BGC Insurance Group (BGCI), a global broker and division of BGC Partners Inc., announced it has rebranded its global aerospace re/insurance brokerage as Piiq Risk Partners.
Since the division was launched during the second half of 2019, it has been building a select team of experts in the key aviation insurance hubs across the globe.
To date, Piiq has hired 28 individuals in the U.K. and U.S. and aims to attract additional talent into the organization in 2020.
The biographies of some of Piiq Risk Partners’ key hires made during the last six months include:
- Marcel Chad, Piiq’s president, joined BGC Insurance in June 2019. He previously was a partner at JLT Aerospace and prior to that he was CEO and deputy global chairman, Marsh Aviation Practice.
- Philip Smaje was named CEO of the aviation division in July, although he joined the company this month after completing his notice period obligations. He previously worked at Willis Towers Watson where he began his career in 1988 in the Aviation Division. Smaje went on to hold various senior roles including CEO for Willis Towers Watson’s Global Aviation Practice and was most recently global head of Broking.
- Bruce Fine joined in September 2019 as managing partner U.S., leading the U.S. team and the aircraft finance solutions division, based in Atlanta and Chicago. Previously, he had been executive vice president and Global Aerospace Manufacturers and Infrastructure Industry leader at JLT Specialty. Fine began his industry career in 1984 as an aviation underwriter for Cigna and has held a number of senior aviation roles, including vice president at Alexander & Alexander, senior vice president at Willis Global Aviation and was a managing director at Marsh until 2018
- Oyin Heath was appointed senior partner in August. She was hired from Marsh JLT Speciality where she was a managing director and leader of the Aerospace and Manufacturer Segments of the Aviation and Aerospace Division. She joined Marsh from Aon in 2012.
- Mark Costin was appointed as senior partner in August. Previously, he worked at Marsh JLT Specialty where he most recently held the role of CEO of its Aviation and Aerospace Division. He joined Marsh from Willis Towers Watson in 2002.
- Kostya Zolotusky was appointed managing partner in September. Based in Seattle, Zolotusky brings 34 years of aviation experience to the role after a career at the Boeing Co. Zolotusky joined Boeing in 1985 as an avionics engineer before going on to hold a number of leadership roles in commercial aircraft engineering, sales and financing.
Commenting on the rebranding of the BGC’s aviation brokerage, Piiq’s CEO Philip Smaje said: “Piiq is a bold and distinct name that matches our desire and ambition for this business. Our platform will provide an important independent and differentiated alternative for clients. We are committed to respecting the past as well as providing modern solutions for our clients. As we begin our journey as Piiq, we will be looking to invigorate the aerospace industry.”
Piiq’s President Marcel Chad said: “Piiq has a unique opportunity to align the resources of our parent company, which is focused on the use of innovative technology, with an entrepreneurial spirit that puts clients’ outcomes first. We believe that we are the standout firm in the current evolution of the aerospace re/insurance sector.”
In June, at the time the formation of aviation division (now called Piiq) was announced, Andrew Wallin, chief commercial officer, BGC Insurance Group, 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. 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.”
The company said it aims to provide the market with an independent alternative, which will use “advanced technology to drive down costs and drive up service.”
About BGC Insurance Group
BGC Insurance Group provides global wholesale specialty insurance and reinsurance broking solutions, operating a group of specialist brands: Besso, Cooper Gay France, Ed, Junge and PiiQ. The group’s underwriting operations – Epsilon, Globe Underwriting and Cooper Gay France – provide specialist insurance products and services in the U.K., France and Australia. BGC Insurance Group is the insurance division of BGC Partners, a New York and London-based global financial brokerage and technology company.
Source: BGC Insurance Group
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