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.”
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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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. 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 Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.