can rise and fall with the pricing cycle even if the work is unchanged. The sections of the filing we read did not discuss contingent or supplemental commissions, so we do not describe them here. Consulting work, such as benefits and retirement advice, is generally paid through fees agreed with the client. Ask a broker to disclose all compensation in writing before you sign; how commercial insurance brokers get paid explains the models.

Recent deals

• TRANZACT sale: WTW announced on October 1, 2024 that it would sell TRANZACT, a direct-to-consumer insurance marketing business, to GTCR and Recognize for $632.4 million, subject to adjustments. The sale closed on December 31, 2024. The company acquired TRANZACT in 2019.
• Newfront: WTW announced on December 10, 2025 that it would acquire Newfront, a San Francisco-based U.S. broker. Trade press reported the deal at about $1.3 billion and said it closed in January 2026, no later than January 28, 2026. Reports of the exact breakdown between upfront and contingent payments differed, so we give only the headline figure. WTW's February 2026 results release described Newfront as about $250 million of 2026 post-close revenue and said it expected a dilution of about $0.10 to 2026 adjusted earnings per share.
• Willis Re: the results release refers to a Willis Re joint venture that it expects to reduce 2026 adjusted earnings per share by about $0.30. We did not verify the partner or date.

See private equity and the consolidation of insurance brokers for how these deals fit the market.

Strengths and weaknesses

WTW is strongest where broking meets benefits and human-capital advice, which makes it a natural fit for a company that wants one adviser for property-casualty, health plans and retirement. It is a smaller group than Marsh or Aon by revenue.

• Strengths: a large benefits and retirement consultancy; global broking and reinsurance placement; newly added U.S. middle-market capacity.
• Weaknesses: revenue fell 2% in 2025 on a reported basis after the TRANZACT sale; a smaller U.S. middle-market footprint than its two peers until Newfront is integrated; mixed consulting and broking roles that call for clear compensation disclosure.

How to contact WTW