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EC News Asia Edition (17th October 2018)

  • Publish Date: Posted over 5 years ago
  • Author:by Alan Jarque

Round-up of the latest news and developments from the Asian insurance market with stories from AGCS, Charles Taylor Adjusting, Euler Hermes and more.

AGCS hires Green to strengthen ART capabilities

Allianz Global Corporate & Specialty (AGCS) has named Richard Green as head of its alternative risk transfer (ART), Asia Pacific.

In his new role, Green will oversee developing and executing global strategy for both ART and capital solutions underwriting and business development in Asia Pacific.

Based in Asia since 2005, Green was most recently the regional head of ART and cyber insurance for Marsh, and developed solutions including residual value, weather parametrics, loss portfolio transfer, non-damage business interruption and risk financing.

From 1 November Allianz’s insurance-linked markets team will becomes a standalone line of business known as capital solutions, led by ART chief underwriting officer (CUO) Richard Boyd.

The remaining ART practice groups providing corporate solutions, reinsurance, and climate solutions will continue under the name of alternative risk transfer; it will be led by Michael Hohmann who moves to ART from his current position as global head of liability at AGCS.

ART creates tailored insurance, reinsurance and other non-traditional risk management solutions for corporate, insurance and investment clients.

Mark Mitchell, AGCS regional CEO, Asia Pacific, commented: “Alternative risk transfer is not a new concept to the region and we have had success with ART solutions here in the past.”

“However, such business within Asia Pacific has traditionally required bringing in the expertise of colleagues from other regions. In light of the increasing awareness and demand for the value of ART solutions regionally, I believe the time is right to build a dedicated team around Richard Green to drive business and improve on our value proposition to clients.”

CTA names chairman and managing directors for UK, Europe and Singapore

International loss adjuster, Charles Taylor Adjusting (CTA), has announced senior appointments in its natural resources' loss adjusting business.

Managing Director John Donald has been appointed as chairman and Chris Brown and Mike McMahon have been appointed managing directors for UK, Europe and Singapore.

As chairman of Natural Resources UK, Europe and Singapore, Donald will be responsible for business development, market relations and coordination between CTA’s natural resources’ loss adjusting hubs in Calgary, Houston, Singapore and London.  

McMahon and Brown will both be responsible for the business management, growth, development and technical leadership of the natural resources team in the UK, Europe and Singapore.

Donald, McMahon and Brown will all report to CEO Damian Ely.

Euler Hermes Asia Pacific reveals senior management changes

Euler Hermes has announced a strategic appointment within the senior management of Euler Hermes Asia Pacific (APAC) region, effective 3 September 2018.

Matthew Wells will succeed Gordon Cessford and takes up the role of regional market management commercial distribution director, Euler Hermes Asia Pacific based in Hong Kong.

Wells joined Euler Hermes in 2001 and has spent 17 years in various in market management, commercial and distribution roles.

He began as new business underwriter for Euler Hermes UK and was later promoted to manager for new business and strategic accounts.

After several years he was appointed to head of broker business UK. He led the distribution and account management team for Northern Europe before he took on the director role for market management and distribution for the Nordic countries 3 years ago.

With his experience in trade credit insurance, Wells will lead the commercial teams for the APAC region to greater success by driving sustainable growth and further strengthening our service offering.

China Taiping Insurance Singapore appoints Tay as general manager for life insurance

China Taiping Insurance Singapore has appointed Lance Tay as the general manager for its life insurance business.

In his role, Tay is responsible for the overall establishment and development of the life insurance business of the company which is expected to be fully operational by January 2019.

Tay has over three decades of experience in the insurance industry across a number of markets.

He joins the company from Tokio Marine Life Insurance where he served as CEO. Throughout his career Tay has held various senior roles in Singapore and the region.

MSIG hires business development and digitalisation head

MSIG Asia has hired Mack Eng as head of business development and digitalisation based in Singapore.

In his new role, Eng is responsible for regional business development across markets, distribution channels and products.

He reports to MSIG’s Asia regional CEO Alan Wilson.

Eng has 26 years of experience in the insurance industry and has worked in both local and regional management. Eng is the former chief executive of Singapore P&C insurer ECICS.  

