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EC News (13 August 2020)

August 13, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from Sompo International, Charles Taylor, Tokio Marine Kiln and more.

Sompo International hires new head of cyber for London Market

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty (re)insurance has named Lauren Folkard as vice president and head of cyber for the London Market.

In her new role, she will be based out of Sompo International’s London office.

Folkard most recently served as a cyber class underwriter at Barbican and is an industry veteran, having been part of the cyber management team at Chubb.

Julian James, CEO, International Insurance at Sompo International, commented: “We are delighted to welcome Lauren to Sompo International. This is an exciting development as part of our long-term commitment to this class of business and it supplements our global cyber capabilities. While clients already face a wide range of cyber exposures, they have become more acute during the Coronavirus pandemic. In this environment, data breaches are more likely, and companies will be at increased risk. Our ambition is to work with our clients and broker partners to deliver the solutions they need to navigate the changing risk environment.”

Folkard shared: “I look forward to building upon Sompo International’s expertise within the cyber class and to deepening and extending relationships with brokers and insureds and I am thrilled to join an organization with substantial financial strength and solid underwriting appetite. I believe that Sompo International is well-positioned to address today’s cyber market challenges including malware, phishing and social engineering threats which are all rising as criminals seek to exploit weaknesses of staff working remotely without access to their usual network of advice and support.”

Charles Taylor appoints Arjun Ramdas CEO of InsureTech

Global insurance services provider, Charles Taylor has announced the appointment of Arjun Ramdas as chief executive officer of InsureTech, effective 2 September 2020.

Ramdas joins the firm from Microsoft where he served as the practice leader for Microsoft’s Consulting Services in the UK.

He started in Microsoft as the services practice leader for Financial Services and Insurance. Prior to that, he spent over ten years at Cognizant where he built out Cognizant’s Management Consulting practice in key European markets, in the UK, Germany, France, Switzerland & the Netherlands, before running an Industry business in the UK.

Ramdas commented: “I am excited to lead a team that combines Charles Taylor’s insurance heritage with a deep understanding of relevant technologies, and real-world business transformation experience. The insurance industry is poised for a significant period of transformative change, and Charles Taylor InsureTech is in a strong position to drive this change through its industry insider perspective coupled with process & technology know-how and a consultative approach.” 

Rob Brown, Charles Taylor group CEO added: “I am delighted to welcome Arjun to Charles Taylor. Arjun has a strong track record of building high performing teams that have consistently delivered technology-led benefits for clients. This client focus, coupled with his deep technology expertise, will really help us define the next chapter of success for not only our InsureTech business but also Charles Taylor as a whole.” 

Tokio Marine Kiln adds Valerie Gordon-Walker to its Board

Tokio Marine Kiln has announced the appointment of Valerie Gordon-Walker as an independent non-executive director to the TMK Syndicates (TMKS) Board, effective September 2020.

Gordon-Walker is a former managing director, executive committee member and group head of people within a wide range of industries.

She also has significant regulatory experience having acted as a senior advisor to the Prudential Regulation Authority at the Bank of England and the Financial Conduct Authority on remuneration and culture change matters over several years.

Gordon-Walker was named by Cranfield’s FTSE Board Report as one of the 100 Senior Women to Watch and with a strong and diverse non-executive director portfolio, her extensive experience includes advising multinational corporations on strategy, governance, regulation and culture, board and executive mentoring.

She currently serves on two boards as a non-executive director and chair of Nominations and Remuneration Committees.

Brad Irick, CEO of TMK, said: “TMK is driving an exciting strategy which can only be achieved with the engagement and support of our talented people. Our investment in people, fulfilling our purpose and putting culture at the heart of our strategy needs solid leadership, and we are looking forward to welcoming Valerie who we know will add considerable value to those efforts going forward.”

Andrew Torrance, chair of the TMKS Board, said: “We are delighted to welcome Valerie to the Board during this transformational time for TMK and the industry.  Her broad industry experience, passion for positive cultural change and extensive regulatory experience bring an important and valuable new perspective to the board.”

Valerie Gordon-Walker shared: “I am proud to be joining the TMK Syndicates Board at this time of transformation and feel privileged to continue to enjoy a mix of both private and public sector work. In my experience, organisational performance is better informed by seeing how other fast-moving sectors have successfully adapted to business challenge. I look forward to constructively contributing to the Board’s agenda.”

Marsh JLT Speciality announces new UK placement leader

Insurance broker Marsh has named Winsee Cheung as UK Placement Leader, Marsh JLT Specialty, effective in Q4. Cheung will be based in London and report to Paul Moody, UK CEO, Marsh JLT Specialty.  

In her new role as UK placement leader, she will have oversight of Marsh JLT Specialty’s placement strategy, facility management, and the development of insurer relationships across a wide range of industries and product lines.

Cheung will also be involved in the placement of complex risks and market negotiations on behalf of Marsh JLT Specialty’s clients.

She joined Marsh in 2006 and is currently the UK placement leader for the Financial and Professional Practice.

Over her 20-year career, Cheung has worked in a range of insurance broking roles, focussing predominately on management liability risks for global organisations.

