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EC News (18 July 2019)

July 18, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from AJG, Apollo Syndicate Management, AIG and more.

Arthur J. Gallagher names CEO of Employee Benefits Consulting Division, UK

Global Insurance brokerage and risk management business, Arthur J. Gallagher (AJG) has announced the appointment of Nick Burns as chief executive officer (CEO) of its Employee Benefits Consulting Division in the UK.

Prior to joining Gallagher, Burns was the CEO of PIFC Group, Bluefin Corporate Consulting and Capita Employee Solutions. More recently he has operated in the non-executive advisory space as an advisor and mentor for small to medium enterprises and start-ups in the employee benefits and creative technology sectors.

In a recent press release Gallagher said it’s Employee Benefits Consulting Division, UK has experienced transformational growth over recent years and has grown to become a full-lifecycle consultancy.

Leslie Lemenager, president, International, for Gallagher’s Employee Benefits Consulting and Brokerage, said: “Nick brings a breadth of experience to Gallagher. His leadership, direction and vision will help take the U.K. team’s strong foundation to a new level becoming a more agile, client-centric business, enabling us to continue to expand our client service capabilities across the U.K.”

Apollo Syndicate Management appoints Nick Burkinshaw as new CUO

Apollo Syndicate Management, the independent specialist (re)insurer at Lloyd’s, has named Nick Burkinshaw to the newly created position of chief underwriting officer (CUO).

In his new role he will be responsible for overseeing the development of Apollo’s underwriting strategy, and will report to chief executive officer (CEO) David Ibeson.

He will be supported by Nick Jones, Matthew Newman and Mark Rayner, the active underwriters of the three syndicates under Apollo’s management.

Burkinshaw brings more than 3 decades of underwriting experience to Apollo Syndicate 1969, having most recently served as chairman of Specialty at Fidelis.

Prior to this, he held several senior positions at Catlin since joining as a marine underwriter in 1992 (now AXA XL) including group underwriting board director and active underwriter between 2003 and 2014.

Ibeson, CEO, said: “Apollo’s strength relies on our market-leading talent driving profitable growth in our areas of specialty. The role has been created as a result of the growth in size and the variety of classes written and planned to be written in the future,”

Adding: “Nick is a recognised leader in the field, with an outstanding pedigree and track record of quality underwriting and management and will contribute significantly to the development and implementation of our long-term strategy.”

Tom Parker joins AIG as new deputy CISO

American International Group (AIG) has appointed Tom Parker as deputy chief information security officer (CISO), effectively immediately.

Parker will work closely with Rick Baich AIG’s chief information security officer, in developing and leading the execution of AIG’s global cybersecurity risk management strategies.

Prior to joining AIG he worked at Accenture Security where he was the growth, strategy and technology lead. He previously co-founded in 2011 and eventually sold to Accenture in 2015 a consultancy named FusionX, which provided innovative cyber risk management services.

Prior to FusionX, he held leadership roles at numerous cyber security organisations, including the cyber security services arm of Verizon Business.

He has published four books on the topic of information security, including “Cyber Adversary Characterisation – Auditing the Hacker Mind,” and is a frequent speaker at conferences around the world, including the BlackHat Briefings. He also contributes to organisations influencing the future of cyber security, such as the World Economic Forum’s Center for Cyber Security and the Atlantic Council Cyber Statecraft Initiative.

Baich, CISO said: “Tom is a skilled technical engineer, accomplished entrepreneur and senior business strategist in the IT space. He has extensive experience leading technical operations teams and developing innovative solutions for companies on matters relating to cyber and information security, and he will provide valuable perspective as we continue to evolve our cyber risk management program at AIG.”

Parker, deputy CISO, said: “This is an exciting time to join AIG as the company continues to implement a robust strategy to address current and emerging cyber risks. I look forward to working with Rich and the global team to further strengthen the security measures that protect the information of AIG and its insureds.”

Convex Group partners with Cytora for AI-powered commercial underwriting

International specialty (re)insurer, Convex Group which was launched by Stephen Catlin and Paul Brand has partnered with insurtech Cytora to develop artificial intelligence-powered solutions for commercial insurance.

