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Willis Opens New Captive Operation in Malta London, UK, May 9, 2008 – Willis Group Holdings (NYSE: WSH), the global insurance broker, has announced the opening of a new captive management operation, Willis Management (Malta) Ltd. This expansion is in response to growing captive insurer and third party writer opportunities, as Malta establishes itself as a leading financial centre. Headed up by Mark Bromell, Managing Director, the new Malta company has already won its first client, Biffa.
Biffa, a FTSE 250 company recently taken private, is a leading integrated waste management business based in the UK. A client of Willis Corporate Risk Solutions in London, Biffa took advantage of the broker’s integrated client service approach to utilise its Captive expertise and fast-tracked their decision to establish operations in Malta. Following a review which identified both cost savings and the strategic benefit of access to reinsurance markets, Biffa gained Board approval for their move in January 2008. Willis was able to present them with a fully operational captive by their renewal date of April 1.
Commenting on the success of the new company and its first client win, Malcolm Cutts-Watson, Chairman of Willis’ International Captive Practice, said, “We are very pleased to add Malta to our portfolio of EU captive offerings. Malta is a fast growing domicile and we intend to be part of its success. We are delighted that Biffa have chosen Willis Management (Malta) Limited to manage their captive and be our inaugural client.”
Willis’ International Captive Practice operates out of 24 locations across the globe, with over 300 clients under management, writing $4.4bn premium annually and holding assets of $20bn.
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 300 offices in some 100 countries, with a global team of approximately 16,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.
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