JLT Specialty Limited has announced a recent expansion of capabilities and resources with a significant investment in the company’s market-leading Credit, Political and Security (‘CPS’) risk division. The new Crisis Management team, led by Paul Bassett, includes highly experienced individuals within the crisis management field with broking expertise and consultancy experience. The team joins the division following JLT’s acquisition of Towers Watson’s reinsurance brokerage business enabling JLT Group to build out its international reinsurance operations.
In addition to the Towers team, JLT has recruited Steven Dalchow to support Bassett with a focus on the Political Violence/Terrorism business, as well as lead the division’s Portfolio Management practice. Corina Monaghan will lead CPS broking activities for North America, while Justin Priestley heads up the dedicated Consultancy team. Within the Consultancy team, Chris Holt will be responsible for security analysis and consulting activity and the team also includes security and engineering specialist Stephen Hudson.
The team brings with it a best-in-class risk modelling tool - Sunstone™ - which helps clients identify and manage political violence (PV) and terrorism exposures. Sunstone™ plots historical PV incidents, rates impact, overlays a proprietary database of terrorism targets and attack types. Developed by insurance industry and terrorism experts, the tool helps businesses narrows the gap between the perception of terrorism risk and reality.
Sunstone™ sits alongside JLT’s current political risk modelling tool, the World Risk Review™, which rates nine unique political, economic and security risks for 198 countries and territories. The World Risk Review™, originally developed in 2007, will be re-launched onto a new platform later this year. The World Risk Review™ will continue to help those corporations and financial institutions that are investing, operating, trading or sending personnel abroad, understand the complex interplay between political and security risks.
Nick Robson, Head of JLT CPS, comments: “The creation of the new Crisis Management team will significantly bolster our credentials in this space and we are excited by the influx of such experienced risk practitioners joining our division. The appointment of senior figures such as Paul Bassett and Justin Priestley will enable the business to build its crisis management and consultancy practices, complementing JLT CPS' existing specialist broking expertise and enhancing its overall offering."
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