NEW YORK (Bloomberg) — Shares of Willis Group Holdings Ltd., the world's third-largest insurance broker, rose the most in three months after first-quarter profit exceeded analysts' estimates and revenue growth beat peers.The shares rose $1, or 2.5 percent, to $41.20 in New York Stock Exchange composite trading yesterday. Stock in the London-based company hasn't risen as much in one day since January 12.

A 6 percent gain in brokerage revenue, excluding acquisitions and foreign exchange, helped Willis increase net income 21 percent to $169 million or $1.10 a share, the company said yesterday after the close of US markets. Per-share income beat the average estimate of $1.01 from 10 analysts compiled by Bloomberg. Brokerage revenue is stagnating at some of Willis' rivals as insurance prices fall, crimping the commissions brokers earn.

"This quarter makes us begin to believe that in the near term, Willis has enough momentum in its favour to overcome this obstacle," said David Small, an analyst with Bear Stearns Cos., in a research note yesterday. He rates the shares "peer perform".

A comparable revenue figure rose 1 percent at Arthur J. Gallagher & Co., the fourth-largest broker, and fell at brokers Brown & Brown Inc. and Hilb Rogal & Hobbs Co. Marsh & McLennan Cos. and Aon Corp., the two largest brokers, haven't yet reported first-quarter results.