Introduction to Willis Towers Watson

Welcome to

Willis Towers Watson

© 2016 Willis Towers Watson Plc. All rights reserved. Proprietary and Confidential.

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About Willis Towers Watson

Our distinct, connected perspective across talent, assets and

ideas unlocks potential for our clients. While many just look at

mitigating the downside, we see how a unified approach to

people and risk is a path to growth.

Powered by market analytics and behavioral insight, our

integrated teams reveal hidden value within the critical

intersections of our clients’ organizations. 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.

A truly compelling combination

© 2016 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 3

39,000 colleagues

in 120+ countries

Scale, diversity and financial strength:

$8.2 billion revenue

A deep

history dating back to

1828

Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas, and

how they can lead to strong performance for our clients.

Corporate Risk and Broking

Human Capital and Benefits

Exchange Solutions

Investment, Risk and

Reinsurance

We are an integrated advisory, broking and solutions company

organized around four business segments designed to meet our

clients’ risk and people needs

4

Integrated offering

around people and risk


Our client value proposition is designed to help you turn managing

risk and people into a path for growth


Breakthrough insights and deep capabilities

Deep sector and industry expertise

Data-driven insights powered by best-in-class

analytical technology capabilities

Exceptional client experiences

Relationships rooted in trust

A commitment to quality and simplicity in all

interactions

Empowered, nimble and entrepreneurial colleagues

Leading-edge advisory, brokerage and technology

solutions

Holistic solutions to help you manage risk, reduce

cost and drive growth

Exceptional transactional capabilities

Reliable, intuitive technology platforms

Our integrated teams reveal hidden value within the critical

intersections of our clients’ organizations


Teams from across our business

segments work together to explore

the frontiers of our field and ask

unexpected questions that make

new connections for you across

people and risk.

Business segments are explicitly

interconnected with geographies,

ensuring you have ready access to

the entirety of our expertise.

Together, they are responsible for

delivering the best of our combined

company.

Business segments Regions


Reinsurance

Exchange Solutions

Human Capital and

Benefits

Corporate Risk and

Broking Great Britain

International

North America

Western Europe

A single client relationship director serves as your gateway to all we

have to offer

Client relationship directors leverage the full power of Willis Towers Watson and link you

to all of our capabilities and solutions.

Acting as your trusted guide, they will:


This model means that no two clients have an identical Willis Towers Watson experience.

You get a tailored group of experts to help your organization execute a cohesive

approach to both people and risk.

Listen to you and

evaluate how we

can fit into your

strategy

Assemble the

team and skills

you need from

across our

organization

Collaborate with

you to find the most

appropriate solutions

for your unique

objectives

Help you execute

them flawlessly

Our values are designed to ensure accountability to our clients in

every interaction


We have cultivated long-term client relationships, and many of our clients have been with us from the

earliest days. Whether they came to us for brokerage or actuarial work, they were met with respect, a

strong sense of advocacy and an emphasis on excellence. These values will continue to define our

relationship with our clients, now and in the future.

Our Business Segments



Corporate Risk and Broking We know how companies can unlock potential through

effective risk management. We always start by gaining a

better understanding of a client's unique risk profile. Then we

craft tailored strategies that quantify, mitigate and transfer

risk, taking advantage of our specialist industry experience

and unparalleled market know-how. The result is a new way

of embracing risk that drives superior results.

Corporate Risk and Broking (CRB) offers a broad range of risk

advisory services that help unlock your organization’s potential

Risk Assessment

As the analytical broker, we combine high-

quality data and scientific knowledge with the

most innovative platforms to help you identify

and quantify how risk impacts your firm’s

strategic goals.


Risk Management and Advisory

We help you optimize your risk management

strategies by creating effective and reliable

risk mitigation solutions that help you solve

your biggest risk challenges using leading-

edge advisory, broking and technology

solutions.

Risk is fundamental to everything we do in CRB. We help demystify it so you can have greater clarity in

your decision making, feel more secure about your organization’s future, expand into new products and

markets, and invest more wisely.

We understand that insurance matters most

when things go wrong, which is why we are

the only global broker that does not outsource

its claim functions to third parties. This

ensures your claims get paid in a full and

timely manner.

Risk Transfer and Placement

We are focused on the best solution for you,

not the most revenue for us, meaning that our

priority is to tailor insurance programs to your

company’s unique risk profile.

Claim Advocacy

Our market-leading expertise in alternative

risk transfer, enterprise risk management

and captive management, helps you

optimize your risk financing and mitigation

strategies.

