WILLIS GROUP HOLDINGS LIMITED PRICES SECONDARY
OFFERING OF COMMON STOCK
LONDON, May 15, 2002 -- Willis
Group Holdings Limited (NYSE:WSH), the global
insurance broker, announced that the secondary
public offering by certain of its shareholders
of 16,000,000 shares of common stock has been
increased to 19,290,000 shares and priced at
$28.25.
Certain of the selling shareholders have also
granted the underwriters an
option to purchase up to 2,893,500 additional
shares to cover over-allotments,
if any. As requested by Willis, Profit Sharing
(Overseas), Limited Partnership,
an affiliate of Kohlberg Kravis Roberts &
Co. L.P. and the majority shareholder
of Willis, The Chubb Corporation and Fisher
Capital Corp. L.L.C. sold shares in
the offering. Willis did not issue any shares
of common stock in the offering.
The effect of the secondary public offering
will be to significantly increase
the number of Willis shares that are publicly
traded. Upon completion of the
offering, Profit Sharing (Overseas) will own
approximately 42% of the
outstanding shares of Willis, assuming no exercise
of the over-allotment option.
Salomon Smith Barney Inc. and J.P. Morgan Securities
Inc. served as joint
bookrunning managers for the offering. Copies
of the prospectus related to the
offering may be obtained from Salomon Smith
Barney, Brooklyn Army Terminal, 140 58th Street,
5th Floor, Brooklyn, NY 11220 (telephone: 718-765-6732)
or J.P.
Morgan Securities, 277 Park Avenue, New York,
NY 10172 (telephone:
212-622-5219).
Willis Group Holdings is a leading global insurance
broker, developing and
delivering professional insurance, reinsurance,
risk management, financial and
human resource consulting and actuarial services
to corporations, public
entities and institutions around the world.
With over 300 offices in more than
74 countries, its global team of 13,000 employees
serves over 50,000 clients in
160 countries. Willis has particular expertise
in serving the needs of clients
in such major industries as construction, aerospace,
marine and energy. In June
2001 the Group returned to public ownership
and is listed on the New York Stock
Exchange.
This announcement shall not constitute an offer
to sell or the solicitation of
an offer to buy, nor shall there be any sale
of these securities in any state in
which such offer, solicitation or sale would
be unlawful prior to the
registration or qualification under the securities
laws of any such state. The
offering of these securities is made only by
means of a prospectus.
Contacts:
Willis Group Holdings
Investors:
Kerry K. Calaiaro,
212/837-0880
calaiaro_ke@willis.com
or
Media:
Nicholas Jones,
+1 44 20 7488-8190
jonesnr@willis.com
Dan Prince,
212/837-0806
prince_da@willis.com
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