Willis Offers Counterparty Risk Monitoring Tool to Assist ClientsConcerned About Insurer Stability
Strong>London, UK, April 09, 2009 - Recent insurer downgrades and financial woes have raised the level of counterparty risk to buyers who are becoming increasingly concerned that their insurers may not pay out on their insurance contract when they are supposed to. Willis Group Holdings (NYSE: WSH), the global insurance broker, has been responding to clients' need for better management of counterparty risk by offering an Online Market Security tool to help clients track, monitor and report on the financial stability of insurers.
The tool, Willis Online Market Security, which was launched in 2006 and is updated constantly, is an interactive, secure Internet service that provides clients with rating and financial information on insurers. The tool triggers automated alerts whenever there is a rating action or market update, or when financials are published, ensuring that Willis clients are up to date as events unfold in the market, no matter where the client is located.
The tool also provides greater insight into the rating action, detailing the rationale behind the action. Also available are quarterly financial summary reports that detail current issues insurance groups are facing, along with any exposures or impairments. The reports include information on the stock price, Issuer Credit Ratings and Counterparty Credit.
Dominic Samengo-Turner, CEO of Willis Global Placement commented, "In increasingly difficult financial times, managing counterparty risk is a growing concern. A number of our clients utilise this tool already, but many more have started to request the level of detail available through the Willis Online Market Security site, which will allow clients to make even better informed decisions throughout the life of a risk.
"We also offer a bespoke consulting support service which goes much further than the provision of financial and factual data. This can include discussions with analysts to provide opinion, advice and interpretation on reinsurers, training support, and bespoke research on carriers/markets. Coupling this with our market-leading carrier benchmarking tool, the Willis Quality Index®, means our clients can choose carriers based on service levels as well as price, and actively monitor them on an ongoing basis."
Willis Online is the Group's secure, customised web portal for clients, offering simple and convenient access to their risk and insurance information. Through this platform,
Willis clients get real-time access to their insurance policies, quotes and claim reporting information as well as comprehensive market security data on the carriers relevant to them.
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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