Division to be led from London by new appointee previously with Aon

Marsh has announced it has established an Insurance Regulatory & Tax Consulting Practice within the firm’s Global Risk Management Division. The new practice will be led by Praveen Sharma.

The practice will provide multinational clients with support and information to help them evaluate regulatory and premium tax risks arising from their insurance and alternative risk-financing programs in all parts of the world. Mr Sharma, who will be based in London, will report to Howard Whitmore, head of Marsh’s Multinational Practice.

A qualified chartered accountant, Sharma has significant experience dealing with accounting, regulatory and taxation issues that affect risk-financing arrangements, including global insurance policies, captive vehicles, and alternative risk-transfer mechanisms. For 14 years as tax adviser at KPMG and Ernst & Young, Sharma was involved with the management of UK corporate tax issues for some of the world’s largest insurance companies.

Sharma joins Marsh from Aon, where he was head of regulatory and compliance for the region comprising Europe, the Middle East and Africa, a post he held from 2001. He also advised multinational companies on insurable risk optimisation strategies, including accounting, regulatory, and taxation issues.

Timothy Mahoney, president of Global Risk Management for Marsh, said: “As multinational businesses continue to look for better ways to manage risk and achieve efficiencies, they have sharpened their focus on understanding the array of country-specific insurance and related tax regulations that affect their programmes. Our new Insurance Regulatory & Tax Consulting Practice led by Praveen has strengthened our ability to help clients develop global risk-financing strategies that are optimally structured to achieve their goals.”