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EC News (10 December 2020)

  • Publish Date: Posted almost 2 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from Global Risk Partners, Brit, Arch Insurance and more.

Global Risk Partners names Dan Berry as chief underwriting officer

Global Risk Partners has appointed Dan Berry as chief underwriting officer (CUO) for its underwriting division.

In his new role, Berry will report to Clive Nathan, CEO Underwriting. He will be responsible for the oversight of data and analytics to drive risk selection, market-leading underwriting and product innovation, using technology to further develop GRP’s digital capability. Berry will also work with GRP’s insurer partners to develop long term sustainable relationships.  

Berry joins the firms from insurTech start-up Coverly Ltd, where he served as underwriting and pricing director. Prior to that he spent four years as head of underwriting (London) at Aspen Risk Management. He has also held underwriting roles at W/R/B (part of the W R Berkeley Corporation), AML and Evergreen Underwriting services in London.

Nathan said: “Dan is a highly experienced manager of underwriting portfolios who will add significant expertise to the business.

At GRP Underwriting we are already using digital practices in order to marry our strong underwriting tradition with the advantages of technology and data analysis, which will be a key factor in the future success of our business.” 

Berry said: “GRP Underwriting is already one of the largest MGAs in the UK, and I’m excited to be joining a business with ambitious growth targets, a clear vision and the financial backing to make that vision happen.

GRP Underwriting has a proven track record under Clive’s leadership and is well-positioned to continue to deliver outstanding service to our broker partners and their customers combined with excellent results for our insurer partners.

“I look forward to playing a leading role in achieving the long-term strategic ambitions of GRP Underwriting.”

Gavin Wilkinson to join Brit as group CFO

Specialty (re)insurer Brit has announced the appointment of Gavin Wilkinson as chief financial officer (CFO) and will also join the Executive Committee and Board, effective May 2021.

Wilkinson joins the company from RSA where he currently served as CFO, Scandinavia. During his 10 years at RSA he has held various senior positions including CFO of RSA UK & International, CFO of RSA Ireland and group performance & capital director.

He began his career at Deloitte, where he qualified as an accountant, working within its financial services practice.

 As previously announced, Ki CEO Mark Allan will step down from his role as Brit CFO once Wilkinson has started his role.

Matthew Wilson, Brit Group CEO said: “Gavin was the stand-out candidate for the Group CFO role, and we are delighted that he will be joining Brit. He brings a strong technical skillset, deep expertise in leading finance functions within non-life insurance and an impressive track-record of driving performance throughout his career.

Critically, Gavin has demonstrated himself as a key strategic partner to boards and management teams. His energy and dynamism strongly resonated with the culture we have created at Brit and I look forward to working closely with Gavin in his new role.”

Wilkinson commented: “Brit is an exciting company that is willing do things differently, with a strong culture of innovation.  Matthew and the management team have developed an ambitious vision and a clear strategy, I look forward to working with them to help deliver on this.”

Arch Insurance announces rebrand of Barbican Syndicate

Arch Insurance International has announced the rebrand of Barbican Syndicate 1955 to Arch Syndicate 1955, effective 1 January 2021.

The rebrand forms as part of the ongoing integration of Barbican Insurance Group into Arch Capital Group Ltd and follows the recent launch of Arch Managing Agency Ltd to combine Arch Underwriting at Lloyd’s and Barbican Managing Agency Ltd into a single entity.

Arch has also announced that it will introduce a split stamp strategy across Arch Syndicate 1955 and Arch Syndicate 2012 in 2021. This will apply across numerous lines of insurance for risks incepting on or after 1 January 2021, including cyber & tech PI, fine art & specie, general liability, healthcare, management liability, marine war, offshore and onshore energy, and terrorism.

Syndicate 1955’s reinsurance lines of business will not be impacted by Arch’s split stamp strategy.

Simon Williams, active underwriter for Syndicate 1955 and chief strategy and distribution officer for Arch Insurance International, commented: “The renaming of Syndicate 1955 is another key step in the seamless integration of Barbican into our organisation, as we continue to enhance our scope and relevance to brokers within the Lloyd’s market.

The introduction of the split stamp strategy will allow us to achieve greater flexibility and improved efficiency for both our customers and brokers.”

