Gary Schmalzriedt Appointed Chairman of
London, UK, July 15, 2008 – Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced that Gary Schmalzriedt has been appointed Chairman of Willis Re, the company’s reinsurance arm, effective immediately. Schmalzriedt brings 40 years of international insurance management experience to his new role, and was Chairman and Chief Executive Officer of ACE Overseas General before becoming an industry consultant in 2006.
Commenting on Schmalzriedt’s appointment, Joe Plumeri, Chairman and CEO of Willis, said: “Under Peter Hearn’s leadership, our reinsurance business has grown significantly in recent years. I’m confident that, by leveraging Gary’s tremendous industry expertise and outstanding business relationships, we will continue our strong record of growth and develop new ways to enhance the level of service we provide our reinsurance clients.”
Schmalzriedt was responsible for ACE’s International operations from July 2003 to September 2006. He joined ACE in 1999 as part of the acquisition of CIGNA’s International P&C Operations and was named President and Chief Executive Officer of ACE Bermuda before moving to ACE Overseas General in 2003. Before joining ACE, Schmalzriedt was Chairman and CEO, CIGNA of Europe S.A. N.V., and earlier was responsible for CIGNA’s International P&C Operations. He began his career with American International Underwriters (AIU), a division of AIG, and over 18 years with the company, was responsible for managing all of AIG’s International P&C operations and AIU’s operations in South Africa.
Peter Hearn, CEO of Willis Re, said: “Gary is a tremendous addition to Willis, and he will play a significant role in the continued growth of our reinsurance operation. In particular, Gary will draw upon his outstanding track record in the international arena as we continue to expand our network across the globe.”
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.