Willis Group Holdings

acquires

Hilb Rogal & Hobbs

June 9, 2008

Exhibit 99.2

1

This

presentation

contains

certain

“forward-looking

statements”

within the meaning of Section 27A of the

Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be

covered by the safe harbors created by those laws. These forward-looking statements include information

about possible or assumed future results of our operations. All statements, other than statements of

historical facts, included in this presentation that address activities, events or developments that we expect

or anticipate may occur in the future, including such things as our outlook and guidance regarding future

operating

margin

and

adjusted

Earnings

Per

Share,

future

capital

expenditures,

expected

growth

in

commissions and fees, business strategies, competitive strengths, goals, the anticipated benefits of new

initiatives, growth of our business and operations, plans, and references to future successes are forward-

looking statements. Also, when we use the words such as “anticipate”, “believe”, “estimate”, “expect”,

“intend”, “plan”, “probably”, or similar expressions, we are making forward-looking statements.

Many

risks

and

uncertainties

may

impact

the

matters

addressed

in

these

forward-looking

statements.

Many

possible events or factors could affect our future financial results and performance, including those set forth

in the Appendix and in the Risk Factors section of our Annual Report on Form 10-K filed on February 27,

2008. These could cause our results or performance to differ materially from those we express in our

forward-looking statements. Although we believe that the assumptions underlying our forward-looking

statements are reasonable, any of these assumptions, and therefore also the forward-looking statements

based on these assumptions, could themselves prove to be inaccurate. In light of the significant

uncertainties inherent in the forward-looking statements included in this presentation, our inclusion of this

information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-

looking statements unless the securities laws require us to do so. In light of these risks, uncertainties and

assumptions,

the

forward-looking

events

discussed

in

this

presentation

may

not

occur,

and

we

caution

you

against unduly relying on these forward-looking statements.

Forward-looking statements

2

Willis Group Holdings acquires        

Hilb Rogal & Hobbs

Transaction overview

Willis and HRH overviews

Pro forma combined company

Financial summary 

Summary

Appendix

Transaction overview

4

Transaction rationale

The acquisition of Hilb Rogal & Hobbs is strategically and financially compelling

Accelerates

growth

and

increases

client

value

through

larger,

more

diversified

platform

Complementary

geographic

footprint

doubles

Willis’

North

American

revenues

More

than

doubles

Willis’

revenues

in

targeted,

high

potential

North

America

Employee

Benefits

business

Adds depth and breadth to other key practice areas

Strengthens Willis’

middle market leadership and reinforces large account presence

Immediately accretive to Willis Cash EPS; accretive to GAAP EPS from year 2

Attractive valuation; 2.4x 2008E revenue, less than 10x 2008E EBITDA

Anticipated synergies of $100 million, with additional $40 million annualized

efficiencies post-integration from the implementation of Shaping our Future

5

Terms of transaction

TRANSACTION

Willis to acquire 100% of Hilb Rogal & Hobbs (HRH)

PRICE PER SHARE

50% cash, 50% stock

Tax free transaction to Hilb Rogal & Hobbs shareholders

$1.7 billion equity value

$2.1

billion

enterprise

value

(2)

EXPECTED CLOSING

4Q 2008

APPROVALS

Customary regulatory approvals and HRH shareholder vote

$46.00

AGGREGATE CONSIDERATION

CONSIDERATION

(2) See appendix for definitions of non-GAAP measures

(1)

The

transaction

includes

a

12%

collar,

that

is,

if

Willis’

share

price

increases

or

decreases

up

to

12%,

the

aggregate

consideration

remains

$46.00

per

share;

if,

however, the Willis

share

price

increases

or

decreases

more

than

12%,

50%

of

the

consideration

would

adjust

based

on

the

value

of

Willis’

stock

(resulting

in

a

transaction

value

per

share

less than or greater than $46.00) 

Transaction

includes

a

collar

(1)

Willis and HRH overview

7

COMPANY DESCRIPTION

SENIOR MANAGEMENT

ADJUSTED

EBITDA

AND

EBITDA

MARGIN

(1)

