Willis Opens New Captive Operation in Malta
London, UK, May 9, 2008- Willis Group Holdings (NYSE: WSH), the global
insurance broker, has announced the opening of a new captive management
operation, Willis Management (Malta) Ltd. This expansion is in response to growing
captive insurer and third party writer opportunities, as Malta establishes itself as a
leading financial centre. Headed up by Mark Bromell, Managing Director, the new
Malta company has already won its first client, Biffa.
Biffa, a FTSE 250 company recently taken private, is a leading integrated waste
management business based in the UK. A client of Willis Corporate Risk Solutions in
London, Biffa took advantage of the broker’s integrated client service approach to
utilise its Captive expertise and fast-tracked their decision to establish operations in
Malta. Following a review which identified both cost savings and the strategic benefit
of access to reinsurance markets, Biffa gained Board approval for their move in
January 2008. Willis was able to present them with a fully operational captive by their
renewal date of April 1.
Commenting on the success of the new company and its first client win, Malcolm
Cutts-Watson, Chairman of Willis’ International Captive Practice, said, “We are
very pleased to add Malta to our portfolio of EU captive offerings. Malta is a fast
growing domicile and we intend to be part of its success. We are delighted that Biffa
have chosen Willis Management (Malta) Limited to manage their captive and be our
inaugural client.”
Willis’ International Captive Practice operates out of 24 locations across the globe,
with over 300 clients under management, writing $4.4bn premium annually and
holding assets of $20bn.
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