MSIG has operations in Brunei, Cambodia, Hong Kong, Indonesia, Laos, Macau, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

ArgoGlobal appoints new Asia CUO

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has named Michael Scala as its news chief underwriting officer (CUO), Asia Pacific.

Scala will report to Veronica Grigg, CEO of ArgoGlobal Asia.

Scala has over 35 years’ experience in the insurance sector. He joined QBE in 1994 and progressed through a number of senior roles, first as a commercial manager in Western Australia, then serving as general manager, insurance brokers at QBE Asia Pacific, before eventually becoming head of US P&C at QBE Insurance North America in 2010.

Since 2014, he has been a management consultant for High Performance Broking.

Commenting on the appointment Grigg said: “Mike is a talented leader with experience across the Asia Pacific region,”

“At ArgoGlobal, we see Asia Pacific as a key growth area, and with Mike joining the Asian leadership team we are confident of achieving our ambitious plans for the region.”

Chaucer appoints Menon as treaty underwriter for Asia & MENA regions

Chaucer has appointed Rajeev Menon as regional treaty underwriter for Asia, MENA and the Indian-Sub-Continent.

Menon joins Chaucer from Qatar Re, where he most recently served as senior underwriting manager, responsible for developing the company’s treaty portfolio for the Asia and MENA regions.

He has over 18 years of industry experience, having also previously served at Hannover Re in Bahrain and at Swiss Re in India.

Chaucer said that Menon’s appointment reflects its commitment to establishing a broad treaty underwriting team to service the Asia, MENA and Indian-Sub-Continent regions.

Commenting on the appointment Margaret To, CEO at Chaucer said: “Rajeev brings a wealth of treaty expertise and business experience to Chaucer, and we all look forward to working with him,”

Adding: “Developing our treaty presence through in-depth understanding of client exposures and the ability to deliver tailored solutions is an important strategic goal for Chaucer,”

“Rajeev’s knowledge, insight and experience across multiple regions will support us in achieving this.”

Fawzi Omari, senior executive officer at Chaucer MENA, said: “I am delighted to welcome Rajeev to Chaucer. He is a very talented treaty underwriter with an excellent reputation in the Asian and MENA markets for innovative and forward thinking.

“I am sure his unique treaty skills and experience will be an outstanding addition to our offerings for brokers and clients.”

Peak Re names Cabral as COO

Peak Re has named David Cabral as its chief operating officer (COO), effective from 8 October 2018.

In his new role he will report to the CEO. Cabral is a C-suite member with leadership responsibilities in business processes integration, achieving operational efficiency and driving Peak Re’s technology strategy development.

Cabral boasts over 35 years of global (re)insurance experience, working in diverse markets in start-up environments and successfully establishing organisations. 

He founded a (re)insurance advisory firm which provided an extensive range of advisory services from strategy to new product development for (re)insurance companies and insurtech start-ups spanning multiple geographies.

Before his advisory role, Cabral was a founding member of a start-up reinsurance company where he created and managed multiple underwriting functions and supported the company’s operational activities.

His additional experience in Bermuda and US includes the management of claims, risk management, underwriting, operations and technology transformation.

He is also a member of the Pan-Asia Risk & Insurance Management Association (PARIMA).

Markel begins writing business in India

Markel is now actively writing business from its new office in Mumbai, India after receiving its license from the Insurance Regulatory and Development Authority of India (IRDAI) in June.

From the office, Markel will provide specialist facultative reinsurance to local Indian insurers, in a broad range of commercial classes including; marine, energy, contingency, and professional and financial risks.

Deepika Mathur will be in charge of the new office as CEO. She has almost 20 years’ experience in the Indian insurance industry, most recently as executive vice president at HDFC Ergo, the Indian/German general insurance joint venture. She was responsible for the casualty and financial lines business.

Marthur commented: “We are now writing business in India and are very pleased with the response we have had from the domestic market, which affirms the demand from local Indian insurers for specialised products like those offered by Markel,”

Matt Cannock, Markel’s managing director for Asia said: “Establishing the office in Mumbai has been a complex undertaking involving Markel teams around the world, the effort put in by everybody has been truly inspiring,”

Adding: “Deepika Mathur will be instrumental in providing Markel with access to the local reinsurance market. We are looking forward to servicing our existing relationships better and to starting many more new ones.”