BGC Insurance Group (BGCI), a division of BGC Partners Inc. (NASDAQ: BGCP), a leading global brokerage and financial technology company, today announced plans to launch a specialist global aviation and aerospace (re)insurance brokerage. Marcel Chad will be President of the planned new BGCI brokerage.
The new business will be built to provide this important market with an independent alternative which will operate at global scale. With a strong focus on improving client experience and outcomes it will utilise advanced technology to drive down costs and drive up service.
Chad joins BGC Insurance with immediate effect and is working on establishing the new brokerage. His appointment is subject to regulatory approval. Initially headquartered in London, Chad will build a select team of experts in the key aviation insurance hubs across the globe.
Andrew Wallin, Chief Commercial Officer, BGC Insurance Group, said: “The current market is stacked against aviation clients, with three brokers dominating this line of business because of their scale. For a significant independent player like us with a client-focused approach, vision and technical prowess, the gap in the market offers huge disruptive potential. Our proposition will be compelling: a truly bespoke aviation offering from a concentration of the industry’s top talent and tailored to clients, as opposed to the one-size fits all offered by many of our competitors.”
Chad joins BGC Insurance from JLT Aerospace where he was a Partner, prior to which he was CEO and Deputy Global Chairman, Marsh Aviation Practice. He is among the most respected names in the aviation and aerospace (re)insurance business, presenting a formidable proposition for clients in this vital sector.
Commenting on his new role, Chad said: “I wanted to do something new, creating an exciting alternative for clients, driven by leading talent and technology, that could truly invigorate the aviation industry and put customers at the centre of the proposition. BGCI was the only organisation that could match my ambition for the new platform, with the resources to make its success a reality.”
Notes to editors
About BGC Insurance Group
BGC Insurance Group is building a market-defining, global risk distribution group. Completely independent, it provides expertise, efficient technology, and customer focus. Under its specialist brands – Ed, Besso, Junge and Cooper Gay France – the Group provides global wholesale specialty insurance and reinsurance broking solutions. The Group’s underwriting operations – Epsilon, Globe Underwriting and Cooper Gay France – provide specialist insurance products and services in the UK, France and Australia. BGC Insurance Group is the insurance division of BGC Partners, a leading global brokerage and financial technology company.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial technology company. BGC’s offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates.
BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Statements set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Statements contained in subsequent Forms 10-K, Forms 10-Q or Forms 8-K.
Ujjal Basu Roy