Towers Watson
Encyclopedia
Towers Watson is a global consulting
firm. Its principal lines of business are risk management
and human resource consulting
. It also has strong actuarial, investment consulting, and reinsurance brokerage practices. The Towers Watson corporate offices are in New York
, New York
.
Towers Watson was formed on January 4, 2010, by the merger of Towers Perrin
and Watson Wyatt Worldwide
. The merger created the world's largest employee-benefits consulting firm by revenue. Towers Watson has 14,000 employees in 35 countries and is expected to have revenue of US$
3.2 billion per year.
Towers Watson's Chief Executive Officer
and Chairman of the Board
is John Haley, the former CEO of Watson Wyatt. The firm's Chief Operating Officer
, President, and Deputy Chairman is Mark Mactas, the former CEO of Towers Perrin.
firm in the world, R. Watson & Sons, which was formed in the UK
in 1878. B. E. Wyatt founded The Wyatt Company as an actuarial consulting firm in the USA
with seven co-founders in 1946. The two firms formed a global alliance
under the brand
Watson Wyatt Worldwide in 1995 and formally merged in August 2005.
Towers, Perrin, Forster & Crosby was established in the U.S. in 1934, although one of its predecessor firms, the insurance broker Henry W. Brown & Co., was founded in 1871. In 1987 the company shortened its name to Towers Perrin.
On June 28, 2009, the two firms announced they would merge, pending approval by shareholders and regulatory agencies, in a "merger of equals". Regulatory approval was granted by anti-trust divisions of the U.S. and the E.U.
, and stock-owners overwhelmingly approved the merger in separate meetings on December 18.
In November 2010, it was announced that Towers Watson had signed a definitive agreement to acquire EMB, a leading global actuarial and risk services company. EMB specializes in property & casualty consulting. EMB also has software dealing with pricing, reserving, spatial smoothing analysis, capital and risk modelling, and reinsurance. The deal was completed as of February 1, 2011.
Management consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
firm. Its principal lines of business are risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
and human resource consulting
Human resource consulting
Human resource consulting is an $18.4 billion industry that has emerged from management consulting, asclients' needs have become more complex and specialized, widening the gap between HR needs and work force capabilities, and thus accentuating the ability of HR management consulting firms to fill...
. It also has strong actuarial, investment consulting, and reinsurance brokerage practices. The Towers Watson corporate offices are in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
.
Towers Watson was formed on January 4, 2010, by the merger of Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...
and Watson Wyatt Worldwide
Watson Wyatt Worldwide
Watson Wyatt Worldwide, Inc. was a global consulting firm, which merged in January 2010 with Towers Perrin to form Towers Watson. The firm's services included managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension...
. The merger created the world's largest employee-benefits consulting firm by revenue. Towers Watson has 14,000 employees in 35 countries and is expected to have revenue of US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3.2 billion per year.
Towers Watson's Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and Chairman of the Board
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is John Haley, the former CEO of Watson Wyatt. The firm's Chief Operating Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
, President, and Deputy Chairman is Mark Mactas, the former CEO of Towers Perrin.
History
Towers Watson is the successor of the oldest actuarialActuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
firm in the world, R. Watson & Sons, which was formed in the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
in 1878. B. E. Wyatt founded The Wyatt Company as an actuarial consulting firm in the USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
with seven co-founders in 1946. The two firms formed a global alliance
Strategic alliance
A Strategic Alliance is a relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organizations...
under the brand
Brand
The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."...
Watson Wyatt Worldwide in 1995 and formally merged in August 2005.
Towers, Perrin, Forster & Crosby was established in the U.S. in 1934, although one of its predecessor firms, the insurance broker Henry W. Brown & Co., was founded in 1871. In 1987 the company shortened its name to Towers Perrin.
On June 28, 2009, the two firms announced they would merge, pending approval by shareholders and regulatory agencies, in a "merger of equals". Regulatory approval was granted by anti-trust divisions of the U.S. and the E.U.
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, and stock-owners overwhelmingly approved the merger in separate meetings on December 18.
In November 2010, it was announced that Towers Watson had signed a definitive agreement to acquire EMB, a leading global actuarial and risk services company. EMB specializes in property & casualty consulting. EMB also has software dealing with pricing, reserving, spatial smoothing analysis, capital and risk modelling, and reinsurance. The deal was completed as of February 1, 2011.