Willis Towers Watson PLC will pursue small mergers and acquisitions to strengthen its capacity and expand its geographic footprint, but a large-scale deal is unlikely, President and incumbent President Carl Hess repeated on Friday.
Willis expects to generate $ 5 billion to $ 6 billion in free cash flow by 2024, which will be used primarily for stock repurchases plus investment opportunities "when superior return potential arises", said Mr. Hess.
Mr. Hess spoke at the 45th Nasdaq Investors Conference, which was held practically.
Willis has already made $ 1 billion in share repurchases, and with the Willis Re sale in its pocket, it has "a high degree of conviction" that it will pull out $ 4 billion in stock repurchases in 2021and 2022, previously described on its investor day in September, Mr. Hess.
"When it comes to M&A, we will implement small tuck-ins … We see opportunities there and continue to map them … but we do not expect major change acquisitions," said Mr. Hess.
He cited the example of Leaderim, the Israeli brokerage and risk consulting firm that Willis signed a definitive agreement to acquire in November.
from the divestment of Willis Re and cash receivables, would provide the company with $ 10-11 billion in cash by 2024.
The company also intends to increase revenue to $ 10 billion, deliver $ 300 million in cost reductions and a 25% margin expansion by 2024
Mr Hess answered questions from Michael Phillips, a real estate / accident insurance analyst at Morgan Stanley.