Willis Group Holdings, a global insurance broker, plans to consolidate five Chicago-area offices and move nearly 500 associates into the Sears Tower, initially occupying more than 140,000 square feet on multiple floors. Under an agreement with the building’s owners, the Chicago icon and tallest building in the Western Hemisphere will be renamed Willis Tower.

Willis said its move to the new space will result in significant real estate cost savings, and that there is no additional cost to the company associated with renaming the building.

Willis Tower also will be home to Willis Commercial, a business unit dedicated to serving the insurance needs of small and medium-sized enterprises. Willis Commercial utilizes the technology platform and capabilities of the company’s Chicago-based InsuranceNoodle unit, a Web-enabled wholesaler of commercial property/casualty products that Willis acquired in 2007. In addition, Willis’ Innotech business, a service center for health care benefits clients, will be housed in the Willis Tower offices.

“Having our name associated with Chicago’s most iconic structure underscores our commitment to this great city, and recognizes Chicago’s importance as a major financial hub and international business center,” says Joseph Plumeri, chairman and CEO, Willis Group Holdings. “We are delighted to be making this bold move and firmly establishing our leading presence in one of the nation’s biggest insurance markets, and it will be wonderful for all our Associates to work under one roof.”

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