Jan 2010

On January 11th 2010, it was announced that a strategic alliance had been formed between Dominion and FINEX National, a division of the Financial, Executive and Professional Risks unit of Willis Group Holdings, the global insurance broker. This alliance will form a Hedge Fund Practice Group for fund management organisations.

Under the alliance, Willis will be responsible for the client-facing aspects of the general insurance arrangements for Dominion’s clients, delivering the full spectrum of financial and executive risk solutions, including Directors’ and Officers’ (D&O), Professional Indemnity and Employment Practices liability insurance. These services also will be available to other companies in the fund management sector. The relationship will, in turn, give FINEX National’s clients access to the extensive range of services that Dominion provide to the hedge fund sector.

Commenting on the alliance, Andrew S. Fielding, Director and Head of Sales & Marketing at Dominion, said, “Willis has been successfully providing insurance broking and document production services to Dominion and ASF Financial Services, a company recently acquired by Dominion, for a number of years now. We are confident that their proactive, personalised service and in-depth knowledge of financial and executive risk insurance will complement our expertise in financial planning, employee compensation and benefit structures, giving our clients the best advice possible.”

Dominion will provide the following services as part of the alliance:

• Trustee administration services
• Consulting on design and implementation of corporate compensation structures and tax planning
• HR outsourcing
• Corporate wealth management
• Personal wealth management
 

Willis will provide the following broking services:

• D&O liability insurance
• Fund D&O insurance including ‘prospectus’ liability
• Professional indemnity (PI)/civil liability insurance
• Crime insurance
• Employment practices liability insurance
• Pension fund trustee liability insurance
• Commercial general (office and liability) insurance
• Risk mapping of exposures