Insurance brokerage firm Marsh Inc. announced Tuesday that David Moylan will lead its new global surety practice.
Moylan has been chairman of the surety practice of Marsh’s international division in Washington, D.C. for five years, and will now report to Jim Pierce, Marsh’s global industries chairman, according to a company press release.
Marsh has more than 200 surety specialists.
“As global economic uncertainty continues, companies around the world are looking to manage their credit arrangements more proactively,” Moylan stated in the press release.
With sureties, insurance companies guarantee that a corporation will carry out an obligation to a third party, such as a construction project or the supply of goods within a specified time. Should the client not fulfill its obligation, the third party can demand that the insurer either pay a penalty or fulfill the obligation.