2007 REVENUE BREAKDOWN

•

3rd largest provider of insurance brokerage, reinsurance and risk management consulting services worldwide

•

Operates three business segments

International

(39%)

–

international

retail

brokerage

Global (31%) –

worldwide specialist brokerage, consulting services and reinsurance

North

America (30%)  -

Retail operations in the US & Canada

•

13,000 employees in approximately 300 offices in 100 countries

REVENUE AND REVENUE GROWTH

($ in millions)

Overview of Willis

$2,428

$2,578

$2,267

6%

7%

0%

2005

2006

2007

($ in millions)

International

39%

North America

30%

Global

31%

Name

Age

Title

Joseph J.  Plumeri

64

Chairman & CEO

Grahame Millwater

44

President

Patrick C. Regan

41

Group COO & Group CFO

$614

$684

$535

24%

25%

27%

2005

2006

2007

(1) See appendix for definitions of non-GAAP measures

8

•

Employee benefits

•

Reinsurance

•

Property & casualty

•

Energy

•

Construction

•

Aerospace

•

Real estate

Personal Lines

1%

Commercial

P&C

74%

Reinsurance

15%

Employee

Benefits

10%

2007 REVENUE BY PRODUCT

Overview of Willis

CASH FLOW FROM OPERATIONS

(1)

($ in millions)

2007 Total Revenues: $2,578 million

SERVICES AND CLIENTS

•

Client base ranges from personal to multi

national accounts

•

Primarily comprised of middle market

accounts

330

392

388

280

300

320

340

360

380

400

2005

2006

2007

(1) See appendix for definitions of non-GAAP measures

•

Marine

•

Financial and

Executive Risk

9

$174

$181

$190

24%

27%

27%

2005

2006

2007

COMPANY DESCRIPTION

SENIOR MANAGEMENT

EBITDA AND EBITDA MARGIN

2007 REVENUE BREAKDOWN

•

Based in Glen Allen, Virginia

•

Offers P&C, employee benefits and specialized exposure insurance

•

U.S. middle market focused broker with national footprint

Domestic

Retail

(85%)

–

seven

U.S.

regional

operating

units

providing

marketing

and

specialized

industry

or

product expertise

Excess and Surplus (5%)

–

operating units specializing in excess and surplus lines brokerage (California,

Florida, Illinois and Texas)

International (7%)

–

primarily U.K based

wholesale and reinsurance brokerage

•

4,200 employees in over 140 offices throughout the U.S.; 200 employees outside the U.S

REVENUE AND REVENUE GROWTH

Excess &

Surplus

5%

International

7%

Other

3%

Domestic

Retail

85%

($ in millions)

Overview of HRH

($ in millions)

Name

Age

Title

Martin (Mell) Vaughan

60

Chairman & CEO

Michael Crowley

55

President & COO

Michael Dinkins

52

EVP & CFO

$711

$800

$674

12%

5%

9%

2005

2006

2007

10

•

Personal lines

•

Employee benefits

•

Property & casualty

•

Construction

•

Healthcare

•

Real estate

Personal Lines

6%

Reinsurance

1%

Employee

Benefits

21%

Wholesale

9%

Commercial

P&C

63%

2007 REVENUE BY PRODUCT

Overview of HRH

CASH FLOW FROM OPERATIONS

(1)

($ in millions)