Our objective modeling techniques help

you:

Understand your true risk tolerance

Set appropriate limits and deductibles for

your insurance program

Achieve better prices from carriers

Risk Management and Advisory Risk Assessment

Corporate Risk and Broking (CRB)


Our capabilities

We have over 1,500 employees worldwide

dedicated to resolving claims in the best

interests of our clients and ensuring that you

receive exceptional claim management.

We design and place insurance programs

and risk financing solutions to ensure your

needs are met by the best markets with the

most advantageous terms, premiums and

service levels.

We aim to achieve unmatched collaboration

around product innovation, policy wordings

and overall solutions.

Claim Advocacy Risk Transfer and Placement

Corporate Risk and Broking (CRB)

Our business consists of around 12,000 colleagues in over 90 countries, which allows us to access

insurance capital from all over the world and place premiums of almost $25 billion each year.

We use groundbreaking financial, natural catastrophe and benchmarking models to support our deep

expertise in program design.

Our wording experts, embedded into each client team, craft contracts around your requirements,

ensuring your commercial interests are correctly represented, the opportunity for commercial dispute

is minimized and the broadest coverage is available to you.

Willis Towers Watson leads the market in offering a 360° approach to cyber-protection. We help your

organization adapt to a changing landscape of threats and legislation by building resilience into your

cyber-infrastructures.


Why Willis Towers Watson


Human Capital and Benefits High-performing institutions cultivate and grow talent, carefully

balancing costs and rewards. From employee benefits to

executive compensation, we take a rounded perspective

based on leading-edge thinking, data, analytics and software,

unearthing new ways to motivate people, foster well-being

and implement solutions that work.

Human Capital and Benefits (HCB) focuses on developing

workforce programs that balance rewards and costs


Talent and Rewards

We build organization, job and reward framework

solutions that deliver the right return on investment and

help you create a culture that motivates talent. Our HR

software handles complex organization needs and

delivers engaging employee experiences.

Technology and Administration Solutions

We provide complete administration solutions that

support the needs of both participants and employers,

with a focus on timely and accurate administration.

Retirement

Our expertise in retirement program strategy, design

and execution helps your organization meet its

workforce needs.

Health and Benefits

We use research, benchmarking tools and technology

to gauge overall health benefit program efficiency, value

and competitive positioning. With that information, we

work with you to design high-performance programs

and execute the placement of health and group benefit

services.

Global Network Group

Multinational organizations face unique and complex human capital and benefit issues. To support them, we offer

a dedicated team that consults to the global and regional headquarters of multinational companies on all aspects

of their compensation and benefit programs.

Working as integral partners with you, we combine advisory services and technology to create an integrated end-to-end solution and a consistent experience, whether your organization is a multinational looking for a holistic approach to benefits and human capital or one focused on discrete solutions.

Program strategy, design and pricing

Employee health and productivity

Pharmacy, life and disability, and other benefits

Vendor evaluation, selection and management

Insurance placement

Retiree health

Strategy and plan design

Cost and risk management

Actuarial, compliance, governance, administration

De-risking

Master trust products

Defined contribution solutions

Financial well-being

Health and Benefits Retirement



Our capabilities

Pension administration and outsourcing

Flex administration outside North America

Bulk lump sum administration

Rewards

HR software products

Leadership and talent

Executive compensation

Global compensation, benefit and employment

practice data

Employee surveys/insights

Communication and change management

Digital engagement

Technology and Administrative Solutions Talent and Rewards

Talent and rewards

Health and benefits

Retirement

Global Network Group


We serve as the global retirement actuary to more employers in the Global P&I 3000 than any

other company.

We have the world’s largest and broadest practice in the talent and reward consulting business.

We were the first executive compensation consultants to develop effective tools for assessing and

mitigating compensation program risk.

Our ongoing research on benefit and reward practices

and policies has provided insights into emerging

trends and issues for over two decades.

Our groundbreaking research in employee

engagement and talent management provides

insight into best practices across borders

and industries.

Our HR software products are built on more than

100 years of experience solving the most

complex HR issues for the world’s largest companies.

Our Global Network is the largest

group in the industry to focus

specifically on multinational issues.




Exchange Solutions A changing health care landscape creates new opportunities.

Using our insights into benefit best practices and a decade of

experience running health care exchanges, we create

innovative solutions based on leading technology platforms.

We enable people to navigate expanded benefit options with

confidence, and we help employers reduce costs, accelerate

their benefit strategy and align it with total rewards and the

employee value proposition.

