On March 1, 1934, Towers, Perrin, Forster & Crosby, founded by John Towers, Charles Perrin, Walter Forster & Arthur Crosby, opened for business in Philadelphia, Pennsylvania.[1]
In 1982, the company acquired Cresap, McCormick and Paget, general management consultants.[2]
In 1986, the company acquired Tillinghast, Nelson & Warren.[1]
In 1987, Towers Perrin was established as the umbrella name for the firm.[1]
In December 2001, the company acquired Working Concepts, a human resources firm.[3]
In November 2002, the company acquired London-based reinsurance broker Denis M. Clayton & Co.[4]
In September 2004, Russell Investment Group acquired the company's Australia pension consulting and employee benefits business.[5]
In January 2005, the company sold its human-resources outsourcing unit to Electronic Data Systems (EDS) for $420 million.[6] In addition, ExcellerateHRO, a venture owned 85% by EDS and 15% by the company was formed to provide HR-related outsourcing services as work force administration, employee recruitment and relocation, as well as traditional benefits administration.[7] In 2009, the company sold its minority stake in the venture to Hewlett-Packard, which had acquired EDS.[8]
In July 2005, the company acquired Rauser AG, a German pension consulting services firm.[9]
In July 2006, the company acquired Risk Capital Management Partners, which provided financial risk management services to companies in the financial services, energy, utilities and mining industries.[10]
In March 2007, the company acquired ISR, which surveys employees on working conditions.[11]
On January 4, 2010, Towers Perrin merged with Watson Wyatt Worldwide, forming Towers Watson, the largest employee-benefits consulting firm by revenue worldwide.[12][13][14]
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