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EC News (27 February 2020)

February 27, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from AXIS, Marsh JLT Specialty, BHSI and more.

AXIS announced the retirement of co-founder & chairman Michael Butt

Bermuda based (re)insurer AXIS Capital Holdings Limited announced that Michael Butt, co-founder and chairman of the board of directors will retire from the business and be succeeded by Henry B. Smith, effective 16th September 2020.

Butt is recognised as an industry leader who is credited for his active role in establishing Bermuda as one of the worlds leading (re)insurance hubs.

Butt will be succeeded by Smith, who has served as a member of the AXIS Capital board of directors since May 2004 and a lead independent director since May 2012.

Butt has worked in the industry for 50 years and is recognised as a builder of businesses, market and a passionate voice on climate risk issues. In September 2002 he was appointed chairman of AXIS Capital board of directors and has played a vital role in guiding the business from start-up into an established global player.

He has held numerous leadership roles including serving as chairman of Sedgwick, CEO of Eagle Star Holdings plc and Eagle Star Insurance Company, CEO of MidOcean Limited, director of XL Capital Limited and Farmers Insurance Group.

In 2011, he was named as an Officer of the Order of the British Empire (OBE) to commemorate his contributions toward the building of the Bermuda reinsurance industry and in 2019 Butt was named by the International Insurance Society as its 2019 Hall of Fame Laureate.

Smith, Butt’s successor is the former CEO and president of W.P. Steward & Co Limited. He previously served as CEO of the Bank of Bermuda Limited. In addition to his role as chairman-elect at AXIS, Smith is currently chair of the Executive and Compensation Committees and a member of the Corporate and Nominating and Risk Committees.

Albert A. Benchimol, AXIS president and CEO, said: “I want to express my deep appreciation to Michael for all he has done for our Company since its inception, and for the many contributions he has made to the (re)insurance industry over the course of his career. Michael’s impact on our industry and our Company has been immense. It has been an honour and a privilege to serve with Michael and call him my mentor, colleague and friend.”

Butt added: “I wish to express my gratitude to the many people who have made my nearly two decades at AXIS so enjoyable. I particularly want to thank my fellow Board Directors and AXIS colleagues, as well as our shareholders, clients, and partners in distribution. I am confident AXIS is in good hands under the leadership of our CEO Albert Benchimol and the incoming independent Board Chairman Henry Smith, and believe the firm is very well-positioned to be a leader in the specialty insurance and global reinsurance industry.”

Marsh names Garrett Hanrahan as global head of aviation, Marsh JLT Specialty

Global insurance brokerage Marsh has announced the promotion of Garrett Hanrahan to global head of aviation, Marsh JLT Specialty, effective 15th April 2020.  

Hanrahan will succeed Simon Harker who is retiring after 44 years in the industry. Based in Texas he will report to Lucy Clarke, president of Marsh JLT Specialty.

In his new role he will be tasked with overseeing the company’s Global Aviation division, which advises many of the world’s leading airlines, manufacturers, airports and other leading industry participants on their insurance and risk management arrangements.

Hanrahan joined Marsh in 2013 and has extensive experience in the global aviation industry having worked in the sector for over 25 years, most recently as US head of aviation for Marsh JLT Specialty.

Clarke said: “Garrett is an outstanding expert in his field and we look forward to welcoming him to the role. On behalf of the business, we thank Simon for his enormous contribution and dedication over the last 35 years, and wish him a happy and fulfilling retirement.”

Hanrahan added: “The advent of new technologies, geopolitical concerns, the need for carbon-efficient travel, and the rising demand for greater global connectivity are just some of the major risk issues the global aviation sector now faces. By leveraging our unrivalled expertise, our clients can boost their resilience, manage these risks more effectively, and continue to thrive. I look forward to leading our talented team of aviation risk and insurance specialists.”

Berkshire (BHSI) adds two new appointments to its leadership team in Spain

Berkshire Hathaway Specialty Insurance (BHSI) has announced two appointments in Spain within its leadership team, naming Alejandro Lovera as head of executive and professional lines and Silvia Sanchez as head of operations, based in Madrid.

Lovera brings nearly 15 years experience in the commercial insurance industry, mostly specialising in financial lines. Prior to BHSI, he held the position of financial lines manager, Iberia & Portugal at Chubb European Group in Spain.

Sanchez has 15 years’ experience in operations, legal and compliance in the commercial insurance industry, most recently as operations director for RSA Spain.

Ignacio Almazan, Country Manager, Spain, BHSI, said: “We are pleased to continue to expand our team in Spain with these two highly experienced professionals. Alejandro will oversee our financial lines underwriting, bringing policies backed by BHSI’s stability and financial strength to customers in Spain, while Silvia will enhance our ability to provide excellent and efficient service.”

