Organic revenues decline 3% in key Willis unit

Willis Towers Watson's Investment, Risk and Reinsurance
(IRR) division reported a 3 percent decline year-on-year in organic
commissions and fees to $260mn in the fourth quarter of 2016.
The broker said that growth in the wholesale and investment
segments had been more than offset by a decline in international
reinsurance broking revenues and its portfolio underwriting
services.
However, it should be noted that the IRR division experiences a
seasonally low operating margin in the fourth quarter,