NEW YORK (Bloomberg) — Willis Group Holdings Ltd., the world's third-largest insurance broker, said first-quarter profit climbed 21 percent as fee revenue rose faster than rivals.Net income increased to $169 million, or $1.10 a share, from $140 million, or 88 cents, a year earlier, the London-based company said in a statement yesterday. That exceeded than the $1.01 per-share estimate of 10 analysts compiled by Bloomberg.

Chief executive officer Joseph Plumeri won new accounts to fuel revenue growth as declining insurance premiums squeezed commissions.

Brokerage revenue rose 6 percent, excluding the impact of acquisitions and foreign exchange. Among three peers that reported comparable figures this week, the best result was 1 percent growth at Arthur J. Gallagher Co., the No. 4 broker.

Hilb Rogal & Hobbs Co., the tenth-largest broker, posted a first-quarter decline of almost 1 percent. At No. 7 Brown & Brown Inc., the revenue figure fell 1.8 percent.