Round-up of the weekly news and developments from the global (re)insurance market with stories from Lloyd's, Coverly, iprism and more.
Lloyd’s of London launches new space insurance policy
Lloyd’s of London has launched a new space insurance policy for the emerging private spaceflight industry.
The product is designed to cater to the distinct needs of a rapidly growing new space sector, which, according to Lloyd’s, could be the driving force behind a tripling in size of the global space market by 2040.
The solution, called Llift space, is only available in the Lloyd’s market and allows customers to cover their assets from the pre-launch phase, including transit and placement on the launch vehicle, through to the launch phase and in-orbit operation.
It is designed for satellites that weigh less than 300kg and is targeted at the NewSpace sector.
The product is backed by a group of 18 syndicates, led by Brit and Hiscox MGA, with a $25mn capacity per risk.
NewSpace is characterised by lower cost, easier routes to space, which has opened up the sector to private enterprise and innovative start-ups increasing the need for space insurance.
In a recent Lloyd’s report, they believe the global space market could increase value from $300bn today to $1tr by 2040, driven by NewSpace companies entering the sector.
Trevor Maynard, Lloyd’s head of innovation, said: “New aerospace companies and ventures are emerging all the time. They are looking to develop faster and cheaper access to space and spaceflight. As they do so, they want access to easily scalable insurance that fits their needs and can be arranged quickly to support technological development and business growth. Our new space consortium allows Lloyd’s to do this better than ever. The breadth and depth of space insurance knowledge among Lloyd’s underwriters and brokers means that Lloyd’s is the number one choice for both traditional and NewSpace insurance.”
Gary Brice, head of marine and Space for Lloyd’s managing agent Brit Global Specialty, which manages Llift Space with Hiscox, added: “Llift Space takes away the complexity of traditional space insurance and allows customers, in particular those in the NewSpace sector, to insure all the phases of their project with one policy.”
Pascal Lecointe, head of space for Hiscox, said: “Having two leading markets in the sector come together in a way that’s never been done before to create a genuinely innovative Lloyd’s product for this dynamic new industry, highlights the place Lloyd’s retains at the forefront of the global space insurance market.”
Coverly names Daniel Berry as underwriting & pricing director
Coverly, the InsurTech business provider for small and medium sized enterprises has appointed Daniel Berry as underwriting and pricing director.
Berry brings 15 years’ insurance underwriting experience and spent the last four years at Aspen Risk Management as head of underwriting.
In 2010, he co-founded AML Underwriting, an MGA specialising in commercial property and casualty insurance.
In his new role, he will be responsible for building capacity in both the Lloyd’s and Company markets to give Coverly access to a broad range of classes and expertise.
Jodi Cartwright, managing director, said: “Since the launch of Coverly, we have proven there is a demand from UK SMEs for fast and flexible business insurance. We’re delighted to welcome Daniel to the team to support our strategy as we enter this exciting stage of growth. Daniel’s extensive underwriting experience and entrepreneurial skills will help grow our offering so we can meet the insurance needs of more small businesses.”
Berry, added: “Coverly is already changing how SMEs buy insurance by offering competitive products in an innovative and accessible way. I’m excited to join such an ambitious team and look forward to taking the business forward by building partnerships with capacity providers that understand our vision and support our product development plans.”
iprism appoints new underwriting manager from Arch
Specialist commercial, property and high net worth MGA, iprism has appointed Aaron Woodhams to the newly created role of underwriting manager, effective immediately.
Woodhams brings over 20 years’ experience to the role and joins most recently from Arch’s Lloyd’s Syndicate. Prior to Arch, he held senior commercial underwriting roles at Axion and Allianz.
In his new role he will be responsible for leading iprism’s operations underwriting function, applying pricing strategy and managing key relationships with insurers and capacity providers.
Ian Lloyd, managing director, said: “Aaron joins us at an important time for iprism as we look to build on the recent positive performance of our underwriting book. The new role will play an important part in the growth and strategic development of our business.”
“That strategy is focused on driving profitable underwriting results for our insurer partners and service delivery for brokers, underpinned by our technology-enabled platform. I am pleased to be welcoming Aaron to the team and look forward to working with him in the future.”
Stéphane Lizeray joins Liberty Mutual Surety as department head
Liberty Mutual Surety and Liberty Specialty Markets (LSM), both members of Liberty Mutual Insurance Group have appointed Stéphane Lizeray as head of surety department, France, effective immediately.
He joins from Zurich’s Paris office and most recently served as senior surety underwriter. Before that, he worked as a credit analyst at Euler Hermes and a risk underwriting manager at Coface.
Richard Deguettes, general manager at Liberty Specialty Markets France, said: “Stéphane Lizeray joins us at a key moment in Liberty’s European development in Surety. Stéphane brings extensive credit risk analysis experience both in Surety and Trade Credit Insurance and he will offer adapted solutions to the local market. Thanks to his expertise and the international presence of the group, we will be able to provide surety solutions for French companies both in France and up to 60 other countries.”
Roland Richter, regional executive and chief operating officer Europe at Liberty Mutual Surety, added: “Stephane will be a tremendous asset to the organisation, helping to further Liberty’s goal of becoming the premier global surety provider.”
Aviva appoints Amanda Blanc as non-executive director
Aviva Plc have announced the appointment of Amanda Blanc as an independent non-executive director (INED), effective 2 January 2020. Blanc will succeed Claudia Arney as chair of the Governance Committee and will become a member of the Nomination and Risk Committees upon appointment to the Board.
Amanda brings extensive knowledge and experience of the insurance industry to her role at Aviva. Amanda was previously CEO at AXA UK & Ireland, and CEO, EMEA & Global Banking Partnerships at Zurich Insurance Group.
In 2018, Amanda was the first woman to be appointed as chair of the Association of British Insurers and was also chair of the Insurance Fraud Bureau and president of the Chartered Insurance Institute.
Sir Adrian Montague, chairman, said: “We are delighted to welcome Amanda Blanc as an Independent Non-Executive Director and as the new Chair of the Governance Committee. Amanda’s breadth and depth of experience of the UK and European insurance industry, and her detailed understanding of business and customers, make her an excellent addition to our Board.”
Arch Capital Group closes acquisition of Barbican Group Holdings
Bermuda based (re)insurance company Arch Capital Group announced the completion of its acquisition of Barbican Group Holdings Limited (Barbican), including Barbican Managing Agency, Lloyd’s Syndicate 1955, Castel Underwriting Agencies Limited (Castel) and other associated entities.
Barbican will be consolidated into Arch’s Insurance and Reinsurance operations while continuing to grow partnerships with third-party capital relationships.
Castel will continue to operate independently with financial support for its continued growth provided by Arch.
The deal, which was first announced in July 2019, is expected to provide a considerable expansion to Arch’s London and Lloyd’s related insurance and reinsurance underwriting operations.
Nicolas Papadopoulo, chairman and CEO of Arch Worldwide Insurance Group, said: “We are excited to complete this transaction, which deepens Arch’s commitment to both Lloyd’s and the London market and provides our brokers and clients more access to Arch’s Insurance and Reinsurance platforms.”