BGC Insurance Group (BGCI), a division of global brokerage and financial technology firm BGC Partners, is set to launch a specialist global aviation and aerospace re/insurance brokerage overseen by Marcel Chad as President.
The new brokerage will be built to provide the market with an independent alternative operating at global scale.
The new business will utilise advanced technology in order to drive down costs and drive up service.
Chad, who joins from JLT Aerospace where he served as Partner, is working on establishing the new business.
Prior to his role at JLT, he was Chief Executive Officer and Deputy Global Chairman at Marsh’s Aviation Practice.
Initially headquartered in London, he will build a select team of experts in the key aviation insurance hubs worldwide.
“The current market is stacked against aviation clients, with three brokers dominating this line of business because of their scale,” said Andrew Wallin, Chief Commercial Officer, BGC Insurance Group.
“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.”
“Our proposition will be compelling: a truly bespoke aviation offering from a concentration of the industry’s top talent and tailored to clients, as opposed to the one-size fits all offered by many of our competitors,” Wallin added.
Commenting on his appointment, 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.”
“BGCI was the only organisation that could match my ambition for the new platform, with the resources to make its success a reality.”