In 2000, Henry Kravis offered Joe Plumeri a job after a chance Paris meeting; the result made him Willis CEO despite limited experience in insurance and London

In 2000, Joe Plumeri was looking for his next career move after leaving Citigroup when he happened to meet Henry Kravis in Paris. According to Plumeri’s later account, the chance encounter was followed by a call from Kravis about a job running Willis.

At the time, Willis was owned by private-equity firm Kohlberg Kravis Roberts (KKR). Plumeri had spent 32 years with Citigroup and its predecessors before joining Willis as chairman and chief executive officer on October 15, 2000.

Joe Plumeri met Henry Kravis by chance in Paris

Plumeri later recalled that he encountered Kravis while vacationing in Paris with his wife. During their conversation, Kravis asked Plumeri what he was doing.


Plumeri said he was looking for his next adventure. His wife then jokingly suggested that Kravis find him a job. According to Plumeri’s account, Kravis contacted him about two weeks later and said he had a job for him. The position was to run Willis, as per a vLex report.

Kravis offered Plumeri the chance to run Willis

Plumeri said he was initially reluctant because he had spent his career in financial services rather than insurance.

In a 2004 Insurance Journal profile, the publication reported that Plumeri had arrived at Willis from Citigroup with very little knowledge of insurance. He was unfamiliar with concepts such as loss ratios and combined ratios and had not been closely familiar with insurance accounting or the traditions of Lloyd’s of London, as per an Insurance Journal report.

Plumeri also later recalled that he did not know much about insurance or London when the opportunity arose. Those comments describe his own assessment of his experience at the time, rather than a gap in his employment history.

Plumeri brought 32 years of Citigroup experience

Although Plumeri was an outsider to the insurance industry, he was not new to financial services.

The SEC states that he spent 32 years as an executive with Citigroup and its predecessors before joining Willis. His previous responsibilities included overseeing Citigroup’s North American retail branches, while he had also served as chairman and CEO of Primerica Financial Services.

Joe Plumeri became Willis chairman and CEO

Willis formally appointed Plumeri chairman and chief executive effective October 15, 2000. Insurance Journal reported at the time that he succeeded John Reeve, who was retiring from the company.

A later SEC filing highlights that Willis was owned by KKR in 2000 and that Plumeri joined the company as chairman and CEO after his 32-year career at Citigroup and its predecessors.

A chance Paris meeting preceded the Willis move

Plumeri’s own account connects the Paris encounter with the opportunity to lead Willis: he met Kravis by chance, was contacted roughly two weeks later, and was offered the opportunity to run the company. The independently documented record says that he subsequently joined Willis as chairman and CEO on October 15, 2000.