Business Moves

Towers Perrin, Watson Wyatt

Towers Watson & Co. completed the merger of Towers Perrin and Watson Wyatt to form Towers Watson, a global professional services company headquartered in New York City.

Watson Wyatt CEO John Haley is Towers Watson’s chairman and CEO; Towers Perrin CEO Mark Mactas is deputy chairman, president and chief operating officer.

Towers Watson’s Class A common stock is listed on the New York Stock Exchange and NASDAQ under “TW.” Trading of Watson Wyatt’s Class A common stock under the previous ticker symbol (WW) has been discontinued. Based on the closing price of Watson Wyatt stock on Dec. 31, 2009, the implied value of the transaction is $4 billion.

Towers Watson expects to issue approximately 46.9 million shares of Class A common stock, as well as approximately 29.5 million shares of Class B common stock, which will be subject to transfer restrictions and will generally convert into freely-tradable shares of Class A common stock on a one-for-one basis over the next four years. Towers Watson will also pay $200 million in cash and issue one-year promissory notes in an aggregate principal amount of $200 million to certain former Towers Perrin shareholders who have voluntarily elected to terminate their employment with Towers Watson.

U.S. Risk, Goss Re

U.S. Risk Insurance Group Inc., based in Dallas, expanded into the specialty reinsurance brokerage marketplace.

Goss Reinsurance Brokers Inc. will operate from Dallas as a specialty reinsurance broker for medium to small insurance carriers, captives, self-insurance funds, risk retention groups, and other similar specialty insurance operations.

Chris Turner, formerly of Towers Perrin, will serve as executive vice president, and James Epstein, formerly of EWI Re, will serve as executive director.

Heritage General, Worldwide Facilities

Los Angeles-based Heritage General Agency, a managing general agent and operating division of Worldwide Facilities Inc., changed its trade name to Worldwide Facilities Inc. There will be no change in staff, offices or contact information other than the Worldwide Facilities Inc. and Heritage General Agency Web sites are now integrated and combined.

“By combining brands and product offerings, we are a stronger organization with an enhanced value proposition for our customers. … The integration of Heritage and Worldwide products and services into a single brand will foster continued growth of our market as well as customer relationships,” said Davis D. Moore, Worldwide’s president.