May 09, 2017
Alesco and Property Re have reclaimed the profitable energy account of PDysa, the Venezuelan state-owned oil company.
PDysa chose to put the business up for tender after only one year. JLT and Jing Tai were the previous owners of the account and the loss of business comes after JLT lost the Nigerian National Petroleum Company programme to Marsh.
The PDysa account is a particularly profitable account for brokers with revenues hitting $20mn before Cooper Gay (now Ed) lost the account in 2013. Reports have said that revenues from the account have fallen since then but it still remains a lucrative account to own.
PDysa is known for changing brokers, often at last minute, with Cooper Gay being removed despite the broker already receiving commitments from insurers on the account.