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EC News (20 May 2021)

  • Publish Date: Posted about 3 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from CFC, Liberty Specialty Markets, Price Forbes and more.

CFC forms new senior underwriting management team 

Specialist insurer, CFC has announced it has formed a new senior underwriting management team to support the firm’s growth plans and help the executive team deliver on its mission and strategy. 

The five new appointments are:

  • Tim Boyce, Head of Professions and Healthcare
  • Michael Brunero, Head of Tech, Media & Intellectual Property
  • James Burns, Head of Cyber
  • Kate Lyes, Head of Specialty Lines
  • Gus Marshall, Head of Transaction Liability

Wayne Harrington, who joined the business three years ago as head of property and casualty, also forms part of the new senior management team.

CFC now writes 50 innovative products across 17 lines of specialist insurance, serving over 100,000 businesses in 80 countries.

Dave Walsh, CFC CEO and founder said: “We’ve more than doubled our headcount over the past three years through the growth of our existing teams as well as acquisitions in the UK, the United States and Australia. Over half of our people are now employed across our underwriting teams. They’re the engine powering our continued growth and so it’s important that we have the right leadership in place to own each product line not only to help shape, evolve and implement underwriting strategy but also to play a critical role in the management and oversight of each team.

It gives me great pleasure to see Tim, Michael, James, Kate and Gus all taking the next step in their careers with CFC. They are all outstandingly talented people, real champions of our culture and values and I can’t think of better role models for our younger underwriters to follow.”

The creation of these new roles follows on from CFC’s appointment of Louise O’Shea, as independent non-executive director in March this year to bring her experience of building a tech and data-led business to the board.

Liberty Specialty Markets names Christoph Paeßens as PI manager for Germany

Liberty Specialty Markets, part of Liberty Mutual Insurance Group, has announced the appointment of Christoph Paeßens as professional indemnity (PI) underwriting manager for Germany, effective immediately.

In his new role, he will lead LSM’s German professional indemnity team with a focus on broadening and growing its portfolio of business.

Paeßens will report to Angelika Gasser, interim country manager and Valérie Baucher head of professional indemnity for Europe.

He joins the business from AXA XL Germany, where he most recently served as corporate solutions’ chief underwriting officer for financial lines.

Pierre-Edouard Fraigneau, LSM’s chief underwriting officer for Europe, said: “Christoph is a very welcome addition to our team and will play an important role in growing our European presence. He brings over 25 years’ experience in the PI market at both national and international level. He also has a strong track record of leading underwriting teams and developing client relationships.”

Price Forbes names Nicolas Bardon as Bermuda executive vice president

Global brokerage, Price Forbes has named Nicolas Bardon as executive vice president, Bermuda.

In his new role, Bardon will work closely with Nick Foden-Pattinson, president of Price Forbes Bermuda.

He brings many years of experience as a retro broker and industry loss warranty (ILW) specialist.

Price Forbes states his appointment strengthens the firm’s presence in Bermuda and his proven track record of working with clients to deliver solutions broadens the business’ ability to bring clients bespoke products to fit their needs.

He joins the business from Bermuda brokers, where he served as a producing broker across several product lines. Prior to this, he was a broker at JLT Re/Guy Carpenter’s Retrocessional Property Team.

Nicolas Bardon commented: “I am delighted to join Nick Foden-Pattinson and the broader team at Price Forbes and Ardonagh to expand their client offering.

“The ILW market has been very active since the beginning of the pandemic over a year ago. Last year’s price increase attracted the traditional markets as well as the start-ups to write ILWs and we anticipate that buyers’ appetite for these products will remain strong at renewal. The reinsurance market, especially in Florida, and the retro market have an impact on ILW prices and the actual outcome suggests some price stabilization and growing trading activity especially in light of the potential increase of natural catastrophe frequency.”

Nick Foden-Pattinson added: “We’re delighted to have attracted someone of Nic’s expertise and experience to expand the business. Price Forbes Bermuda and the Ardonagh Group is committed to delivering independent placement and advice to clients across the world and Nic’s appointment will help us to deliver on our commitment.”

Emily Clapham joins IGI as senior underwriter for new contingency line of business

International General Insurance Holdings (IGI) has announced the appointment of Emily Clapham as senior underwriter for the firm’s recently announced contingency line of business.

