Exhibit 21.1
 TOWERS WATSON & CO.
SUBSIDIARIES
 Name(s) under whichJURISDICTION OF
    
    such subsidiaryINCORPORATION/
    
    does business (ifSUBSIDIARY NAME
    
    ORGANIZATION
    
    different)(a)Towers Watson Argentina S.A.
    
    ArgentinaTowers Watson Australia Pty Ltd
    
    AustraliaWycomp Pty Ltd
    
    AustraliaTowers Watson Superannuation Pty Ltd
    
    AustraliaClassic Solutions Australia Pty Limited
    
    AustraliaClassic Solutions Holding Pty Limited
    
    AustraliaClassic Solutions Pty. Limited
    
    AustraliaTowers Watson International Survey Research Pty Ltd
    
    AustraliaTowers Watson Austria GmbH
    
    AustriaTowers Watson Risk Consulting SA
    
    BelgiumTowers Watson NV
    
    BelgiumTowers Watson (Bermuda) Ltd.
    
    BermudaTowers Watson Assessoria Empresarial Ltda
    
    BrazilTowers Watson Corretora e Consultoria de Seguros Ltda.
    
    BrazilTowers Watson Consultoria Ltda.
    
    BrazilTowers Watson ULC
    
    CanadaTowers Perrin Canada ULC
    
    CanadaTowers Watson Canada Inc.
    
    CanadaTowers Perrin Risk Capital (Canada) Inc.
    
    CanadaTP Financial Advisers Inc.
    
    CanadaTowers Watson Chile S.A.
    
    ChileCorredores de Seguros Towers Watson Limitada
    
    ChileTowers Watson Consulting (Shanghai) Limited
    
    ChinaTowers Watson Enterprise Management Consulting (Shenzhen) Limited
    
    ChinaTowers Watson Management Consulting (Shenzhen) Co., Ltd.
    
    ChinaTowers Watson Consultores Colombia S.A.
    
    ColombiaTowers Watson SARL
    
    FranceTowers Watson International Survey Research SARL
    
    FranceTowers Watson (Düsseldorf) GmbH
    
    GermanyWatson Wyatt Insurance Consulting GmbH
    
    GermanyTowers Watson Deutschland GmbH
    
    GermanyTowers Watson Versicherungsservice GmbH
    
    GermanyTowers Watson Verlag GmbH
    
    GermanyHeissmann Consultants GmbH
    
    GermanyPM&S Pensions-managment und Sicherungs-Treuhand AG
    
    GermanyTowers Watson Pension Service GmbH
    
    GermanyISR International Survey Research GmbH
    
    Germany
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Name(s) under whichJURISDICTION OF
    
    such subsidiaryINCORPORATION/
    
    does business (ifSUBSIDIARY NAME
    
    ORGANIZATION
    
    different)(a)Towers Watson (Reutlingen) GmbH
    
    GermanyD.C. Vorsorge Trust GmbH
    
    GermanyZeitinvest-Service GmbH
    
    GermanyTowers Watson GmbH
    
    GermanyTowers Watson Holding GmbH
    
    GermanyTowers Watson Risk Consulting Ltd
    
    Hong KongTowers Watson Hong Kong Limited
    
    Hong KongTowers Watson Investment Services Hong Kong Limited
    
    Hong KongWatson Wyatt Kft
    
    HungaryTowers Watson Risk Consulting Private Limited
    
    IndiaWatson Wyatt India Private Limited
    
    IndiaPT Towers Watson Purbajaga
    
    IndonesiaPT Towers Watson Indonesia
    
    IndonesiaTowers Watson (Ireland) Limited
    
    IrelandWatson Wyatt Consulting Limited
    
    IrelandBCI Trustees Limited
    
    IrelandTowers Watson Italia Srl
    
    ItalyTowers Watson Risk Consulting KK
    
    JapanTowers Watson KK
    
    JapanWatson Wyatt Luxembourg SARL
    
    LuxembourgTowers Perrin Luxembourg Holdings S.A.R.L.
    
    LuxembourgTowers Watson (Malaysia) Sdn Bhd
    
    MalaysiaTowers Watson International Survey Research Sdn. Bhd.
    
    MalaysiaTowers Perrin (Malaysia) Sdn. Bhd.
    
    MalaysiaWatson Wyatt Holdings (Mauritius) Limited
    
    MauritiusTowers Watson Consultores Mexico S.A. de C.V.
    
    MexicoTowers Watson de Mexico, SA de CV
    
    MexicoWatson Wyatt European Region BV
    
    NetherlandsTowers Watson Risk Consulting BV
    
    NetherlandsTowers Watson BV
    
    NetherlandsTowers Perrin Leasing B.V.
    
    NetherlandsTowers Watson Netherlands BV
    
    NetherlandsTowers Watson Philippines, Inc.
    
