Round-up of the weekly news and developments from the global (re)insurance market with stories from Clyde & Co, Willis Towers Watson, Canopius and more.
Ex-Lloyd’s CEO Inga Beale joins Clyde & Co board
International insurance law firm Clyde & Co announced the appointment of two independent board members. Inga Beale, former Lloyd’s CEO will be on the management board along with former Grant Thornton US CEO Stephen Chipman, effective 1 January 2020.
The business stated that this is the first time such a position, which is the equivalent of a non-executive director, has been created at the firm.
Beale is well known within the London and wider insurance market and will have a special focus on the firm's diversity and inclusion on the board.
Beale served at Lloyd’s as CEO between 2014 and 2018 where she was responsible for initiating a large scale digital and cultural transformation programme and led its expansion into China, Dubai and India. She also held senior leadership positions across the insurance sector globally at the (re)insurance groups Canopius and Converium.
Clyde & Co explained Inga will draw on her significant global experience to bring a client-centric perspective to the board, especially in relation to insurance.
Additionally, Stephen Chipman has held senior roles across Grant Thornton for two decades, including CEO for the firm in the US and China as well as CEO of technology-enabled business services company Radius and as group managing director, International Expansion Services.
Clyde & Co said Stephen will bring to the board his unrivalled track record of the successful financial management of partnership organisations as well as his experience advising established and growing organisations across the globe.
Peter Hirst, senior partner at Clyde & Co, says: "The appointment of Inga and Stephen as independent board members is a significant move for us as we seek to ensure that we have industry-leading governance and decision-making structures in place that reflect the size, global nature and ambitions of the firm.
"Inga and Stephen are both well-known leaders in their fields and will provide us with objective and independent views, advice and constructive challenge to help inform our decision-making and ensure that the voice of the client is at the heart of our governance."
Beale says: "Having worked in the insurance market over the course of four decades, joining the largest insurance law firm in the world represents a natural next step for me. I feel I can provide a client-side insight that will benefit Clyde & Co's management operations as well as the day-to-day work the firm does with clients."
Chipman added: "Given the significant growth that the firm has experienced over the past few years, this is an exciting time to be joining Clyde & Co. I'm looking forward to working closely alongside the leadership team to get to grips with the challenges and opportunities that such an ambitious, rapidly-expanding business naturally faces."
Willis Towers Watson launches new software for IFRS 17 complexities
Global (re)insurance broker Willis Towers Watson has launched ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17.
ResQ Financial Reporter is a calculation and data management solution that will provide an efficient framework to generate financial statements and support disclosure requirements of IFRS 17, saving insurers valuable time and effort in their reporting processes.
Andy Teale, global IFRS 17 P&C technology leader, at Willis Towers Watson said: “Regulatory and other reporting requirements are driving the pace of change, in particular IFRS 17, with data, governance controls, process automation and dissemination of information at the top of the agenda. Despite the deferral of the standard and calls for further delays, many insurers are still behind where they need to be on implementation. Too much time has been spent on design and build rather than getting close to the numbers. ResQ Financial Reporter brings the standard to life, with rapid implementation and early sight of the numbers, giving (re)insurers the time to digest the impact of the standard on the wider business decisions.”
Tina Gwilliam, global product leader for ResQ at Willis Towers Watson said: "ResQ Financial Reporter will enable users to move through a flexible, intuitive and well-governed audited process that supports the analysis, review, reporting, validation and sensitivity testing required to deliver IFRS 17 financial statements in a timely, cost-efficient manner. The software essentially takes the complexity out of IFRS 17, so insurers can focus on the core activities that matter most to their business.”
Andrew Tongue joins Canopius as trade & political risk underwriter
Global (re)insurer Canopius has named Andrew Tongue as a trade and political risk underwriter, effective March 2020. He will also act as deputy to Crispin Hodges, head of trade & political risk.
Tongue brings almost a decade of industry experience to Canopius’ political risk and trade unit, having most recently served in a similar position as senior underwriter, political risks and trade credit at Swiss Re.
Prior to that he Tongue held senior positions at AXA Africa Specialty Risks and CNA Hardy.
