In response to a question about the strength of the firm's executive staff, Mr. Plumeri, 63, the firm's chairman and chief executive officer, said the departure of three key executives during 2006 was a coincidence, and that each made individual decisions on their future.

He said the new crop of chief executives have lengthy experience with the Willis culture and "the governance of this business is in great hands. The people that are in charge of the business are very well schooled in Willis' ways, and I couldn't be happier."

Mr. Plumeri noted that his contract is up in October of 2008, and went on to say he is still passionate about the job. "I'm enjoying what I'm doing. I'm enjoying chapter three," he said.

By chapter three, Mr. Plumeri was referring to the evolution of Willis, now in its "Shaping Our Future" stage which involves trimming expenses and expanding markets.

As part of that initiative, Willis has eliminated 500 positions, up from 400 in the third quarter, which with other initiatives will result in pre-tax cost savings of $65 million by 2009--a $5 million increase from previous estimates, according to the company.

Despite the effects of the soft market, organic growth in commissions and fees at Willis increased 7 percent for the quarter and 8 percent for the year.

Mr. Plumeri said there were challenges as prices continue to decrease at a rate of 5-to-10 percent overall, but the firm has been able to increase business as it concentrates on its client-focus philosophy and expands into markets including middle market accounts.

In an analyst's note, David Small with Bear Stearns called this "a very solid quarter" for Willis. He said the firm's earnings per share were one cent over the average estimate and in line with Bear Stearns' estimate, and that revenues "performed somewhat better than we anticipated."

The EPS stood at 55 cents a share after deducting for a net income tax benefit of $71 million.