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EC News (19 September 2019)

September 19, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from New Dawn Risk, RSA, DXC Technology and more.

New Dawn Risk hires James Bullock-Webster as head of Media, Technology & Cyber

Specialist independent insurance intermediary New Dawn Risk has appointed James Bullock-Webster as head of technology, media & cyber.

Bullock-Webster joins from Paragon International Insurance Brokers where he worked for four years as a wholesale and retail broker. Prior to this he served in the British Army for eleven years.

Max Carter, CEO of New Dawn Risk said: “Clients of all types are increasingly worried about this aspect of risk and James’ appointment strengthens our ability to meet this need. His energy, creativity and expertise, combined with his experience in building innovative products to address changing client needs, make him an ideal fit for New Dawn Risk. As well as taking responsibility for our book of IT and media risks and existing international cyber liability offering, he will work closely with the team rolling out our new online cyber insurance product for UK businesses.”

RSA Group names Kevin Thompson new Ireland CEO

RSA Group has announced the appointment of Kevin Thompson as chief executive officer of its Ireland operations. He replaces Ken Norgrove, who is moving to the role of CEO of RSA Group’s Scandinavian business Codan/Trygg-Hansa.

Thompson has spent seven years overseeing Insurance Ireland as CEO and had overall responsibility for the organisation and its strategic and commercial objectives. Prior to that, he held roles as CEO for AIG Life Ireland and VP for Multinational Group Risk Europe.

Thompson commented: “I am delighted to take up the post of CEO of RSA Ireland, which has a proud heritage in the Irish insurance market, having been writing insurance here since as far back as 1721. It is one of the most respected insurance companies in Ireland, and I take up the position of CEO with the business on a very solid footing, not least thanks to the excellent stewardship of Ken Norgrove. I look forward to taking up where Ken left off by maintaining the momentum he has built and carrying out my role with energy and enthusiasm.”

Norgrove commented: “I’m very proud of what the Irish team has achieved over the last five years The time is right for me to move onto the next chapter and challenge with a new role in the Scandinavian market. I do so in the knowledge that Kevin will be inheriting a strong customer focused business with a dedicated and talented team.”

Scott Egan, CEO RSA UK & International business commented: “Ken is one of the most experienced and talented leaders in RSA and his tenure in Ireland has produced brilliant results. He leaves behind a great legacy in Ireland and will transfer his skills, not least as a proven leader, to our Scandinavian business. We are very fortunate to have found a fantastic successor for Ken in Kevin Thompson. He is a leading authority on the industry in Ireland and will bring huge experience and proven ability to the role. I look forward to working closely with him and continuing to strengthen RSA’s position in the Irish market.”

DXC Technology appoints new president and chief executive officer

Independent end to end IT Services Company, DXC Technology, have announced the appointment of Mike Salvino as president and chief executive officer, effective today.

Salvino succeeds Mike Lawrie, who has served as DXC’s Chairman, president and chief executive officer since the company’s formation in 2017. Lawrie retire as DXC’s board chair on 31 December 2019.

Salvino most recently served as a manging director at Carrick Capital Partners, where he specialised in technology-enabled services, including BPO, security and machine learning.

Prior to that, he served for seven years as group chief executive of Accenture Operations and was a member of Accenture’s Global Management Committee.

Manoj P. Singh, chair of the Board's Nominating Committee said: “Mike Salvino, who joined DXC’s board in May 2019, is a respected leader in the IT services industry with more than 30 years of experience and a strong track record of building profitable businesses that delivered value for clients and shareholders,”

“We want to thank Mike Lawrie for guiding DXC through its successful integration and initial phase of transformation. During his tenure, DXC became the world’s leading, independent end-to-end IT services company and built significant digital capabilities to help DXC execute its strategy. We look forward to his continued leadership during this important transition.”

