Willis Limited, a subsidiary of Willis Group Holdings Plc, has announced the first set of insurers offering to support Global 360, which it described as “a pioneering suite of capacity facilities for its specialty insurance clients.
The rollout of Willis’ initiative has been long anticipated, and came as no surprise. It confirmed earlier reports of the initial group of insurers, identifying them as
Hiscox, People’s Insurance Company of China (PICC) and Berkshire Hathaway.
Willis also indicated that it is “in on-going discussions with other Lloyd’s Syndicates;” adding that this “new suite of facilities will lead to faster placement and claims agreement for Willis’s clients and promote greater price competition in the specialty insurance market.
“Global 360 will function as a set of seven optional capacity facilities across Willis’s Aviation, Inspace, Construction, Property & Casualty, Marine, Energy and Facultative Reinsurance London-market subscription business. The amount of capacity allocated to each portfolio will reflect the market conditions for the particular line of business.”
Steve Hearn, CEO of Willis Ltd. and Deputy CEO of Willis Group, commented: “Willis is constantly seeking to improve our client service and capabilities and we are confident this innovative facility will provide our specialty clients with superior service and further peace of mind around their insurance placements.
“The proposition of access to whole portfolios of business has proven to be very appealing to capital providers. We have attracted high-quality capital from around the world: insurers who wish to provide additional capacity to the specialty market or expand into new lines of business or territories, and reinsurers who want to enter the market in a cost-effective way. We expect to be able to announce further partners in due course.
“By providing a door though which additional capital can access portfolios of risk, our clients will benefit from increased price competition and faster placements and claims agreement. This will be a welcome addition to our offering.”
Source: Willis Group Holdings plc