Willis Launches Facultative Reinsurance Unit

WSH Willis Launches Facultative Reinsurance Unit: "Willis Group Holdings said it has launched Willis Facultative, a new unit that combines the individual facultative units of Willis and Willis Re and consolidates the group?s specialist facultative advocates around the world into a single global business.

The newly formed unit will have responsibility for the development of facultative business globally within the Willis Group (NYSE: WSH). It will also provide a clear entry point for facultative solutions to insurance company clients worldwide.

Willis Facultative will be led by Matthew Keeping as chief executive officer. Reporting to Keeping will be Gianmarco Tosti, who has been appointed managing director of Willis Facultative International, and will be responsible for the development and management of all facultative business outside of the United States. Rich Macrane, managing director of Willis Facultative North America, will be responsible for the development and management of facultative business in North America.

'For the last five years, we have been growing our facultative business consistently through a number of underlying business units, using a decentralized strategy. By centralizing our core teams, we have an opportunity to bring together a range of specialist products under one management structure for the benefit of Willis cedent customers in every corner of the world in a consolidating marketplace where there are now only three global facultative intermediaries,' Keeping said in a statement.

Earlier this month, Willis announced plans to rename the iconic Sears Tower in Chicago the Willis Tower later this year. The London-based insurance broker said it will consolidate five area offices and move nearly 500 employees into the Tower, initially occupying more than 140,000 square feet on multiple floors (BestWire, March 12, 2009).

Chicago is home to the headquarters of Aon Corp., the largest broker in the world based on 2007 brokerage revenue, according to the Best?s Review ranking of global brokers. Willis is the third-largest broker, according to the Best?s Review ranking.

Willis opened its new 28-story global headquarters in the middle of the City of London last year (BestWire, May 13, 2008).

Shares of Willis Group Holdings were $21.51 in morning trading on March 16, up 0.51% from the previous close."

For Source and Full Article Click: Bestwire via Trading Markets