Roundup of the weekly news and developments from the global insurance market with stories from Zurich, CFC, One Commercial and more.
Zurich Insurance unveils further restructuring
Mario Greco has revealed plans to implement more hierarchical efficiency measures at Zurich, hiring an old AIG executive to lead the merged corporate and commercial insurance division. Since taking over as chief executive earlier this year, Greco has restructured what he termed as Zurich’s “famously complicated” management structure. The latest measure involves bringing together Zurich’s “global corporate” businesses, which serve multinationals and commercial activities for smaller companies. The new division will be led by James Shea, who previously headed AIG’s global financial lines business in New York. Greco announced plans to combine life and non-life operations creating a regional management structure earlier in the year, he said this would streamline Zurich’s agility and customer focus. It is believed that Greco wants to outline his broader strategy by November. Last year Zurich Insurance was hit by large losses in its general insurance division, which forced it to abandon its planned takeover of the UK’s RSA insurer.
CFC appoints Margaret Murphy as Claims Director
Specialist lines underwriting agency CFC announced the appointed Margaret Murphy as claims director. Commenting on her appointment CFC’s CEO, David Walsh, says: “Delivering an efficient and effective claims handling service is critical to our business and we have focused on providing our clients with the best possible response should the worse happen from day one. As we grow our business, we continue to invest in our service, systems and our team to ensure our clients receive an exceptional response. I am delighted that we have attracted someone of Margaret’s calibre so that we can further build on and improve the claims service that we deliver.” Margaret joins the business from Wilson Elser Moskowitz Edelman & Dicker LLP in New York where she was a partner. She has extensive experience in advising and representing US and international insurers on a wide range of claims. Margaret has also previously worked with insurers to develop risk management solutions. Margaret commented: “I am excited to be joining this passionate group of people. I have been impressed by CFC’s commitment to delivering holistic insurance solutions backed by remarkable levels of service. I’m looking forward to working with the claims and underwriting teams across our range of products to further enhance our proposition.”
Mike Keating leaves One Commercial
One Commercial has announced that Mike Keating, managing director, has opted to leave the business. Keating has served at the Leeds-based commercial managing general agent (MGA) since 2012. He commented on his pride on what he had achieved at One Commercial, but added that "it's now the right time to step away and look for a new role and challenge". Clive Nathan, who heads the UK and European strategy portfolio for Primary Group, which owns One Commercial, said: "I'd like to thank Mike for all he has done for the business and we wish him well for the future." Nathan is also chairman of One Commercial and will take over interim oversight of the business working with the existing management team to guide the MGA through the next phase.
Tokio Marine HCC adds to primary casualty team
Tokio Marine HCC revealed they have hired Paul Silverman to run the organisations primary casualty division. Silverman has over 3 decades underwriting and management experience, most recently, serving at Lexington Insurance Company. He reports to Christopher Day, president of Tokio Marine HCC - Casualty Group. Tokio Marine HCC’s Chief Executive Officer, Christopher J.B. Williams said, “As a leader in specialty insurance, growing and maintaining a strong general casualty underwriting operation is very important to us. We are fortunate to have recruited a highly experienced and respected underwriting executive to manage the Primary Casualty business for Tokio Marine HCC.” With underwriting teams in Chicago, Los Angeles and New York, Tokio Marine HCC’s Primary Casualty Division focuses on construction, manufacturing and premises-based risks.
Bert Hellman leaves Dual
The global leader of marine and energy at Dual, Bernt Hellman has left the company. It has been speculated that the implementation of a more corporate culture has put off some who were attracted by the company’s entrepreneurial heritage. Hellman left Skuld syndicate 1897 in 2014 to construct Duels marine and energy products. It is also believed that James Scott, former Skuld colleague of Hellman and Duel director of energy, will be leaving as well. The company wants to streamline processes and focus on improvement and quality of the data it offers to paper providers. An example is Duels recent decision to appoint a panel of 10 insurers that would provide cornerstone capacity for 30% of its book that isn’t financial or professional lines.
Theresa Froehlich to leave Lloyd's
Theresa Froehlich, the interim director of performance management, has left her position at Lloyds after informing the company she would like to resign earlier in the month. Jon Hancock is expected to take over the position on a permanent basis at the end of the year with Froehlich remaining to cover the handover period. It was previously reported that Hancock was the favourite to secure the position on a permanent bases which was kept a close guarded secret until recently. Froehlich was one of three final contenders to take on the role on a permanent basis. She will have been in the position for over six month by the time Hancock takes over at the end of the year.
Sirius exploring total return operation
JP Morgan has been asked by Sirius to assess the feasibility of a legacy looking at total return reinsurance. It is thought Sirius is exploring the market for potential fund managers to manage the assets of a possible joint venture. Sirius will likely start a fund raising process on securing the services of a fund manager. It has been difficult for total return reinsurers to raise the needed level of capital recently with three trying so far this year and failing to meet the necessary levels. Some have suggested however that the problems the three start-ups faced had been with originating profitable or even break-even low volatility business something that lends itself to the legacy business.
Chubb promotes Jamie Keaney
Chubb revealed that Jamie Keaney, previously European personal risk services underwriting manager, has been promoted to the new role of vice president and chief underwriting officer, international personal risk services, as the company continues to expand its international high net worth insurance capabilities. In his new role, Jamie will work on driving the profitable growth of Chubb's global high net worth business outside North America, with a focus on the European and Australian markets. He will continue to be based in London, reporting to John B. Thompson, chief underwriting officer, international personal lines for Chubb. Jamie brings more than 20 years of experience in high net worth insurance. Darryl Page, vice president of Chubb and division president of international personal lines said, "I am excited to welcome Jamie to this new role. With his deep experience in High Net Worth insurance and his strong track record at Chubb, I am confident that he will continue to contribute significantly to our objectives of providing exceptional service to our partners and customers, while profitably expanding our business internationally." Jalil Rehman, executive vice president and chief business operations officer, Europe, said: "I have known Jamie for many years and I have always been impressed by his professionalism and personal commitment. Underwriting excellence and taking a tailored approach to each individual's needs are at the heart of our high net worth proposition and Jamie's well-deserved promotion will help ensure that we continue to meet the evolving needs of our valued brokers and clients in Europe."