Lockton appoints trio to M&A team

Insurance broker Lockton has announced the appointments of Joshua Halpern, Gaurav Sud and Eric Ziff to lead its mergers and acquisitions (M&A) consulting offering.

The new additions will significantly bolster Lockton’s mergers and acquisitions advisory and brokerage capabilities in connection with the placement of representations and warranties insurance, tax liability insurance, and other contingent liability insurance.

Halpern, Sud and Ziff all join Lockton from Aon, where they most recently served as senior managing directors and members of the leadership group within the North American transaction liability team.

They collectively bring over 40 years’ experience as both corporate attorneys and representations and warranties insurance brokers, specialising in private equity and corporate acquisitions across all industry sectors.

Peter Clune, CEO said: “Joshua, Gaurav and Eric are some of the most qualified transaction liability advisors in our industry, with unrivaled reputations and depth of experience. We’re thrilled they have chosen Lockton and are excited for the value they will create for Lockton’s clients.”

Halpern added: “We’re extremely excited to add our expertise to Lockton’s vibrant producer base and unparalleled P&C advisory platform, which will enhance the firm’s holistic, best in class services for its clients.”

Sud also commented: “We look forward to continuing to strengthen and deliver this value to Lockton clients, particularly as the role of insurance capital grows in the current deal environment.”

Ziff also added: “Lockton impressed us with a similar view on the industry, and their palpable excitement about creating solutions that can help clients in both the short and long term.”

Ron Lockton, chairman said: “Lockton is building world-class expertise to support our aggressive growth plan and continues to attract top tier talent to meet our client’s needs. We are committed to the transaction liability space and providing our private equity and corporate clients with the depth and expertise to service transactions of any size and scope.”

Victor Insurance appoints Richard Turner as international head of marine

Managing general underwriter, Victor Insurance has appointed Richard Turner to the newly created role of international head of marine, effective immediately.

In his new role, Turner will be responsible for driving Victor’s international marine business with a focus on data and analytics driven insurance products and solutions. Based in London, he will report to Anthony Stevens, president, Victor International.

Turner will also continue to serve as president of the International Union of Marine Insurance (IUMI). He previously held multiple senior roles at RSA Insurance Group plc, including CEO of RSA Luxembourg, director of Global Risk Solutions Europe and global marine director.

Stevens said: “Richard is a proven global leader with deep underwriting and commercial experience across multiple classes of business. He brings an acumen in how technology, data and analytics can transform insurance and risk management, and I expect he will deliver value to Victor’s clients in the marine and cargo industry.”

Turner added: “The increased use of data and further digitalisation have the capability to be catalysts for tremendous change in the management of risk in the marine industry. During my time as President of IUMI, I have been articulating the opportunities available to firms around the world to address increased risk challenges through the greater use of technology.

I am glad to be joining Victor Insurance, a company at the forefront of this innovative thinking, at such a crucial time for the industry. I look forward to working with them to further develop our marine insurance offering across the group.”

Lockton Re hire Matt Foreman as head of non-marine retro & property specialty

Reinsurance broker Lockton Re has named Matt Foreman as head of its non-marine retrocession and property specialty division in London.

He joins the business from the Global ReSpecialty unit of Aon’s Reinsurance Solutions, where he most recently served as head of London market, non-marine.

Keith Harrison, international CEO, Lockton Re, commented: “We’re delighted to have Matt join. Not only does he bring deep expertise in Retrocession and London Market Property but he also brings tremendous energy and a forward thinking approach to the business as well as a great cultural fit for what we are building at Lockton Re. Whilst Matt will be based in London he will also be highly engaged in advising retrocessional clients around the globe and working with colleagues in Bermuda and the USA.”

Foreman added: “What a great time to join the Lockton Re platform with its focus on broking and technical expertise, digital technology and a collaborative client first ethos. I am hugely excited about joining the industry leading talent at Lockton Re and contributing to the value that Lockton Re’s differentiated approach can bring to clients.”

Nick Durant, USA CEO, Lockton Re, said: “The development of our global Retrocessional capabilities with world class talent is another piece of our expanding offering to clients and prospects. Because we are building a truly global business, with no internal silos, we can create collaborative teams that work seamlessly across the Atlantic to provide the best possible outcomes to clients.

We are very excited that Matt has joined Lockton Re in London and look forward to working with him.”