Posted on 23 Jul 2009
Willis Group Holdings, the global insurance broker, has been appointed as the broker for the largest rail construction project ever undertaken in Hong Kong by client MTR Corporation Limited (MTR), the operator of Hong Kong's rapid transit railway system.
The Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link will provide high-speed rail services from Hong Kong to Shenzhen in Mainland China, and a connection to Guangzhou and the national high-speed passenger rail network, serving major cities throughout the People's Republic of China.
The project includes the construction of a large terminus station in West Kowloon and 26 kilometres of twin track tunnels. Trains on the Hong Kong section are intended to operate at speeds of up to 200 kilometres per hour. The project is scheduled for completion by 2016.
Willis is already the broker for MTR's operational programme and was appointed broker for the US$1.3bn West Island Line (WIL) extension project in 2008. This most recent appointment was won through close cooperation between Willis Hong Kong and Willis' London Construction team.
Willis will be placing a Construction All Risk / Third Party Liability policy, utilising both global and local market capacity. A wrap-up owner-controlled Employees Compensation policy will also be procured and will be placed in the Hong Kong market. Willis will provide extensive risk management support, claims handling and on-going servicing throughout the life of the project.
Commenting on the new appointment, Roger Wilkinson, CEO, Willis Asia, said, "The Express Rail Link project is of great strategic importance for Hong Kong and we are proud to be able to support MTR with innovative insurance and risk management solutions to facilitate their expansion. This latest win is a clear demonstration of the value of bringing the global resource of Willis' world-class construction expertise to bear on local projects."