Round-up of the weekly news and developments from the global (re)insurance market with stories from Allianz UK, Liberty Mutual Re, Aspen and more.
IGI and Tiberius announce the completion of its business combination
Specialist commercial (re)insurer, International General Insurance Holdings (IGI) announce the completion of its business combination with Tiberius.
The combination was approved by Tiberius stockholders on 13 March 2020 and previously accepted by former IGI shareholders, who exchanged 100% of the outstanding shares of the former IGI for common shares of IGI Holdings, plus an aggregate of $80mn.
As a result, the former Dubai-registered IGI becomes a wholly owned subsidiary of the new public company, registered in Bermuda, named IGI Holdings.
As part of the transaction, Tiberius and IGI raised approximately $146mn of gross equity capital (including non-redeeming Tiberius shareholders and equity raised in private placements) with approximately $40mn of equity capital contributed to IGI’s balance sheet. The capital will support IGI’s core specialty (re)insurance business and position it to take advantage of attractive worldwide market conditions.
Wasef Jabsheh, chief executive officer and founder of IGI, is serving as chairman of the board of IGI Holdings.
The transaction consideration payable to former IGI shareholders in connection with the business combination is $390.3mn.
Allianz UK appoints Jamie Whitcombe-Jones as chief information security officer
Jamie Whitcombe-Jones has been appointed as chief information security officer at Allianz UK, reporting to Stephanie smith, chief operating officer.
For the last 5 months he has served as Allianz insurance cyber security programme manager. In his new role, he will have company-wide responsibility for information security for both Allianz Insurance LV=GI.
Prior to joining the company, Whitcombe-Jones served as a programme director at Bupa, where he led the global transformation of information and cyber security. Before this he was the head of information security and transformation at Centrica.
Smith, chief operating officer, Allianz Insurance commented: “With LV=GI now part of our Allianz family we recognise the increasing size and complexity of our cyber agenda and this new role reflects our larger customer and employee base. Jamie has a wealth of experience in leading and delivering for regulated businesses and following his superb job shaping our cyber programme over the last few months, I have no doubt he’ll excel in this role.”
Dan Carroll joins Liberty Mutual Re as senior underwriter, Aviation Treaty
Liberty Mutual Re, the reinsurance division of Liberty Mutual Insurance, adds Dan Carroll as senior underwriter, Aviation Treaty Reinsurance, effective immediately.
Based in London he will report to Hans Towler, head of aviation. In his new role he will take responsibility for underwriting, assisting with portfolio management / optimisation, new business and product development, business planning and developing client and broker relationships.
He joins the business from AXIS where he most recently served as underwriting manager for the firm’s aviation D&F account where he was involved in purchasing their outwards reinsurance programme.
Peter Smith, executive underwriting officer at Liberty Specialty Markets said: “I’m delighted that Dan is joining the aviation reinsurance team. His deep knowledge of the aviation insurance market, strong technical background and extensive relationships with major aviation clients will be invaluable to us as we seek to broaden our client base and product offering.”
Michael Steel appointed as global head of business development at RMS
Global catastrophe risk modeling company RMS names Michael Steel as global head of business development, joining RMS executive committee.
Steel will be based in the RMS London office and report directly to Karen White, chief executive officer at RMS.
He brings 30 years’ experience in risk and capital management gained in the insurance industry. He joined the firm in 2016 having served in a strategic advisory role prior to his appointment.
Before joining RMS, Steel held the position of chief risk officer at AXIS Capital after serving 12 years at Benfield (now Aon Benfield) where he led the ReMetrics team in addition to leading teams in the development innovative solutions in the reinsurance and capital markets.
In conjunction to his role with RMS, Steel serves as an independent non-executive director on the board of Allianz Re Dublin DAC.
He has previously served as an independent non-executive director on the board of Berkshire Hathaway’s International business, an appointed director on the Casualty Actuarial Society and chairman of the Geneva Association’s CRO Network.
White, CEO at RMS, said: “Mike brings a wealth of experience and industry knowledge of the global insurance market to his role. RMS clients have benefitted from Mike’s thought leadership and wholistic, pragmatic approach to bringing innovation to the insurance industry. His unique perspectives and strong industry relationships built over years make him ideally suited to advance our business development efforts to bring new and differentiated value to our customers as our market evolves.”
Steel, global head of business development at RMS said: “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology. RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”
Aspen names Kevin Chidwick as group chief financial officer
Bermuda-base (re)insurer, Aspen insurance Holdings Ltd, has announced the appointment of Kevin Chidwick as group chief financial officer (CFO), effective 1 May 2020.
In his new role, Chidwick will report to Mark Cloutier, executive chairman and group chief financial officer and will succeed Scott Kirk who is set to leave Aspen on 30 April 2020 to pursue opportunities outside of the business.
Prior to joining the firm, Chidwick served as CFO at financial advice network Openwork Limited, a role he held since March 2018. From September 2005 to August 2014 he was CFO of Admiral Group Plc and was appointed to the Admiral Group Board in 2006.
Cloutier commented: “Kevin is an extremely accomplished financial services executive who has held a number of senior roles within diverse and successful companies. His proven track record of growing businesses through his strategic insights and strong financial acumen make him an exciting hire for Aspen at this time in our evolution. Kevin joins an industry-leading executive team with significant strength and expertise and I look forward to working closely with him as we unlock the potential within our business and focus on total value creation. “I would like to thank Scott Kirk for his significant contribution to Aspen over a number of years and to wish him well with his future endeavours.”
HDI Global SE adds Oliver Davies to its UK Distribution team
HDI Global SE expands its team with the appointment of Oliver Davies as distribution and strategic initiatives manager for London, effective 16 March 2020.
Davies will be responsible for the development and oversight of HDI’s key account and broker relationships in London and the South.
He joins the firm from Allianz most recently holding the position of real estate manager, where he was responsible for distribution and management within the London market. Davies has spent several years in a variety of different roles at Allianz including executive assistant to the general manager and various underwriting roles.