Filed by Willis Group Holdings Limited pursuant

to Rule 425 under the Securities Act of 1933, as amended, and

deemed filed pursuant to Rule 14a-12 under the Securities

Exchange Act of 1934, as amended.

Subject Company: Hilb

Rogal

& Hobbs Company

Subject Company’s Commission File No.: 000-15981

Associate Road Show

The following is a presentation by Willis Group Holdings Limited

to

associates of Hilb

Rogal

& Hobbs Company:

Willis and HRH

The Best of Both Worlds

Transaction Rationale

Willis-HRH combination is strategically and financially compelling

Complementary

geographic

footprint

doubles

Willis’s

North America revenues

More than doubles Willis’s North America revenues in

high potential Employee Benefits and Personal Lines

Creates excellent revenue balance of 45% NA and

55% International

Adds depth and breadth to other key practice areas

Strengthens Willis’s middle market leadership and

small commercial growth strategy

•

Willis average account size = $48,000

Deal Terms

The numbers…

•

$2.1 billion

•

$46/share

•

50% stock, 50% cash

Willis and HRH: A Cultural Fit

Here’s what we share:

•

Passion for client service

•

Commitment to serving clients locally –

with global resources (Glocal)

•

Performance-driven culture

•

Energy and enthusiasm

Willis Re

Global Specialties

•

Aerospace

•

Energy

•

Construction

•

Marine

•

Financial Institutions

•

Executive Risk

Niche Specialties

Willis Global Franchise

Services and Clients

Founded in 1828, Willis is the world’s

oldest insurance broker

$2.6 billion 2007 Revenues

More than 300 offices in over 100

countries, including affiliated members

Approximately 16,000 Associates,

including Gras Savoye

Business segments:

•

Global

(31%)

–

includes

Global

Specialties & Reinsurance

•

North

America

(30%)

–

Provides

Risk Management, Insurance

Brokerage, Related Risk Services,

Employee Benefits Brokerage and

Consulting

•

International

(39%)

–

Serves

retail

clients in 100+ countries worldwide

Willis Overview

Employee

Benefits

10%

Commercial

P&C

74%

Willis Re

15%

Personal

lines

1%

2007 Total Revenues: $2,578 million

2007 Revenue by Product

Retail Services

•

Risk Management

•

Insurance Brokerage

•

Related Risk Services

•

Employee Benefits Brokerage

and Consulting

5

6

Willis + HRH = Value Gap

More geographic presence

•

Willis =  70, HRH = 140 locations in North America

More talent

•

1,100 Producers and Client Advocates

More intellectual capital

•

20+ industry practices

•

400+ practice (product/industry/segment) Associates

•

500+ claims and risk control experts

More solutions

•

MGA, Insurance Noodle, Programs

More market presence –

deals and claims

•

$45 billion in premiums placed globally

More tools / analytics

•

Willis Online, Willis Quality Index, Willis Re Analytics,

Willis Research Network, WISDOM, Enterprise Risk,

Employee Benefits

A Wealth of Resources

Construction

Environmental

Complex Property

Energy

Aerospace

Healthcare

Executive Risk

Marine

Real Estate

Retail

Bloodstock

Fine Art

Gaming

International

Food & Drink

Employee Benefits

Leisure

Enterprise Risk

Life Sciences

Programs

Captives

MGA

Financial Institutions

Utilities

Mining & Metals

Personal Lines

Pulp & Paper

Reinsurance

M&A

Sports & Entertainment

Insurance Noodle

Pooling

Political Risk

Kidnap & Ransom

Technology

Cyber

Terrorism

8

Did You Know?

Willis was the broker for the

Lunar Roving Vehicle, or “Moon

Buggy”

Willis was the broker for the first

commercial service of the

Boeing 747 aircraft (Singapore

Airlines)

Willis was the bloodstock broker

for all of the horses in this year’s

Belmont Stakes

Willis is the broker for Yankee

Stadium, Manchester United

and the New York Mets

Willis Marine insured the Titanic

Willis was the reinsurance

broker for the ill-fated

Hindenburg Zeppelin

Willis placed insurance for the

safe confinement structure of

the damaged Chernobyl

Nuclear Power Plant reactor

Willis is the gaming broker for

Steve Wynn’s casinos

Willis is the broker for China’s

Three Gorges Dam

14 Willis brokers were named

2008 Power Brokers by Risk &

Insurance magazine

Did You Know?

