Willis Towers Watson PLC
WTW
Financials
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Willis Towers Watson PLC is one of the world's largest insurance brokers, and its brokerage activities directly enable fossil fuel extraction projects that could not proceed without insurance coverage. WTW is part of the broker network used by Everen Limited, a Bermudian insurance company that provides coverage to companies behind two of the largest new North Sea oil fields — the 325-million-barrel Rosebank and the 170-million-barrel Cambo projects. The Ferret reported in October 2022 that WTW is used by Everen to "identify and present new prospective members" seeking fossil fuel insurance coverage, and FOI responses identified WTW as one of eleven brokers who provided or arranged insurance for North Sea oil firms between January 2021 and July 2022.
The role is structurally material: without brokers and their connections, oil companies cannot access the insurance required for major extraction projects to proceed. Friends of the Earth Scotland stated that "without these firms and their crucial connections, it would be harder for fossil fuel companies to get the insurance they need." Campaigner Ariel Le Bourdonnec stated that brokers like WTW "advise and provide the oil and gas companies with captive insurance, threatening people's future for dirty oil and gas profits."
WTW has faced direct protest action over this role. On October 29, 2024, Extinction Rebellion protesters defaced WTW's offices at 51 Lime Street, London, as part of the Insure Our Survival campaign; City of London Police arrested five people for criminal damage. On January 30, 2025, protesters occupied WTW offices and targeted CEO Carl Hess in a second day of action. The Insure Our Future campaign notes that just 20 companies insure 70% of fossil fuel projects, many headquartered in London. WTW has published a Climate Transition Pathways accreditation framework but has adopted no policy restricting fossil fuel insurance brokerage — it continues to facilitate coverage for new extraction projects.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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