Roundup of the weekly news and developments from the global insurance market with stories from Willis Re, Aspen, Sompo Canopius and more.
Willis Re appoints head of Willis Re Specialty Analytics
Willis Re unveiled the hire of Printhan Sothinathan as managing director, head of Willis Re Specialty Analytics. Sothinathan will assume his position in early 2017 and will report to Graeme Moore, chief executive officer of Willis Re Global Specialty. Sothinathan will be responsible for the growth and development of the Willis Re Specialty Analytics client offering. He was most recently managing director of continental Europe at Navigators Group. His brings more than 20 years reinsurance experience which he has gained from multi-sized companies across the UK, European and US markets. Sothinathan said of his appointment, “I am excited to be joining Willis Re Specialty at a time where the team are actively enhancing their service capability in the face of a rapidly changing market place to better serve their clients. Willis Re Specialty is a premier broker that has grown its market share over the past two years. It has augmented and retained its intellectual capital further proving its commitment to clients. I am tremendously looking forward to adding to the success of Willis Re and serving its clients’ needs now and in the future.” Graeme Moore, CEO of Willis Re Global Specialty said, “The addition of Printhan to our growing and talented team is an exciting strategic development for Willis Re Specialty, combining our transactional excellence with a forward thinking and proactive analytical approach.”
Aspen COO and president to step down
Ann Haugh, president of international insurance and global COO at Aspen Insurance will be leaving the company to pursue other opportunities, Aspen have confirmed. Steve Postlewhite, CEO of Aspen Insurance, has made the decision to split the roles of COO and president of international insurance into two positions following a belief that it was no longer feasible for one person to serve in both roles. Haugh was in her position at Aspen Insurance for three years, prior to which she held the positions of global chief underwriting officer and COO. Before Aspen, she was group chief of staff for Zurich Insurance Group. It has yet to be confirmed how Aspen will fill the positions vacated by Haugh with further announcements to follow.
Sompo’s financial strength looks strong
S&P Global Ratings and Fitch Ratings have confirmed that the financial strength of Sompo Japan Nipponkoa looks stable following its planned acquisition of Endurance Specialty Holdings. The findings were based on the insurer’s growth potential in life and overseas insurance as well as its competitive position in the market. The acquisition did have an impact on the rating of the company as it was downgraded slightly from A+ to AA- due to the fall in capital expected from the $6.5bn purchase. S&P Global Ratings said that although the acquisition will affect the short term capital position of Sompo the move would support the businesses base by giving it more sources to generate revenue.
AmWINS Group Partners with Dragoneer Investment Group
Dragoneer has purchased 35% of AmWINS from New Mountain Capital, ensuring a long-term investor for AmWINS’ management and broad employee shareholder base AmWINS Group, Inc. AmWINS, revealed its shareholders have shown support in the partnership with Dragoneer Investment Group. The transaction, which values AmWINS at $2.6 billion, will see New Mountain Capital successfully end its investment strategy in AmWINS, which it began in 2012. Dragoneer will own 35% of AmWINS upon completion of the deal, a further 30% is owned by the Public Sector Pension Investment Board and over 440 AmWINS employee shareholders own the other 35%. AmWINS is a specialty insurance broker placing in excess of $13 billion in premiums through its relationships with more than 20,000 retail brokerage firms and over 1,000 insurance markets. AmWINS’ specialises in a wide range of insurance products and services in the property, casualty and group benefits insurance marketplace.
King appointed by Marsh as UK chief client officer
Ailsa King will join Marsh as chief client officer for the UK and Ireland. Prior to her move to Marsh King spent 25 years at Willis Towers Watson where she most recently held the position of head of UK client and business development. King will report directly to CEO of Marsh UK and Ireland, Mark Weil. In her new position she will become a director of Marsh, joining the UK and Ireland executive committee. King will work closely with Marsh and McLennan’s operating companies, Mercer, Guy Carpenter and Oliver Wyman. Weil said: "Ailsa's significant industry experience and deep client relationships will ensure that our clients will continue to be at the centre of our strategic efforts and that their views will be represented at the highest level within our firm."
Michael Garceau hired by Hamilton USA as Chief Operating Officer
Hamilton USA have announced that Michael Garceau will join the company as chief operating officer. Garceau, will report to CEO Seraina Macia when he joins the company in mid-October. He will lead the platform's Operations, IT and Finance functions. Garceau brings over 25 years in the insurance industry, most recently as chief operating officer of Europe, the Middle East and Africa at AIG. Before joining AIG, Garceau was with XL Group from 2010 to 2015 where he served as chief financial officer for Global Insurance, responsible for all aspects of finance. His role covered strategic planning and analysis, quarterly results, budgeting, reforecasting, expense management and financial reporting across XL Group's Global Insurance segment.
£8bn of losses predicted for Matthew in US
Forecasts for wind only liabilities for storm Matthew have been predicted at between $2bn and $8bn. As Florida avoided the very worst of the storm, insurers are looking at smaller losses in a year that has had a number of pay-outs. Loss estimates for the Bahamas stand between $1bn and $5bn; hurricane Matthew hit the Bahamas on Thursday with wind speeds of up to 140mph. The storm then followed the coast of Florida reducing in strength from category 3 to category 1 as it made landfall in south Carolina. It has been made clear to insurers that these initial estimates are based on potential scenario losses and do not represent total industry losses.