Advertise
Resources
Member, Beacon International Group, Ltd.
Willis Group Holdings P.L.C. is preparing to introduce a new facility to provide additional capacity for up to 20% of the brokerage’s London-based specialty risk portfolio.
The facility, Global360, will be offered as an optional following-market resource for Willis’ property/casualty, construction, aviation, energy and marine clients, a spokeswoman for the company said Thursday.
“We believe this facility is unique because it provides a stable, multiyear structure that will bring new capacity to clients, over and above that which is already available in the market,” the spokeswoman said in an email.
Willis is still in the process of identifying an insurer for the facility, and has yet to set a target date for its rollout.
“Willis is open-minded as to which carriers support the Global 360 strategy,” the spokeswoman said. “We hope to involve a cross-section of large and small insurance and reinsurance carriers from around the world.”
Aside from additional capacity, Willis said Global360 will provide its specialty risk clients with enhanced efficiency in placing coverage and following-market claims settlement.
Willis’ forthcoming facility comes less than two months after Aon P.L.C. announced plans to set up a similar facility providing capacity guaranteed by Berkshire Hathaway International Insurance Ltd.
Boston-based insurance claims management firm Alan Gray Inc. has entered into a strategic partnership with Willis North America, a unit of London-based brokerage Willis Group Holdings P.L.C., to provide a solution for “claims closure,” the two companies announced.