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BGC Insurance Group, a division of U.S.-based brokerage firm BGC Partners Inc., said Monday it plans to launch a specialist global aviation and aerospace brokerage, headed up by Marcel Chad, a former partner at JLT Aerospace.
Mr. Chad, whose appointment is subject to regulatory approval, joins BGC Insurance as president of the planned new brokerage with immediate effect and is initially based in London, BGC Insurance Group said in a statement.
“The current market is stacked against aviation clients, with three brokers dominating this line of business because of their scale. For a significant independent player like us with a client-focused approach, vision and technical prowess, the gap in the market offers huge disruptive potential,” Andrew Wallin, chief commercial officer, BGC Insurance Group, said in the statement.
Jardine Lloyd Thompson Group PLC sold its aerospace practice to Arthur J. Gallagher & Co. earlier this year to address a potential overlap and smooth the path for JLT’s acquisition by Marsh & McLennan Cos. Inc.
Prior to his time at JLT Aerospace, Mr. Chad was CEO and deputy global chairman of Marsh’s global aviation practice.
Insurers have increased aviation insurance rates up to 30% for airlines in regions across the world where airplane crashes have occurred recently, Moneycontrol reported. Insurance rates could rise up to 15% for airlines in other regions after the Ethiopian Airlines Enterprise S.C.'s Boeing 737 Max 8 aircraft crashed on March 10.