In 2011, the mining insurance market was hit by $2.7 billion in natural catastrophe losses and over 60 operational losses, totaling $835 million. According to a new report from Willis, the $3.5 billion estimated losses facing mining insurers has resulted in a 30% withdrawal in insurance capacity since the start of 2011. The report estimates [...]
Global insurance broker Willis Group Holdings has announced the appointment of John Cavanagh as the new chief executive officer of Willis Re. Cavanagh, who assumes his new position with immediate effect, succeeds Steve Hearn, who was appointed Willis Global chairman and chief executive in December 2011. In addition to acquiring a seat on the Willis [...]
Global insurance broker Willis Group Holdings has announced that its president, Grahame J. Millwater, is to retire from the company. Millwater, who also serves as chairman and chief executive officer of Willis Global, joined Willis in 1985 and was made president of Willis Group three years ago. He is to remain with the firm in [...]
Willis has launched WillPLACE, an online tool that helps match its clients’ insurance needs with the most appropriate insurers. The new facility allows the broker’s placement professionals to gather data about insurers’ risk appetites around the world and, with the help of a proprietary matching algorithm, make comparisons with clients’ specific risks. Using the new [...]
Willis Italy has announced that it has acquired Broking Italia SRL, a well-established Italian insurance market specialist founded and led by Gianfranco Agostini and Daniela Andreussi. The deal, the terms of which have not been disclosed, sees the Rome-based Broking Italia enhance Willis’ presence in the country with its specialism in Employee Benefits and leading [...]
Global insurance broker Willis Group Holdings has announced the appointment of Scott Pickering (President, Willis Asia Pacific, Middle East and Africa) to the post of Willis South Africa chief executive officer. Pickering will retain his role as president of the wider area and move to Johannesburg where he will assume his new position in January [...]
The Willis Networks team has been awarded Chartered Insurance Broker status by the Chartered Insurance Institute (CII). The team, which manages Willis Commercial Network and Willis N², is the first broker network team in the UK to achieve the accolade, having met the CII’s rigorous criteria. These include working in an ethical manner and placing [...]
Willis Re has appointed Jim Bradshaw as chairman of the Willis Re Canada board, in addition to his role of chief executive officer, Willis Re North America. Mr Bradshaw replaces Steve Hearn, chief executive officer of Willis Re. To enhance further connectivity between Willis Re Canada and the group’s wider operations, Warren Neale, the London-based [...]
Willis has appointed Rowan Douglas as chief executive officer of global analytics. Based in the UK and reporting to group president, Grahame Millwater, Mr Douglas moves from CEO global analytics at Willis Re. In his new role he will oversee all analytics-related activities and expenditures across the group, including the Willis Research Network. The broker [...]
In its latest update on insurance-linked securities (ILS), Willis notes that in the third quarter of 2011, none of the four catastrophe bond issuances (totalling $676 million of new risk capital) had exposure to US hurricane risk. However, the broker’s ILS quarterly report describes the market as still “heavily weighted” towards US wind risk, with [...]
Global insurance broker Willis Group Holdings plc has been named the Broker of the Year at the Asia Insurance Industry Awards. The awards, given in Singapore, were overseen by 29 judges, and Willis won its award based upon criteria including market knowledge, service innovation, leadership and professionalism. Willis has a significant presence in Asia, where [...]
Willis Group Holdings plc has reported its financial results for the third quarter and first nine months of 2011. Willis reported quarterly net income of $60m, equating to $0.34 per diluted share, slightly down on the $64m ($0.37 per diluted share) it achieved in the same period last year. The quarterly result was affected by [...]
Global insurance broker Willis Group Holdings plc has announced the appointment of Daniel Wilkinson as chief executive officer of Willis United Kingdom & Ireland (WUKI), succeeding interim CEO Grahame Millwater. In addition to Wilkinson’s appointment, which is made with immediate effect, the firm has announced that Brendan McCafferty is the new president of WUKI. Wilkinson [...]
Global insurance broker Willis Group Holdings plc has announced the appointment of Tim Wright as the chief executive officer of Willis International, the business unit which caters to the firm’s retail clients around the globe outside North America, the United Kingdom and Ireland. He joined the firm three years ago as group chief operating officer, [...]
Willis has been appointed risk management advisor and placing broker for satellite operator, Inmarsat’s, new generation of satellites. The broker already has responsibility for the firm’s current in-orbit fleet and the new agreement covers the launch of broadband satellite network, Global Xpress, plus the launch of the Alphasat satellite. Using high-power Boeing 702 type satellites, [...]
Willis has joined forces with Lloyd’s insurer, Kiln, to launch a policy aimed at reducing the risks faced by hoteliers, given that bad news travels fast in the world of new media. According to the broker, illnesses such as Norovirus, which is responsible for about 90% of serious stomach upsets, and Legionnaire’s disease, a lung [...]
Willis is intending to attract more institutional shareholders and generally improve its position in the investor community, having appointed Peter Poillon as director of investor relations. The broker’s net income was more than halved in the first six months of 2011, compared with a year earlier, having been hit by a £7 million fine in [...]
Willis and global insurer, XL Group, have successfully launched an electronic accounting process between the companies, using the new ACORD 2010.2 data standard. In August, Willis went fully live with e-Accounting in a move that forms part of an ongoing initiative by the London Market Group to modernise the industry and reduce paper-based transactions. Explaining [...]
Willis North America has announced a pair of senior appointments to bolsters its Construction Practice. Paul Becker has led the Construction Practice since 2005 and will now assume the role of chairman of the Construction Practice for Willis North America. In his new post he will be tasked with leadership of a dedicated team, focusing [...]
Willis Group Holdings plc has announced the appointment of Seth Peller as chief executive officer of Willis Argentina SA. Peller, whose appointment is made with immediate effect, is to be based in the firm’s Buenos Aires office. He is a veteran of the firm, having worked for Willis for almost two decades, and was most [...]
