Glencairn to be the Cornerstone of a New Willis Wholesale Strategy
London, UK, September 11, 2008 - 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.
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