|Traded as||NYSE: TW|
Watson Wyatt Worldwide
|Headquarters||875 Third Avenue
New York City, United States
|Key people||John J. Haley
(Chairman, President, and CEO)
|Products||Employee benefits, talent management, rewards, and risk and capital management|
|Revenue||US$ 3.41 billion (2012)|
|Profit||US$ 260 million (2012)|
Towers Watson & Co. is an American global professional services firm. Its principal lines of business are risk management and human resource consulting. It also has actuarial and investment consulting practices. Towers Watson's corporate offices are located in New York, New York.
Towers Watson was formed on January 4, 2010, by the merger of Towers Perrin and Watson Wyatt Worldwide. The merger created the world's largest employee-benefits consulting firm by revenue. Towers Watson has 14,000 employees in 35 countries and is expected to have revenue of US$3.2 billion per year.
Towers Watson's Chief Executive Officer and Chairman of the Board is John Haley, the former CEO of Watson Wyatt. The firm's first Chief Operating Officer, President, and Deputy Chairman was Mark Mactas, the former CEO of Towers Perrin.
Towers Watson is the successor to R. Watson & Sons, which was formed in the UK in 1878. B. E. Wyatt founded The Wyatt Company as an actuarial consulting firm in the USA with seven co-founders in 1946. The two firms formed a global alliance under the brand Watson Wyatt Worldwide in 1995 and formally merged in August 2005.
Towers, Perrin, Forster & Crosby was established in the U.S. in 1934, although one of its predecessor firms, the insurance broker Henry W. Brown & Co., was founded in 1871. In 1987, the company shortened its name to Towers Perrin.
On June 28, 2009, the two firms announced they would merge, pending approval by shareholders and regulatory agencies, in a merger of equals. Regulatory approval was granted by anti-trust divisions of the U.S. and the E.U., and stock-owners overwhelmingly approved the merger in separate meetings on December 18.
In November 2010, it was announced that Towers Watson had signed a definitive agreement to acquire EMB Consultancy. EMB specialized in property & casualty consulting. EMB also had software dealing with pricing, reserving, spatial smoothing analysis, capital and risk modelling. The deal was completed as of February 1, 2011.
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