Round-up of the weekly news and developments from the global (re)insurance market with stories from Beat Capital Partners, Zurich, AEGIS and more.
Beat Capital unveils new D&O underwriting vehicle Tegron Specialty
Beat Capital Partners, a long duration investor specialising in the insurance industry, and Paul Shore have launched a new underwriting vehicle called Tegron Specialty that will focus on directors’ and officers’ (D&O) insurance for publicly traded companies, specialising in excess of loss placements.
Shore becomes chief executive officer of Tegron Specialty and brings more than 25 years of industry experience to the role. During his career, he has held various senior roles, including head of management liability at Navigators and most recently served as head of financial lines, International at Navigators/The Hartford.
From 1 July 2021, Tegron will underwrite via Lloyd’s consortium, led and managed by Beat Syndicate 4242, and will be an appointed representative of Asta Managing Agency Ltd.
Shore Said: “I am really pleased to announce the establishment of Tegron, the launch of which comes at a time when the D&O market is in much need of fresh capacity. I look forward to re-engaging with brokers and clients alike, and in partnership with Beat Capital, creating a market-leading proposition.”
John Cavanagh, chairman of Beat Capital, added: “We are delighted to partner with Paul Shore in the formation of Tegron. With his outstanding underwriting record in this class of business and respected industry reputation, Paul is yet another excellent example of Beat Capital’s target template of entrepreneurial underwriting and market-leading talent.”
Zurich names Timothy Powell as global head financial lines & cyber
Zurich Insurance Group has announced the appointment of Timothy Powell to the newly created position of global head financial lines and cyber, a role that combines lines of business and simplifies the group’s offering, effective 24 May 2021.
In his new role, Powell will report to Ralph Brand, global head of casualty, financial lines and cyber. Based in Switzerland, he will work closely with Zurich’s country offices and provide product expertise and counsel to optimize underwriting performance, foster a consistent underwriting approach across regions and ensure a balanced product mix that serves the increasingly complex risks of customers.
His area of responsibility includes professional indemnity, directors and officers liability, mergers & acquisition, financial institutions, employers liability and cyber insurance.
Powell brings more than three decades of insurance experience working with brokers and teams of underwriters in Australia, Asia, the UK and continental Europe and joins the business from AXA XL, where he most recently served as chief underwriting officer for international financial lines.
Brand commented: “I am delighted to welcome Timothy to the team. His very strong underwriting background and his long experience of leading international teams make him an ideal fit for this role. I have every confidence that he will help us leverage the combined expertise and resources of financial lines and cyber to enhance underwriting services to our customers.”
Lizzie Powell joins AEGIS as head of specialty delegated facilities
AEGIS London has announced the appointment of Lizzie Powell to the newly created position of head of specialty delegated facilities, effective immediately.
In her new role, she will report to Ben Lockwood, head of specialty. In her new role, she will build out the diversified follow portfolio that complements AEGIS London’s strong performing core account whilst adding new and incremental opportunity for profit.
Powell brings 14 years experience in the London insurance market and joins the business from Canopius Group, where she most recently held the role of head of special risk since 2017. She began her career as a reinsurance broker with Aon Benfield in 2007.
Lockwood said: “Lizzie has great credentials in this space including a deep understanding of the differentiated approach to distribution and is well respected by brokers and fellow underwriters. Her decision to move to AEGIS London is further evidence of our ability to attract insurance professionals with a strong market reputation operating at the top of their game and looking for a first quartile platform on which to trade.”
Powell added: “By developing this portfolio we are diversifying our exposure and reducing reliance on existing products to constantly deliver margin. The portfolio mix is built through carefully selecting opportunities supporting either proven expertise in a sector or a specific product. I have always admired and respected the AEGIS platform and their ability to consistently outperform their peers and am excited to be part of the next phase of their journey.”
Carbon Underwriting names Fergus Cooney as data analytics engineer
Specialist independent managing general underwriter, Carbon Underwriting Limited (Carbon) has announced the appointment of Fergus Cooney as data analytics engineer as it further expands its data analytics capabilities.
Cooney joins the business from Railsbank where he played a key role in delivering large scale end-to-end data projects as well as supporting the use of data in support of key financial, product and pricing strategies.
Carbon state this latest appointment is a further expansion of Carbon’s strong data analytics expertise following the recent hires of Mark Oldroyd as head of data engineering and Alexander Scott as pricing analyst.
Nick Tye, active underwriter syndicate 4747 and executive director of Carbon Underwriting, said: “Market-leading data analytics is at the heart of our business as we continue to expand as a technology-driven MGU and Lloyd’s Syndicate. New technologies such as Carbon’s proprietary platform, Graphene, allow us to provide superior data analysis and management for our coverholders while giving us deep insights into our clients’ businesses. I am delighted to welcome Fergus to the team and I know we will benefit from the fresh perspectives and expertise he brings to our business.”
Cooney added: “This is a hugely exciting time to be joining Carbon and I look forward to bringing the high-growth, start-up mentality from my previous role. I am particularly pleased to be involved in building out the Graphene technology platform which is a true game-changer within the industry in terms data transfer and analytics – and one which will lead to better decision-making, greater operational efficiencies and more informed underwriting.”
Canopius Group adds Nick Whitear as war risks underwriter
Global specialty (re)insurer, Canopius Group has announced the appointment of Nick Whitear as war risks underwriter, effective immediately.
In his new role, he will be part of the global marine team, based in London, led by the joint heads of marine, Charles Fernandez and Paul Hackett.
Whitear brings over three decades of industry experience, having held roles in a number of commercial positions in leading mutual marine insurance clubs managed by Thomas Miller.
Prior to joining the business, Whitear served as the underwriting director at the UK War Risks Club, where he was responsible for the growth and development of the Club since 2015. Other past roles include marketing director at the UK P&I Club and underwriter at the TT Club.
Fernandez said: “We are delighted to welcome Nick, whose appointment will further bolster the expertise and experience of our global marine team. Canopius is committed to developing a significant marine war risks book that will complement our existing marine offering and broaden the support we provide to brokers and shipowners worldwide.”
Hackett said: “Nick is a fantastic addition to the team and his appointment will ensure that our proposition continues to develop, targeting a growth area that will ensure that we continue to support our brokers and clients.”
Whitear added: “I am relishing this opportunity to work with Charles, Paul and their team on developing a market leading facility for marine war risks. The skills and resources across the Canopius group creates the perfect platform for realising that ambition.”
CFC receives Lloyd’s ‘in principle’ approval for new Syndicate
Specialist insurance provider, CFC has announced it has received ‘in principle’ approval from Lloyd’s of London for the creation of CFC Syndicate 1988.
CFC will work alongside Asta Managing Agency to secure final approvals to commence underwriting business from 1 July 2021.
The new syndicate will underwrite a cross-section of CFC’s established portfolio of specialist, emerging and digital economy risks with planned gross premiums of more than £100 million for its first year of trading.
Capital will be provided by CFC and third-party capital-providers.
Dave Walsh, CFC founder and CEO commented: “A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide. We’re excited to broaden our partnership with Lloyd’s and look forward to supporting the Future at Lloyd’s vision.”
John Neal, CEO of Lloyd’s said: “We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions.”
Julian Tighe, Asta CEO, added: “We’re proud to partner with CFC to bring Syndicate 1988 to the market. Their ethos, strategy and focus on technology embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market.”