Based in IGI’s London office, Clapham will report to Richard Foster, head of property political violence and contingency. In her new role, she will be responsible for developing both standard and tailor-made solutions for a broad range of clients, operating across the event, entertainment, arts and sporting industries.

IGI launched its new contingency insurance line of business in April 2021 to take advantage of improving market conditions following a period of disruption caused by the COVID-19 pandemic and government-mandated lockdowns.

The contingency line includes event cancellation coverage on an all risks or named perils basis, as well as non-appearance insurance, prize indemnity, bespoke parametric solutions, and transmission failure policies.

Foster said: “We are delighted to welcome Emily to IGI. She brings an impressive combination of technical underwriting skill and robust knowledge of the latest pricing systems and tools to put IGI in good stead to start writing contingency business as the event world opens up again.”

Laurent Rousseau succeeds Denis Kessler as CEO of SCOR

Global reinsurer, SCOR has announced the board of directors has unanimously chosen Laurent Rousseau, deputy chief executive officer of SCOR Global P&C, chairman of SCOR Europe and member of the Group Executive Committee, to be appointed chief executive officer of SCOR, effective June 2021.

Rousseau will succeed Denis Kessler as he departs from his duties as CEO of SCOR for personal reasons at the end of his current term of office, which is due to expire at the General Meeting of 30 June 2021.

The board unanimously said they would like Kessler to agree to remain as chairman of the Board of Directors. 

SCOR originally appointed Benoît Ribadeau-Dumas as deputy chief executive officer with effect from January 1, 2021, with a view to becoming CEO following the General Meeting in 2022. The board now states, “While recognizing and commending his strong commitment and successful integration during his first few months at SCOR, the Board of Directors has come to the conclusion that the conditions are not met for Benoît Ribadeau-Dumas, who had not worked in the insurance or reinsurance sector before joining the Group, to take up the position of Chief Executive Officer of SCOR in June 2021.’

Rousseau has held senior positions at SCOR for the past eleven years and has 20 years of (re)insurance sector experience in London and Paris and the board shares “he has all the skills and qualities necessary to become CEO of SCOR.”

Rousseau was one of three candidates selected by the Compensation and Nomination Committee as part of the chairman and CEO succession planning conducted in 2019 and 2020. Additionally, the board of directors will propose that Rousseau be appointed a director of the Group.

The board of directors has decided to separate the roles of chairman of the Board and CEO one year earlier than initially planned and Kessler will be appointed as non-executive chairman following the General Meeting of 30 June 2021, which is said to help ensure the continuity of the Group’s strategy.

Denis Kessler, chairman and CEO of SCOR, comments: “For nineteen years, I have devoted my life to reinsurance in general, and to SCOR in particular. This is a fascinating and demanding industry, extremely sophisticated and underpinned by science. SCOR has become a global Tier 1 company that is profitable, has a high level of solvency, and is growing continuously. I would like to sincerely thank the Group’s clients, shareholders and all its employees for their support and their trust over all these years. The succession announced in December 2020 by the Board on the recommendation of the Nomination Committee, cannot take place as planned. I would like to thank Benoit Ribadeau-Dumas for all the effort he has made to integrate into the company and the sector. I have every confidence in Laurent Rousseau, a seasoned and recognized (re)insurance professional with whom I have worked for more than eleven years, to ensure SCOR’s success and to guarantee its long-term development, with the twofold target of profitability and solvency. Laurent will stay true to the principles and values that make up the Group’s DNA, while giving it new momentum in the current health and economic crisis. All the members of the Executive Committee, highly experienced reinsurance professionals, along with the Group’s 3,000 employees throughout the world, will be united in helping him to take SCOR to the next level. Laurent can count on my full support as Chairman of the Board.”

Augustin de Romanet, lead independent director of SCOR, comments: “On behalf of the Compensation and Nomination Committee, I would like to thank Denis Kessler most warmly for having successfully led SCOR’s development since 2002. Over the past nineteen years, Denis has shaped SCOR, turning it around in an outstanding way and subsequently establishing it as the world’s fourth largest reinsurer, with a rating of AA-. He has created a culture of expertise and integrity that will be carried on by the teams he has built. I would also like to commend the remarkable integration of Benoît Ribadeau-Dumas at SCOR, with regret that the conditions are not met to appoint him as CEO on July 1, 2021. Finally, I am confident that Laurent Rousseau has all the qualities necessary to succeed Denis as Chief Executive Officer of SCOR.”

