Marsh Expands On International Front

Insurance brokerage Marsh said it has formed an international specialist broking service and received a license to practice brokering in Qatar.

The Qatar Financial Centre Regulatory Authority (QFCRA) said Marsh is the 85th financial institution licensed there.

The QFC is the nation's commercial, administrative and legislative body responsible for developing and driving relationships with the global corporate community for the nation of Qatar.

Marsh applied for the license in March of last year and Aon announced in June last year that it applied for a license.

“We are pleased to see that the QFC legal and regulatory framework continues to attract the world's leading financial services firms,” Phillip Thorpe, QFCRA chairman and chief executive, said in a statement. “Qatar's commitment to high standards coupled with recent initiatives…continue to add to Qatar's rapidly growing global status as a financial center.”

Meanwhile, Marsh said it has formed Bowring Marsh as its specialist international placement broker for property (including terrorism) and casualty risks.

Mark Gregory, currently United Kingdom head of Marsh's Global Placement operations, will be chief executive officer of Bowring Marsh, reporting to Alexander Moczarski, president of the International Division of Marsh.

The New York-based broker said in a statement that with teams in Bermuda, Dublin, London, Miami, Singapore and Zurich, the new unit would bring international expertise into an integrated global network under the single brand name.

“The global insurance market is undergoing an unprecedented period of change, with the creation of new products and capacity all around the world,” Dan Glaser, chairman and CEO of Marsh, said in a statement. “Bowring Marsh will secure the best terms and conditions for our clients, wherever these may be found.”

Mr. Gregory said Bowring Marsh would create one “seamless organization” enabling brokers to “negotiate face-to-face with markets across the globe to achieve the best results for our clients.”

Bowring Marsh derives its name from CT Bowring, which was acquired in 1980. Marsh is a subsidiary of services company Marsh & McLennan, based in New York.