Willis Group Holdings announced that it has been issued a full commercial lines license to conduct insurance intermediary services in Guernsey under the Insurance Managers and Insurance Intermediaries Bailiwick of Guernsey Law, 2002.
Willis noted that it is the “only London based insurance broker with both a Guernsey license and a full time local representative based in the Channel Islands dedicated to providing financial institution, professional indemnity and directors’ and officers’ liability (D&O) insurance solutions.
“Willis is already licensed by the Guernsey Financial Services Commission (GFSC) to carry out Captive insurance management services on the Bailiwick of Guernsey.”
Roland Avery, chairman of Willis FINEX Global, commented: “Guernsey is an important financial center for many of our clients and therefore it is critical that Willis is properly represented on the island. The fact that we are fully licensed by the GFSC and the presence of our full time local representative both demonstrate that Willis is committed to Guernsey and to supporting our clients wherever they are.”
James Baird, Willis FINEX executive director the National and Channel Islands Practice Leader, explained: “A number of our clients are conduits for facilitating insurance for other regulated entities. They can say with confidence that by using Willis to facilitate their clients’ insurance requirements they are engaging with an organization which is fully licensed by the GFSC. We hope that this provides additional comfort to them, their clients and any other entity that interacts with Willis.”
Nick Bachmann, Willis business development executive, FINEX National, added: “We know it is important to have a local representative from a regulatory perspective, but it is equally important from a local relationship-building perspective. Most of our clients have mentioned how important it is for them to have someone on the island with whom they can meet regularly, and face-to-face as opposed to over the phone.”
Source: Willis Group Holdings