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EC News (6 February 2020)

February 06, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from AXA XL, Markel, Fidelis and more.

AXA XL appoints global chief underwriting officer for Cyber

AXA XL has named Elizabeth W. Benet to the newly created position of global chief underwriting officer (CUO), Cyber, reporting to Nancy Bewlay, CUO, Long Tail Risk at AXA XL.

Benet’s appointment is expected to assist with the management of the firm’s international cyber risk portfolio.  

She joins from her own consulting company where she assisted insurance businesses in the development and implementation of new insurance products and consultation on the set up of underwriting and claims systems and feedback on reinsurance purchasing.

During her career in the insurance sector, she has also worked for Beazley, General Reinsurance, and Zurich.

Bewlay said: “Cyber threats grow more sophisticated, malicious, and hard to detect every day. To help address these threats, AXA XL has innovated to bring cyber insurance solutions to businesses of all sizes and industries, becoming a market leader in the cyber risk market. To continue our momentum in the cyber market, we must continuously monitor our complete book of business, market developments and business opportunities and that’s why we’re excited to welcome Libby to our global insurance leadership team. In her new role with us, Libby will help us closely monitor cyber risk portfolio and exposure from an aggregated global product view.”

Adding: “The cyber insurance market is growing exponentially. Recent reports predict the Global Cyber Insurance Market to reach $21.4 billion in the next five years,” explained Ms. Bewlay. “Libby’s experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability. We’ll look to her to help us implement strong underwriting standards globally, manage our aggregated cyber exposure and drive more innovation.”

Markel adds Carl Titterton to lead Trade Credit, Political Risk & Surety Team

Specialist insurer Markel International names Carl Titterton as divisional managing director of its trade credit, political risk and surety (TCPRS) team, effective 1 February 2020.

Titterton will become a member of Markel International’s wholesale leadership team and report to James Hastings, managing director of wholesale.

He joined Markel International in April 2010 as senior underwriter, specialising in credit insurance and heavily supported in the integration of trade credit, political risk and surety into Markel. Prior to joining, Titterton held senior underwriter roles at both ACE European Group and Coface over 18 years, in London, New York and Paris.

Commenting on the appointment, Hastings said: “During Carl’s ten years at Markel, he has been invaluable in helping the TCPRS team to develop important new lines of business and to expand into territories where Markel’s TCPRS accounts are now thriving.

“Today, we have a well-established and highly respected trade credit, political risk and surety team spanning the globe. I look forward to working closely with Carl and his team to achieve even greater success.”

Fidelis appoints new group MD and UK CEO

Bermuda-based holding company Fidelis Insurance announced Daniel Burrows has been appointed to group managing director whilst Ian Burford has been appointed chief underwriting officer for Fidelis Underwriting Limited (FUL).

Burrows joined Fidelis in 2015 and previously was co-CEO of AonBenfield’s Global ReSpeciality (GRS) division.

Burford has over 3 decades of experience in the London market and most recently served as joint active underwriter and underwriting performance director at Novae.

Richard Brindle, chairman and group chief executive officer, said: “I am delighted Dan has accepted the position of group managing director. Dan will report to me and we will work together to support the growth and strategy across Fidelis’ Four Pillars.”

Brindle added: “Ian joined Fidelis in August 2017 as our Chairman of Specialised Risks. He has led the FUL team commendably during his tenure as Interim CEO and I am delighted to officially formalise Ian’s appointment as our CEO for FUL, reporting to Dan and supporting his new position as group managing director.”

RFIB Steven Beard steps down as CEO

Integro Insurance Brokers Holdings Ltd, the parent company of the UK based firm Risk Transfer Group which trades under the RFIB brand has announced that CEO Steven Beard will be stepping down with Immediate effect.

An interim management committee consisting of RFIB finance director Morna Leather, marine chairman Chris Tansley and specialty managing director Kevin Stratton will lead the day to day operations of the business and will report to the Tysers management committee until the integrations of RFIB and Tysers are complete.

Beard has led RFIB and parent Risk Transfer Group since May 2018, having previously served as chief finance officer.

Beard said: “I have valued greatly the opportunity to lead the business through its last phase of development and have enjoyed sharing this success with a team that cares passionately about ‘doing the right thing’. Stepping down as CEO and leaving a business is never an easy decision to take, but timing is everything, and now feels right.”

Jason Collins, co-head of Tysers Broking added: “Steven exercised his position with diligence and focus and we have appreciated his partnership in the acquisition and integration planning.”

Aspen Insurance names Andrew Kudera as EVP & group chief actuary

Aspen Insurance Holdings has appointed Andrew Kudera as executive vice president and group chief actuary, effective 3 February 2020.

He brings 4 decades of actuarial experience in the (re)insurance industry to Aspen. Prior to this he managed his own consulting business and served as executive vice president and group chief actuary at Validus Group from 2010.

Kudera will succeed Paul Frydas, who is set to assume the new role of chief analytics officer and lead strategic pricing, aggregation management and modelling.

Frydas will remain chief actuary for Aspen Insurance UK Limited, Aspen Managing Agency Limited and Aspen Bermuda Limited.

Mark Cloutier, executive chairman and group chief executive officer, commented: “Welcoming industry leading experts of Andy’s quality to our team increases our capabilities, allowing us to transform our business, simplify and enhance our operations, and increase accountability across these functions.”

“Andy’s capabilities and fresh perspective, paired with Paul’s considerable expertise and experience, will create a strong partnership across complimentary disciplines.”

Covéa Insurance expands executive team with a focus on people & technology

Covéa Insurance has announced two new appointments to its executive team which Covéa says will enhance the team’s capabilities and focus on the critical areas of people and technology.

Lisa Meigh has been promoted to people and director and Graeme Howard to chief technology & information officer (CTIO). Both will report to Covéa insurance chief operating officer, Adrian Furness.

Meigh has been with Covéa Insurance since 2015 where she served as director of HR & Learning since 2015. She has been with the company, and its predecessor, Provident Insurance, since 1995.

She has led Covéa’s people strategy to attract, develop and retain great talent; fostering a culture of growth and individual development by leading real business change.  Lisa has driven the company’s inclusion journey, implementing its ‘inspire leading women’ programme, inclusion and unconscious bias learning.  

Howard joined Covéa Insurance in February 2019 as chief technology & information officer (CTIO), with the responsibility for steering and developing Covéa Insurance’s technology transformation and innovation strategies.

Prior to this, Graeme held a number of director level roles at Motorola Solutions Ltd and, most recently, was group CIO at Santa Fe Relocation Ltd. Graeme has been recognised on the 2019 top CIO 100 list of the most transformational and disruptive technology leaders. 

Furness said: “Covéa Insurance is on an exciting journey that’s seen it transformed as an organisation over the last five years.  To continue that journey, and deliver on our long-term ambitions for the business, it’s essential that we have in place a senior team with the expertise, experience and accountabilities that will enable us to successfully address the challenges of a new decade.”

With commitment to customer service remaining our central long-term purpose, we see considerable opportunities to capitalise on new technologies and accelerate their rollout to transform the experience we offer customers.  Supporting this, we fundamentally believe in the value of investing in our people, creating an inclusive environment and exploring new innovative ways to ensure we attract the most talented and creative individuals with the skills we need for the future.  Lisa and Graeme both have fantastic track records in these areas, and we’re delighted to welcome them to our executive team.”