Commenting on Cheung’s appointment, Moody said: “COVID-19 has affected many industries and is creating economic uncertainty across the UK and in international markets.

“Winsee brings a vast amount of experience to this role, which will benefit our clients as they continue to tackle the economic headwinds associated with COVID-19 and plan their future growth.”

Commenting on her appointment, Cheung added: “I look forward to working with our colleagues and the insurance markets to create and deliver solutions that enable clients to increase their resilience to the risks associated with COVID-19, and help withstand future shocks as we move towards recovery from the current crisis.”

HDI Global SE appoints Hermelingmeier as new CFO

HDI Global SE announced the appointment of Dr. Christian Hermelingmeier as its new chief financial officer (CFO), effective 1 September 2020.

He will succeed Clemens Jungsthöfel, who is joining the Executive Boards of Hannover Rück SE and E+S Rückversicherung AG on the same date. Jungsthöfel will take over from the current chief financial officer Roland Vogel, who is retiring on 30 September 2020.

Hermelingmeier is currently head of controlling in the Retail Germany division. In this role, he serves as a member of the Supervisory Boards of HDI Lebensversicherung AG, HDI Versicherung AG, HDI Pensionskasse AG and HDI Pensionsmanagement AG.

He gained experience in industrial lines whilst serving as head of operational controlling at HDI Global from 2016 to mid-2018.

Jungsthöfel has been a member of the Executive Board of HDI Global SE since May 2018, where he was responsible for the areas of controlling, risk management, corporate development, and passive reinsurance.

He was also played a role in stabilising HDI Global SE, provided key support for the rehabilitation of property business and successfully restructured the finance function.

Torsten Leue, chairman of the Supervisory Board of HDI Global SE and CEO of Talanx AG, commented: “I would like to thank Clemens Jungsthöfel for his extremely successful work at HDI Global SE. In recent years he has been instrumental in making HDI Global fit for the future and shaping the cultural transformation. I am delighted that we have been able to recruit such a well-versed financial expert for Hannover Re. I wish him every success in his work.

“I would also like to congratulate Christian Hermelingmeier on his new challenge. He knows the Group and HDI Global and he has vast experience on the finance side. I wish him every success.”

Dr. Edgar Puls, CEO of HDI Global SE and the member of the Talanx AG Board of Management responsible for the Industrial Lines division, added: “While the departure of Clemens Jungsthöfel is a painful loss for us, joining a listed company within the Talanx Group is a terrific step for him to take.

“He has performed outstanding work for us – my considerable appreciation is matched only by how very pleased I am for him. At the same time, I am looking forward to working with Christian Hermelingmeier. I know him very well from his work with us and I have no doubt that with his cultural awareness he will continue to drive the transformation that has begun at HDI Global SE.”

Hannover RE CFO Roland Vogel to retire, successor appointed

Chief Financial Officer (CFO) of German reinsurer Hannover Re, Roland Vogel is retiring on 30 September 2020 after more than 30 years of service to the firm and will be succeeded by Clemens Jungsthöfel the current CFO of HDI Global SE.

Vogel will continue to share his expertise in an advisory capacity and will remain a member of the Supervisory Board or Advisory Board at certain firms.

Throughout his time with Hannover Re, he has successfully navigated the Group through the 2008/2009 global financial crisis and prepared it for Solvency II, playing a significant role in enhancing the value and reputation of the business for all stakeholders.

Vogel’s successor, Jungsthöfel has served on the Executive Board of HDI Global SE since May 2018 with responsibility for the areas of controlling, risk management, corporate development and passive reinsurance.

Jungsthöfel is a seasoned professional and has extensive experience in both finance and insurance, having previously worked as a partner with KPMG where he had responsibility for auditing and advising insurance undertakings. The focus of his work at KPMG was on internationally operating insurance groups including industrial line and specialty insurers and reinsurers.

Torsten Leue, chairman of the Supervisory Boards of Hannover Re, commented on Vogel’s departure: “On behalf of the Supervisory Boards of Hannover Re and E+S Rückversicherung I would like to thank Roland Vogel most sincerely for his commendable achievements.

“He deserves our special recognition for his extremely valuable contribution to the successful development of the Hannover Re Group over the past 11 years as Chief Financial Officer and to the exceptionally positive performance of the Hannover Re share.”

Jean-Jacques Henchoz, chief executive officer (CEO) of Hannover Re, added: “I would like to express my considerable gratitude to Roland Vogel for his outstanding and very successful work for our Group. With his expertise, his obliging manner and his humanity, he has made an extremely positive value contribution to Hannover Re. I would also like to thank Roland Vogel for the support that he has given me since I took on the role of CEO.”

Adding: “I know Clemens Jungsthöfel very well from numerous conversations that we have had. With his extensive experience in finance and his cultural awareness he is an excellent fit for Hannover Re. I am greatly looking forward to working with him.”

Leue added: “Clemens Jungsthöfel is a very experienced, well-versed and respected finance expert. I am delighted to have recruited him for the MDAX-listed Hannover Rück SE and I wish him every success in his new role.”