Lawrie commented: “Mike Salvino is the perfect choice to lead DXC into its next phase of growth. He is a proven leader with a strong track record of successfully running businesses, forging trusted client relationships, and creating an environment to grow and develop talent,

“It’s been my privilege to serve as CEO as we repositioned DXC to focus on digital transformation and how we best serve clients. DXC is a world-class business, built by its extraordinary leaders and workforce. I’m proud of all that we accomplished.”

Salvino said: “DXC has an enviable client portfolio, deep industry partnerships and a talented global team. I am looking forward to leveraging these strengths and my proven operational playbook to accelerate the execution of our growth strategy.”

AXA XL promotes trio in its UK Client & Distribution team

Global (re)insurer AXA XL has made a trio of promotions in its UK Client and Distribution team, based in London. Allan Murley is appointed to head of broker management, Tim Smith to head of client management and Christine Cook to head of portfolio solutions, effective immediately.

All three of the new appointments will be based in London and report to Louise Piper, head of UK client & distribution. 

Murley will be responsible for leading the UK Broker team and working with regional underwriting teams to profitably grow the UK book of business. 

He joined XL Group in 2014 as a client & distribution leader and has previously worked for Zurich and HSB Engineering.

Smith will have responsibility for leading the UK client team and working with underwriting teams to profitably grow the UK book of business.

Smith brings 3 decades of experience in insurance and joined AXA XL in 2018 as a senior casualty underwriter. He previously worked at Willis, Independent Insurance, QBE and Zurich.

Additionally, Cook will have responsibility for coordinating and developing Portfolio Solutions, supporting the head of client and distribution and the global head of portfolio solutions in the UK.

Cook previously worked for Catlin as an underwriting assistant in the Marine team. She started her most recent role as a senior class underwriter, portfolio deals in 2016.

Piper commented: “I am delighted that Allan, Tim and Christine have been appointed in their new roles. As we move forward as one AXA XL, they will play an essential role in delivering our strategy for UK clients and brokers and providing them with access to the broader capabilities of the AXA Group.

Pleasingly, these promotions also are a testament to the talent we already have in place in the UK Client & Distribution team and across the wider company.”

TMK announces leadership reshuffle

Tokio Marie Kiln (TMK) announces a series of leadership changes following the departure of chief executive Officer, Charles Franks after 11 years.

He will be succeeded by Brad Irick as chief executive officer of TMK effective 1 January 2020, subject to regulatory approval.  Franks will remain a member of the Tokio Marine Kiln board where his extensive knowledge of TMK and the Lloyd’s market will continue to benefit the company. 

As part of the succession process, Charles will remain in position until the end of 2019 to facilitate an orderly handover period.

Irick has held the role of deputy chief executive officer of TMK since August 2018. Since joining he has worked closely with Franks on all aspects of the business, including the development of the company’s strategy.

He has also had direct responsibility over TMK’s operational areas, actuarial, internal audit and governance and legal functions.

Irick brings extensive experience in the specialist insurance industry, having served as chief financial officer at Tokio Marine HCC since 2010, along with 21 years in the insurance practice of PwC. 

TMK has welcomed Nick Hutton-Penman to the executive team as deputy chief executive officer, effective, 1 October 2018.

Hutton-Penman joins from Tokio Marine HCC International in London where he served across several senior roles during his 17 year career including chief executive officer of HCC Underwriting Agency.

Meanwhile Paul Culham, TMK chief underwriting officer is departing after 32 years with the company. He will leave at the end of September and his successor will be announced in due course.

Chris Williams, chairman of Tokio Marine Kiln Group Limited, said: “Charles has demonstrated exemplary leadership over the past eleven years, and I would like to extend my heartfelt thanks to him. The Board and I are grateful for his continued expertise as the company transitions to the new leadership team.

“In Brad we have found a talented and dynamic leader. He has done an excellent job over the past year, demonstrating focus and strategic thinking. Brad’s experience in specialist insurance, finance and mergers and acquisitions will be complemented by Nick’s excellent operational credentials, and I have every confidence their leadership will propel the business forward.” 

