The new business unit within Willis will be led by Paul Richards, head of the recently expanded FINEX National Financial Institutions division, which provides insurance broking services to financial and professional services firms.
Under the alliance, Willis will be responsible for the client-facing aspects of the general insurance arrangements for Dominion’s clients, delivering the full spectrum of financial and executive risk solutions, including Directors’ and Officers’ (D&O), Professional Indemnity and Employment Practices liability insurance. These services also will be available to other companies in the fund management sector. The relationship will, in turn, give FINEX National’s clients access to the extensive range of services that Dominion provide to the hedge fund sector.
Commenting on the alliance, Richards said, “In the wake of the financial crisis, hedge funds have become a lot more institutionalized, and they are facing greater regulatory scrutiny and increased investor demands. A holistic risk management program is key to safeguarding the reputation and assets of hedge funds, investment management companies, and the supporting industry service sector. Backed by the global resources of the Willis Group, with the expertise of FINEX National, the alliance will offer clients a one-stop boutique broker service for all their financial and executive insurance needs.”
Andrew S. Fielding, Director and Head of Sales & Marketing at Dominion, said, “Willis has been successfully providing insurance broking and document production services to Dominion and ASF Financial Services, a company recently acquired by Dominion, for a number of years now. We are confident that their proactive, personalised service and in-depth knowledge of financial and executive risk insurance will complement our expertise in financial planning, employee compensation and benefit structures, giving our clients the best advice possible.”
Willis will provide the following broking services as part of the alliance:
* D&O liability insurance
* Fund D&O insurance including ‘prospectus’ liability
* Professional indemnity (PI)/civil liability insurance
* Crime insurance
* Employment practices liability insurance
* Pension fund trustee liability insurance
* Commercial general (office and liability) insurance
* Risk mapping of exposures
Dominion will provide the following services:
* Trustee administration services
* Consulting on design and implementation of corporate compensation
* structures and tax planningHR outsourcing
* Corporate wealth management
* Personal wealth management