Connecting...

W1siziisijiwmtgvmdcvmtivmdkvndqvntgvnzu5l0vdie5fv1mgsevbrevsielnqudflmpwzyjdlfsiccisinrodw1iiiwimjawmhg0mdajil1d

EC News (12th July 2018)

July 12, 2018

Round-up of the weekly news and developments from the global (re)insurance market with stories from Aon, Chubb, Lloyd's and more.

Aon, Chubb & Lloyd's launch terrorism & political violence solution

Aon has joined together with Chubb and Lloyd’s to create a standalone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated environment.

Platinum will provide globally admitted cover for firms with multinational operations that facilitate the settlement of all local premium taxes and the repatriation of funds at the point of loss, and will be coordinated through a single umbrella policy that ensures compliance with local regulatory and tax requirements, with policies issued locally in each territory.

Centrally coordinated by Aon and Chubb, clients will benefit from the economies of scale of a global policy approach, priced and underwritten in collaboration with the Lloyd’s market to ensure competitive cover, and backed by Chubb’s global network and experience servicing complex accounts in local markets.

Multinational companies operating in today’s challenging global space are required to meet the demands of complex regulatory networks while mitigating a diverse spread of country risks, which include the increased threat posed by terrorism and political violence.

Aon said this previously limited solution has been up-scaled to offer unprecedented limits and coverages within the stand-alone terrorism and political violence market.

Liberty reshuffles European specialty business

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, is transferring European retail renewal rights from Ironshore Europe to Liberty Specialty Markets.

Liberty Specialty Markets and Ironshore are part of Liberty Mutual’s global risk solutions division, writing speciality insurance and reinsurance business.

In May 2017, Liberty completed the acquisition of Ironshore from Chinese conglomerate Fosun International.

The reshuffle in Europe will see Ironshore’s locally written European retail business from its Cologne, Zurich and Rotterdam offices offered for renewal by Liberty Specialty Markets.

Ironshore will terminate underwriting new business from these three cities but retain staff to handle the run-off of existing policies with some of the underwriters moving to Liberty Specialty Markets’ European operation on 1 August.

The main lines being transferred are; contingency, construction, fine art and specie, liability, marine and personal accident.

Liberty Specialty Markets’ head of Europe, Kadidja Sinz commented: “This is an excellent opportunity to combine our talents and capitalise fully on the strength of Liberty Speciality Markets and is a further step in our overall strategy to be a leading specialist insurer in Europe.”

AXA names Gienal as CEO of AXA UK & Ireland

AXA has appointed Claudio Gienal as CEO of AXA UK and Ireland, succeeding Amanda Blanc.

As part of the role which he officially assumes on 1 September, Gienal will be responsible for implementing AXA's Ambition 2020 Strategy, as well as leading the executive team and having oversight of the entire UK and Ireland business units.

Gienal joins from AXA Group where he most recently served as chief strategic development officer.

Gienal began his career at Accenture in 1998 before moving to McKinsey & Company in 2004. In 2008 he joined Zurich where he held a number of senior roles including COO for Zurich UK and CEO for Zurich Life Switzerland.

Speaking of the new appointment, Scott Wheway, chairman of AXA UK said: “Claudio is a leader who brings focus and collaboration, a strong and straight forward approach and an understanding of our UK business. I am confident he is the right person to take the UK and Ireland business forward, to deliver on our Ambition 2020 strategy, which remains unchanged, and to shape with the Executive team our strategic focus up to 2025 and beyond.”

Gienal added: “I am delighted to take up the role of CEO of AXA UK and Ireland and I can’t wait to get started. The UK business has a strong track record on innovation and is working hard to embrace the future of an ever-changing insurance industry.

“The business also has a real focus on diversity and inclusion among its staff and wants to foster greater trust with its customers, two issues which are close to my heart. I am looking forward to working closely with the team and am excited about being part of its ongoing success.”

The appointment is subject to regulatory approval.

Lloyd’s launches new digital distribution platform

Lloyd’s has developed a new digital distribution platform, Lloyd’s Bridge, designed to quickly, easily and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters.

Lloyd’s Bridge is an online platform that matches insurance businesses with underwriters from the Lloyd’s market, enabling these businesses to underwrite certain policies on behalf of Lloyd’s as Lloyd’s coverholders.

The pilot programme will initially be available in the UK, Australia and New Zealand with access being extended to more markets throughout 2019 as part of a global roll out.

Lloyd’s said it is committed to continuing to grow through the broker distribution channel, with brokers having access to the platform if they act as a coverholder or are acting on behalf of a coverholder.

Bruce Carnegie-Brown chairman of Lloyd’s said: “All over the world Lloyd’s has an enviable reputation as the leading insurance marketplace and it remains the most sought after destination for insurance solutions. In an age of digital disruption, however, our partners in both established and fast growth markets are increasingly looking for new ways to access our market.

“Lloyd’s Bridge offers the ideal platform to do this quickly, easily and efficiently. It will enable coverholders in different parts of the world to benefit from easier access to Lloyd’s expertise, underwriting talent, significant capacity and financial security.”

Lloyd’s Bridge is the latest in a series of moves to use technology to create opportunities for Lloyd’s to provide even better customer service, enhance underwriting decisions and make operations more efficient.

Lloyd’s has already decided to mandate the use of electronic placement with 80 percent of business to be placed electronically by the end of 2019. Lloyd’s also announced the establishment of a new innovation accelerator, the Lloyd’s Lab, and launched a global recruitment drive for top tech talent.

