Daily Insurance Industry News
Daily Insurance Industry News
Saturday 20th of October 2018
September 29, 2009

Willis secures Panama Canal Authority contract

by Gill Montia

Story link: Willis secures Panama Canal Authority contract

Willis has secured a one-year contract for insurance brokerage services with the Panama Canal Authority (PCA); the agreement includes an option to renew for three additional years.

The firm will provide strategic risk management services to the PCA and guide the authority in its choice of cover for property, floating equipment, loss of income and maritime contingencies, among others.

According to Willis, the PCA received three bids from international brokers and selected the firm with the lowest bid that met the objectives of the tender.

Last week, Willis Group Holdings Limited announced that it plans to relocate its place of incorporation from Bermuda to Ireland.

The move still requires shareholder approval and will also be subject to the approval of the Supreme Court of Bermuda.

Chairman, Joseph Plumeri, stated that a number of alternatives were considered but that Ireland was selected as it offered an economic advantage that could help the firm maintain its competitive edge.


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