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EC News (8th February 2018)

  • Publish Date: Posted over 6 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from JLT, Lloyd’s, XL Catlin and more.

JLT lands Trotti from AIG

London-listed broker JLT has named former AIG executive Joe Trotti as global specialty practice head of aviation.

Within his new role, Trotti will become a member of the global JLT Specialty leadership team and a global specialty executive. He will be responsible for coordinating the broker’s global aviation capabilities and accelerating their development.

He will report to recently appointed global specialty CEO, Lucy Clarke.

Trotti joins JLT from AIG Europe, where he held a variety of senior management positions during his career with the carrier, most recently serving as head of property and specialty risk and head of UK wholesale and previously president of global aerospace and marine at AIG.

Prior to AIG, Trotti was CEO of global specialties at Willis Towers Watson, where he was responsible for its aerospace, marine, energy, Finex, construction and financial solutions businesses.

Commenting on the appointment, JLT chief executive Dominic Burke said: “I’m delighted that Joe is joining JLT. The fact that someone of Joe’s market standing and capabilities is joining us underlines our determination to ensure that our clients are getting the very best of JLT wherever they are located.

“This is the first of what will be a series of similar appointments of global Specialty practice heads. These will strengthen the global management of our principal industry specialties and create a single point of focus for each to facilitate coordinated working between geographic regions and between specialty practices.”

Trotti remarked: “I’m very excited to be joining JLT and such a talented team. The commitment, culture and client focus is second to none. I’m really honoured to have the opportunity to work with an industry leading aviation team as we continue to expand and invest in the business.

“JLT has an incredibly strong spirit, culture and aspiration. I am very happy and proud to be joining at such an exciting time in their evolution.”

Lloyd’s proposes to mandate use of PPL

Lloyd’s is planning to mandate the use of electronic placement as it seeks to increase efficiency and reduce costs.

In a statement, Lloyd’s CEO Inga Beale said that adoption of the market’s electronic placing platform (PPL) is “vital” but “it is not happening fast enough”.

"Unless the market moves together it will not reap the benefits and reduce administration costs. Electronic placement will support face-to-face negotiation, further increase efficiency in the market, reduce back-office costs and most importantly, improve customer service," she said.

“Without higher levels of adoption throughout the market we put our investment to date at risk and we are in danger of seeing administration costs rise even higher. It is for this reason that Lloyd’s is proposing to mandate the use of electronic placement on a phased basis over time,” she added.

Beale highlighted that over 15,000 risks have now been bound to date on PPL, adding that nearly 60 percent of financial and professional lines risks are being placed electronically.

Last week, it was announced that PPL had been used to close the Aon Client Treaty facility for 2018, which is said to be one of the largest and most complex transactions in the Lloyd’s market.

PPL began trading in July 2016 and is a core component of the London Market Target Operating Model.

Lloyd’s said it will hold briefing sessions with the market to provide further information about PPL as well as details of how the electronic placement mandate may work and gather their input.

XL Catlin appoints MacColl as global hull leader

XL Catlin has promoted Mike MacColl to the positon of global practice leader for hull.

MacColl previously served as the carrier’s head of hull for the UK. He succeeds Mike Talbot, who is retiring after a professional career spanning 50 years.

Prior to joining XL Catlin, he held several positions at Talbot. He is an associate of the Chartered Insurance Institute and Fellow of the Institute of Chartered Shipbrokers, and has been a member of the Joint Hull Committee at Lloyd's since 2016.

Commenting on the promotion XL Catlin chief underwriting officer (CUO) for global marine Rob McAdams said: “Mike has proven to be a hugely valuable member of the UK marine team in the 12 months he’s been with XL Catlin, and I am delighted that he has stepped into this new position. His strength of leadership and experience will be key as we drive strategic, profitable expansion across our marine business and continue to provide a superior service to our clients.”

He added: “On behalf our global marine team, I’d like to thank Mike for his many contributions and insights, which have helped steer the development of our marine book and ensure we remain a preeminent leader in this core class.”

Cisco, Apple, Aon, & Allianz launch new cyber cover for businesses

Cisco, Apple, Aon and Allianz have teamed up to launch a cyber risk management solution for businesses, combining cyber resilience evaluation services from Aon, secure technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz.

The new solution is designed to help a wider range of organisations better manage and protect themselves from cyber risk associated with ransomware and other malware-related threats, which are among the most common threats faced by organisations today.

The new solution covers the primary dimensions of cyber protection for businesses. The key elements of the offering include; cyber resilience evaluation, cyber insurance, Cisco Ransomware Defense, Apple products and incident response services. 

Aon cyber security professionals will assess interested customers’ cyber security posture and recommend ways to help improve their cyber security defences.

The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (ACGS). Allianz evaluated the Cisco and Apple technical foundation of the solution and determined that customers using Cisco Ransomware Defense, and/or qualified Apple products can be eligible for the Allianz-developed enhanced cyber insurance offering, acknowledging the superior level of security afforded to businesses by Cisco and Apple technology.

Enhancements include market-leading policy coverage terms and conditions, including potentially qualifying for lower, or even no, deductibles in certain cases. Cisco Ransomware Defense leverages industry leading threat intelligence from Cisco Talos to see threats once, and block them everywhere. The solution includes advanced email security, next-generation endpoint protection and cloud-delivered malicious internet site blocking, to strengthen an organisation’s defences against malware, ransomware and other cyber threats. 

Organisations will have access to Cisco and Aon’s incident response teams in the event of a malware attack.

