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EC News (5 September 2019)

September 05, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from Chaucer, Swiss Re, Liberty Mutual Re and more.

Chaucer names Johnny Bøgelund as head of Chaucer Copenhagen

Specialty (re)insurance group Chaucer has appointed Johnny Bøgelund as head of Chaucer Copenhagen replacing Gero Michel who has stepped down from the role.

In his new role, he will be responsible for managing Chaucer’s European and Scandinavian underwriting portfolios, and working with the Copenhagen, Oslo and London teams to support the long-term development and growth of Chaucer Copenhagen.

Bøgelund will also be responsible for the Danish branch of Chaucer Insurance Company DAC in Ireland (which trades as Chaucer Dublin).

He joined Chaucer in 2009 from Maersk initially working as a marine underwriter and brings over 3 decades of risk management and underwriting industry experience.

John Fowle, CEO and CUO at Chaucer commented: “Johnny has a wealth of underwriting expertise, business experience and proven leadership capabilities and has established himself as a key contributor to Chaucer and our customers. We all look forward to working with him in this important new role. Expanding our European presence through in-depth understanding of client exposures and the delivery of tailored solutions is an important strategic goal for Chaucer, and Johnny’s drive and insight will significantly support us in achieving this.

 I would also like to thank Gero Michel, as he steps down from his role as Head of Chaucer Copenhagen. He has provided strong leadership and greatly contributed to our business and on behalf of everyone at Chaucer, I wish him all the very best.”

Bøgelund added: “This is an exciting new challenge for me and I look forward to working with my colleagues in Scandinavia and London as we continue to develop our position as a valued insurer and reinsurer for brokers and clients.”

Swiss Re & Capsicum Re partner to launch holistic cyber reinsurance solution, Decrypt

Swiss Re and specialist reinsurance broker Capsicum Re have collaborated to launch new holistic cyber reinsurance solution, called Decrypt.

Decrypt will provide a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.

In a recent press release it explains that Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers market-leading cyber-risk evaluation expertise and a lead line from Swiss Re of up to US$50mn per client with the support of a growing pool of risk transfer capacity.

Decrypt delivers substantive immediate value to clients, while also bringing Swiss Re and other panel reinsurers better clarity and insight, which will ultimately enable them to offer bespoke risk transfer solutions that meet their clients’ specific needs.

The new solution will be brought to the market at the annual meeting of the reinsurance industry in Monte-Carlo on 8 September 2019.

Ian Newman, Capsicum Re’s global head of cyber, said: “Decrypt begins with risk evaluation based on a detailed analysis of policy wordings and scenario mapping. The goal has been to align the Decrypt methodology between broker and underwriter in order to provide unparalleled insights into cyber exposures across enterprise-wide insurance portfolios, while being able to offer bespoke reinsurance solutions.”

Rupert Swallow, Capsicum Re’s CEO, said: “Decrypt is another market-leading first for Capsicum Re’s award-winning cyber team. By leveraging their superior risk knowledge and data and teaming up with Swiss Re, we have created a unique new solution that will manage insurance companies’ genuine concerns and challenges over cyber exposure management, and set the standard for the industry.”

Anthony Cordonnier, head of cyber product management at Swiss Re, adds: “Decrypt gives insurance companies a unique understanding of their portfolios’ affirmative and silent cyber exposures, and offers protection against the aggregation of cyber losses across different lines of business.”

Maya Bundt, head of cyber & digital solutions at Swiss Re, comments: “Decrypt is the first holistic cyber solution that helps insurers identify and manage their cyber risk exposures, as well as meet growing regulatory and internal requirements.”

Liberty Mutual Re promotes Blake to build out Bermuda financial risks reinsurance operations

Liberty Mutual Re (LM RE), a member of Liberty Mutual Insurance Group has promoted Alice Blake to role of senior underwriter – financial risks reinsurance, effective immediately.

Based in Bermuda she will report to Steve Horton, president, Liberty Specialty Markets, Bermuda. She will also continue to report into Susan Barber as part of the global Financial Risk Reinsurance team.

Blake will continue her role as political risk/credit risk (PR/CR) single risk product leader, underwriting PR/CR business that has been renewed onto the Bermuda platform. 

In her new position, Blake will be responsible for the underwriting of an established Financial Risks portfolio. She will also develop and implement a strategy to access business originating from the Bermuda reinsurance market.