HRH places insurance for every

GM car from factory to dealer

HRH is the executive risk broker

for GE

HRH is the insurance broker for

Williams-Sonoma, Ralph Lauren,

Lord & Taylor and The Gap

HRH is the broker for LL Bean

HRH is the broker on the “Big Dig”

–

Boston

HRH is property broker for Calpine

Energy, Northwestern Mutual,

Mass Turnpike Authority and

Coca-Cola Enterprises

HRH is the insurance broker for the

NBA, Major League Baseball and

the Arena Football League

HRH handles employee benefits for

80% of the county sheriffs in Florida

HRH is the broker for the Boston

Symphony Orchestra and 50+ other

orchestras –

endorsed by League of

American Orchestras

7 HRH brokers were named 2008

Power Brokers by Risk & Insurance

magazine

10

WSH

HRH

London

Bermuda

Capital Access

Willis 70 + HRH 140

Willis 70 + HRH 140

Complementary Geographic Fit

11

Pro Forma Combined North American Retail Revenue By State

22.5

58.9

36.4

89.4

112.4

22.9

19.9

49.5

29.6

24.6

71.6

46.9

31.8

68.4

36.6

Maryland

New York

Mass

Texas

Florida

Willis

Combined

HRH

65

124.7

59.7

13

48

34.9

41.5

102.3

60.8

39.4

72.9

33.5

16.9

89.7

72.8

California

Ohio

Illinois

Pennsylvania

New Jersey

NORTH AMERICA TOP TRADING MARKETS

Market Area

Top 3

New York

YES

Chicago

YES #1!

New Jersey

YES

Los Angeles

YES

Phoenix

YES #1!

Boston

YES

Philadelphia

YES #1!

San Francisco

Top 5

Baltimore/DC

YES

Milwaukee

YES #1!

Denver

YES

Alabama

YES #1!

Minneapolis

YES #1!

Atlanta

YES

Tennessee

YES #1!

Texas

Top 5

Florida

YES

Detroit

YES

West

$192M

Atlantic

$126M

Southeast

$179M

Midwest

$197M

South Central

$132M

New Jersey

$90M

Northeast

$86M

New York

$121M

Canada

$20M

Willis –

HRH

•$1.3B Total Revenue

(2007)

•10 Regions

Great Lakes

$151M

Our Combined North America Retail Presence

14

Employee

Benefits

22%

Personal

Lines

2%

Commercial

P&C

76%

Willis

Pro

Forma

Combined

Business

Lines

–

North

America

HRH

Pro Forma

2007 Total Revenues: $744 million

2007 Total Revenues: $725 million

2007 Total Revenues: $1,469 million

Employee

Benefits

22%

Wholesale

6%

Personal

Lines

7%

Commercial

P&C

65%

Personal

Lines

4%

Wholesale

3%

Employee

Benefits

21%

Commercial

P&C

72%

15

Willis

Pro

Forma

Combined

Business

Lines

–

Global 

HRH

2007 Total Revenues: $2,578 million

2007 Total Revenues: $800 million

2007 Total Revenues: $3,378 million

Personal

Lines

2%

Wholesale

2%

Reinsurance

12%

Employee

Benefits

13%

Commercial

P&C

71%

Pro Forma

Employee

Benefits

10%

Personal

Lines

1%

Willis Re

15%

Commercial

P&C

74%

Personal

Lines

6%

Employee

Benefits

21%

Reinsurance

1%

Wholesale

9%

Commercial

P&C

63%

16

Where We Rank Together

Source: Business Insurance Annual Insurance Broker Survey, July 2007

Revenues generated by U.S. clients

Source: Company reports (overall revenue)

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

Willis / HRH (PF)

1,783

Willis / HRH (PF)

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 Services 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

17

U.S.

Insurance

Brokerage

Industry

-

1990

270

10. CE Heath

270

9.   Jardine

320

8.   Minet

(AOC)

330

7.   Aon

360

6.   Frank B. Hall (AOC)

730

5.   Johnson & Higgins (MMC)

1,080

4.   Willis

1,080

3.   Sedgwick (MMC)

1,140

2.   Alex. & Alex. (AOC)

$1,540

1.   Marsh

Revenues

1990 Rank

18

North American Leadership Going Forward

Office of the Chairman

•

Don

Bailey,

Chairman

&

CEO

•

Mike

Crowley,

President

•

Mell

Vaughan,

Vice

Chairman,

Willis

Group

Holdings

Vic

Krauze,

Chief

Operating

Officer

Derek

Smyth,

Chief

Financial

Officer

Joe

Gunn,

Chief

Growth

Officer

Shaping

our

Future

–

Good

to

Great

1. Client and

Growth

2. Solutions and

Markets

3. Platform

Development

Stock buybacks

Dividend policy

Increased leverage

Increased ratings

4. Financial

Management

Client Segmentation:

