Willis Towers Watson Sees Solid Growth in Q3

Willis Towers Watson continued to see relatively strong growth in the third quarter as it benefited from tailwinds across its segments. The narrow-moat company has benefited this year from higher insurance market pricing and the macroeconomic rebound, and these tailwinds have combined with easy comparisons to produce outsize growth. However, the company has achieved only modest organic growth historically, and this is our expectation over the long term. We will maintain our $219 fair value estimate.