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EC News (1 August 2019)

August 01, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from Markel, Marsh, Nexus and more.

Chris burgess joins Markel International as head of cyber in London

Specialist insurer Markel International has announced the appointment of Chris Burges to head up its cyber team in London.

Burgess brings over 15 years of experience working in financial and professional lines insurance, having held a variety of roles throughout his career.

Most recently he served as UK cyber leader at AIG where he was responsible for its cyber, technology, Telco and media professional indemnity portfolios as well as leading global strategies.

In his new role, he will report to Scott Bailey, who became managing director of cyber for Markel International earlier this year when the team developed into a separate underwriting division.

Bailey, managing director of cyber, said: “We’re delighted to welcome Chris as head of our London cyber team at this exciting and critical time. We formed an all-new underwriting division earlier this year and have very recently launched our new product Cyber 360 and so his appointment reinforces both our continued growth and our ambition in this space,”

Adding: “We look forward to working closely with our valued brokers to explore opportunities in the cyber market over the coming months and years and are certain that Chris will be an asset to the team as we achieve this.”

Marsh names Ian Drillot as head of Guernsey captive operations

Insurance broker, Marsh has announced the appointment of Ian Drillot as new head of office, Marsh Captive Solutions, Guernsey.

Drillot previously served as head of JLT’s Guernsey captive office since 2014 and before that he was an accountant at Deloitte.

In his new role, he will oversee the continued development and expansion of Marsh’s Captive Solutions’ capabilities in Guernsey. He will report to Will Thomas-Ferrand, international practice leader, Marsh Captive Solutions.

Drillot will succeed Stephen Hawkes who is returning to the UK to take up a new role developing the company's international captive solutions.

Thomas-Ferrand, shared: “Ian has extensive experience in managing and developing captive insurance programmes that help protect our clients from the increasingly complex risks they now face. Under his leadership, he will make sure that our Guernsey operations deliver the services and solutions that captive clients require to continue to be successful.”

Drillot added: “Guernsey has a long-standing reputation as one of the world’s leading captive domiciles and is renowned for its innovative approach to captive insurance. As an islander, I’m particularly proud to have the opportunity to develop Marsh’s operations and contribute towards local growth and employment.”

Nexus buys FinPro MGA Plus Risk Ltd

Speciality Managing General Agent (MGA), Nexus Group announces it has acquired Plus Risk (PRL), a London based financial and professional lines (FinPro) MGA providing management liability and niche professional indemnity insurance.

Founded in 2017, the PRL underwriting team consists of James Rasmussen, PRL founder and managing director and Neil Ede, head of management liability, who will both continue with the business post-acquisition, becoming shareholders in Nexus and moving into the group’s London headquarters. Nexus will appoint group CEO Colin Thompson and a number of other directors to the board of PRL.

Rasmussen has over 19 years’ FinPro experience including broking and underwriting roles at companies such as Travelers and Chubb. Ede has 2 decades of experience including 7 years at Chubb and 10 years at AIG.

Colin Thompson, Nexus founder and group CEO, said: “This is a strategic acquisition for Nexus and a natural addition to our existing FinPro capabilities. We are acquiring PRL at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks. We are also gaining a high calibre underwriting team and are pleased to welcome James and Neil to the Group,”

Adding: “This is the second FinPro transaction we have completed so far this year and we are seeing fantastic results in this class of business, helped by the hardening market conditions. We continue to manage a busy pipeline of MGA opportunities internationally and are looking to further strengthen and diversify our business.”

Rasmussen, founder and managing director of PRL, said: “Neil and I are absolutely delighted to be joining the Nexus family and to be working with Colin and the team. It has been a very exciting two years in which we have launched and established Plus Risk and the acquisition will provide the perfect platform for Plus Risk to evolve and flourish. It’s a great time to be involved in FinPro and with the group being such a successful, independent and international specialty MGA, we are confident that we will be able to extend our underwriting reach and use our joint experience to even better effect.”

AXA XL promotes Simona Fumagalli as head of international financial lines Europe

AXA XL has announced the promotion of Simona Fumagalli as head of international financial lines, Europe.

Based in Milan, Fumagalli will be responsible for developing the business lines underwriting strategies and product offering for Europe. She will also remain in her current position as country leader, Italy, until a replacement has been appointed.

In 2014 Fumagalli joined XL Catlin as chief underwriting officer for professional indemnity within International Financial Lines. She then became country manager for Italy in 2016 and was appointed as country leader for AXA XL’s insurance operations in Italy at the beginning of this year. Prior to joining AXA XL, she held several underwriting and leadership roles at Ace, Marsh and Zurich.

Tim Powell, head of international financial Lines at AXA XL, a division of AXA, commented: “I’m delighted we have the right talent internally for this strategic position. Simona is an experienced financial lines expert and an accomplished leader. I am confident she will play a key role within our team and be a strong partner to our clients and brokers across the region.”

