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EC News (10 September 2020)

Round-up of the weekly news and developments from the global (re)insurance market with stories from Hamilton Re, Capsicum Re, McGill & Partners and more.

Hamilton Re adds Megan Thomas as CEO

Hamilton Insurance Group has announced that Megan Thomas has been appointed as the new CEO of Hamilton Re, the firm’s (re)insurance platform in Bermuda.

She will take over from David Brown who served as interim CEO of Hamilton Re.

In her new role, she will report to Pina Albo, Group CEO and be based in Bermuda. Her anticipated start date will be October 2020.

Thomas brings two decades of (re)insurance experience to the role and joins the business from Axis Capital where she served as chief underwriting officer, reinsurance for the last two years. She spent almost 13 years at AIG where she held numerous senior roles, the last of which was chief underwriting officer, liberty lines, before assuming her role at Axis Capital.

Albo said: “We’re really looking forward to welcoming Megan to the Hamilton team. The breadth and depth of her underwriting experience across multiple lines of business on a global basis, as well as her strong leadership and relationships with clients and brokers, will help us to leverage the many opportunities we are seeing in today’s hardening market.

“We are indeed fortunate to have found Megan at this exciting stage of building a global specialty insurance and reinsurance franchise. Her discussions with members of our Board and our executive team confirmed to all of us not only that Megan has what it takes to assist Hamilton in capitalizing on the market’s potential, but also that she’ll be a great fit for our company.”

Capsicum Re appoints Adam Salama as partner

Specialist reinsurance broker Capsicum Re has announced the appointment of Adam Salama as partner, taking up his new role in March 2021.

Salama will become a partner within Gallagher Re, the name the business will rebrand and operate under with effect from 1 October 2020.

He joins the company from Aon where he spent 14 years with the business most recently serving as head of London market marine & energy reinsurance.

Rupert Swallow, CEO of Capsicum Re, said: “Client advocacy is at the core of our business’ DNA and Adam’s reputation amongst his clients and his in-depth experience across such a broad-range of reinsurance specialisms will be a superb addition to the expanding army of reinsurance broking talent who are helping to shape and define our next phase of growth.”

McGill and Partners appoints a series of key hires within treaty team

McGill and Partners, a specialist boutique insurance firm, has made a series of key appointments within its treaty team expanding the team to 34 members, including Angus Milgate as head of treaty reinsurance, joining in September 2020.

Milgate brings over three decades of experience across reinsurance broking and leadership roles in both London and Asia. Most recently he was head of UK and Ireland for Aon’s Reinsurance division.

Over the last six months, McGill and Partners reinsurance division has added 22 new hires, helping to meet the growing demand for placement of complex risk in a hardening market.

The treaty team works closely with the Facultative team, which has been led by Paul Summers since he joined in April as head of global facultative reinsurance. Summers previously led the facultative reinsurance businesses at both Guy Carpenter and Aon.

A number of other senior hires have been made in recent months including Dan Baily who will join as partner focusing on Retro and industry loss warranties, Simon Coles, also joins as partner with multi-class experience including property, motor and casualty; Stewart Smith, who joined as a partner specialising in Casualty; and Bob Mellor, who will join the firm soon as a partner with a focus on Property.

John Lloyd, chairman of McGill and Partners, who has helped oversee the build out of the team said: “It is testament to the bold ambitions of McGill and Partners that we have secured such an impressive roster of talent in our Reinsurance team. The market is in a phase of transition, and the last few months have made the case for an innovative approach to placing complex risks. With Paul and Angus at the helm of Facultative and Treaty respectively, the Reinsurance team is well-placed to continue to grow and take on new clients as we move into the last quarter of 2020 and into 2021.”

QBE Re restructures casualty treaty teams to support growth

The reinsurance division of QBE Insurance Group, QBE Re, has announced it has created a single casualty treaty reinsurance team, bringing together the US and International Casualty Treaty teams into one business unit.

QBE Re states that the combination into a single Casualty Treaty reinsurance team is to enable a unified market proposition as the company looks to take advantage of growth opportunities in strengthening casualty marketplace.

Tim barber will lead the team in the newly created role of head of casualty treaty for QBE Re. He joined the firm in 2011 and was previously Head of International Casualty treaty.

In his new role, he will report to Steve Postlewhite, managing director QBE Re.

Additionally, Mark Jackaman will assume the role of head of international casualty treaty and Tony Clayton will assume the role of head of US casualty treaty. Both will report to Barber under the new division, who will take a strategic role over both portfolios.

