Posted on 24 Mar 2009
Global insurance broker Willis Group Holdings announced Monday the formation of FINEX Global, a new division that will incorporate all of Willis' existing London-based Financial, Executive Risk and Professional Liability business.
FINEX was formed in London in 2004 as part of Global Specialties, which includes Willis' global businesses of Aerospace, Marine, Energy and Financial Solutions, along with the International businesses of Construction and Global Markets International.
The new business unit will be headed up by CEO Antonio Tosti, who will report to Roland Avery, Chairman of FINEX Global. The business will include the FINEX Professional Risks, FINEX International and FINEX M&A teams in London, representing some 250 Associates.
In his role as CEO, Tosti, formerly Managing Director, FINEX International, will be responsible for the Financial Institutions, D&O, Professional Indemnity, Medical Malpractice and M&A businesses. Tosti also will work closely with FINEX leaders throughout the world to ensure the support, coordination and development of Willis' FINEX business outside North America and the UK.
Commenting on the new unit, Avery said, "With a $42 billion premium spend on Financial Lines insurance globally and continued premium growth in these sectors, there is a huge opportunity for us to expand market share. By combining these three highly successful and professional teams into FINEX Global, our ability to work with and support clients and colleagues around the world will be significantly enhanced."