Additionally, Lloyd's has plans to launch a new underwriting portal that will enable coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates.

Vincent Vandendael Lloyd’s chief commercial officer added: “Lloyd’s is the leading global insurance market and it has doubled in size since 2000. We know that more and more business is being placed locally. Currently, around 30% of Lloyd’s premium is placed through coverholders – local insurance business writing policies on behalf of Lloyd’s – and we are keen to continue to invest in this way of doing business.

“As we continue to grow and expand our international business we are committed to enhancing the service and access we provide to our customers’ changing needs. By providing coverholders with quick and easy access to our market, Lloyd’s Bridge will transform how we do business at Lloyd’s.”

MS Amlin bolsters European war business with Aon hire

MS Amlin has hired Brecht van Hoorebeke as war underwriter to develop and grow its war business across continental Europe.

In his new role van Hoorebeke will be based in the Antwerp office in Belgium.

Van Hoorebeke boasts over 13 years of experience in legal, claims, and risk management in marine insurance.

He most recently served as client manager for marine in at Aon in London, where he focussed on risk management, logistics, and insurance placement.

Commenting on the new hire, global managing director for marine & aviation, Andrew Wright said: “Brecht’s talent and experience are a great asset to the pan-European marine team,”

Adding: “Providing continuity in the face of political violence – which covers everything from strikes to insurrections and civil war – requires deep sector knowledge combined with the capability of crafting tailored underwriting solutions.

“The addition of Brecht to our team in Antwerp will help us serve the unique needs of our clients and brokers across Europe.”

Markel appoints Barrett as finance director

Markel has named Simon Barrett as finance director, taking over the role from Jeremy Noble who will become chief financial officer (CFO) of Markel Corporation.

Subject to regulatory approval, Barrett will join the boards of Markel’s two London insurance entities; Markel International Insurance Company Limited and Markel Syndicate Management. He will be a member of the Markel International executive committee.

Barrett joins the company at the end of the year from Hamilton at Lloyd’s where he held the role of CFO since 2015. For 12 years previously he was finance director for a number of XL Group’s UK subsidiaries, including its Lloyd’s syndicates.     

Commenting on the appointment Noble said: “Simon's deep market experience, commercial mindset, fresh perspective and history of working with organisations experiencing change, will be invaluable as we navigate the challenges of current market conditions, continue to grow the Markel International franchise and contribute to Markel's efforts to build one of the world's great companies.”

Travelers creates standalone cyber insurance in UK & Ireland

Travelers Europe has unveiled a new standalone cyber insurance product, Travelers CyberRisk, for businesses in the UK and Ireland.

Travelers CyberRisk will provide liability and first-party cover for losses from cyber-attacks. It will also provide access to assistance that can help limit client exposures to cyber events, including; breach coaches, forensic investigators, public relations support and credit monitoring services.

The cover includes limits of up to £10mn across liability, breach response, cyber-crime and business loss covers.

It is a standalone policy that can be purchased individually or as part of the Travelers management liability package, the company said.

Davis Kessler, head of cyber at Travelers Europe said: “With cyber threats continuing to evolve, businesses without dedicated cover could find themselves insufficiently protected in the event of a breach,”

“Our global team has created a package designed to help companies navigate their cyber event response so they can return to normal as quickly as possible.”

Endeavour appoints Allen as CEO designate

Lloyd’s broker and delegated authority specialist Endeavour Insurance Services (Endeavour) has named Karen Allen as CEO designate of Endeavour.

Allen has spent her career of almost 20 years as a broker in the Lloyd’s market specialising in international specialty casualty insurances.

She joins Endeavour from Howden UK Group Limited where she assumed the role of director for international, responsible for the growth and management of the team she built over that tenure.

Allen has largely focused on coverholder business, working with clients in Canada and Australia. She has also successfully developed emerging products such as cyber.

As well as CEO designate of Endeavour, Allen will serve as group managing director with immediate effect on joining the business in October this year.

She will take on overall responsibility for the combined broking operations of SSL Endeavour following the merger with fellow Lloyd’s and independent specialist marine broker SSL Insurance Group (SSL) in a transaction that will see both companies acquired by a fund advised by private investment firm J.C. Flowers & Co. LLC (JCF).

The combined business will trade as SSL Endeavour. Allen will work alongside Endeavour Founder and current CEO David Lawrence for a period as Lawrence transitions into the position of co-founder and president of the Board of the combined SSL Endeavour Group.

Lawrence commented: “We are delighted that an individual of Karen’s calibre and talent will be strengthening the Endeavour management team at this pivotal moment in our growth. Whilst Karen’s underlying experience is closely akin to that of Endeavour, she will bring a new perspective to the business which we are very excited about.

Endeavour is now one of the largest and most respected independent producers of delegated authority business into the Lloyd’s and London markets, and Karen’s successful experience managing delegated authority and Lloyd’s coverholder business as well as developing innovative new programmes makes her an ideal CEO in the near future.

Karen’s appointment will also allow me to focus on the growth strategy and integration of the combined SSL Endeavour business going forwards.

The future of insurance broking lies in delivering value to clients, and delivering practical tools and insights that allow coverholders to place business in the Lloyd’s market more efficiently.

Undoubtedly, the combined SSL Endeavour business is on a dynamic growth path, and I am looking forward to Karen bringing her skills and experience to our talented team.”