Willis To Manage Bermuda Mutual

By Mark E. Ruquet

NU Online News Service, May 28, 11:57 a.m.EDT?Insurance broker Willis Group said today that it wouldbe managing a new Bermuda-based mutual insurance company and isopening a unit to assist companies exploring business opportunitiesin Iraq.

Oliver Heyliger, managing director of Willis Management Ltd.(Bermuda) said the new mutual insurance company, PharmaceuticalInsurance Ltd., was formed by seven pharmaceutical and devicemanufacturing companies in the United States and Europe. Williswill manage the company.

The Bermuda-based company will underwrite property damage andbusiness interruption insurance with limits up to $150 million inexcess per occurrence on policyholder retention of $50 million.

Mr. Heyliger said the company is not a captive and would openits doors to similar types of pharmaceutical and medical devicemanufacturing companies after it begins issuing policies beginningJuly 1 of this year.

The members, which he said he was not at liberty to name at thistime, wanted to form the company to "enable them to reduce theirconcerns on the upward and downward swings of the open market," heexplained.

Willis also announced that it is forming a specialist teamwithin its construction practice to assist companies looking atreconstruction opportunities in Iraq.

The firm said that there is more than $10 billion worth ofprojects anticipated in the rebuilding of the country over the nextfive years that would require insurance and risk managementservices.