The partnership with Cytora will enable Convex to hopefully enhance its underwriting process; using data to achieve a more complete and increasingly accurate view of risk whilst helping underwriters improve risk selection.

Adrian Spieler, chief operating officer at Convex, said: “At Convex, we are building an efficient and data-driven underwriting process, which from day one will enable us to provide the best possible products to our customers. By harnessing Cytora’s cutting edge infrastructure, we will be able to deliver upon our key strategic goals in an ever-changing landscape.”

Richard Hartley, CEO at Cytora, added: “The commercial insurance industry is undergoing a fundamental shift that puts customers and data at the forefront. We’re excited to be partnering with Convex as they accelerate this transformation, and to provide them with the tools they need to better serve customers in the years to come.”

Arcus Syndicate 1856 appoints Shepherd as new active underwriter

Arcus Syndicate 1856 at Lloyd’s names Alex Shepherd as the new active underwriter for the syndicate, effective immediately.

Shepherd joins from (re)insurance firm RenaissanceRe, working in London as its head of property for the Lloyd’s of London Syndicate 1458. Prior to that he worked as a deputy property underwriter at Canopius and has also worked at ACE Global Markets.

In his new role he will take on responsibility for all of the Arcus 1856 syndicate’s underwriting activities, across the syndicate’s property reinsurance and specialty lines portfolio.

Shepherd replaces David Booth, director of underwriting for Barbican Managing Agency, who was appointed interim active underwriter in July 2018.

Adrian Gfeller, managing director, Arcus 1856, said: “I am delighted to announce that Alex has joined the team to head up our underwriting activities. He is an exceptional underwriter with over 20 years of industry experience spanning multiple industry sectors and territories and is a great addition to our management team. I would also like to thank David who has made a fantastic contribution to our ongoing success as interim active underwriter.”

Shepherd said: “I am excited to be joining the Arcus 1856 team. The company operates a diverse but precisely balanced portfolio built upon a highly successful underwriting approach which combines alternative risk structures and traditional re/insurance products. It has an outstanding team of underwriting talent and I very much look forward to working with my colleagues to build upon the considerable achievements they have made to date.”

Sompo announces trio to lead its Commercial P&C Unit

Bermuda based specialty (re)insurer Sompo International Holdings (SIH) has announced that Michael Chang, Graham Evans and Christopher Sparro will co-lead Sompo International’s Commercial Property and Casualty (“SI Commercial P&C”) Insurance business, effective immediately.

In their new roles, Chang, Evans and Sparro, in addition to Stephen Young, the CEO of Global Reinsurance, will report to Christopher Gallagher, the CEO of SI Commercial P&C. In line with this change, John Kuhn, the CEO and chief underwriting officer of SI Commercial P&C, has stepped down from his role.

Chang joined Sompo International in 2016 as the CEO of Global Risk Solutions and is based in New York. Evans joined Sompo International in 2013 as the CEO of the European Insurance business and is based in London. Additionally Sparro, who is based in New York, joined in 2016 as the CEO of North American Insurance.

Gallagher, CEO, commented: “This restructuring clearly demonstrates the continuing transformation of Sompo International’s commercial P&C insurance business. We have assembled a strong group of experienced and talented insurance and reinsurance underwriting leaders who are extremely capable of leading this organization going forward. I am confident that we are well positioned to continue to create value for our clients, distribution partners and other stakeholders and that the SI Commercial P&C business will become an even more meaningful contributor to the overall results of the Sompo Group. I would like to thank Jack for his contributions since joining the company and wish him the very best in his future endeavors.”

Nigel Frudd, CEO of SIH said: “Our industry is at a critical point as consolidation continues and pricing appears to be gaining favourable momentum. Sompo International has the leadership, resources and capabilities to take advantage of these opportunities and are committed to achieving significant growth organically, strategically by M&A and through global partnerships. The changes announced today highlight the depth of the talent which we believe will allow us to exceed our ambitious objectives.”