2007 Total Revenues: $800 million

95

121

102

0

100

2005

2006

2007

SERVICES AND CLIENTS

•

Client base ranges from personal to large

national accounts

•

Primarily comprised of middle market

and major commercial and industrial

accounts

(1) See appendix for definitions of non-GAAP measures

Pro forma combined

company

12

Strategic objectives

Critical mass in key areas

Opportunity for accelerated growth

California, Florida, Texas, Illinois, New York, Boston, New Jersey,

Philadelphia

Leverage unique specialty expertise throughout our retail network

Personal lines, energy, aerospace, real estate, health care, construction,

complex property, executive risk, environmental

Implement Shaping our Future strategy for profitable growth

Demonstrated execution with measurable success

Post

integration

launch

Shaping

our

Future

HRH

ENHANCE

GROW

ADD VALUE

13

Broker rankings

Source: Business Insurance Annual Insurance Broker Survey, July 2007,

Revenues generated by U.S. clients

Source: Company reports

2006 Brokerage

2007 Brokerage

Rank

Company

Revenues

Rank

Company

Revenues

1

Marsh & McLennan

$5,342

1

Marsh & McLennan

$11,350

2

Aon

2,751

2

Aon

7,471

Pro forma Willis / Hilb Rogal & Hobbs

1,783

Pro forma Willis / Hilb Rogal & Hobbs

3,378

3

A.J. Gallagher

1,251

3

Willis Group Holdings Ltd.

2,578

4

Willis Group Holdings Ltd.

1,100

4

A.J. Gallagher

1,623

5

Wells Fargo Insurance Servvices

Inc.

1,009

5

Wells Fargo

1,530

6

Brown & Brown Inc.

865

6

Brown & Brown

960

7

BB&T Insurance Services Inc.

842

7

Jardine

Lloyd Thompson

940

8

Hilb Rogal & Hobbs Co.

683

8

BB&T Insurance Services Inc.

853

9

USI Holdings Crop.

546

9

Hilb Rogal & Hobbs Co.

800

10

Lockton

Cos. L.L.C.

453

10

Lockton

Cos. L.L.C.

667

Global Broker Rankings

U.S. Broker Rankings

14

Complementary geographic fit

London, England

International Presence

WSH

HRH

Overlap

Willis

70

HRH

140

# of Offices

Key

Growth

Areas

15

WILLIS

Pro forma combined total revenues by

business mix

Employee

Benefits

10%

Personal

lines

1%

WillisRe

15%

Commercial

P&C

74%

Personal

Lines

2%

Wholesale

2%

Reinsurance

12%

Employee

Benefits

13%

Commercial

P&C

71%

HRH

PRO FORMA

2007 Total Revenues: $2,578 million

65% Commissions / 35% Fees

2007 Total Revenues: $800 million

85% Commissions / 15% Fees

2007 Total Revenues: $3,378 million

70% Commissions / 30% Fees

Employee

Benefits

21%

Wholesale

9%

Reinsurance

1%

Personal

Lines

6%

Commercial

P&C

63%

Financial summary

17

Financial structure

TRANSACTION

Willis to acquire 100% of Hilb Rogal & Hobbs (HRH)

PRICE PER SHARE

50% cash, 50% stock

Tax free transaction to Hilb Rogal & Hobbs shareholders

$1.7 billion equity value

$2.1 billion enterprise value

APPROVALS

Customary regulatory approvals and HRH shareholder vote

$46.00

AGGREGATE CONSIDERATION

CONSIDERATION

(2) See appendix for definitions of non-GAAP measures

(1) The

transaction

includes

a

12%

collar,

that

is,

if

Willis’

share

price

increases

or

decreases

up

to

12%,

the

aggregate

consideration

remains

$46.00

per

share;

if,

however,

the Willis

share

price

increases

or

decreases

more

than

12%,

50%

of

the

consideration

would

adjust

based

on

the

value

of

Willis’

stock

(resulting

in

a

transaction

value per

share less than or greater than $46.00) 

Transaction includes a collar

(1)

(2)

18

REPURCHASE ASSUMPTIONS

2.4x 2008E revenue

Less than 10x Hilb Rogal & Hobbs estimated 2008E EBITDA

Cash EPS accretive by 7% 2009, 10% 2010, 14% 2011

GAAP EPS dilutive by (3)% 2009; accretive by 2% 2010, 6% 2011

Assumed $100 million in annual cost savings

50% in 2009, 100% thereafter

8% of pro forma combined North America 2007 cost base; 3% of combined pro forma 2007 total cost base

Fully funded

Combination of new $1.0 billion senior credit facilities and $1.25 billion bridge financing

Investment grade status retained

$1 billion existing authorized buyback

Anticipate repurchase of the majority of shares issued in the transaction over time