Group Exchange

Health and Welfare (H&W) Outsourcing

Traditional H&W outsourcing as well as Group

Exchange benefits administration for large

employers

Robust technology platform: BenefitConnect

Exchange Solutions (ES) focuses on providing value and long-term

sustainability for employers and all workforce populations


Consumer-Directed Accounts

Account administration for account-based health

care and other plans (HRA, HSA, FSA)

Supports more than 30 types of account

reimbursement plans

Advanced security and compliance protocols

Employers want new options for delivering health benefits to the full range of their employee and retiree

populations. We offer the full range of exchange services and administration – with leading technology,

plan design and client service that draw on our long history of innovation.

Configurable “storefront” with employer-chosen

benefits for active employees

Expansive choice of carriers and insurance products

Personalized participant decision support

Best practice consulting expertise

BrightChoices offering sold through national and

regional brokers

Individual supplemental plans for Medicare-eligible

retirees

Public qualified health plans and direct-from-carrier

plans to pre-Medicare retirees and other populations

Participant education, decision support and guidance

Post-enrollment support and HRA administration

Individual Exchange

Exchange Solutions

20


Exchange Solutions is the most experienced exchange provider in the industry, with 10 years of

operating experience, providing solutions for all populations and employer segments.

We own all components of our solution, from enrollment and administration platforms and consumer-

directed account administration to integrated service centers that provide support for all of our

exchange participants.

Exchange Solutions is the fastest-growing Willis Towers Watson business segment.

Our Individual Exchange is the largest and

oldest exchange in the industry.

H&W Outsourcing is a leader on the

Global 100 list of top outsourcing providers.

Exchange Solutions has a better than 95%

client retention rate.

We offer a wide distribution through both

Willis Towers Watson colleagues and

third-party partners.


Investment, Risk and Reinsurance Our sophisticated approach to risk helps clients free up

capital. We work in close concert with investors, reinsurers

and insurers to manage the equation between risk and return.

Blending advanced analytics with deep institutional

knowledge, we reveal new opportunities to maximize

performance.

Investment, Risk and Reinsurance (IRR) provides a comprehensive suite of

solutions to help clients manage and measure risk and capital


We work closely with clients to provide the consulting, capital market access, brokerage, software and

investment advisory services they need to consistently and effectively manage risk and use it for

competitive advantage.

Capital Markets and Advisory

One of the largest dedicated insurance advisory

teams in the market that advises on the full array

of strategic and financing alternatives available

to clients

Investment Advisory Services

Expert advice to improve investment outcomes

for asset owners, using a broad and

sophisticated framework for managing risk

Portfolio and Underwriting Services:

Providing capacity to the insurance market

through specialist underwriting teams to manage

the investment of third-party capital

Reinsurance Advice and Broking

Willis Re — bringing insurance clients a superior

understanding of how risk affects capital and

financial performance, and advising on the best

ways to manage extreme outcomes

Risk Consulting and Software (RCS)

Using techniques and software solutions to help

clients measure and manage risk and capital,

grow revenue and create a competitive

advantage

Wholesale Insurance Broking

Providing wholesale and specialist broking

services to retail brokers worldwide, through

Willis Towers Watson and London-based

specialist broker Miller Insurance Services LLP

Delegated investment services

Derivative hedging design and execution

Management consultancy services relating to

investment processes for funds

Specialist investment banking services to the

insurance sector, including:

Strategic advisory, e.g., buy-side and sell-side M&A

Insurance-linked security services

Capital-raising transactions

Investment Advisory Services

Capital Markets and Advisory

Investment, Risk and Reinsurance


Our capabilities

Willis Re places over $11.5 billion of premium

each year on behalf of over 750 insurance and

reinsurance company clients worldwide.

Compliance and assurance services

Pricing, financial and capital modeling

M&A and corporate restructuring

Reinsurance Advice and Broking

Risk Consulting and Software (RCS)

Providing the full range of underwriting services

to capital providers

Portfolio and Underwriting Services

Specialty — complex, large commercial risks

Programs — delegated authority business

Property & casualty — risk and advisory

Wholesale Insurance Broking

Investment, Risk and Reinsurance

Willis Re is one of the world’s leading reinsurance

advisors. In 2015, its 1,600 colleagues placed in excess of

$11.5 billion of premium on behalf of more than 750 clients.

It draws on the expertise of the Willis Research Network —

a network of over 50 academic institutions set up to

develop dynamic and innovative solutions to the

challenges of risk and resilience.

Our Investment practice has pioneered many of

the asset/liability modeling techniques used today.

Our Investment practice stands apart from its

competitors in thought leadership, with resources — such

as our Thinking Ahead Institute — that competitors can’t

match.



We are London’s largest wholesale broker.

We have the world’s largest P&C actuarial consultancy.

