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EC News (23 January 2020)

January 23, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from Lloyd's Market Association, CFC, Chaucer and more.

Jane Hayes joins Lloyd’s Market Association as underwriting director

Lloyd’s Market Association (LMA) appoints Jane Hayes as underwriting director, effective 3 February 2020.

In her new role she will play a key role in working with the Corporation of Lloyd’s LMA’s members and the market in developing revised underwriting standards as part of defining the modernised syndication model, which is a main priority of the Future of Lloyd’s programme.

Hayes joins LMA from Zurich Insurance where she spent 20 years most recently serving as chief underwriting officer, Europe, Middle East & Africa.

Sheila Cameron, LMA CEO said: “Jane’s extensive experience, technical strength, and board-level perspective make her the ideal person to work with Lloyd’s and the LMA on projects critical to the market’s future. I very much look forward to working with her and I’m delighted to welcome her to the team.”
 
Hayes said: “I am excited to be joining the LMA at such a pivotal time for its members, the managing and members’ agents’ community, and for Lloyd’s. I look forward to working with both to facilitate the success of our marketplace, as well as promoting world-class underwriting excellence across all classes of business.”

London Market appoints Matthew Moore as new chair

The London Market Group has announced the appointment of Matthew Moore, CEO of Liberty Specialty Markets as its new chair, effective 1 May 2020. Moore will succeed Beazley CEO Andrew Horton after two years in the role.

Andrew Horton, outgoing chair of the LMG, said: “The past few years have seen real shifts in both the external environment and within the market itself. We have seen very positive developments in terms of initiatives such as e-trading, driven by the market collaboration which is a core part of who we are. Brexit too has shaped our activities and I am proud to say that the London Market is no longer a well-kept secret to Westminster and Whitehall. It has been a pleasure and a privilege to work with so many colleagues across the market, all dedicated to maintaining London’s position as a global centre for (re)insurance.”

Adding: “Matthew has been part of the London ecosystem all his career so that imbues him with a great understanding of our market. Also being part of a world-leading insurance group gives him an invaluable external perspective into what could be done to take all our workstreams into the next stage of development so they can meet the market’s future needs.”

Matthew Moore, incoming chair, commented: “I know I speak for all the Board in thanking Andrew for his leadership of the LMG and in widening its agenda and ambition.”

“I absolutely believe that London is unique, and our ability to co-operate for the wider good is a great strength. But it needs to go hand in hand with a sense of reality that we can organise ourselves better for the good of our clients, our people and our shareholders. I very much look forward to working with all sectors of the market to grow and enhance London’s position and reputation.”

CFC announces acquisition of Insurtech ThreatInformer

Specialist insurance provider, CFC announced it has acquired London insurtech ThreatInformer, its second acquisition in the past six months.

ThreatInformer helps insurance companies better understand their customers’ exposures by leveraging a combination of big data and machine learning to compile information about their risk profile from a variety of external sources.

CFC will integrate ThreatInformer with its own exclusive technology and will continue to modernise and improve the underwriting process as well as identify patterns in claims data to ultimately help predict and prevent client losses.

Dave Walsh, CFC CEO said: “Putting technology and data at the heart of everything we do is what sets CFC apart and is critical to staying competitive in today’s market. Bringing ThreatInformer’s unique technology in-house was a natural next step for us and builds on a number of exciting projects already underway.”

Hyperion X announces key leadership appointments

Hyperion X, the analytics and advisory focused division of Hyperion Insurance Group announced the hiring of three key leadership appointments. Mark Shumway joins as head of advisory, Iain Davie, head of catastrophe modelling and Michelle To, head of business intelligence.

In Shumway’s new role he will specialise in (re)insurance capital management, rating agency advisory, shareholder value, captive strategy, regulatory capital and fundraising. He was recently employed by JLT Re as the firm’s global head of strategic. He has led advisory teams at multiple firms and worked at AM Best as a lead insurance credit analyst.

Iain Davie brings over 2 decades of underwriting, exposure modelling and technology consulting experience to the team. He joins Hyperion X from Quantemplate where he served as head of solution architecture.

Additionally, Michelle To joins the firm highly experienced using enterprise data to help clients execute strategic growth plans in the (re)insurance market. She joins from Aon Consulting, Bermuda where she advised clients on growth, portfolio optimisation and value creation. Prior to this she worked as a financial analyst at Guy Carpenter.

David Flandro, managing director, Hyperion X Analytics: “With Mark, Iain, and Michelle now on board, and with the formation of our Advisory, Catastrophe Modelling, Business Intelligence, and Actuarial pillars, Hyperion X Analytics has established itself as the premier alternative in an increasingly narrow broking analytics market.”

Elliot Richardson, chairman of RKH Reinsurance Brokers added: “High-level analytics capabilities obviously complement our 70-strong reinsurance broking team, especially the recent additions to our treaty area. In addition, our combined capabilities allow us to bring more powerful insights with support being made available to all Hyperion clients.”

Barnaby Rugge-Price, CEO, Hyperion X added: “We are building the next generation of risk transfer technology, analytics, and consulting in Hyperion X. In doing so, we are acquiring the top advisory and analytical talent in the sector. Mark, Iain, and Michelle join a growing team of Actuarial, Advisory, Business Intelligence, and Catastrophe Modelling professionals. The powerful combination of our tools and technology combined with our growing, highly talented Analytics team is allowing us to create an offering which is truly unique for the benefit of our clients.”

