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EC News (13 June 2019)

June 13, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from Lemonade, Iprism, Aon Securities and more.

AI Insurtech Lemonade launches in Germany

Digital insurtech start-up Lemonade has made its first move into the European market with the launch of its contents and liability insurance product in Germany, its first major move outside of the US.

Germany is the first country to offer Lemonade’s Policy 2.0, which is designed to offer consumers contents and liability insurance instantly from any device whilst being easy to understand with a transparent document designed for ordinary people.

With its launch into Germany, Lemonade has entered into a multi-year reinsurance agreement with AXA Germany to share its insurance-related risk.

Shai Wininger, chief lemonade maker and cofounder of Lemonade shared: “We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer. Insurance that is instant, transparent, affordable, and mission-driven has universal appeal, which is why we look forward to launching in many more countries in the months and years to come.”

“Rethinking insurance from a customer’s perspective is key to our mission,” said Alexander Vollert, CEO AXA Germany.

Adding: “Therefore, AXA fosters self-driven innovation and partnerships more than ever. Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction.”

Iprism appoints Manuela Roncalli as Finance Director

Technology-driven specialist wholesale underwriting agency has named Manuela Roncalli as finance director, effective immediately.

Roncalli will be responsible for the day-to-day management of Iprism’s Finance, Risk & Compliance, and HR teams. She will work closely with the firm to implement frameworks to support growth, promote better use of data to drive informed decision making and help ensure the business is delivering on its strategic goals. 

She joins Iprism with more than 20 years of experience and previously held the position of commercial finance director and business partner at Mitie Group Plc.

Ian Lloyd, managing director, said: “We are so pleased to have Manuela on our board and are excited to see what she can make of the role. Our senior management team is now fully in place which gives us a stable platform to focus on delivering on an exciting future for the business.”

Aon Securities appoints strategic duo to help drive growth

Aon Securities, the investment banking division of (re)insurance broker Aon has announced the appointment of former co-heads at JLT Capital Markets, Michael Popkin and Rick Miller to help drive growth and innovation within its capital markets function, effective immediately.

Popkin and Miller will both report into Paul Schultz, chief executive officer of Aon Securities. The move follows the acquisition of JLT by Marsh & McLennan Cos. Inc., which was completed in April.

Popkin spent nearly eight years co-leading the capital markets businesses at JLT and Towers Watson, where he and Miller pioneered the development of private placement catastrophe bonds. Prior to that, Popkin worked in investment banking and energy. He also has buy-side experience as a portfolio manager in structured credit, as well as significant international experience, having worked in the US, Europe, and Asia.

Meanwhile Miller was co-head of the capital markets business at JLT and its predecessors, Towers Watson and Towers Perrin, for nearly 10 years. He previously launched and developed the capital markets desk, and, partnered with Popkin they developed the private placement technology for the insurance linked securities (ILS) markets.

Schultz commented: “The insurance-linked securities sector continues to be an incredibly dynamic environment, characterized by continued growth in alternative capital and investors and sponsors that are willing to look at new ways to match risk and capital. We welcome Mike & Rick to the team as we work together to drive innovation across geographies and perils in the ILS space in order to ensure its continued growth.”

Barbican hires Clive Archer as head of international casualty treaty

Barbican Insurance Group has announced the appointment of Clive Archer as head of international casualty treaty reinsurance, effective immediately.

In his new role, Archer will be responsible for coordinating all underwriting activities of the international casualty team and will report to Simon Saunders, head of reinsurance.

The division currently provides proportional, excess of loss and stop loss reinsurance across a range of business lines, including directors’ & officers’, workers’ compensation, financial institutions and professional indemnity. 

Archer joins with over 3 decades of underwriting experience in the casualty reinsurance sector to the role, across both the UK and internationally. Previously he was a class underwriter for casualty treaty at Vibe Syndicate, where he was responsible for growing the company’s international casualty treaty book from inception. He has also held senior positions as senior casualty underwriter, Ace Tempest Re; manager of international casualty at St Paul Re and Platinum Re; and senior underwriter for casualty treaty at ERC Frankona.

Saunders, head of reinsurance, said: “Clive is an outstanding underwriter with a fantastic track record of developing and maintaining profitable and diverse books of casualty business. That wealth of casualty market knowledge and insight will prove invaluable not only in helping us deliver more for our clients, but also responding more quickly to changing market demands and reacting faster to new business opportunities.”