We conduct leading research on actuarial and insurance issues, including the industry’s

most comprehensive survey on predictive modeling practices to date. And our biennial

global ERM survey is the largest in the insurance industry on this topic.

Appendix


Supporting slides

25

Our design is the visual expression of our story, inspired by the

idea of the “code”

Working across both people and

risk gives us a unique

perspective on your organization

and allows us to see the critical

intersections between talent,

assets and ideas.

Our visual identity — the “code”

— is the expression of this story.

It embodies the connections we

make that reveal hidden value

and our ability to unlock your full

potential.

It’s the formula for deciphering

patterns. The insights that make

information relevant. The

opportunities we create for our

clients’ organizations.


Our logo, typography, colour palette, imagery and graphics work

together to create our distinctive brand



Reinsurance

Corporate Risk and

Broking

Our complementary business segments provide us with scale,

diversity and financial strength


43%

17%

5%

35%

Human Capital and

Benefits

Exchange

Solutions

Note: Revenue figures are estimated

$8.2 billion revenue

Willis Towers Watson colleagues can be found all around the world


Our 39,000 colleagues work in

integrated teams so you get the benefit

of a unified approach to people and risk

management.

Great Britain: 16%

North America: 36%

Western Europe: 18%

International: 30%

John J. Haley

John Haley is the CEO of

Willis Towers Watson.

Mr. Haley joined Watson Wyatt in

1977 and throughout his career

served in a variety of roles including

consulting actuary to several of the

firm’s largest clients, manager of the

Washington, D.C. consulting office

and leader of the global Retirement

practice. Mr. Haley was named CEO

in 1998. Under his leadership,

Watson Wyatt completed three

historic mergers, in 2005, 2010 and

2016, which formed present-day


Mr. Haley also serves on the board

of directors of the U.S.-China

Business Council and MAXIMUS,

and served as a director of Hudson

Global, Inc. He is a Fellow of both

the Society of Actuaries and the

Conference of Consulting Actuaries,

and has served as a trustee of The

Actuarial Foundation.

Mr. Haley has a B.S. in mathematics

from Rutgers College and received a

fellowship for two years of study at

the Graduate School of Mathematics

at Yale University.

Dominic Casserley

Dominic Casserley is the

President and Deputy CEO of

Willis Towers Watson and

also leads Investment, Risk

and Reinsurance.

Mr. Casserley joined the Willis Group

in January 2013 as CEO and a

member of the board of directors.

Under his leadership, Willis focused

on growing its global platform and

enhancing its offering to companies

to help them better quantify and

proactively manage the ever-

changing set of risks they face. Mr.

Casserley joined Willis following a

29-year career at McKinsey &

Company, a leading global

management consulting firm, in the

U.S., Asia and the U.K., where he

led the firm’s Greater China Practice

and its U.K. and Ireland Practice. He

was also a member of the McKinsey

Shareholders Council, the firm’s

global board, since 1999 and for four

years served as the Chairman of the

Finance Committee of that board. At

the time of his departure from

McKinsey, he was leading the firm’s

Corporate & Investment Banking

practice globally.

Gene H. Wickes

Gene H. Wickes leads

Exchange Solutions at Willis

Towers Watson.

Mr. Wickes was an Executive

Sponsor of the Willis Towers Watson

integration team. Previously, he was

the managing director for Towers

Watson’s Benefits Group. Mr.

Wickes has 37 years of experience

consulting on retirement, actuarial,

plan administration and other human

resource issues. He previously

served as a senior consultant and

actuary with both Watson Wyatt

Worldwide and Towers Perrin.

Mr. Wickes attended Brigham Young

University, where he received a

bachelor’s degree in mathematics

and master’s degrees in

mathematics and economics. He is a

fellow of the Society of Actuaries and

an enrolled actuary under ERISA.

Julie J. Gebauer

Julie Gebauer leads Human

Capital and Benefits at Willis

Towers Watson.

Previously, Ms. Gebauer led Towers

Watson’s Talent and Rewards

business segment. During her 29

years with the company, she held a

number of leadership roles, including

head of the global workforce

effectiveness and employee survey

businesses.

Ms. Gebauer received a bachelor’s

degree in mathematics from the

University of Nebraska, where she

was honored as a Chancellor’s

Scholar. She is a member of Phi

Beta Kappa and a Fellow of the

Society of Actuaries. She was

inducted into the YWCA’s Academy

of Women Achievers. She is a

coauthor of the book, Closing the

Engagement Gap: How Great

Companies Unlock Employee

Potential for Superior Results.

Timothy D. Wright

Tim Wright leads Corporate

Risk and Broking at Willis

Towers Watson.