James Wright promoted to chief risk officer at Chaucer 

Specialty international (re)insurance group Chaucer has announced the promotion of James Wright to the position of chief risk officer (CRO), effective 1 April 2020.

In his new role, Wright will take responsibility for the direction, performance and management of the company’s enterprise wide risk management framework, including underwriting risk management and exposure management.

Wright has been with the company for 13 years having joined the business in 2006 as part of the Capital Modelling team. In 2013 he was promoted to head of capital modelling and then to head of risk and capital in 2019.  He is responsible for Chaucer’s Solvency ll Internal Model and its strategic deployment across the business as well as the implementation of the Risk Management Framework.

John Fowle, CEO of Chaucer said: “I would like to congratulate James on his well-earned promotion and I am delighted that he has accepted this new challenge. James’ deep understanding of our business and risk appetite will be critical to our ongoing development as a leading global underwriting group.”

Wright will succeed Penny Shaw who steps down from her role on 31 March 2020 having completed her role in the transition of Chaucer to its new parent company, China Re. She joined Chaucer in 2014 as Board risk director and was promoted to group chief risk officer for Chaucer and The Hanover Insurance Group in 2016.

Fowle, commented: “During her time at Chaucer, Penny has brought great insight, an invaluable strategic clarity, functional excellence and results-driven focus to Chaucer, while also being approachable, collaborative, and an invaluable mentor to many here. We will miss her contribution. Penny leaves with our sincere thanks and best wishes for the future.”

Sir Adrian Montague announced retirement as Aviva chairman

Aviva announces that Sir Adrian Montague is set to retire from his position as chairman in 2020 once a successor has been appointed.

Montague spent five years in the role after being appointed chair of Aviva in April 2015. Before then he originally joined as no executive director in January 2013.

The Board of Aviva reported that it has now initiated a process for the appointment of a new chairman, following Montague’s decision.

Sir Adrian Montague, chairman, said: “When I became chairman in 2015 the board asked me to commit to serve for at least five years. Now that Maurice has launched Aviva’s strategy, a new senior management team is in place and the Board has been refreshed, it is also time for a new Chairman. In the meantime, I remain committed to this great organisation which I’m confident will deliver for all its customers, employees and shareholders.”

George Culmer, senior independent director said: “On behalf of the Board, I would like to express our deep thanks to Adrian for his service, leadership and guidance over the past seven years. Adrian has chaired Aviva through a period of considerable change and departs with our very best wishes for the strong legacy he leaves.”

Pool Re Solutions adds new head of risk management

Britain’s government backed terrorism insurer, Pool Re appointed Chris Medhurst-Cocksworth to the position of head of risk management withing Pool Re Solutions, effective immediately.

Medhurst-Cocksworth will be responsible for leading the risk management services offered by Pool Re Solutions, a specialist unit which launched in November 2019 designed to help UK insurers build terrorism risk resilience.

He will have a focus on developing terrorism-related risk management tools and expert services, and will report to Steve Coates, chief underwriting officer of Pool Re.

He Joins Pool Re with over 20 years of experience managing, coordinating, and delivering risk management solutions both at corporate and national level. Most recently, he served as risk partner and head of business development for Marsh Risk Consulting. Before this, he served with the British Armed Forces in several different roles, including the development and coordination of planning for complex and challenging strategic crises.

Coates commented: “As terrorism threats have been constantly evolving, we are investing significantly in our in-house risk management capabilities to support the needs of our Members and their policyholders. The recent launch of Pool Re Solutions provides the mechanism through which we will help our stakeholders evaluate, quantify and manage terrorism risk. Chris’ experience will be a valuable asset in this regard as we facilitate the mitigation of terrorism risk, and its integration within policyholder risk frameworks.”

Adding: “Chris has an excellent track record of assessing clients’ risk profiles and leading public-private partnership crisis management projects. We look forward to working with him and creating effective solutions for our members and their clients.”

Medhurst-Cocksworth shared: “Pool Re has a well-deserved reputation for innovation in the terrorism risk space. I am looking forward to working with our stakeholders to ensure that Pool Re Solutions offers the services and capabilities necessary to support their management of the terrorism risk. The unit is committed to supporting HM Government’s CONTEST strategy by building resilience and scaling the UK’s ability to tackle terrorism.”

Everest Re appoints Artur Klinger as head of continental European operations

Global (re)insurance company, Everest Re has announced the hiring of Artur Klinger as managing director on Continental Europe, succeeding Stephan Knipper who will retire after 33 years in the industry. Klinger is set to join the business in mid-to-late 2020’s.

Klinger joins the business with more than 2 decades of experience within the (re)insurance sector, most recently as chief underwriting officer for property & casualty at New Re when he worked for the past 12 years.

Based in the Zurich office, Klinger will report to Andrew Carrier, head of European and Asia Pacific operations at Everest Re.

Carrier commented: “Stephan has done a tremendous job developing Everest Re’s business in Europe and we wish him all the best in his retirement. We are excited to have Artur join us, given his strong leadership and relationships, combined with his impressive technical and underwriting background.”

John Doucette, CEO of Everest Reinsurance added: “Our Continental European operations are an important part of Everest Re’s global reinsurance platform. I look forward to working with Artur as we build on Stephan’s accomplishments and carry on the journey to expand our operations, provide new reinsurance products, capacity and solutions most valuable to our European customers.”