Liberty Specialty markets appoints new chief financial officer

Liberty Speciality Markets (LSM), a member of Liberty Mutual Insurance Group has named Steve McMurray the new chief financial officer (CFO), effective immediately.

McMurray will report to Matthew Moore, president and managing director of Liberty Specialty Markets and Frank Robinson, CFO, Global Risk Solutions.

Prior to joining LSM, McMurray held the position of chief financial officer for BGC Partners Inc, a leading global brokerage business. He brings a wealth of experience from across multiple industries including insurance, having spent nine years at MS Amlin.

Moore, commented: “I am delighted that Steve is joining Liberty Specialty Markets. His experience will be used to drive our finance capability across the LSM group and he will make a significant contribution in ensuring LSM achieves its ambition to become a high-performing financial services organisation of the future.”

Tokio Marine HCC names new marine liability & logistics underwriter

Paul Knighton joins specialty insurer Tokio Marine HCC (TMHCC) as a marine liability and logistics underwriter within its Marine Liability Division. Knighton will report to Darren Carr, head of marine liability, TMHCC International Group.

In his new role, he will focus on developing the logistics and freight forwarders book of business.

Knighton joins TMHCC with 18 years’ experience working in the London Market, both in broker and underwriter roles across the logistics, cargo and ports & terminals classes. He most recently held the position of was head of marine cargo & property at Skuld and prior to that, he held senior roles at TT Club and Lockton.

Carr shared: “We are delighted with Paul’s appointment and believe his strong, technical knowledge and experience complements the team well. The market remains challenging for all Marine & Transportation classes, but with a strategic approach and an emphasis on relationships, technology and adding value, we are successfully navigating the current market challenges.”

Simon Button, chief underwriting officer, London Market division of TMHCC – international group, added: “Paul’s hire is testimony to our growth strategy while also highlighting Tokio Marine HCC’s investment in the Marine Liability space.”

Berkshire Hathaway launches new hub in France and names new exec

Berkshire Hathaway Speciality Insurance (BHSI) has launched its new office in Paris after receiving its insurance license in France and has announced the appointment of François-Xavier D’Huart as Country Manager.

BHSI has received the insurance license to begin underwriting property, casualty, and executive & professional lines in France immediately. The company expects to launch several other products in the coming months.

D’Huart joins BHSI with 15 years industry experience, most recently holding the position as head of client and broker management for France at AXA XL (previously XL Catlin). Prior to that, he was chief executive officer, Office Lyonnais d’Assurances and Interassur, at SATEC, and head of marine cargo & hull for Asia at AXA Asia.

Chris Colahan, president, BHSI in Europe and the UK commented: “We are pleased to continue our strategic expansion in Europe, with our new office in France and François-Xavier leading our efforts to bring BHSI’s underwriting and claims acumen, financial strength, and long-term focus to the French market. François-Xavier brings extensive experience to BHSI, and I am so pleased to have him at the helm as we build our product line and team in Paris.”

CyberCube and Aon partner up to improve risk aggregation management

Global (re)insurance broker Aon, has collaborated with CyberCube’s analytics platform to help in the improvement of its cyber aggregation risk modelling capabilities, along with delivering better solutions to its insurance carrier clients.

Providing a better understanding of potential exposures, CyberCube’s cyber risk-modelling platform will enable Aon to support its clients on accumulation risk management and exposure management when carriers are increasingly looking for guidance on cyber perils.

CyberCube has now been integrated on Aon’s CyberMetrica platform for aggregation management which gives insurers an offer of expertise as part of its multi-model approach.

Catherine Mulligan, global head of cyber for Aon’s Reinsurance Solutions business stated, “Technology is a critical part of an insurer’s armoury,”

“Our collaboration with CyberCube enhances our multi-model approach, which enables insurers to more accurately quantify aggregation in their portfolio for more informed underwriting, while helping customers to understand their own cyber exposures and develop appropriate controls.” she explained.

Pascal Millaire, CEO of CyberCube, added: “CyberCube is delighted to support Aon in building the market for one of the largest opportunities – and threats – to the global P&C (re)insurance sector in our generation.”

“Our industry-leading cyber risk-modelling platform is powered by best-in-class data sources and Symantec’s leading threat intelligence. We are pleased to use these capabilities to support Aon and its insurance carrier clients in this important emerging risk.”