SYNERGIES

Assumed efficiencies from implementation of Shaping our Future at HRH

starting in 2010 with $40 million annualized by 2012

FINANCING

Accretion (dilution) relative to Willis' previously stated guidance, which assumed

buyback accretion of up to $0.30 per share by 2010

$75 million pre-tax

RESTRUCTURING PROGRAM

VALUATION

Transaction financial summary

19

Pro forma combined financial goals

$2.25

$4.05-

$4.15

$3.15-

$3.25

$2.85-

$2.95

$2.77

2006

2007

2008E

2009E

2010E

Revised targets to 24% in 2009

and 27% in 2010

Excluding transaction amortization

margins estimated at 25% and

29%, respectively, in 2009 and

2010

Revised target for 2009 at $3.15-

$3.25 to reflect first year post

acquisition

Raised to $4.05-$4.15 for 2010

Existing $1 billion buyback

authorization with $925 million

remaining

Anticipate repurchase of majority

of shares issued in the transaction

over time

Adjusted operating margin

Adjusted EPS

27%

24%

24%

24%

23%

2006

2007

2008E

2009E

2010E

Note: See appendix for definitions of non-GAAP measures

OPERATING MARGIN

EARNINGS PER SHARE

CAPITAL MANAGEMENT

20

North America leadership team

Office of the Chairman:

Don Bailey, Chairman and CEO

Mike Crowley, President

Mell Vaughan, Vice Chairman, Willis Group Holdings

Other key leadership:

Vic Krauze, COO

Derek Smyth, CFO

Joe Gunn, Chief Growth Officer

21

Summary

Will

accelerate

growth

and

increase

client

value

through

larger,

more

diversified platform

Complementary

geographic

footprint

doubles

Willis’

North

American

revenues

More

than

doubles

Willis’

revenues

in

targeted

North

America

Employee

Benefits business

Adds depth and breadth to other key practice areas

Strengthens

Willis’

middle

market

leadership

and

reinforces

large

account

presence

Immediately accretive to Willis Cash EPS; accretive to GAAP EPS from year 2

Attractive valuation; 2.4x 2008E revenue, less than 10x 2008E EBITDA

Anticipated synergies of $100 million, with additional $40 million annualized

efficiencies post-integration from the implementation of Shaping our Future

22

Appendix

23

Important merger information

In connection with the proposed transaction, Willis and Hilb Rogal & Hobbs intend to file relevant

materials with the Securities and Exchange Commission (“SEC”). Willis will file with the SEC a

Registration Statement on Form S-4 that includes a proxy statement of Hilb Rogal & Hobbs that

also

constitutes

a

prospectus

of

Willis.

Hilb

Rogal

&

Hobbs

will

mail

the

proxy

statement/prospect

us

to

its

shareholders.

Investors

are

urged

to

read

the proxy statement/prospectus regarding the

proposed transaction when it becomes available, because it will contain important information.

Investors will be able to obtain a free copy of the proxy statement/prospectus, as well as other

filings

containing

information

about

Willis

and

Hilb

Rogal

&

Hobbs

without

charge,

at

the

SEC’s

website

(http://www.sec.gov)

once

such

documents

are

filed

with

the

SEC.

You

may

also

obtain

these

documents,

free

of

charge,

from

Willis’s

website

(www.willis.com) under

the

tab

“Investor

Relations”

and

then

under

the

heading “Financial

Reporting”

then

under

the

item

“SEC

Filings.”

You

may

also

obtain

these

documents,

free of

charge,

from

Hilb

Rogal

&

Hobbs’

website

(www.hrh.com)

under

the

heading

“Investor

Relations”

and then under the tab “SEC Filings.”

