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EC News (9th August 2018)

  • Publish Date: Posted almost 6 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from Chubb, JLT Specialty, LMG and more.

Chubb hires cyber underwriting manager for UK&I

Chubb has named Raheila Nazir as its cyber underwriting manager for the UK and Ireland (UK&I).

In her role Nazir will be responsible for the leadership and direction of Chubb's UK&I cyber underwriting team, in addition to managing product development and overall profit and losses.

Nazir joins Chubb from Aspen where she was head of international cyber & technology. Prior to this, she worked at AIG where she was head of professional indemnity for EMEA, and cyber and TMT liability manager for the UK&I.

Nazir will report to Kyle Bryant, cyber risks manager, Europe, Chubb, who commented: "Raheila's appointment is a significant moment for Chubb's UK&I cyber team and I am delighted to welcome her to the business. She brings with her a wealth of underwriting experience and has a deep knowledge and understanding gained from many years of working in cyber insurance."

JLT Specialty appoints Somerville to lead risk consulting in Europe

JLT Specialty has appointed Nigel Somerville as head of risk consulting for Europe.

Based in London, Somerville is responsible for driving JLT Specialty's value proposition in its core areas of risk advisory and consultancy across Europe.

He will work closely with JLT's global consulting leadership to ensure clients continue to have access to JLT’s considerable global resources and expert advice.

Somerville joins JLT from Time Inc. (UK) where he served as director of global risk and security. Before this, he spent 17 years in the Royal Marines with exposure to global terrorism, war and political risk.

Commenting on the appointment, Mike Giacobbe, global head of data, analytics, and consulting of JLT Specialty, said: “We are excited to have Nigel's expertise as we continue growing our global consulting footprint and bringing our industry leading risk advisory services to all of our clients. Clients in challenging risk areas will immediately benefit from his extensive experience in emerging risk and we look forward to the unique insight he brings to JLT.”

CEO of JLT Specialty, Europe, Paul Knowles commented: “Nigel's experience and leadership will considerably assist JLT Specialty in delivering insight to our clients, through assessing, quantifying, mitigating and managing their ever-complex risk landscapes. Nigel’s appointment further strengthens JLT’s consulting capabilities and supports us in our mission to become to the leading global specialist risk adviser and broker.”

Speaking of his new role Somerville said: “I am honoured and excited to be joining JLT at a time when emerging risks to business are so prevalent and challenging. I am proud to be part of such a client-centric team and look forward to working with talented colleagues across the JLT Group.”

LMG appoints Lebecq as CEO

London Market Group (LMG) has named Clare Lebecq as its new CEO, succeeding Chris Beazley who is returning to MS Amlin as CEO of their Swiss reinsurance operation at the end of August. 

Lebecq will begin her new role on 1 November on a permanent basis. She joins LMG from JLT Speciality where she is currently serving as operations director.

In the intervening period, LMG will continue to be overseen by its Board sponsors and driven by its wider team.

Commenting on the appointment, chairman of LMG Andrew Horton said:  “We are delighted that Clare is joining us and her understanding the market – both operationally and from a distribution perspective, will provide the leadership and drive to help take our growth and modernisation work forward.

Adding: “Chris has done a tremendous job over the last two years, including the successful launch of the London Makes It Possible campaign to articulate why businesses should look to London for their insurance, and the active engagement with government and Parliament to ensure the market’s position is well understood through the Brexit process.”

Lebecq said: “The LMG has become a strong force for cross market collaboration and action to resolve challenges faced by all market participants. Its ability to speak with one voice on vital issues such as the UK’s withdrawal from Europe and making London a more efficient place to do business has meant that there has been real progress in many areas. I am delighted to be taking over from Chris, building on the great work he has led, and working with the market to help London maintain and build on its position as the undisputed global market for specialty commercial (re)insurance.”

LSM expands political violence coverage

LSM has developed its existing political violence coverage to include a number of news risks.

Now included under one policy wording are; loss of attractions, denial of access, third party liability, employees liability, cyber, and bodily injury as a defined loss trigger.

In addition to the expanded coverage, LSM clients worldwide can benefit from greater capacity as the team is able to offer increased capacity to $250mn.

Head of marine at LSM, Mike Burle said: “The frequency and randomness of terrorist attacks in towns and cities has been increasing in recent years, making businesses of all sizes more vulnerable. The ability of terrorists to use fear to disrupt business without actually causing damage to a site is a fast-growing phenomenon, as is the use of lethal and accessible firearms to inflict mass casualties.

“So, we have listened to our clients and evolved our product to respond to their needs and concerns by adding items such as loss of attraction and denial of access, as well as including damage caused by firearms/weapons and unmanned vehicles such as drones. In line with this greater demand, we have increased our capacity to $250mn to help our clients ensure they have the coverage they need.”

The new expanded wordings will be available worldwide through Liberty offices in London, Dubai, Singapore, Sao Paulo and all the Continental European offices. The cover is available on Company or Lloyd’s paper.

BIBA launches drone scheme with TMK

The British Insurance Brokers’ Association (BIBA) has launched a new drone insurance scheme with Tokio Marine Kiln (TMK).

The new Lloyd’s backed scheme offers comprehensive and competitively-priced coverage for companies operating drones, also known as Unmanned Aerial Systems (UAS), for commercial or business purposes.

It is available through a digital platform which enables brokers to quote and bind business quickly online, in real time 24 hours a day, seven days a week.

Through the scheme, BIBA members will receive coverage for physical loss of or damage to UAS up to a limit of £100,000 per UAS whilst in the air, on the ground or in transit, including theft and malicious damage; third party bodily injury and property damage liability – inclusive of losses arising from malicious acts up to a limit of £50mn each occurrence; and enhanced coverage for invasion of privacy, noise liability, operators indemnity, operators liability and loss of digital assets (cyber).

Aviation underwriter at TMK, Robert James, said: “We are thrilled to be offering our product to BIBA brokers in recognition of the market leading position we have established in offering drone insurance to clients over the course of the last decade. Our offering sets itself apart from the competition through our outstanding claims service and extensive level of cover which we have carefully adapted over time to cater for the perils facing UAS operators, presented in a clear easy-to-follow format.”

Head of technical services at BIBA, Mike Hallam commented: “Drones offer exciting opportunities for the insurance industry and the number of professional, commercial operators has grown exponentially in the last few years. Our members and their clients that are drone operators will benefit greatly from competitive premiums and dedicated service levels as well as access to TMK’s Lloyd’s A-rated capacity and expertise in aviation and UAS insurance, backed by an outstanding claims service. We look forward to seeing the results of this exciting partnership.”

Markel hires war & terrorism underwriter

Markel International has appointed Tom Simpson as a war and terrorism underwriter.

Simpson boasts 15 years’ insurance industry experience, most recently serving as a political violence underwriter at Novae, now part of Axis Capital.

Simpson will report to senior underwriter Ed Winter who said: “We are delighted to add Tom to our team. Tom will work alongside underwriters Chloe Gordge and Will Newman and his hire progresses our ambitions for this class of business.”

Chris Fenn, managing director of marine at Markel International, added: “War and terrorism coverage is constantly evolving and it’s great to see our terrorism team go from strength to strength”.