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Willis Capital Markets & Advisory on Tuesday said it will open an office in Sydney and that managing director John D. Philipsz will move from London to Sydney to establish company operations there.
The Sydney office will complement the existing Hong Kong office, which is led by Michael Guo, head of Willis Capital Markets Advisory Asia, Willis Capital Markets & Advisory said in a statement.
Mr. Philipsz joined the Willis Group Holdings P.L.C. unit in 2010 from Bank of America in London, where he was a director in the financial institutions group.
“The new WCMA platform will reinforce our activities across Asia, which is a high-growth region for both investment banking and insurance. Under the leadership of Michael and John, WCMA is well-positioned to support clients as economies across Asia continue to expand,” Tony Ursano, CEO of Willis Capital Markets & Advisory, said in the statement.
Australia has seen only limited use of insurance-linked securities thus far.
In January 2014, Aon Benfield Securities sponsored a $250 million cat bond issued by special purpose insurer VenTerra Re Ltd. for U.S. and Australian earthquakes and Australian cyclones covered by subsidiaries of Sydney-based QBE Insurance Group Ltd., the first to secure coverage for Australian perils for a primary insurance company on an indemnity basis, according to Aon Benfield.
QBE Insurance Group Ltd. swung back into profit in 2014 on lower revenues following a turnaround program that included cost cutting and the sale of various units.