    PhilippinesTowers Watson (Portugal) Unipessoal Limitada
    
    PortugalTowers Watson, Limited Liability Company
    
    RussiaTowers Watson Risk Consulting Pte Ltd
    
    SingaporeTowers Watson Singapore Pte Ltd
    
    SingaporeTowers Watson International Survey Research (AMEA) Pte Ltd
    
    SingaporeTowers Watson Risk Consulting (Spain) SA
    
    SpainTowers Watson de Espana SA
    
    SpainTowers Watson AB
    
    SwedenTowers Watson AG
    
    SwitzerlandTowers Wyatt (Thailand) Limited
    
    ThailandWatson Wyatt Middle East (L.L.C.)
    
    United Arab Emirates (Dubai)
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##### 



Name(s) under whichJURISDICTION OF
    
    such subsidiaryINCORPORATION/
    
    does business (ifSUBSIDIARY NAME
    
    ORGANIZATION
    
    different)(a)Towers Watson Middle East FZ-LLC
    
    United Arab Emirates (DIFC, Dubai)Towers Watson (Dubai) Limited
    
    United Arab Emirates (DIFC, Dubai)Towers Watson Limited
    
    United KingdomWatson Wyatt Holdings Limited
    
    United KingdomWatson Wyatt Trustees Limited
    
    United KingdomThe Wyatt Company Holdings Limited
    
    United KingdomWatson Wyatt Services Limited
    
    United KingdomWatson Wyatt Pretium Limited
    
    United KingdomWatson Wyatt Holdings (Europe) Limited
    
    United KingdomWatson Wyatt International Limited
    
    United KingdomWatson Wyatt Insurance & Financial Services Consulting Holdings Limited
    
    United KingdomWatson Wyatt European Region Limited
    
    United KingdomWatson Wyatt European Investment Holdings Limited
    
    United KingdomWatsons Pensioneer Trustees Limited
    
    United KingdomWatson Wyatt (UK) Acquisitions 1 Limited
    
    United KingdomPCL Limited
    
    United KingdomPCL 1991 Limited
    
    United KingdomWyatt Trustee Limited
    
    United KingdomThe Wyatt Company (UK) Limited
    
    United KingdomWyatt Pension Plan Trustee Limited
    
    United KingdomWyatt Financial Services Limited
    
    United KingdomWatsons International Limited
    
    United KingdomRWS Trustee Limited
    
    United KingdomWatson Wyatt Healthcare Trustees Limited
    
    United KingdomWatson Wyatt (UK) Acquisitions 2 Limited
    
    United KingdomWatson Wyatt European Investment Limited Partnership
    
    United KingdomClassic Solutions UK Limited
    
    United KingdomClayton Group Limited
    
    United KingdomTowers Watson (Re)Insurance Brokers Ltd.
    
    United KingdomDenis M. Clayton (Holdings) Limited
    
    United KingdomISR L1 Limited
    
    United KingdomISR L2 Limited
    
    United KingdomTowers Watson Capital Markets Limited
    
    United KingdomTowers Perrin Europe Limited
    
    United KingdomTowers Perrin Limited
    
    United KingdomTowers Perrin Share Plan Services Limited
    
    United KingdomTowers Perrin UK Holdings Limited
    
    United KingdomTowers Watson UK Limited
    
    United KingdomTowers Perrin (UK) Trustee Company Limited
    
    United KingdomTowers Watson Delaware Inc.
    
    United States- DelawareTowers Watson Data Services, Inc.
    
    United States- Delaware
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##### 



Name(s) under whichJURISDICTION OF
    
    such subsidiaryINCORPORATION/
    
    does business (ifSUBSIDIARY NAME
    
    ORGANIZATION
    
    different)(a)Towers Watson Investment Services, Inc.
    
    United States- DelawareWatson Wyatt Insurance Consulting, Inc.
    
    United States- DelawareTowers Watson Risk Consulting, Inc.
    
    United States- DelawareWatson Wyatt Canadian Holdings, Inc.
    
    United States- DelawareWatson Wyatt European Investment Holdings, Inc.
    
    United States- DelawareWatson Wyatt European Investment Holdings 1, LLC
    
    United States- DelawareWatson Wyatt European Investment Holdings 2, LLC
    
    United States- DelawareTowers Watson Delaware Holdings Inc.
    
    United States- DelawareTowers Watson Middle East Holdings LLC
    
    United States- DelawareTowers Perrin Capital Corp.
    
    United States- DelawareTowers Watson Capital Markets Inc.
    
    United States- DelawareTPF&C Delaware LLC
    
    United States- DelawareTPF&C Holdings, Inc.
    
    United States- DelawareTP Finance Co.
    
    United States- DelawareTP Property Financing LLC
    
    United States- DelawareWatson Wyatt International, Inc.
    
    United States- NevadaTPF&C International Inc.
    
    United States- PennsylvaniaTowers Watson Pennsylvania Inc.
    
    United States- PennsylvaniaProfessional Consultants Insurance Company, Inc.
    
    United States- VermontStone Mountain Insurance Company
    
    United States- VermontTowers Watson Uruguay S.A.
    
    UruguayWatson Wyatt Vietnam Company Limited
    
    Vietnam
 
 (a)
    
    Subsidiaries that are trading entities trade under their own name or under the trading name
of Towers Watson. 105