In a recent press release from LM Re stating that the promotion contributes to LM Re’s strategy to grow its global footprint.

Blake has been with LM Re since 2014, as a London-based reinsurance underwriter.  She has over ten years’ experience in the (re)insurance sector, having also worked for XL Insurance in London as an underwriter.

Horton, president of Liberty Specialty Markets Bermuda said: “Alice’s arrival is part of our long-term strategy to build out Liberty Mutual Re’s reinsurance operations in Bermuda. Having developed a strong portfolio of reinsurance business in London over the last five years, she has the technical skills and experience necessary to make an impact in the Bermuda market and, importantly, grow our financial risks reinsurance book here.”

AXA XL promotes Farr to global head of upstream energy

AXA XL Insurance has announced the promotion of Steven Farr to global head of upstream energy, effective immediately.

In his new role he will be responsible for leading the firm’s Global Upstream Energy team. Based in London he will also be tasked with developing the Upstream Energy book, expanding on and delivering underwriting strategy and product profitability.

Farr’s career started in 2002 in claims at Liberty Syndicates. In 2003 he moved to Wellington Underwriting and joined Catlin Underwriting Agencies (now AXA XL) in 2007 following the acquisition of Wellington. In 2012 he was appointed energy class underwriter at AXA XL.

Huw Jones, chief underwriting officer for Global Energy at AXA XL, commented: “Upstream Energy is an integral part of AXA XL’s business, and having the right team in place is central in supporting our clients as they navigate the wide spectrum of traditional and emerging risks faced by this sector.

“I’m delighted that Steve will be undertaking the role of Global Head of Upstream Energy.  He has considerable experience of underwriting upstream energy risks and has built up a stellar reputation in the market thanks to his close relationships and technical expertise.

“Steve’s appointment is a testament to the talent we have within the Global Energy team here at AXA XL; I have every confidence he will succeed in this new role and continue to be a strong partner to our clients and brokers across the world.”

Hans van Oort joins Liberty Mutual Re as head of Northern Europe

Liberty Mutual Re (LM Re), part of Liberty Mutual Insurance Group, has named Hans van Oort to the newly created role of head of Northern Europe, effective 2 September 2019.

Based in Cologne, Germany, Van Oort will report to LM RE regional head Eric Sugier.

Van Oort joins LM RE from Guy Carpenter where he served as managing director of its Benelux operations in Brussels. Prior to this he was with Gen Re for 20 years, most recently as marketing manager of its Europe business unit.

Dieter Winkel, president, LM Re said: “This new role of Head of Northern Europe will strengthen LM Re’s focus on the region and allows us to gain a deeper understanding of our customers there. Its creation is part of the continuing process of refining the LM Re model as we grow.

“Hans van Oort is a highly experienced reinsurance leader who knows this market intimately. His insight and strong client relationships are tremendous assets for us.”

Chubb adds Corcoran as regional vice president, Consumer Lines for Accident and Health

Insurer Chubb announces the appointment of Dónal Corcoran to the newly created role of regional vice president - consumer lines for Accident and Health Continental Europe, effective immediately.

Based in Madrid he will report to Véronique Brionne, senior vice president - director of Accident and Health and will be responsible for the overall responsibility for defining and executing the strategic direction of consumer lines and partnerships business across Continental Europe.

Corcoran brings more than 15 years’ experience in the consumer insurance business, gained from several international assignments and responsibility at AIG.

Brionne said: "I am delighted to welcome Dónal to Chubb as we look to develop our long-term consumer lines and partnerships strategy across Continental Europe.  Dónal brings a wealth of international and multi-line experience to help us drive the business forward and deliver against our ambitious growth plan in the region."

Liberty Specialty Markets appoints head of financial lines, France

Liberty Specialty Markets a division of Liberty Mutual Insurance Group has named Antoine Brodu as head of financial lines, France, effective immediately.

He joins the company from AIG France, where he spent 13 years, most recently as a client director, major accounts.

Richard Deguettes, general manager at Liberty Specialty Markets France, said: “Antoine Brodu joins at a key moment of Liberty’s development. Our business in France saw double-digit growth in 2018.  Financial Lines is a major driver of this progress. With full responsibility for the leadership of the Financial Lines portfolio through the different market segments (Major Accounts, Middle Market, Financial Institutions) in France, Antoine will play a key role in meeting LSM’s strategic ambitions thanks to his technical and business expertise.”