LONDON, Oct. 23, 2013 (GLOBE NEWSWIRE) -- Willis Limited, a subsidiary of Willis Group Holdings Plc (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, has announced the first set of insurers offering to support Global 360, a pioneering suite of capacity facilities for its specialty insurance clients.
The first set of insurers will provide clients with a stable and consistent source of new, or additional, follow-market capacity. They are Hiscox, People's Insurance Company of China (PICC) and Berkshire Hathaway. Willis is also in on-going discussions with other Lloyd's Syndicates.
This new suite of facilities will lead to faster placement and claims agreement for Willis's clients and promote greater price competition in the specialty insurance market.
Global 360 will function as a set of seven optional capacity facilities across Willis's Aviation, Inspace, Construction, Property & Casualty, Marine, Energy and Facultative Reinsurance London-market subscription business. The amount of capacity allocated to each portfolio will reflect the market conditions for the particular line of business.
Commenting on the launch of Global 360, Steve Hearn, Chief Executive Officer of Willis Ltd. and Deputy Chief Executive Officer of Willis Group, said: "Willis is constantly seeking to improve our client service and capabilities and we are confident this innovative facility will provide our specialty clients with superior service and further peace of mind around their insurance placements.
"The proposition of access to whole portfolios of business has proven to be very appealing to capital providers. We have attracted high-quality capital from around the world: insurers who wish to provide additional capacity to the specialty market or expand into new lines of business or territories, and reinsurers who want to enter the market in a cost-effective way. We expect to be able to announce further partners in due course.
"By providing a door though which additional capital can access portfolios of risk, our clients will benefit from increased price competition and faster placements and claims agreement. This will be a welcome addition to our offering."
About Willis
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.