We Think Willis Towers Watson Has a Reasonably Strong Competitive Position as a Stand-Alone Entity

In January 2016, Towers Watson and Willis merged, creating a diversified brokerage and consulting firm with a mix similar to peers Aon and Marsh & McLennan. While it’s still significantly smaller than these industry leaders, the firms' record in pursuing this strategy suggested a favorable future, and results since the merger have been fairly good. Over the long run, we think this combination sets up Willis Towers Watson to achieve moderate but stable growth and attractive profitability.