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EC News (22 August 2019)

  • Publish Date: Posted almost 5 years ago
  • Author:by Alan Jarque

Round-up of the weekly news and developments from the global (re)insurance market with stories from MS Amlin, DARAG, Everest Insurance and more.

MS Amlin commences trading on Whitespace platform

Global (re)insurer MS Amlin has begun trading risk on Whitespace Software Limited, a cloud-based solution that aims to digitise and enable the placing process of insurance contracts at Lloyd’s.

It works by capturing the contract as data at the beginning, which then allows brokers and carriers to create, negotiate, edit, and place a risk digitally, which the firm said will enable MS Amlin to improve efficiency, accuracy and customer service.

The digital slips look exactly like they do in paper form but are no longer documents, and the interaction between brokers and underwriters reflects the current face to face process.

Alberto Verga, chief operating officer at MS Amlin AUL, said: “The introduction of Whitespace to Lloyd’s is an important step forward for the market and will improve the way we transact with our clients. Lloyd’s is on a journey, and the use of technology is vital in taking it to its destination. We fully support the digital transformation at Lloyd’s and are confident that the market will benefit from the improved efficiencies Whitespace will inevitably bring.”

DARAG appoints James Insley as group CFO

DARAG Group Limited, a firm that focuses on acquiring legacies, has named James Insley as group chief financial officer (CFO), effective 2 September 2019 reporting to Tom Booth, CEO.

Insley will replace current group CFO James Halley who helped upscale the businesses strategic capital and was involved in the group’s recent expansions. He will depart mid-September.

Insley brings 2 decades of industry experience, most recently served as the European CFO of the Warranty Group. Prior to that, he held a number of senior roles at Brit including head of group financial performance and head of capital management.

Booth commented: “James Halley helped complete the investment by Aleph and Crestview into DARAG, which was a crucial milestone in the delivery of our exciting expansion during the past year. James also built a finance team and brought in improved processes across the group which leave us very well equipped for the future. We are extremely grateful for his work during this recent transformational period as well as the deep experience and professionalism he brought to the role. James has decided to pursue other opportunities and we wish him very well, knowing that he will be an asset to any business he joins, as he has indeed been for DARAG during the past year,”

Adding: "DARAG continues to grow, with an excellent deal pipeline, the ongoing execution of which is raising the group’s profile, further adding to its excellent track record and bringing greater diversification, balance sheet strength and capital efficiency. James Insley is a deeply experienced and skilled finance professional in the insurance sector and we look forward to welcoming him as part of the management team as we continue to develop DARAG for the long term.

Kyle Adams joins Everest Insurance to lead Bermuda operations

Everest Insurance, a member of global reinsurance Everest Re Group has named Kyle Adams to lead the company’s Bermuda operations.

Adams joined the role with over 20 years of experience most recently from JLT Speciality Bermuda where he served as co-chief executive officer. Prior to working at JLT, Adams spent 19 years with Aon’s Financial Services Group in Bermuda and the US.

Mike Karmilowicz, president of Everest Specialty Underwriters, said: “Kyle brings a wealth of knowledge, expertise and strong, well-developed relationships in the Bermuda market to Everest. The addition of Kyle and the establishment of our Bermuda operation signify our commitment to becoming a World Class Specialty Diversified Insurance Company, and allow us to further expand our distribution footprint and capabilities to help better serve the needs of our clients.”

LM TOM confirms Brady as the new sponsor for its delegated authority workstream

The London Market Group has announced that Paul Brady is the new sponsor for the delegated authority work stream for the London Market Target Operating Model (LM TOM), replacing Ian Fantozzi, COO.

Brady serves as head of policyholder & third party oversight at Lloyd’s and will now be tasked with overseeing the delivery of a modern and efficient delegated authority process and integrating future developments into the Future at Lloyd’s work stream.

The announcement comes as an upgraded version of DA SATS is released with improvements based on user feedback. These include; more efficient processes for renewal and contract creation,
enhanced functionality such as aggregate limit monitoring, and mid-term broker changes.

Commenting on his appointment, Brady said: “I am delighted to be taking over this role. Ian has done a tremendous job in helping the whole market come together and deliver real improvements in the way in which we do business with our coverholders. The work he has led has reduced the number of audits, simplified and made consistent the data we collect and delivered a single platform in the form DA SATS.

Adding: “We still have work to do to complete the Chorus in 2020. As we continue to make London as attractive as possible as a source of capacity for coverholders around the world. The work also provides a strong foundation for Lloyd’s plans for a new risk-based approach to the delegated authority oversight, which will be one of the foundations upon which we build the Future at Lloyd’s.”

Aon appoints Don Magee as its UK chairman of its reinsurance business

(Re)insurance broking group, Aon has announced the appointment of Don Magee as its new UK chairman of the Aon Reinsurance Solutions business.

Magee is a long standing senior leader with significant industry experience, having joined Benfield, Lovick & Rees back in 1991, and previously working at Hall, Harford Jeffreys International, Thomas R Miller (Energy) Limited and Newman, Martin and Buchan.

His focuses have been on client strategies and production of new business as well as handling some of the broking group’s largest global clients. Magee has also played a key role in developing bespoke capacity for the needs of composite insurance and reinsurance buyers.

Nick Frankland, UK CEO of Aon’s Reinsurance Solutions business, commented: “In this new role Don will support me in developing our business and client strategies, in conjunction with our Growth and UK Leadership teams. His standing and experience will add significant value across our wider business and I know that Don will deliver leadership, commitment and dedication to our continued growth ambitions.”

Tokio Marine Holdings partners with tech start-up Plug and Play in Singapore

The largest property and casualty (P&C) insurance group in Japan announces new collaboration with Singapore based Plug & Play’s insurtech program.

Plug and Play is an innovation platform that specialises in the development of early stage technology start-ups.

The partnership with Tokio Marine has been since December 2017, but now the arrangement will allow the insurer to use Plug and Play’s network and work with curated start-ups from the Asia Pacific region for implementation in its offices throughout Southeast Asia.

Plug and Play launched its insurtech program in Singapore last August, and has accelerated 49 startups to date.

Partners to the program have the chance to dictate the focus of each batch of insurtechs, giving them the ability to target specific pain points in their business and search for different solutions.

Hidemi Harada, vice president and head of digital strategy of Tokio Marine Asia said: “Plug and Play and Tokio Marine are no strangers; we’ve had a partnership with Plug and Play back in Silicon Valley. This partnership has paved way to introduce us to 800 start-up companies globally and a better understanding of the Insurtech landscape from global lens.

Adding: “In Asia, we look forward to working with Plug and Play to accelerate and fast track our development with practical digital initiatives for the markets in the region and advance our innovative insurance business models for the whole group. We also look forward on leveraging Plug and Play’s network for cross-industry engagement in IoT, Mobility, Healthcare and Smart Cities.”

Kayvon Deldar, Plug and Play’s program head of Insurtech in Singapore, also commented: “We’re very excited to expand our relationship with Tokio Marine to Southeast Asia, where we’re looking to continue upon the success and learnings we’ve seen in Silicon Valley. We look forward to connecting their regional and country teams to the most relevant startups in Insurtech and adjacent industries with the ultimate goal of helping them develop their digital and innovative business initiatives,”

“I speak not only for ourselves, but our startups, that Tokio Marine’s regional and global business is a great strategic partner to have on our platform.”