Willis Group Holdings has launched Willis Facultative, which it described as a”new unit that combines the individual facultative units of Willis and Willis Re and consolidates the group’s specialist Facultative Advocates around the world into a single global business.
“The newly formed unit will have responsibility for the development of facultative business globally within the Willis Group. It will also provide a clear entry point for facultative solutions to insurance company clients worldwide.”
Matthew Keeping will lead the new unit as CEO. Gianmarco Tosti has been appointed Managing Director of Willis Facultative International, and will be responsible for the development and management of all facultative business outside of the U.S., reporting to Keeping.
Rich Macrane, Managing Director of Willis Facultative North America will be responsible for the development and management of facultative business in North America.
Keeping explained the background which led to the reorganization. “For the last five years, we have been growing our facultative business consistently through a number of underlying business units, using a decentralized strategy,” he stated. “By centralizing our core teams, we have an opportunity to bring together a range of specialist products under one management structure for the benefit of Willis cedent customers in every corner of the world in a consolidating marketplace where there are now only three global facultative intermediaries.”
Tosti added: “I’m delighted to be a part of this initiative and confident that Willis Facultative will prove to be the facultative broker of choice for insurance companies around the globe. Our specialist knowledge and presence in key markets globally will create distinctive value for our clients. The current market uncertainty, as well as new regulatory requirements, such as Solvency II for EU countries, will drive our clients to be more demanding in the future. Willis Facultative will have the resources and expertise to meet all of their needs.”
Macrane noted: Our North American customers will benefit tremendously by having seamless access to International markets and expertise. This further enhances our ‘One Flag’ approach and will aid our clients in achieving their business goals in this dynamic marketplace.”
Willis President Grahame Millwater indicated that he believes the “creation of a single unified global facultative business is perfectly timed given the increased challenges in the marketplace and the disruption in some of the other facultative intermediaries.”
Source: Willis Group Holdings – www.willis.com