Previously, Mr. Wright served as

CEO of Willis International, which

comprised all of the Willis Group’s

operations outside the U.K. and

North America. In this role, he also

oversaw the relationship with and

subsequent acquisition of leading

French insurance broker Gras

Savoye. Additionally, Mr. Wright

launched and ran Willis’ Human

Capital and Benefits practice across

the Group. Mr. Wright joined Willis in

2008 as the Group’s COO, and was

a member of the Group’s Operating

Committee since that time.

Before joining Willis, Mr. Wright led

the Financial Services practice of

Bain & Company in London and was

previously the managing partner of

Booz Allen Hamilton, U.K.

Mr. Wright holds a Ph.D. in

international law from Cambridge

University and an LLB in law from

Manchester University.

Leadership biographies — business lines


Nicolas Aubert

Nicolas Aubert leads Great

Britain at Willis Towers

Watson.

Mr. Aubert also remains as the CEO

of Willis Limited, the Willis Group’s

principal U.K.-regulated entity.

Previously, Mr. Aubert served as the

CEO of Willis Great Britain. Prior to

joining Willis, he served as the COO

of American International Group

(AIG) in Europe, the Middle East and

Africa, and formerly as the managing

director of AIG in the U.K. He joined

AIG in June 2002 to lead AIG

France, and after served in various

other senior management positions

including managing director of

Southern Europe. Prior to AIG, Mr.

Aubert held various leadership roles

at ACE, CIGNA and GAN, and

started his career at GENERALI.

Mr. Aubert holds specialized

master’s degrees in insurance law

(DESS Assurances) from Pantheon-

Sorbonne University of Paris and

Institut des Assurances de Paris

(Universite Paris-Dauphine), and an

M.B.A. from the French High

Insurance Studies Center (CHEA).

Adam Garrard

Adam Garrard leads the

International business at


Mr. Garrard spent over 20 years at

Willis Group in a variety of senior

roles worldwide. Between 2012 and

2015, he served as the regional

CEO of Willis Asia, based in

Singapore, leading Willis’ strategy in

high-growth markets in the region.

Prior to this, he held regional CEO

roles in Continental Europe and

Australasia. During his time in Asia,

he also spent 18 months in Shanghai

setting up Willis’ China operation.

Mr. Garrard has a bachelor’s degree

in business studies from De Montfort

University.

Carl Hess

Carl Hess co-leads North

America at Willis Towers

Watson.

Mr. Hess served as managing

director, the Americas, of Towers

Watson beginning in February 2014,

and previously served as the

managing director of Towers

Watson’s Investment business since

January 2010. Prior to that, he

worked in a variety of roles over 20

years at Watson Wyatt, lastly as

global practice director of Watson

Wyatt’s Investment business.

Mr. Hess is a Fellow of the Society

of Actuaries and the Conference of

Consulting Actuaries, and a

Chartered Enterprise Risk Analyst.

He has a B.A. cum laude in logic and

language from Yale University.

Todd J. Jones

Todd Jones co-leads

North America at Willis

Towers Watson.

Previously, Mr. Jones served as

CEO of Willis North America and

was a member of the Willis Group

Operating Committee. He also

served as president and board

member of The Willis Foundation, a

nonprofit corporation affiliated with

Willis Group Holdings. From 2010 to

2013, Mr. Jones served as president

of Willis North America, and prior to

that, he was the national partner for

the Northeast U.S. region. Mr. Jones

originally joined Willis in 2003 as the

North America practice leader for

Willis’ Executive Risks practice,

overseeing its professional liability

offerings.

Before joining Willis, Mr. Jones held

various leadership roles in the

insurance industry. Before that, he

was a financial analyst and corporate

banker for a regional bank that is

now part of Wells Fargo.

Mr. Jones graduated from Wake

Forest University and earned his

M.B.A. from the Stern School of

Business at New York University.

Paul Morris

Paul Morris leads Western

Europe at Willis Towers

Watson.

Previously, Mr. Morris served as

managing director for Towers

Watson Europe, the Middle East and

Africa, and before that was director

for International Consulting Services.

Mr. Morris joined The Wyatt

Company in 1988. Following the

establishment of the global Watson

Wyatt Worldwide alliance in 1995, he

served as a senior consultant of

Watson Wyatt Partners from 1995

through 1999 and became a partner

in 1999.

Mr. Morris is a Fellow of the Society

of Actuaries and a member of the

Institute of Actuaries, and has a B.A.

in applied mathematics from Harvard

College and an M.S. in applied

mathematics from Harvard Graduate

School of Arts and Sciences.

Leadership biographies — regions


Introduction to Willis Towers Watson

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