Willis To Manage Bermuda Mutual

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 would be managing a new Bermuda-based mutual insurance company and is opening a unit to assist companies exploring business opportunities in Iraq.

Oliver Heyliger, managing director of Willis Management Ltd. (Bermuda) said the new mutual insurance company, Pharmaceutical Insurance Ltd., was formed by seven pharmaceutical and device manufacturing companies in the United States and Europe. Willis will manage the company.

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

Mr. Heyliger said the company is not a captive and would open its doors to similar types of pharmaceutical and medical device manufacturing companies after it begins issuing policies beginning July 1 of this year.

The members, which he said he was not at liberty to name at this time, wanted to form the company to "enable them to reduce their concerns on the upward and downward swings of the open market," he explained.

Willis also announced that it is forming a specialist team within its construction practice to assist companies looking at reconstruction opportunities in Iraq.

The firm said that there is more than $10 billion worth of projects anticipated in the rebuilding of the country over the next five years that would require insurance and risk management services.