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EC News (21 November 2019)

November 21, 2019

Round-up of the weekly news and developments from the global (re)insurance market with stories from Sompo International Holdings, Chaucer, Tokio Marine Kiln and more.

Sompo International Holdings appoints Mikio Okumura as new CEO

Bermuda based Sompo International Holdings (SIH) announced the appointment of Mikio Okumura as chief executive officer of Sompo International Holdings Ltd, effective 1 January 2020 subject to regulatory approvals.

Okumura will report to John Charman, CEO of Sompo Holdings Overseas Insurance and Reinsurance Business and Chairman of SIH. He will succeed Nigel Frudd who will still be responsible for Overseas M&A for the Sompo Group and will also act as a special advisor to the Sompo Group CEO, Kengo Sakurada on other critical global issues with effect from 1st of April 2020.

He currently serves as Sompo Group’s chief strategy officer, is an executive officer of Sompo Holdings and is a non-executive director of SIH. In his new role, Okumura will also be appointed an executive director of SIH, effective 1 January 2020.

Charman commented: “I am delighted to welcome Okumura-san as CEO of Sompo International Holdings. Having worked very closely with him as a Non-Executive Director of SIH and together as members of the Sompo Holdings Group global executive committee over the last year, I have been impressed by his demonstrated leadership, global experience and what he has been able to accomplish throughout his career. I look forward to working with him as we continue to grow and develop SIH’s extensive, global insurance and reinsurance platforms.

I would also like to thank Nigel for his contributions to SIH over the last two and a half years. I am looking forward to continuing to work with him as a member of the Sompo Holdings Group Global Executive Committee and in his new role as Special Advisor to the Sompo Group CEO. I wish him much success as we continue to grow and transform Sompo Holdings Group.”

Chaucer appoints new chief underwriting officer

International specialty (re)insurer Chaucer has announced the appointment of Nicola Stacey as chief underwriting officer (CUO). John Fowle, the current joint CEO and CUO will combine his duties to CEO.

In her new role, Stacey will be responsible for both the development and execution of Chaucer’s underwriting strategy, with a focus on profitable portfolio growth.

Stacey brings more than 3 decades of (re)insurance experience to the role included serving senior leadership roles at Swiss Re and GE Insurance Solutions. She joined from Swiss Re Europe where she most recently served as managing director with responsibility for risk management globally for P&C Reinsurance.

Fowle, CEO at Chaucer, said: “We are thrilled to have Nicola, with her extensive underwriting knowledge and experience, assume the Chief Underwriting Officer role at Chaucer. Her strong underwriting background, proven leadership qualities and deep understanding of risk management will be a great asset as we accelerate our development as a leading global underwriting group.”

Stacey, CUO at Chaucer added: “I am delighted to be joining Chaucer at this exciting time and I look forward to working closely with the team to drive an innovative and disciplined underwriting strategy that leverages our outstanding underwriting talent, product range, relationships and global reach."

Jason Keen joins Chubb as division president, Chubb Global Markets

Global (re)insurer Chubb have announced the appointment of Jason Keen as division president for Chubb Global Markets, assuming the role early next year subject to regulatory approval.

In his new role, Keen will be responsible for the leadership, strategy and performance of Chubb Global Markets, which comprises Chubb's London Market wholesale and specialty business including the company's Lloyd's platform.

Keen will report to David Furby, regional president, Chubb European Group. Jason succeeds Matthew Shaw, who is leaving the company.

He first joined ACE (now Chubb) in 2010 as a regional property underwriter for Asia Pacific and assumed overall responsibility for the company’s Property and Casualty portfolios in the region in 2016. He previously worked for Lloyd's syndicates Talbot Underwriting Ltd and Ascot Underwriting Ltd. 

Juan Luis Ortega, executive vice president, Chubb Group and President, Overseas General Insurance, said : "Jason's strong underwriting acumen is a distinguishing feature of his success to date and aligns perfectly with our Chubb Global Markets tradition of underwriting discipline and consistent results."

