Faber & Dumas, the newly formed third-party wholesale brokerage division of Willis Group Holdings, announced that three additional Willis specialty businesses – Fine Art, Jewelry & Specie (FAJS), Special Contingency Risks (SCR) and Hughes-Gibb – have joined Glencairn under the umbrella of Faber & Dumas. “These moves position Faber & Dumas as one of the largest London wholesale brokers after less than two months in operation,” said the bulletin.
Willis launched Faber & Dumas in October 2008, following the completion of its acquisition of Hilb Rogal & Hobbs (HRH) (See IJ web site – https://www.insurancejournal.com/news/national/2008/10/01/94244.htm). The new operation joined HRH’s London-based operation Glencairn.
“David Gordon, Managing Director of FAJS, Doug Milne, CEO of SCR, and Chris Williamson, Managing Director of Hughes-Gibb, will continue to lead their businesses, but will report to Steve Hearn, CEO of Faber & Dumas (who also serves as Chairman and CEO of Glencairn),” the bulletin continued. “Hearn reports to David Margrett, Chairman of Faber & Dumas and also Chairman and CEO of Willis Limited, the global broker’s UK arm.
“Established in 1994, FAJS is the largest insurance broker in the world dealing specifically with international Fine Art, Jewelry and Specie risks.
“Special Contingency Risks (SCR) started trading in 1976 and is the global market leader in kidnap and ransom coverage with a significant market share, while Hughes-Gibb is a leading international bloodstock insurance specialist that was founded in 1959. All three are existing Willis businesses that independently provide specialized insurance products to retail agents and brokers alongside direct clients.
“In addition to London, SCR has offices in Miami and New York which will also be incorporated into Faber & Dumas. As part of the global Willis network, FAJS has access to Associates in New York, Bethesda, Chicago and Los Angeles which Faber & Dumas can call upon.”
Hearn commented: “Faber & Dumas is now one of the largest London wholesalers with the addition of these market leaders to its Glencairn foundation. We’re off to a flying start on our way to becoming the pre-eminent global specialty wholesale broker. By focusing all of Willis’ wholesale business under one platform, we can offer our clients and other intermediaries a one-stop shop for highly specialized coverages. We also believe we have a very attractive proposition for other London wholesale brokers that see the value of joining a large, financially sound and efficiently run business.”
Source: Willis Group Holdings – www.willis.com