Hodges commented: “Andrew is exactly the calibre of underwriter we wish to attract, and his extensive expertise and experience will be a huge advantage as we develop the proposition further. We are delighted to announce he will be joining the team.”
Bernie de Haldevang, head of credit, political & crisis management, added: “Following the integration of AmTrust, Canopius has a greatly extended political risk capability. Andrew’s appointment demonstrates our intent to fully capitalise on the huge potential that has been created. Further expansion is expected, and the Syndicate 1861 portfolio will play an essential part in that.”
Coverys appoint Jo Marshall as General Counsel
Coverys, the Lloyd’s managing agent of Syndicates 1975, 1991 and 3330 has appointed Jo Marshall as general counsel, effective immediately.
Marshall joins from Canopius bringing over 20 years of legal and compliance experience in the (re)insurance sector.
Robin McCoy, chief executive officer, Coverys Managing Agency, commented: “Coverys’ reputation has been built on a data and analytics-led approach to underwriting, market-leading expertise in medical professional liability (re)insurance and exceptional individuals in every sector of the business.”
“As we continue to build our Lloyd’s and international presence, we will continue to focus on hiring the market’s leading talent to help us maintain our momentum.”
Adding: “Jo’s legal background, regulatory acumen, and business expertise make her the ideal candidate to lead our legal and corporate governance division in the UK. I am delighted to welcome her on board at what is an exciting time for Coverys. I am certain her strategic advice will be invaluable as we expand.”
Commenting on her appointment, Marshall said: “Since its launch, Coverys has experienced a period of remarkable growth in the Lloyd’s market. As the newest addition to its leadership team, I am looking forward to driving the governance and regulatory agenda as a key component of corporate strategy.”
Gallagher adds Neil Drowley to its global aerospace practice
Gallagher announced the appointment of Neil Drowley as head of policy wordings to its global aerospace practice, effective immediately.
Based in London, he will oversee Gallagher’s specialist wordings team, managing all phases of contract administration and wordings review.
He brings over 25 years’ experience, most recently at MS Amlin where held the position of senior aviation wordings technician.
Peter Elson, chief executive officer of Gallagher Aerospace, said: “As one of the most senior technical and wordings practitioners in the London market, I’m delighted that Neil is now at the helm of our UK specialist wording team. His wealth of experience, insight, and specialist knowledge will be essential as we assist our UK aviation and aerospace clients in ensuring watertight contracts.”
“As one of the largest aviation brokers in the world, the aviation industry segment remains a key part of our growth trajectory, and we are committed to bringing the highest calibre talent on board. This appointment is a clear demonstration of our strategy to invest in industry-leading talent and provide our clients with unmatched capability and expertise in this dynamic sector.” Elson added.
LIIBA announces launch of new broker committee 2020
London and International Insurance Brokers’ Association (LIIBA) is set to launch a new committee in 2020, known as the Broker Placing Committee (BPC).
The new BPC is designed to replace the organisation’s Broker Placing and Electronic Development Committee (BPED) and its PPL Broker Panel, both being wound up at the end of the year.
The new BPC is to be chaired by Stuart Blythe, chief business officer for the FINPRO unit for Marsh JLT Specialty. When launched it will include two subgroups: Management information, to be chaired Willis Towers Watson’s Tony Moore; and Integration, chaired by Marsh’s Steve Williams, who served as ex-chair of BPED.
LIIBA explains that the two sub-groups will work with the BPC and LIIBA’s other market reform committees that have a focus on facilities, accounting and settlement and claims processes.
Going forward, the Broker Placing Committee will meet bi-monthly on broker placement activities.
Jackie Hobbs, associate director of LIIBA, said: “This change is really all about bringing together the right people with the right expertise to address the issues Lloyd’s brokers are facing today. Over time, BPED has had to manage a wide range of topics and take on different skill sets. With the Future at Lloyds now high on the agenda, we need to take a more focused approach. The BPC committee and the new sub-groups will be highly specialist in nature with very precise remits.
We’d also very much like to thank everyone who’s been involved in BPED and the PPL Broker Panel for their efforts in ensuring brokers’ views and needs have been at the fore of the modernisation process.”