Willis Corroon
Article Abstract:
Willis Corroon is a UK insurance broker which has undertaken a cost cutting program and has shed 900 jobs, reducing operating costs by 5%. UK brokers face competition from direct selling which has affected their margins, but Willis Corroon has seen a rise in pre-tax profit for the first 9 months of 1995. The company's pre-tax profit is forecast at 84 million pounds sterling for full-year 1994 by Merrill Lynch. Earnings rises may not be sustainable at such high levels, and the company's shares are seen as fairly priced in Nov 1995.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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Willis Corroon
Article Abstract:
Willis Corroon is an insurance broker which has been affected by a drop in UK premium rates. Investment income has been stagnant in 1st qtr 1996, with less to invest as premiums fell. A 50% stake in a business in Bermuda has reduced the contribution from associates. The company argues that it is affected by overcapacity in the UK market. The company's profit should rise by 16% to 93 million pounds sterling in 1996, according to NatWest Securities.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Willis Corroon
Article Abstract:
Willis Corroon is faced with a difficult market for insurance brokers in the UK as direct insurance has increased its market share. The company aims to reduce costs by 26 million pounds sterling through restructuring. Costs have already been reduced by 11.8 million pounds and 855 jobs have been shed. Gearing has also been reduced to 56% from 82%. The company's profit is forecast at 85 million pounds sterling for 1995 by NatWest Securities.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
User Contributions:
Comment about this article or add new information about this topic: