Willis Group Holdings announced the formation of FINEX Global, a new division that will incorporate all of Willis’ existing London-based Financial, Executive Risk and Professional Liability business.
Willis noted: “FINEX was formed in London in 2004 as part of Global Specialties, which includes Willis’ global businesses of Aerospace, Marine, Energy and Financial Solutions, along with the International businesses of Construction and Global Markets International.
“The new business unit will be headed up by CEO Antonio Tosti, who will report to Roland Avery, Chairman of FINEX Global. The business will include the FINEX Professional Risks, FINEX International and FINEX M&A teams in London, representing some 250 Associates.
“In his role as CEO, Tosti, formerly Managing Director, FINEX International, will be responsible for the Financial Institutions, D&O, Professional Indemnity, Medical Malpractice and M&A businesses. Tosti also will work closely with FINEX leaders throughout the world to ensure the support, coordination and development of Willis’ FINEX business outside North America and the UK.”
Avery explained that with a “$42 billion premium spend on Financial Lines insurance globally and continued premium growth in these sectors, there is a huge opportunity for us to expand market share. By combining these three highly successful and professional teams into FINEX Global, our ability to work with and support clients and colleagues around the world will be significantly enhanced.”
In addition to Tosti, the following appointments within FINEX Global have been made:
— Duncan Holmes, formerly Executive Director of FINEX and co-head of the Willis’ Financial Institutions team, has been appointed Managing Director of FINEX Professional Risks and will be focused on the development of Willis’ North American and the UK-based Professional Indemnity, D&O and Financial Institutions business.
— Jeremy Wall, formerly Deputy Managing Director, FINEX International, has been appointed Managing Director of FINEX International and will be focused on the growth of Willis’ Professional Indemnity, D&O, Financial Institutions and Medical Malpractice business emanating from the International areas.
— Alistair Lester has been appointed Managing Director of FINEX M&A and will continue to act as leader of Willis’ International M&A Practice.
Joe Trotti, CEO, Global Specialties commented: “FINEX Global is a powerhouse of expertise and resource that we want to export to our teams and clients around the world. By consolidating our FINEX businesses into one well-coordinated unit, we have the opportunity to provide unmatched service at a time when financial and executive risks are at the top of the agenda for many of our clients.”
Source: Willis Group Holdings – www.willis.com