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EC News (6 August 2020)

  • Publish Date: Posted almost 4 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from ABI, Ed Broking, Hiscox Re and more.

ABI adds Charlotte Clark CBE as director of regulation

The Association of British Insurers (ABI) has appointed Charlotte Clark CBE as director of regulation, succeeding Hugh Savill who is retiring at the end of the year.

Clark will start the role from 19th October 2020. She will have executive responsibility for the firm’s prudential and conduct regulation policy, its tax work and its international and trade policy.

She is currently the director of capability and learning at the Department for Work and Pensions. Clark was previously director of private pensions at DWP and head of pensions and savings at HM Treasury.

She was awarded a CBE for her leading role in the successful establishment of Auto Enrolment.  

Huw Evans, ABI director general said: “I’m delighted to welcome Charlotte Clark to the ABI. Charlotte is one of the leading civil servants of her generation and will bring with her a wealth of experience and an exceptional track record of delivery.” “I would also like to thank Hugh Savill for his commitment to the ABI over the past 16 years. Hugh has been an outstanding representative of our sector, both here and internationally. His judgement, intellect and wisdom will be much missed by all who deal with him.”

Clark said: “I’m really delighted to be joining the team at the ABI. It is an organisation that I have enjoyed working with on many issues over the years. So it’s great to be joining it at a time of much change and new challenges.”

Ed Broking appoints Assad Ulhaq as senior broker and producer

Global reinsurance, wholesale and specialty broker, Ed has announced the appointment of Assad Ulhaq as senior broker and producer, effective immediately.

In this role, Ulhaq will focus on international property facultative reinsurance, primarily in Europe, the Middle East and Africa.

He joins the business with 10 years of industry experience, having most recently worked at RFIB where he was responsible for the placement of heavy industrial risks in the Middle East.

He began his insurance career in 2010 at Aon where he specialised in property and special industrial risks in Australia, New Zealand, the Nordics, Benelux and South Africa. During his time in Aon’s Dubai office he worked on regional property business.

Jennifer D'Arcy, head of facultative reinsurance said: "As we expand our international property FAC capabilities and respond to the ever-evolving marketplace, it is vital that we continue to attract top industry talent. Assad brings to the team a wealth of knowledge and global experience in the reinsurance market and his proven ability to build key market relationships will be pivotal in sourcing new business opportunities and providing clients with the best tailored solutions. I am very pleased to welcome him to the team."

Mike Krefta to depart from Hiscox RE & ILS in 2021

Specialist global insurer Hiscox has announced that Mike Krefta, chief executive officer of Hiscox Re & ILS will be leaving the company in early 2021 to return to the UK.

Krefta is said to be returning and will be pursuing interests outside of the insurance sector.

He has been with Hiscox for almost 17 years, in London and four of those years in Bermuda and has been CEO of Hiscox Re ILS since December 2016.

Krefta has held a number of increasingly senior positions in accounting, underwriting and catastrophe modelling roles.

Throughout his tenure, he has worked as Hiscox Re chief underwriting officer, joint active underwriter of Syndicate 33 and active underwriter for Syndicate 6104, before becoming CEO of Hiscox Re & ILS and a member of the Executive Committee in 2017.

A search for his successor has already commenced, with an appointment expected to be announced in due course.

Commenting on the announcement, Krefta said: “This has been a difficult decision to make as Hiscox is a growing company with a bright future. It has been a great place to build a career, and I look forward to seeing the business prosper – both as a passionate supporter, and as a shareholder.”

Bronek Masojada, Hiscox Group CEO, added: “Mike has made an impressive contribution to the Hiscox Group during his tenure, and we have benefitted from his underwriting expertise, energy and commitment to the Group.

“I would like to thank Mike for all he has done for Hiscox and he leaves with our very best wishes for the next chapter.”

Sompo International names James McDonald new head of London market energy

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty (re)insurance has named James McDonald as its new head of London market energy.

McDonald brings more than three decades of experience across both the broking and underwriting sectors. He joins the firm from Talbot and has previously held senior roles at Cotesworth, Goshawk and Sedgwick.  

Julian James, chief executive officer, International Insurance at Sompo International, said: “As the industry adapts to the post-Covid world, our focus is on getting ever closer to our clients and broker partners to deliver the solutions they need to navigate this changing risk environment. Whilst the energy sector is challenged by the pandemic, increased volatility in oil prices and other factors, we continue to take a long-term view of this important class of business and remain committed to pursuing sustainable growth through a connected approach across upstream, downstream and renewables.”

Catherine Turner joins Aon as head of UK property within reinsurance solutions unit

Global (re)insurance broker Aon has announced the appointment of Catherine Turner as head of UK property within its reinsurance solutions business.

She will also co-lead with Richard Evans of its UK & Ireland and Specialty Casualty business.

Turner will report to Peter Stubbings, Reinsurance Solutions’ chief executive officer of Global ReSpecialty.

She brings more the two decades of experience in property reinsurance and has worked on both the broking and underwriting side of the business.

She joins from AXA XL where she most recently served as head of international property treaty, London. Prior to that, she was an executive director in the UK & Ireland team at Willis Re.

Stubbings said: “Catherine represents a tremendous addition to our team. Her extensive experience in international property business – both on the broking and underwriting sides – will significantly add to the knowledge, insights and solutions we are able to provide to our clients as we help them to navigate through their challenges in this evolving environment.”

Miller to expand reach with new branch in Switzerland

Specialist (re)insurance broker Miller has announced that it has expanded its European reach and is set to open a new branch in Geneva, Switzerland.

The branch will initially focus on offering credit and political risks solutions to new and existing clients, including financial institutions, commodity traders, exporters and investors.

Expansion plans are also underway to broaden the remit of this hub to other insurance lines.

Arnaud Froideval, head of Miller’s European credit and political risk team, commented: “Our Geneva branch will allow us to provide clients with easier access to our unique service proposition. This is a natural and exciting step in Miller’s growth strategy, demonstrating our commitment to clients in the region, and achieving our ambitions of being the specialist credit and political risks broker of choice.”

Oneglobal appoints Christopher Galyer as general counsel

Specialist independent Lloyd’s broker Oneglobal Broking (formerly SSL Endeavour) has announced the appointment of Christopher Galyer as general counsel, reporting to Mike Reynold, chief executive officer.

Galyer is a senior legal professional with over two decades of experience in legal leadership roles in insurance broking, most recently as head of group legal at JLT.

Mike Reynolds CEO, Oneglobal commented: “Christopher Galyer is an impressive lawyer who has outstanding knowledge and experience of the demanding legal environment within the insurance industry. His legal and regulatory expertise together with his commercial approach will be a great asset as Oneglobal continues its fast-paced build out, while maintaining our focus on clients, and I look forward to working with him.”

Galyer, added: “I am excited at the opportunity to join Oneglobal, as it challenges the status quo in the broking industry. The insurance sector has a complex legal and regulatory framework to navigate and I’m looking forward to working with Mike and the team to ensure we do that successfully.”