Postlewhite, managing director, QBE Re, said: “Bringing the Casualty Treaty teams together will allow us to have a much more cohesive product offering and to have a collegiate team of experienced underwriters. We want an offering that can meet the evolving needs of our customers and brokers as well as being able to take advantage of growth opportunities.”

Tim Barber, head of casualty treaty, QBE Re, said: “Our ambition is to grow the casualty reinsurance business in 2021. We’ve moved from what was a soft market for nearly a decade to one that has seen considerable positive rate movement as a result of recent high-profile losses, economic uncertainty, and long periods of underpricing.”

Adding: “Customers are focusing more on relationships with partners who offer financial strength, longevity and the ability to innovate. QBE Re embodies all these traits, along with underwriters empowered to make decisions quickly. Having all our casualty experts together in one team will only strengthen this proposition.”

Stephan Ruoff named head of ILS business Schroder Secquaero

Schroders has announced that Stephan Ruoff has succeeded Dirk Lohmann as head of Schroder Secquaero, an insurance-linked securities (ILS) business within Schroder Investment Management Switzerland) AG.

Ruoff was appointed deputy head of Schroder Secquaero as Dirk’s designated successor in November 2019 has assumed the new role this month, as planned. 

He brings extensive underwriting and senior management experience as well a deep knowledge of the alternative and capital market for reinsurance, having previously served as CEO of Tokio Millenium Re, which acted as a service provider for many ILS managers.

Additionally, Lohmann will remain with the firm in a newly created position of chairman.

In this capacity, he will continue to support the team, serve as a member of the investment committee, and focus on new business opportunities and strategic ventures.

Georg Wunderlin, global head of private assets said: “Under Dirk’s leadership Schroder Secquaero has grown to become a significant player in insurance-linked investment markets. It is a key priority of our strategy to continue to build out our market position in this space. With Dirk as Chairman and Stephan as Head of Schroder Secquaero we can pride ourselves on a leadership team which boasts unique experience in the ILS marketplace. I wish them the best of luck for their new positions.”

Dirk Lohmann, chairman of Schroder Secquaero commented: “I wish Stephan all the best as my successor. I am confident that he will take Schroder Secquaero to the next level as we develop new insurance-linked investment solutions and products for our client base. I look forward to my new role as Chairman and supporting Stephan and the team going forward.”

Stephan Ruoff, head of Schroder Secquaero said: “I am very pleased with the opportunity to assume the role as Head of Schroder Secquero and I am very thankful to Dirk for his leadership and guidance in the last few months, as well as his continued support for the organisation. I am also convinced that with the changes we have implemented we are well prepared for the next stage of growth.”

Tim Bailey appointed as Zurich UK CEO succeeding Tulsi Naidu 

Zurich UK has announced the appointment of Tim Bailey as chief executive officer, succeeding Tulsi Naidu as she takes over as regional CEO of the Asia Pacific regions from the 1 January 2021.

Bailey currently serves as Zurich’s chief operating officer (COO) for EMEA, and his appointment as UK CEO remains subject to regulatory approval.

He has more than 20 years’ experience in the insurance industry and he held a number of key roles across the Zurich Group. Previous roles include CEO of Life and Investments (Australia), chief risk officer and head of strategy for the global life business. 

Bailey takes over from Naidu after serving the role for the past four years. During her tenure in this role since 2016, she has led the UK business, reshaped, simplified and improved technical and digital capabilities resulting in Zurich’s UK business returning to strong growth with improved profitability.

Tim Bailey, chief operating officer for EMEA shared: "I’m delighted to be taking on the role of UK CEO from 1 January and to be re-joining the UK business, where I started my career in insurance over 20 years ago. I’ve had the pleasure of working closely with the UK team for the last year as EMEA COO and seen the tremendous progress that has been made under Tulsi’s leadership. I’m looking forward to joining such a talented leadership team, responding to the rapidly-changing environment and continuing to deliver great service to our UK customers and distribution partners."

Tulsi Naidu, Zurich’s UK CEO said: “I am honoured to be asked to take on the role of CEO of APAC and I’m really looking forward to this next challenge which represents a significant growth opportunity for the Group. I have loved my time working with the UK team and the progress we have made in this key market for the Group.  I have every confidence the business will maintain its strong momentum moving forwards and I see a very bright future ahead. The business is in great shape and well poised for the next chapter.

“I couldn’t leave the UK business in safer hands. Tim has two decades of extensive global experience across the Zurich Group and I am really confident he will provide the leadership to take the business forward on the next stage of its journey.”