Jason Hogg, CEO of Aon Cyber Solutions remarked: “Ransomware is an evolving risk that impacts every level of an enterprise. Organisations urgently need to be managing these risks from both the technical and the financial perspective,”

“This holistic solution provides our clients with an integrated approach to addressing ransomware risk. We can provide customers with guidance on what cyber defences, resources and processes to deploy to improve their cyber posture. It’s the improved cyber posture that makes them eligible for enhanced/broader cyber insurance protection.”

AGCS North America president and CEO Bill Scaldaferri commented: “Proactive analysis coupled with the latest technology creates an ideal defence against today’s ever-changing ransomware and malware attacks,”

“This strategic alliance with Aon, Apple and Cisco allows us to provide a unique solution to companies using this integrated platform to manage risk and ultimately strengthen their battle against high-profile threats.”

Volante launches Nordic focused MGA Bridge Underwriting

Talbir Bains’ Volante Global has launched Nordic focused MGA Bridge Underwriting.

This represents the second managing general agency (MGA) to be launched on the MGA platform, following the launch of UK commercial motor specialist MGA Edison Motor in January.

From March, the Stockholm-based MGA will commence writing a broad range of Nordic risks including property, liability, financial lines and commercial combined insurance solutions and will be led by Torkel Lindberg who will serve as managing director.

Lindberg joins from QBE where he was general manager for the Nordic region. Prior to that, he held senior positions at both Marsh and Willis in Sweden.

Volante founder and CEO Talbir Bains said: “The Nordic region remains a much-coveted territory for the London market, underpinned by a consistent delivery over the long term of very respectable combined performance to its insurers.”

Meanwhile, Lindberg added: “As a specialist MGA, Bridge Underwriting provides the perfect vehicle to deliver a comprehensive range of relevant products to the Nordic market,

“The flexibility and responsiveness inherent in the MGA structure will enable us to fully capitalize on the underwriting expertise within our team to develop solutions that truly meet the very diverse needs of our clients.”

Aon Benfield names Siccardi as UK COO

Aon Benfield has appointed Leonora Siccardi as its chief operating officer (COO) of its UK business.

Siccardi will perform her new role alongside her existing responsibilities as the broker’s EMEA & UK head of client services, a role she assumed in 2017.

In her new role, Siccardi will oversee the strategy, leadership, development and execution of policy and practice in all operational areas of the UK business, and will be specifically tasked to build a platform for the firm’s continuous growth and improvement. Furthermore, she will be a member of the UK executive leadership team and will work across Aon Benfield UK and its support functions.

She will report to Aon Benfield UK CEO Nick Frankland.

Since joining Aon in 2006, Siccardi has held numerous positions across the firm. She was appointed UK head of client services in 2016, having joined Aon Benfield from Aon Risk Solutions, where she served as head of claims advocacy since June 2014, with responsibility for the development and delivery of a claims strategy for the global broking centre in London.

Commenting on the appointment, Frankland said: “Leonora’s experience in successfully leading client services businesses in both Aon Risk Services and Aon Benfield will be of tremendous value in her new position as chief operating officer of Aon Benfield UK.

“Her understanding of the interaction and synergy between the front and back ends of our operating model will be invaluable in improving both our internal efficiency and the overall client experience.”

Barbican launches Bermuda platform

Barbican has launched a new underwriting operation in Bermuda.

Barbican Bermuda will focus on the US property market and will write exclusively on behalf of Barbican Syndicate 1955.

The operation will be led by former Axis/Novae head of US direct and facultative (D&F) property Nik Lucking, who will assume the position of head of D&F. He will report to Barbican divisional head of property David Slade and will be based in Bermuda.

The company will underwrite a direct and facultative portfolio of business on an excess and surplus lines basis. Building a balanced book across both commercial and industrial risks, the team will concentrate on Fortune 1000 corporations as well as middle-market organisations. All business written will be US-domiciled and will include nationwide, regional and single state/location accounts.

Prior to Axis/Novae, Lucking was senior vice president and head of individual risks at Montpelier Re Bermuda, having joined the carrier in in 2007. He was also an executive director at Willis, heading up the broker’s US property team in Bermuda and middle-market team in London.

Slade said: “We see this as an opportune time to establish ourselves in Bermuda. We believe that Bermuda offers significant opportunities for profitable, sustainable growth in the US direct and facultative arena and Nik brings an exceptional level of underwriting insight and leadership to the operation.”

Lloyd’s makes trio of appointments to Franchise Board

Lloyd’s has added three new members to its Franchise Board.

Mike Bracken, Nigel Hinshelwood and Fiona Luck will join the Franchise Board as non-executive directors for three years from March.

Bracken joins from the Co-Op Group, where he served as chief digital officer. Prior to that, he spent four years as the UK government's executive director, digital and also as chief data officer, during which time he was involved in the creation of the UK government digital service.

Hinshelwood was most recently head of the UK and deputy CEO of HSBC Bank, having been with the firm for 12 years and serving in a variety of senior global roles including global head of operations and chief operating officer (COO) for Europe, Middle East and Africa. He is also a non-executive director on the board of Marks & Spencer financial services plc. 

Meanwhile, Luck has been a non-executive director of the Bermuda Monetary Authority (BMA) since 2013, having previously sat on the board of Catlin Holdings and Allied World Holdings. Prior to that, she spent a decade at XL Capital serving a number of senior roles. 

Commenting on the appointments, Lloyd’s chairman Bruce Carnegie-Brown said: “These are great appointments for Lloyd’s. Mike, Nigel and Fiona bring experience and expertise from across the business spectrum from insurance to banking to technology, built up over the last twenty-five years. The Corporation will undoubtedly benefit from their expertise and I am looking forward to working with them.”