Marsh’s London office has announced the launch of a “dedicated practice to provide expert risk and insurance advice to insolvency practitioners in the UK.” The bulletin explained that the move follows “a sharp increase in demand for specialist insolvency insurance products.”
Marsh’s new Insolvency Practice will be led by Simon Dodd, who was previously National Insolvency Director at Willis, where he worked for 20 years. He specializes in providing “risk and insurance advice to insolvency practitioners throughout the UK.”
Paul Samme, Julie Cummins, Judith Anderson and Susan Barr, who also come to Marsh from Willis’ insolvency practice, will join Dodd’s team. They will handle “a variety of client servicing, advisory and business development roles in Marsh’s Insolvency Practice.”
Marsh said the Practice “provides a comprehensive and tailored range of products and services to this specialist sector. This includes arranging insurance for the assets and liabilities of a business to which the insolvency practitioner is appointed from the moment of appointment, without the need for prior notification.
“In addition, it provides:
— After-the-event insurance to support the recovery of money owed to an insolvent business
— Insurance solutions to support the sale of assets, such as environmental liability insurance and defective title cover
— Directors’ and officers’ liability insurance and professional indemnity insurance and
— Health and safety audits to assess levels of statutory compliance after taking control of an insolvent firm
Dodd explained: “Insolvency practitioners operate in a fast-moving and pressurised environment. As such, they need simple yet effective mechanisms to insure the assets they administer and to provide them with the cover they need to sell a business quickly, at the best possible price. The products offered by the experienced Marsh team will enable them to concentrate fully on their core business activities.”
Joe Grogan, Head of Marsh’s National Corporate business, added: “Simon Dodd is one of the UK’s foremost insolvency insurance advisers and I am delighted to welcome him to Marsh. The team he will lead will offer insolvency practitioners the risk and insurance advice and solutions they need.”
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