The head of Willis Group Holdings brokerage said the insurance business is under attack from "terrorist" industry participants who engage in irrational pricing and personnel raids to poach talent.
Joe Plumeri, Willis chairman and chief executive officer, made his remarks during the company's analyst's conference call reporting on second-quarter results.
Willis reported net income increased by 24 percent, or $23 million, for the second quarter of 2005, going from $96 million, or 57 cents a share, to $119 million, or 72 cents a share. Revenues rose less than 3 percent, or $17 million, going from $532 million to $549 million.
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