-

Global

Corporate

-

Corporate

-

Commercial

-

Private Client

-

Employee

Benefits

-

Willis Re

Client Profitability

Sales and retention

Client Advocacy

Branding

Specialist expertise:

•

Many industries

covered

•

Targeted growth

areas:

-

Analytics

-

Employee

Benefits

-

Energy

-

Construction

Shaping our Future

Marketing

•

Global markets

•

Willis Quality

Index®

Shaping Our Future:

•

London

•

Retail

•

Corporate

Technology

•

Client service

platform: WCP

•

Willis On-line

Developed core

service hubs:

•

Ipswich

•

Nashville

•

Mumbai

Employer of Choice

20

Willis and HRH Together

A change-agent

Always challenging the status quo

Sees the old ways of doing things as not good enough

Leverages its highly skilled global team and relationships with

the markets

Delivers the latest and most insightful client solutions

Most progressive partner

Committed to changing the industry

BRAND PLATFORM:  THE CHALLENGER

Pro Forma Combined Financial Goals

$2.43

$4.05-

$4.15

$3.15-

$3.25

$2.85

$2.95

$2.77

$2.25

$1.90

2004

2005

2006

2007

2008E

2009E

2010E

Adjusted EPS

22

What Success Looks Like

One Vision, One Culture, One Flag

Fully Integrated, High-Performing Organization

Best Talent In The Industry

Greater Career Opportunities For All

Accelerated Growth Momentum

Stronger Value Proposition For Clients

Become The Broker That Clients Dream Of

The Best of Both Worlds

23

Topics Of Interest

Contingents

Supplemental Compensation

Producer Compensation

•

Certainty at least through 2009

•

Maintain pay-out thresholds

Wholesaler

Small Commercial

London

Integration Plan

Systems

Real Estate

25

FORWARD LOOKING STATEMENTS

This communication may contain forward-looking information regarding Willis Group Holdings Limited (“Willis”)

and

Hilb

Rogal

&

Hobbs

(“HRH”)

and

the

combined

company

after

the

completion

of

the

transaction

that

are

intended

to

be

covered

by

the

safe

harbor

for

“forward-looking

statements”

provided

by

the

Private

Securities

Litigation Reform Act of 1995. These statements include, but are

not limited to, the potential benefits of the

business combination transaction involving Willis and HRH, including future financial and operating results, the

combined company’s plans, objectives, expectations and intentions and other statements that are not historical

facts. Such statements are based on current beliefs, expectations, forecasts and assumptions of Willis’s and

HRH’s management that are subject to risks and uncertainties which could cause actual outcomes and results to

differ materially from these statements. Other risks and uncertainties relating to the proposed transaction

include, but are not limited to, the satisfaction of conditions to closing, including receipt of shareholder, regulatory

and other approvals on the proposed terms and schedule, the proposed transaction may not be consummated

on the proposed terms and schedule, uncertainty of the expected financial performance of Willis following

completion of the proposed transaction, Willis may not be able to achieve the expected cost savings, synergies

and other strategic benefits as a result of the proposed transaction or may take longer to achieve the cost

savings, synergies and benefits than expected, the integration of HRH with Willis’s operations may not be

successful or may be materially delayed or may be more costly or

difficult than expected, general industry and

market conditions, general domestic and international economic conditions and governmental laws and

regulations affecting domestic and foreign operations.

For more information regarding other related risks, see Item 1A of Willis’s Annual Report on Form 10-K for the

fiscal year ended December 31, 2007, and Item 1A of HRH’s Annual Report on Form 10-K for the fiscal year

ended December 31, 2007, and similar sections of each company’s quarterly report on Form 10-Q for the fiscal

quarter

ended

March

31,

2008.

Copies

of

said

10-Ks

and

10-Qs

are

available

online

at

http://www.sec.gov

or

on

request from the applicable company. You should not place undue reliance on forward-looking statements, which

speak only as of the date of this communication. Except for any obligation to disclose material information under

the Federal securities laws, Willis and HRH undertake no obligation to release publicly any revisions to any

forward-looking statements to reflect events or circumstances after the date of this communication.

26

IMPORTANT MERGER INFORMATION

In connection with the proposed transaction, Willis and HRH 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 HRH that also constitutes a prospectus of Willis. HRH will mail the proxy

statement/prospectus 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 HRH 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 HRH’s website (www.hrh.com) under the

heading “Investor Relations”

and then under the tab “ SEC Filings.”

Willis, HRH and their respective directors, executive officers and other employees may be deemed to be

participants in the solicitation of proxies from HRH 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 HRH’

directors and executive officers is available in HRH’

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.

The Best of Both Worlds