James Kent Appointed to Lead Willis Re as John Cavanagh Announces His Retirement

NEW YORK, July 6 -- Willis Towers Watson, an advisory, broking and solutions company, issued the following news release:

Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ: WLTW) today announced that James Kent will succeed John Cavanagh as he steps down from his position as global CEO.

John Cavanagh will retire from Willis Towers Watson at the end of December 2017, handing over leadership of Willis Re to James Kent, previously deputy global CEO.

Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. He was appointed President of North America in 2010, and before this ran the Willis Re Bermuda operations. Earlier in his career, he spent 13 years with Aon Re (now Aon Benfield).

Carl Hess, Head of Investment, Risk & Reinsurance, Willis Towers Watson said, "I am pleased to confirm James Kent will take on the global leadership of Willis Re. He and John have worked side-by-side for many years and share the same passion and enthusiasm for the delivery of superior client results."

"I would like to thank John for his tremendous contribution to Willis Towers Watson. Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. John has been instrumental in creating the reinsurance business we have today and will leave a strong legacy.''

Commenting on his appointment, Kent, said: ''I am honored to have this opportunity to lead Willis Re. It has been a pleasure to work with John over the past few years to cement Willis Re's position as one of the world's leading reinsurance advisors. It is also appropriate that John's significant contribution to our industry is recognized as it marks exactly 42 years to the day since he began his career in reinsurance. In succeeding John, I look forward to further enhancing our proposition to help clients effectively manage their risk while building on the collaborative culture so integral to our proposition for both clients and colleagues."

Cavanagh said: "It has been a privilege to serve as CEO of Willis Re, where we have successfully grown the business in the face of very tough market conditions. I am delighted that James Kent is taking over from me as global head; he is an exceptional talent and I have no doubt Willis Re will continue to go from strength to strength under his leadership. I have enjoyed a fantastic career in reinsurance broking, but it is now time to move on. "

Cavanagh's career in the (re)insurance market started in July 1975. He has led the Willis Re business as chief executive officer since 2012. He joined Willis Re in 2009 having spent 21 years at the Carvill Group where he was joint CEO. Prior to this, he was the deputy managing director of Minet Re and a director of the North America reinsurance division at Willis Faber and Dumas.

About Willis Re

One of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willisre.com.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas -- the dynamic formula that drives business performance. Together, we unlock potential.