Major independent insurance brokerage Lockton Australia (Lockton) has entered the financial advice industry by launching Lockton Advisory (LA).
LA aims to build upon Lockton's global capabilities to deliver a suite of risk, capital, and placement services to the (re)insurance industry and corporate clients requiring bespoke insurance products across Australia, New Zealand, and the Pacific.
Lockton Pacific CEO Paul Marsden said LA will initially focus on reinsurance (treaty and facultative), MGA solutions including placement, capital management, strategic advisory, and innovative risk transfer products.
“Lockton Advisory brings an innovative and aligned approach to the increasingly complex needs of those operating within the (re)insurance sector, as well as those reliant on its services. [The] announcement expands our unique, unrivalled service proposition, built on taking great care of clients with genuine specialists and on-the-ground expertise,” Marsden said.
“As a family-owned organisation, we deliberately invest in areas where we know we can make the greatest difference with client advocates who advance our undeniable commitment to client service.”
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With the new dedicated division, Lockton made several senior appointments composed of highly experienced local specialists and industry leaders, including new chief executive officer (CEO) John Philipsz and new partners Russell Hails and Max Garratt.
Philipsz has 25 years of industry experience, primarily working with capital markets, advisory, and reinsurance. Before joining LA, he was the CEO of Willis Reinsurance Australia, co-head of Asia-Pacific for Willis Capital Markets & Advisory, and held various roles within the investment banking industry across the UK, the US, and Japan.
One of the partners, Hails, has 30 years of insurance and reinsurance experience in Australia, the UK, and the US. He was formerly an executive director at Willis Reinsurance Australia, where he established and led its facultative and MGA offerings.
Meanwhile, Garratt has 20 years of experience in the insurance and reinsurance sectors. Before becoming a partner at LA, he was an executive director at Willis Reinsurance Australia, advising on and placing large global casualty treaty programmes along with bespoke facultative and MGA placements. He also spent more than 10 years in the London market, placing complex global risks in the company and the Lloyd's of London market.
Commenting on the latest appointments, Marsden said: “I am delighted to welcome John, Russell, and Max to Lockton. They are outstanding, client-first professionals with a proven track record, exceptional reputation and network of long-standing global relationships who will significantly enhance our specialist capabilities and offer even greater value to clients in the region. We're putting deep specialisation and experience in front of clients. Experience our clients can rely on and trust.”
