Changes prompted by Solvency II
Reinsurance broker Willis Re has merged its teams handling continental European and UK-based property and casualty business into an expanded European unit, called Willis Re Europe, and is establishing a new global specialty casualty practice group.
The creation of Willis Re Europe brings together the reinsurance broker’s UK and Continental Europe business under Willis Re International & Specialty. London-based managing director Tony Melia has been appointed head of the unified European team. Colin Kiddie will take on overall leadership of Willis Re’s specialty business, which comprises its non-marine, marine and aviation capabilities.
“With the advent of Solvency II, EU insurers and reinsurers are looking for enlightened advice from their brokers to help them navigate new capital adequacy requirements," CEO of Willis Re International & Specialty Jason Howard said in a statement. "Our unified approach to the European trading environment will enable Willis Re’s clients to grow and prosper through this challenging time.”
Willis Re has also created a specialty casualty practice group that will operate on a global basis. Led by David Thomas, who has also been appointed to run all UK-based North American operations, this new group brings together a number of classes of reinsurance business including: professional indemnity (excluding healthcare), directors & officers, public entity and environmental liability.
“Specialty casualty exposures are increasingly global and interconnected," said Wills Re CEO Peter Hearn. "We are leveraging the collaborative strength of Willis Re to form an international team that will help our clients to grow their business by drawing on detailed product knowledge, advanced risk transfer capabilities, and sophisticated financial and analytical skills.”