Laurent Rousseau, deputy chief executive officer of SCOR Global P&C, chairman of SCOR Europe and member of the Group Executive Committee, comments: “I am honored by the confidence the SCOR Board of Directors has placed in me by choosing me as the next Chief Executive Officer of the Group. The entire Executive Committee and I are determined to actively pursue the growth of the company for whose operations we will now be responsible. I firmly believe that SCOR is well positioned to meet the demands of our clients and to satisfy our shareholders in an increasingly risky world, with its extremely deep talent pool, mastery of the most advance technologies, proven agility to constantly adapt, sophisticated risk management, and exemplary ESG performance. Since 2002, the Group has aimed to be a Tier 1 global reinsurer. That goal remains intact. We will meet these challenges with dynamism and enthusiasm, bringing our teams together to serve all our stakeholders.”

Aston Lark promotes Bethan Jones to the newly created role of integration director

Aston Lark, the Chartered insurance broker has announced the promotion of Bethan Jones to the newly created role of integration director.

In her new role, she will have responsibility for ensuring the successful integration of all of the firm’s acquired companies.

Jones joined Aston Lark in 2017 and was later appointed to the board in 2019. She provides leadership across Aston Lark’s project office and applications teams and more recently accelerated the firm’s data and analytics capability.

Whilst retaining this oversight, Jones will now formally take full responsibility for the integration of acquisitions across the group.

Peter Blanc, Aston Lark Group CEO, said: “It won’t have escaped anyone’s notice that Aston Lark has been rather busy on the acquisition front over the last couple of years. We are determined to become the UK and Ireland’s most trusted Chartered Insurance Broker and each acquisition that we make helps to make us stronger as a business. It is however absolutely vital that we don’t just ‘collect brokers’ but instead carefully plan and integrate each acquisition so that it truly feels part of Aston Lark and enables both the vendors and the rest of Aston Lark to benefit fully from joining forces.

“Bethan has been with Aston Lark for almost four years and is our ‘go to’ expert for all things Operational. As a Chartered insurance broker in her own right, Bethan has a completely unique skillset – she understands insurance broking but also truly understands systems, data, MI and the importance of integration. We are therefore delighted to announce that we have promoted Bethan into this role and her appointment should give any companies that are thinking of joining forces with Aston Lark the confidence that they are in very safe hands.”

Bethan added: “I am delighted to take on the role of Integration Director for the group. I am incredibly passionate about ensuring all parties have a successful outcome following an acquisition and I strive to ensure decisions are made with vendors ahead of the deal completion so there are no surprises.

“In growing at our current pace, successful integration is vital to ensure we retain operational cohesion across the group, and I am privileged to work with an incredibly supportive Executive Board at Aston Lark that share my passion for doing things the right way.”

Guy Carpenter adds Luca Tres as head of strategic risk & capital EMEA

Guy Carpenter, the global risk and reinsurance arm of Marsh McLennan announced the appointment of Luca Tres as head of strategic risk and capital life solutions, EMEA, effective 1 June 2021.

Based in Milan, Tres will report to Massimo Reina, chief executive officer, Europe, Guy Carpenter.

In his new role, Tres will have responsibility for driving continued growth in the development and delivery of non-traditional life solutions to clients across Europe, Middle East and Africa.

Tres will work closely with the firm’s network of offices across the region and assist companies holistically in the evaluation and execution of transactions designed to best achieve their short and long-term capital, risk and financial objectives.

He is highly experienced in the development and structured insurance financial solutions. Most recently, he served as partner at Securis Investment Partners where he led the life origination and structuring globally. Prior to that, he served as vice president, structured insurance and bank solutions Europe at Deutsche Bank.

Reina said: “The ability to develop capital and risk solutions that match companies with the most effective risk counterparties is key to helping our clients achieve their strategic goals. Luca is a leader in this highly specialized field and will build on the considerable success of our European team, further elevating the level of service and scope of transactions we offer to companies across the region.”