BGC Insurance Group (BGCI), a division of New York-based brokerage firm BGC Partners, has plans to establish a new specialist global aviation and aerospace re/insurance brokerage.
To oversee the operations of the new unit, BGC has appointed aviation specialist Marcel Chad from JLT Aerospace.
In his new role as president, Chad will initially operate from London. He will be responsible for appointing a team of experts in the important aviation insurance centres worldwide.
Most recently, Chad serves as the partner of JLT Aerospace. Prior to that, he worked as the CEO and deputy global chairman of Marsh Aviation Practice.
BGC Insurance Group chief commercial officer Andrew Wallin 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.”
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.”
BGC Insurance Group, under its specialist brands – Ed, Besso, Junge and Cooper Gay France – offers global wholesale specialty insurance and reinsurance broking solutions.
Its underwriting operations include Epsilon, Globe Underwriting and Cooper Gay France and , deliver specialist insurance products and services in the UK, France and Australia.