JLT Specialty has made yet another significant addition to its growing aerospace team with Marsh big-hitter Bruce Fine, re-Insurance.com can reveal.
At Marsh, Fine was one of the people responsible for establishing the Aircraft Finance Insurance Consortium (AFIC), a collaboration with plane manufacturer Boeing to protect the financing of commercial aircraft purchases.
The consortium - which launched last year and provides non-payment cover backed by Allianz, Axis, Sompo International and Fidelis - is thought to have generated more than $100mn of new premium to the market.
As the global leader for AFIC and managing director for client engagement, it is thought that Fine was a key contact for Boeing - along with a number of other major accounts - at Marsh.
It is understood that Fine tendered his resignation to Marsh’s Atlanta, Georgia office last week. He is expected to take up his new role as global aerospace manufacturers and infrastructure industry leader at JLT this week.
It is thought that the executive will report to AIG’s former head of global marine and aerospace, Joe Trotti, who - as this publication revealed - landed at JLT in February.
At his new home, Fine will be reunited with his former Marsh colleague of more than 15 years Marcel Chad, now partner for JLT’s UK aerospace practice.
Fine, Trotti and Chad are not the only major hires JLT has made in its aerospace team this year. The broker also hired Willis Towers Watson’s Glenn Beadling based in Dallas, Texas demonstrating a significant push on both sides of the Atlantic.
Beadling had been at Willis for a quarter of a century most recently as senior vice president of aerospace, according to LinkedIn.
The hires come as the aviation market shows some signs of hardening. JLT’s second quarter aviation report shows that the majority of the programmes renewing during the period were flat or slightly up.
It hinted that carriers were likely to push for further rate increases this year.
“While this rating uptick is an improvement on the soft market in the eyes of underwriters, not all are satisfied and their aspirations are to try to improve on this position in the coming months,” it said.
JLT declined to comment.