Willis Towers Watson P.L.C. is integrating its insurance-linked securities business into Willis Re, the reinsurance brokerage arm of the company, Willis Towers Watson said in a statement Thursday.
The change is being made “in order to enhance its client offering in this area,” the statement said. The ILS business had previously been part of the company’s securities business unit.
William Dubinsky, who is based in New York, will continue to lead the ILS team and report to Willis Re Deputy Chairman Mark Hvidsten.
The move will not involve layoffs, a Willis spokeswoman said in an email.
“The movement of the ILS business into Willis Re reflects ongoing efforts to evolve our company and better align our portfolios in order to continue to effectively serve our clients,” James Kent, Global CEO of Willis Re, said in the statement.
“The insurance industry is changing faster than ever, and capital markets are becoming an integral part of the industry risk transfer mechanism,” Rafal Walkiewicz, CEO of Willis Towers Watson Securities, said in the statement. “Our clients no longer decide between traditional reinsurance and third-party capital, but expect an integrated solution.”
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