Glencairn, Hilb Rogal & Hobbs' London-based operation, and Willis Group
Holdings (NYSE: WSH), the global insurance broker, announced today plans
to create a new third-party wholesale brokerage business, following the
expected completion of Willis' planned combination with HRH (NYSE: HRH)
in the fourth quarter. Over the past months, Willis has been considering
how best to grow their already successful third-party brokerages. The
addition of specialist wholesale broker Glencairn, part of the pending
HRH transaction, will provide the expertise and structure to promote
this new platform.
Glencairn will continue to trade as a separately run third-party London
wholesale broker. The operation will focus on growing its revenue from
international and US third-party intermediaries, direct clients and
global ceding companies. It will continue to provide specialist
wholesale services in a number of areas including property, accident &
health, energy, construction, political risk, cargo and casualty lines.
The existing Glencairn management team led by Steve Hearn,
Chairman and CEO, will be responsible for the day-to-day management and
future growth of its wholesale business.
Hearn commented, "In the current market climate, this gives Glencairn's
staff and clients a unique opportunity. We will maintain our ability to
trade independently but at the same time we gain valuable support and
infrastructure to significantly enhance our service, brand and client
base."
With the management of Glencairn, Willis have identified the opportunity
to become the pre-eminent third-party broker with the creation of a
separate business in the name of Faber & Dumas. The Faber & Dumas name
has a long and proud history which dates back to 1928 when Willis was
the leading London-based third party wholesale broker.
Commenting on the creation of Faber & Dumas, Willis President Grahame
Millwater said, "As a company, we are excited and committed to
growing all available distribution channels. The Faber & Dumas platform
will allow us to include other business from Willis' existing
third-party portfolio and other HRH wholesale business.”
Outlining the Group’s plans for the UK, Willis
Limited Chairman and CEO David Margrett, who will be Chairman of
Faber & Dumas, said, "The London wholesale broking market is fragmented
and we see a huge opportunity for consolidation by creating a
financially secure, well-managed business for the benefit of clients,
brokers and markets. We believe that we will become the employers of
choice for specialty wholesale brokers in London."
Willis Group Holdings Limited is a leading global insurance broker,
developing and delivering professional insurance, reinsurance, risk
management, financial and human resource consulting and actuarial
services to corporations, public entities and institutions around the
world. Willis has more than 300 offices in some 100 countries, with a
global team of approximately 16,000 Associates serving clients in some
190 countries. Additional information on Willis may be found at www.willis.com
Willis Group Holdings Limited
Investors:
Kerry K. Calaiaro, +1
212-915-8084
kerry.calaiaro@willis.com
or
Media:
Ingrid
Bosch, +44 203 124 7182
boschi@willis.com