Willis, Hilb Rogal & Hobbs and their respective directors, executive officers and other employees

may be deemed to be participants in the solicitation of proxies from Hilb, Rogal & Hobbs

shareholders in connection with the proposed transaction. Information about Willis’s directors and

executive officers is available in Willis’s proxy statement, dated March 17, 2008. Information about

Hilb Rogal & Hobbs’

directors and executive officers is available in Hilb Rogal & Hobbs’

proxy

statement, dated March 31, 2008. Additional information about the interests of potential

participants will be included in the prospectus/proxy statement when it becomes available. This

document shall not constitute an offer to sell or the solicitation of an offer to buy any securities,

nor shall

there

be

any

sale

of

securities

in

any

jurisdiction

in

which

such

offer,

solicitation

or sale

would be unlawful prior to registration or qualification under the securities laws of any such

jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the

requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

24

There are important uncertainties, events and factors that could

cause our actual results or performance to differ

materially from those in the forward-looking statements contained in this document, including regional, national or global

political, economic, business, competitive, market and regulatory conditions and the following:

•

completion of the merger is dependent on, among other things, receipt of shareholders and regulatory approvals, the

timing of which cannot be predicted with precision and which may

not be received at all,

•

our ability to implement and realize anticipated benefits of the Shaping our Future

initiative and other new initiatives,

•

the extent and timing of, and prices paid in connection with, any share repurchases under existing or future programs,

•

increases in client retentions,

•

our ability to retain existing clients and attract new business, and our ability to retain key employees,

•

changes in commercial property and casualty markets, or changes in premiums and availability of insurance products 

due to a catastrophic event such as a hurricane,

•

volatility or declines in other insurance markets and the premiums on which our commissions are based,

•

impact of competition,

•

the timing or ability to carry out share repurchases or take other steps to manage our capital,

•

fluctuations in exchange and interest rates that could affect expenses and revenue,

•

rating agency actions that could inhibit ability to borrow funds or the pricing thereof,

•

legislative and regulatory changes affecting both our ability to operate and client demand,

•

potential costs and difficulties in complying with a wide variety of foreign laws and regulations, given the global scope

of our operations,

•

changes in the tax or accounting treatment of our operations,

•

our exposure to potential liabilities arising from errors and omissions claims against us,

•

the results of regulatory investigations, legal proceedings and other contingencies, and

•

the timing of any exercise of put and call arrangements with Associated companies.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect

actual performance and results.  See also the Risk Factors section of our Annual Report on Form 10-K filed on

February 27, 2008.

Appendix: Additional cautionary disclosures regarding

forward-looking Information

25

Adjusted

earnings

before

interest,

tax,

depreciation

and

amortization

(adjusted

EBITDA)

is

adjusted

operating

income as defined below, before depreciation and amortization.

Adjusted

earnings

per

share

(Adjusted

EPS)

is

defined

as

adjusted

net

income

per

diluted

share.

Adjusted

net

income

is

defined

as

net

income

excluding

net

gains/losses

on

disposal

of

operations.

For

2006,

excludes

gain on disposal of London headquarters net of leaseback costs of $92 million, $25 million of severance costs, $41

million strategic initiative expenditure and a one off $71 tax credit. For 2005, excludes charges for regulatory

settlements and related expenses of $36 million, other provisions of $14 million and severance costs of $19 million.

Adjusted

operating

income

is

defined

as

operating

income

excluding

gains/losses

on

disposals.

For

2006,

excludes

gain

on

disposal

of

London

headquarters

net

of

leaseback

costs

of

$99

million,

$35

million

of

severance

costs

and

$59

million strategic initiative expenditure. For 2005 excludes charges for regulatory settlements and related legal and

administrative expenses of $60 million, $20 million additional charge to increase legal provisions and $28 million of

severance costs.

Adjusted

operating

margin

is

defined

as

adjusted

operating

income

to

total

revenues.

Cash flow

is

defined

as

cash

flow

from

operating

and

investing

activities

excluding

acquisitions

and

disposals

and

additional pension contributions. 

Funds

from

operations

is

adjusted

net

income

as

defined,

before

depreciation

and

amortization.

Enterprise

value

=

current

market

capitalization

+

debt

as

of

most

recent

quarter

-

non-fiduciary

cash

as

of

most

recent

quarter

Appendix: Definitions of non-GAAP

measures

WILLIS GROUP HOLDINGS