Faber & Dumas Becomes One of London’s Largest Wholesale Brokers with the Addition of Three Specialty Businesses
Leading Fine Art, Jewellery & Specie, Kidnap & Ransom and Bloodstock Insurance Specialists Join Willis' New Wholesale
London, UK, November 20, 2008 - Faber & Dumas, the newly formed third-party wholesale brokerage division of
Willis Group Holdings (WSH:NYSE), the global insurance broker, announced today that three additional Willis specialty businesses
- Fine Art, Jewellery &Specie (FAJS), Special Contingency Risks (SCR) and Hughes-Gibb - have joined Glencairn
under the umbrella of Faber & Dumas. These moves position Faber & Dumas as one of
the largest London wholesale brokers after less than two months in operation.
Launched in October 2008 on completion of Willis' acquisition of Hilb Rogal &Hobbs (HRH), Faber & Dumas
was established with HRH's London-based operation Glencairn as its cornerstone. With today's announcement, David Gordon, Managing
Director of FAJS, Doug Milne, CEO of SCR, and Chris Williamson, Managing Director of Hughes-Gibb, will
continue to lead their businesses, but will report to Steve Hearn, CEO of Faber &Dumas (who
also serves as Chairman and CEO of Glencairn). Hearn reports to David Margrett, Chairman of Faber
& Dumas and also Chairman and CEO of Willis Limited, the global broker's UK arm.
Established in 1994, FAJS is the largest insurance broker in the world dealing specifically with international Fine
Art, Jewellery and Specie risks. Special Contingency Risks (SCR) started trading in 1976 and is the
global market leader in kidnap and ransom coverage with a significant market share, while Hughes-Gibb is
a leading international bloodstock insurance specialist that was founded in 1959. All three are existing Willis
businesses that independently provide specialised insurance products to retail agents and brokers alongside direct clients.
In addition to London, SCR has offices in Miami and New York which will also be incorporated
into Faber & Dumas. As part of the global Willis network, FAJS has access to Associates
in New York, Bethesda, Chicago and Los Angeles which Faber & Dumas can call upon.
Welcoming FAJS, SCR and Hughes-Gibb into the Faber & Dumas' family, Hearn said, "Faber & Dumas is
now one of the largest London wholesalers with the addition of these market leaders to its
Glencairn foundation. We're off to a flying start on our way to becoming the pre-eminent global
specialty wholesale broker. By focusing all of Willis' wholesale business under one platform, we can offer
our clients and other intermediaries a one-stop shop for highly specialised coverages. We also believe we
have a very attractive proposition for other London wholesale brokers that see the value of joining
a large, financially sound and efficiently run business."
Commenting on the moves, Gordon of FAJS said, "High values mean high risk, something with which FAJS,
SCR and Hughes-Gibb have decades of expertise. Together with Glencairn, we will become a global powerhouse
in wholesale broking."
SCR's Milne added, "This is an exciting proposition to both our staff and clients. The beauty of
Faber &Dumas is that we can independently deliver our market-leading products and services to an increased
"In joining Faber &Dumas, Hughes-Gibb will have the opportunity to work alongside like-minded colleagues and share best
practices for the benefit of our clients, thereby adding even more value to our proposition," said
Williamson of Hughes-Gibb.
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 400 offices in nearly 120 countries, with a global team
of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be
found at www.willis.com .
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