Posted on 04 Mar 2010
Marsh, a leading insurance broker and risk adviser, said on Wednesday that it is aggressively targeting emerging opportunities in the global construction industry for growth this year and beyond as some sectors begin to recover from the global financial crisis. To lead its growth in this sector, Marsh has appointed industry veteran Mark Reagan as chairman of the firm's Global Construction Practice, which includes more than 600 professionals worldwide.
Mr. Reagan brings nearly 40 years of construction risk management experience to Marsh; he joins from Aon where he was managing director of its Construction Services Group. At Aon, he was responsible for supporting the firm's international operations, specifically in Europe and Asia, as well as the construction group's recruiting, acquisitions and production in North America. Prior to Aon, Mr. Reagan was chairman of the Construction Practice at Willis, and has also held positions at AIG and Seaboard Surety Company.
"Mark Reagan's understanding of construction sector risk through years of front-line experience working side-by-side with clients is unmatched," said Joe McSweeny, president of the U.S./Canada Division of Marsh. "His insights, perspective and counsel will be invaluable to clients as we strengthen our already substantial position in the construction sector worldwide."
Given the breadth and depth of its construction sector experience, Marsh has numerous opportunities to deliver value to construction clients throughout the U.S., as well as to serve the needs of businesses in the world's emerging economies where construction has remained relatively strong.
According to Marsh's 2010 Insurance Market Report, construction professionals throughout the U.S. used last year's economic situation to refresh their approach to risk management, seeking to gain greater efficiencies and savings. Against this backdrop, Marsh sees opportunities to advise construction sector clients on how to improve their overall risk management framework, structure and implement integrated risk insurance programs. Marsh also has helped address issues, such as:
* Joint ventures risks
* Exposures related to green construction
* Distressed properties' risk
* Subcontractor default
* Public-private partnerships
* Owner default
In recent months, Marsh has helped clients involved in a number of high-profile infrastructure projects.
"As they seek to maximize profits, construction firms are looking for comprehensive, cost-effective and flexible risk management solutions," said Mr. Reagan. "Marsh's expertise will help them optimize their risk management programs for primary and excess casualty, builder’s risk, financial and professional lines, and environmental risk. I look forward to working with the Marsh team to deliver unmatched services and experience to clients around the world."
Marsh's Global Construction Practice includes more than 600 professionals who provide risk management and insurance services on more than 340 major construction projects, consisting of more than US$58 billion in construction costs. Marsh serves the spectrum of participants in the construction sector including contractors, general contractors, construction managers, project owners and developers, specialty contractors, homebuilders, architects, engineers and consultants, and construction materials firms.
Marsh's Construction Practice provides a broad range risk management and insurance services, including construction project insurance, contract surety, property insurance, builders risk, casualty insurance, professional liability, pollution liability, captives, claims consulting, safety and loss control, subcontractor default, and actuarial consulting, as well as project advisory, governance, and performance audits, project scheduling, and dispute resolution.