Marsh today announced the appointment of David Moylan to lead its newly-created Global Surety Practice. Mr. Moylan has been with Marsh for over 25 years, the last five of which as chairman of the surety practice in Marsh's International Division. He will continue to be based in Washington, DC and report to Jim Pierce, Chairman of Marsh's Global Industries.
Commenting on the announcement, Mr. Pierce said: "As a world leader in surety, Marsh's network of more than 200 surety specialists already provides clients with consulting and brokerage services in construction and commercial specialties around the world.
"In our continuing mission to deliver exceptional value to clients, the creation of Marsh's Global Surety Practice is a crucial step toward aligning surety colleagues globally and enhancing the capabilities we can bring to our global and multinational client base."
Mr. Moylan added: "As global economic uncertainty continues, companies around the world are looking to manage their credit arrangements more proactively. By enhancing collaboration and innovation we will be able to assist clients across many industries manage their surety facilities more effectively. I am looking forward to leading our global team as we deliver the solutions that meet our clients' rapidly changing needs."
Surety is a credit instrument, issued by insurance companies, known as a bond guarantee. Under this arrangement, an insurance company will guarantee that a corporation will carry out an obligation to a third party. Should the obligation not be fulfilled, the third party can make a claim demanding that the insurer either satisfy the obligation or pay the bond penalty. Surety bonds are used in many countries. Common examples of the use of surety involve project owners or developers requiring performance or advance payment bonds from contractors to secure work on construction projects; firms supplying goods within a predetermined time frame to third parties; litigation bonds; and surety bonds guarantying adherence to regulatory requirements.