Bruno Laval, regional head, Europe, at AXA XL, commented: “Simona has done a tremendous job as Country Leader for Italy. She led our Italian operations through exciting yet demanding times, all while establishing great relationships with our clients and brokers in the country,”

Adding: “Italy is an important market for AXA XL. Our clients and brokers in the country can rest assured that we will move as quickly as possible to appoint a successor to Simona as Country Leader. In the meantime, we remain focused on delivering the high level of service they have come to expect from us.”

Willis Towers Watson appoints Peter Foster to lead global cyber team

Global (re)insurance broker Willis Towers Watson (WTW) has appointed Peter Foster as chairman of global FINEX cyber and cyber risk solutions.

Foster has been at WTW for over 14 years and in a recent press release from the company it stated he has been instrumental in building the company’s global cyber capabilities.

Recent analysis reports from WTW and independent research ESI ThoughtLab, shows that annual losses from cyber attacks averaged $4.7mn in the last fiscal year, with more than one in 10 businesses losing over $10mn.

Foster, stated: “Our recent data highlighting the increasing number of firms losing considerable sums from cyber attacks demonstrates the need for robust cybersecurity solutions. Cyber risk continues to be a key component of our global strategy and we have built tremendous momentum and capability in this space through our fully integrated and holistic approach to all aspects of mitigating cyber risk. I am delighted to be leading such an experienced global team with the breadth of knowledge and depth that we harness globally.”

Claire Buck promoted to head of commercial lines pricing at Allianz

Allianz has announced that Claire Buck has been appointed as head of commercial lines pricing replacing Tom Saliba who left earlier this year.

Buck will now be responsible for leading the development of pricing capability for Allianz’s Commercial business. The role will also encompass looking at changing technologies and exploiting these tools to open up new data opportunities for underwriting.

Since joining Allianz in 2004 she has held a number of senior roles within the business, including underwriting facilities manager and branch manager for the small business team. Most recently she served as the account manager for Engineering, Construction & Power where she was responsible for the overall portfolio, strategic direction and delivery.

Catherine Dixon, commercial underwriting director, Allianz Insurance, commented: “I am delighted that Claire will be taking up this exciting and influential role. Commercial Pricing is an area we are heavily investing in and have ambitious plans for, therefore Claire’s deep understanding of our business and a proven track record in senior leadership roles will ensure future success.”

Sedgwick hires key leadership executives to strengthen international operations

Global technology-enabled risk solutions provider Sedgwick has named key executives to support its international growth strategy.

Ian Muress, CEO of international operations said these appointments enhance the company’s executive management team and will drive the growth of its international business.

Paul White, who most recently served as chief operating officer for Sedgwick in the UK, has been promoted to deputy chief executive officer. In his new role he will play a larger role in managing and developing the UK business, while continuing to support Stewart Steel, Sedgwick’s CEO in the UK.

Steel, said: “Paul is a great asset to our operations and all the business we do in the UK,”

Jessica Reimers has joined Sedgwick as chief operating officer for Europe. She brings more than 25 years of experience in the insurance and claims industry where she has led the development and implementation of international projects focused on digitalisation, organisational culture and innovation.

Muress, said: “Her extensive European insurance management experience makes her an excellent addition to the international leadership team.”

Additionally, Stephen Raper has been named finance director for Europe, Middle East and Africa and will now be responsible for setting strategic direction and managing cross-cultural teams to optimise operational efficiencies and create a culture of profitable growth for Sedgwick’s international business. He previously held similar roles at other global loss adjusting companies and for an international engineering consultancy in Dubai and Singapore.

Muress, shared: “I offer my congratulations to Paul on his new role and am pleased to welcome Jessica and Stephen to Sedgwick’s outstanding international leadership team. Together, we will continue to develop our global business and build strong relationships with existing and future clients. Sedgwick is well positioned for sustained growth, and I am excited for our future.”

Christian Coletta joins RSA as managing director for Spanish business

RSA Insurance Group has named Christian Coletta as the new managing director for Spain having held the role on an interim basis from February 2019, effective immediately.

Coletta will report into Richard Turner, CEO RSA Luxembourg S.A.

He brings more than 15 years’ experience within the insurance sector and joined RSA in 2014 as a sales and distribution leader and was promoted to commercial director in 2016.

Tony Buckle, managing director, Global Risk Solutions, RSA, said: “Christian has been a core member of the RSA team for a number of years and is well known in the Spanish market. Through his leadership, I am confident our business will continue to forge strong relationships with clients and brokers”.

Coletta added: “I am delighted to be leading our Spanish operation, alongside an outstanding management team, and I am fully focused on building long-term relationships with customers and brokers. The RSA Spain team has the experience and expertise to deliver excellence and unique solutions. I will put all my drive at the service of our operation, supporting its sustainable growth and its best-in-class ambitions.”