Allianz SE board member to retire, successor announced

Axel Theis, member of the board at Allianz SE announced his retirement for 31 March 2020 after more than 33 years at Allianz where he was responsible for insurance in German speaking countries and Central and Eastern Europe.

Klaus-Petger Röhler, who is currently chairman of the board of management of Allianz Deutschland AG and Allianz Versicherungs-AG has been appointed as his successor, effective 1 April 2020.

Röhler will retain his role at Allianz Deutschland AG. At Allianz Versicherungs-AG he will be succeeded by Frank Sommerfield as chairman of the board of management, effective 1 April 2020.

Oliver Bäte, chairman of the Board of Management of Allianz SE: “Klaus-Peter Röhler has been leading Allianz Deutschland to profitable growth since 2018 and will continue to develop it sustainably in his new responsibility. I thank Axel Theis for his decades of successful work, and I would like to pay special tribute to his expertise and foresight on the Board of Allianz SE over the last six years. I wish him all the very best in his personal life and entrepreneurial ventures.”

Michael Diekmann, chairman of the Supervisory Board of Allianz SE, added: “With Axel
Theis, a highly respected Allianzer who has visibly shaped our company is retiring. For three decades Axel Theis was a driving force for the continuous development of our property and casualty segment worldwide. With Klaus-Peter Röhler, he is succeeded by a very experienced insurance manager who has achieved lasting successes as CEO of several units.”

AEGIS London appoints Nicola Major as head of delegated authority 

Lloyd’s Syndicate, AEGIS London has appointed Nicola Major to the newly created role of head of delegated authorities, effective immediately.

In her new role, she will be responsible for managing the company’s delegated authority team as well as onboarding new coverholders, auditing lead coverholders and ensuring regulatory compliance. She will now report to Graeme Tennyson, AEGIS London’s director of risk and compliance.

Major has worked at AEGIS London since 2015 as delegated underwriting audit manager. Prior to this she held roles with Beazley and ACE European Group. She is also a member of Lloyd’s Market Association’s delegated authority group.

Tennyson shared: “Delegated authority business holds a very significant place in AEGIS London’s portfolio. We recently took the decision to create a stand-alone role covering our delegated authorities operations, which reflects the importance we place on this distribution channel.”

Adding: “Nicola has considerable experience of delegated authorities and has seen the business evolve over time. She’s extremely well qualified to lead our team and maintain high standards of management.”

Major said: “After having worked in delegated authorities for nine years, I’ve seen areas of the business that would benefit from stronger management and ways in which it can be handled more holistically. I’m looking forward to implementing this approach.”

Gallagher expands global Aerospace practice with six new hires

Global (re)insurance broker Gallagher has announced six senior appointments within its global aerospace team.

All new joiners will be based in London and New York.

In New York, Matt Donohue and Thomas Klaus who will start on 24 February both join as senior vice president.

Donohue has over 15 years’ experience and joins most recently from Aon, where he worked for the past ten years as a vice president in its aerospace division.

Klaus joins the firm from Willis where he was a vice president and general aviation practice leader since 2013 and brings over 15 years’ experience in both broking and underwriting.

In the aerospace team in London, the new additions joining at partner level are account executives Graham Herbert and Paul Wrenn who are due to start April 2020.

Herbert brings over 3 decades of experience in broking and underwriting. In his new role he will be focusing on new business development. He joins Gallagher from Allianz where he was a senior underwriter in its airline team.

Wrenn joins the dedicated manufacturers and infrastructure team within Gallagher’s aerospace practice from Allianz where he most recently served as senior underwriter in its products and airports team.

Another two additions to the New York office are Andrew Gardener, who will be joining the business in July as account manager and Peter Jury will be joining in February as operations and control manager, following the completion of contractual notice periods.

Gardener brings over 24 years’ experience in the client advisory space and joins the team with a specific focus on advising clients on contractual matters and arrives from the aviation division of Marsh where he was senior vice president in its client advisory team, having begun his career at Sedgwick in 1996.

Jury joins Gallgher from Marsh, where he was most recently head of financial reporting. He has over 20 years of financial management and accounting experience, previously holding roles at HSBC and Kreston Reeves.

Peter Elson, CEO of Gallagher’s aerospace team, said: “We’re delighted to welcome these six talented and highly experienced recruits to Gallagher’s global aerospace practice.

“With advances in technology, increased competition, and changing legislation, the global aviation and aerospace industry is constantly evolving. It is now more important than ever that we are equipped with a first-class team of industry specialists to mitigate the increasingly complex risks our global clients are facing. Bringing these new joiners on board reflects our ongoing commitment to investing in industry-leading talent, enabling us to pursue our ambitions for further growth.”