David Furby, senior vice president, Chubb Group and regional president European Group added: "I am delighted to appoint Jason to lead our Chubb Global Markets business.  He brings a wealth of insurance knowledge and business leadership experience to the role.  I have great confidence in his ability to lead our wholesale business at a time of utmost importance and I am very much looking forward to working with him in his new remit."

Tokio Marine Kiln adds Matthew Shaw CUO from Chubb

Tokio Marine Kiln (TMK), a member of global insurer Tokio Marine announced the appointment of Matthew Shaw as chief underwriting officer (CUO), effective in the first half of next year subject to regulatory approval.

Shaw joins the company from Chubb where he served as divisional president for Global Markets.

TMK chief executive officer, Charles Franks said: “This is a first-class appointment and I know Matthew will be a great addition to our executive team as we embark on the next stage of the TMK journey.”  

TMK’s deputy CEO Brad Irick added: “I’m thrilled to welcome Matthew to the Tokio Marine Kiln family. He brings a wealth of experience in the specialist markets in which we operate within Lloyd’s and the broader London market. Our underwriting teams are energised by a refreshed strategy, an improving market and new opportunities to profitably grow their businesses under Matthew’s leadership.”

Shaw said: “I’m hugely excited to be joining TMK, an organisation with a long history as a great underwriting company and one at the forefront of innovation in the Lloyd’s market.  This is a transformational time for TMK and for the London market, and this role offers a great opportunity to be part of the growth and continued success of this great franchise.”

AGCS names new global head of financial lines

Allianz Global Corporate & Specialty appoints Shanil Williams as global head of financial lines, effective 15 November 2019. He will succeed Bernard Poncin, who will leave AGCS to pursue other opportunities outside Allianz Group.

In his new role, in addition to the day to day leadership of the global team, Williams will review future strategy and setup for Financial Lines. He is Based in Munich and will report to Thomas Sepp, chief underwriting officer corporate in the AGCS SE Board of Management.

Williams joined AGCS in 2016 when he was appointed country manager for New Zealand. In 2018 he related to Munich and most recently served as global head of commercial for financial lines since August 2018.

Thomas Sepp, chief underwriting officer corporate says: “I would like to thank Bernard for all his work on behalf of AGCS over the last seven years. Under his leadership, this key Line of Business has experienced growth in areas such as Cyber and expanded its footprint in Asia and in North America to be truly global. I look forward to working with Shanil and the rest of the Financial Lines team to continue to build on this, both now and in the future.”

Tokio Marine HCC names Heath as new head of delegated property

Specialty insurance group, Tokio Marine HCC has appointed Stuart Heath to the new role of head of delegated property, effective 4 November 2019 and Linda Johnson as senior underwriter for delegated property, effective 11 November 2019.

Heath brings over four decades of market experience and will work alongside Simon Button, chief underwriting officer, London Market division of Tokio Marine HCC, International Group and will be responsible for building a new account, focused on UK and European specialty property.

Heath joins from AXIS and prior to that Novae, where he spent ten years and was global head of international property and a member of its executive committee.

Johnson will report to Heath and brings over 35 years’ industry experience to the role. Her career has included roles at Churchill, Equity Red Star and AXIS.

Commenting on the appointments, Button said: “I’m pleased to be working with Stuart and Linda as we build our new delegated property offering.  Stuart has an unrivalled track record of developing successful teams and is off to a great start with Linda’s hire.  I’m confident they will both be invaluable assets as we continue to grow our property business lines at Tokio Marine HCC.”

Barry Cook, chief executive officer of Tokio Marine HCC – International Group, added: “I am delighted to welcome two individuals with such strong industry experience and reputation to our team.  Stuart and Linda’s appointments echo our strategic goals of growing our focused London Market portfolio, and I am looking forward to establishing Tokio Marine HCC further into the property market across the UK and wider Europe.”