WTW launches new MGU with Markel capacity to ‘revolutionise’ insurance industry
Global broker WTW is launching a new managing general underwriting (MGU) business, called Verita, with capacity backing from Markel. The new venture will be led by an industry veteran, formerly of Sompo International, and provide specialised insurance solutions in target industries.
Edward Chiang (pictured), who was GRS chief actuary and finance officer at Sompo International, and previously served in underwriting leadership and pricing actuarial roles at QBE and Chubb, will lead Verita as president and chief executive officer (CEO).
WTW said Verita is “well-positioned and poised to revolutionise the insurance industry” with deep industry expertise, service, and customised insurance solutions.
The new company will initially focus on real estate, hospitality & leisure, financial institutions, and professional services industries. Verita will offer programmes from guaranteed-cost policies to highly customised alternative insurance solutions with a bespoke approach.
Chiang, president and CEO of Verita, said: “We believe in developing and providing innovative, long-term insurance solutions for our clients. Our commitment to industry specialisation will place Verita at the forefront of meeting the insurance product and service challenges of today’s evolving risk environment.”
He added: “Our mission is to provide clients with the right insurance tools to mitigate their risks, allowing them to focus on growing their businesses.
“Furthermore, we are delighted to have the support of strategic allies, especially Markel. It is exciting to collaborate with industry specialists driven to be the best in the business, which will lead to mutual success.”
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