Charles Franks said: “After more than a decade leading TMK, this is the right moment for me to hand over the reins. Successful leadership requires deep expertise as well as fresh thinking, and in Brad and Nick, TMK has found a formidable combination. The opportunity for the business is vast, and I have every confidence that with strong and dynamic leadership, supported by the incredible talent within the business, this will be an exciting new chapter for TMK.”

“On behalf of the whole executive team, I would like to thank Paul for his enormous contribution to TMK and for his support to me personally during his tenure. He has been instrumental in the business’ continued development and I wish him every success for the future.” 

Brad Irick said: “This is an exciting and transformative time for our industry. TMK has always led the market, and this period is no exception. Our exceptional talent, relationships and innovative thinking position us well for success, and I look forward to driving the business forward with renewed focus and energy.”

Paul Culham said: “After more than three decades at TMK, now is the right moment for change, and I am delighted to pass the baton on. I wish Brad and the team every success as they embrace the opportunities ahead.”

AssuredPartners London announces the launch of its M&A insurance division

Expansive London broker, AssuredPartners, is pleased to announce the launch of its M&A insurance division with the hire of Ben Crabtree and Felix Sloman.

Crabtree, with over 16 years of experience in the transactional liability space will be responsible for growing the practice in the UK and European market place and helping to expand the offering across the vast network of AssuredPartners’ offices in the United States.

The team will report to UK CEO, David Heathfield and are expected to take up their positions towards the end of the year.

Heathfield commented: “We have been looking to offer M&A expertise as part of our expanding asset management division for some time now and both individuals had the experience and market presence that we were after. It’s an exciting time to become part of the AssuredPartners’ family and we are looking forward to working with Ben and Felix going forward.”

Aspen appoints Clive Edwards as CEO for UK & managing agency

Bermuda based Aspen Insurance Holdings has promoted Clive Edwards to chief executive officer of Aspen Insurance UK Limited (AIUK) and Aspen managing Agency Limited (AMAL). He will succeed Mike Cain who has been appointed to the role of group chief operating officer.

Edwards previously served as co-chief underwriting officer of AIUK and has been with Aspen since 2002. He has been writing non-marine commercial lines insurance since joining the Commercial Union in 1980, and has previously held market development and account management positions at Midland Bank Insurance Brokers, London & Edinburgh, Norwich Union and Wellington Underwriting.

Aspen has named Henry MacHale and Jamie Lewis as the co-chief underwriting officer’s for AIUK, for insurance and reinsurance respectively, subject to regulatory approval. They will retain their roles as global head of specialty for Aspen Insurance; and head of London, Aspen Re, and specialty re global product head respectively. Lewis will also retain his role as deputy active underwriter of Aspen’s Lloyd’s syndicate 4711.

Mark Cloutier, executive chairman and group chief executive officer, commented: “Clive was part of the original team at the outset of Aspen and has continually demonstrated an outstanding capability as an underwriting leader. His proven experience and expertise, and the high esteem in which he is held in the UK market, make him very well qualified to take on these roles.”

Gallagher hires Brent Kruger as UK chief information officer

Global insurance brokerage Gallagher has appointed Brent Kruger as UK chief information officer (CIO), effective early November 2019. Kruger will replace Steve O’Donnell, who left the business in August earlier this year.  

In his new role, he will be responsible for setting the strategic direction of the firms UK technology division.

Kruger brings over 25 years’ experience to the role and joins from JLT Specialty, where since 2016 he served as CIO for the UK & Ireland, Europe and South Africa. Before this he was group CIO for Cooper Gay Swett & Crawford, having joined after 10 years at Aon, the last three of which he spent as CIO of Risk Solutions UK.

Charles Crawford, UK chief operations officer at Gallagher, explained: “With more than a decade of experience as a CIO within large insurance broking firms, and strong leadership credentials, Brent will be a great addition to our UK management team. His track record in setting strategic vision and delivering on it through technological transformation, as well as using new technologies to streamline operations and support customer interaction, means he is well-placed to drive forward our organisational priorities.”