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EC News (20 August 2020)

August 20, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from Randall & Quilter, Willis Towers Watson, Oneglobal and more.

R&Q acquire Inceptum Insurance Company

Randall & Quilter Investment Holdings Ltd have announced that its wholly owned subsidiary, Randall & Quilter ll Holdings Limited has established an agreement to acquire the entire issued share capital of Inceptum Insurance Company Limited.

Inceptum was incorporated in England & Wales 1998 and is now part of the Vibe Group Companies.

The business was placed into run-off in September 2009 and sold by the HSBC group to Syndicate Holding Corp on 30 September 2011.

Paul Corver, group head of M&A at R&Q, said: “We are delighted to have agreed terms to acquire Inceptum. R&Q takes pride in providing finality for owners and we are pleased to see clear evidence of increased demand for legacy solutions throughout 2020. While logistically it has taken longer to complete deals due to Covid19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion. We therefore look forward to announcing further legacy transactions over the course of the next few weeks.”

WTW names head of broking for Finex Business for Britain

Global broker, Willis Towers Watson has announced the appointment of Mark Russell-Vick as its new head of broking for its Finex Business for Great Britain within its Corporate Risk & Broking (CRB) segment.

In his new role, he will be responsible for developing and managing the Finex GB broking and segmentation strategy. He will report to both Olivia Cooper, head of Finex GB and Clyde Bernstein, head of brokerage GB CRB.

Russell-Vick joins the company from Marsh having been there for three decades, most recently as a managing director and head of placement for Marsh FINPRO UK, since 2005 he was responsible for client solutions as well as business efficiency and at the same time he has been a financial institutions broker from Marsh in London since 1989.

Olivia Cooper, head of Finex GB at Willis Towers Watson, said financial and executive risks such as cyber, directors and officers and professional indemnity have “come under the spotlight in this volatile and uncertain environment.”

Oneglobal appoints Gavin Pickering as senior partner energy

Specialist independent Lloyd’s broker Oneglobal Broking (formerly SSL Endeavour) has announced the appointment of Gavin Pickering as senior partner energy, reporting to Roger Spicer, group head of broking.

Pickering is a senior broker and brings 18 years’ experience in leading business production and relationship development.

He joins the firm from Aon where he served as director of Upstream Energy. Prior to that, he held the position of Upstream Energy Broker at RKH.

Mike Reynolds, Oneglobal group CEO, shared: “We pride ourselves on our clients always having access to a senior, expert broker who understands their business, these are qualities Gavin has in abundance. I’m very much looking forward to working with him.”

Pickering, added: “Oneglobal puts the client at the heart of everything and I am excited to join Roger and the team on the mission to drive the client agenda in the energy sector forward, and look forward to building out the team.”

Carbon Underwriting hires Gary Bradshaw as new claims manager

Independent, specialist managing general underwriter, Carbon Underwriting Limited has announced the appointment of Gary Bradshaw as claims manager.

In Bradshaw’s new role he will work alongside Stephen card, Carbon CEO, Jacqui Ferrier, chief underwriting officer, Nick Tye, active underwriter and Ben Laidlaw, senior underwriter and chief technology officer.

He joins the business with more than 25 years of senior claims management experience in the London Market and brings a wealth of knowledge and understanding of high-quality specialty claims handling backed by digital processes.

Card, Carbon CEO, said: “We are thrilled to welcome Gary to our team as we begin the next chapter following our successful first year in operation. Gary is a highly experienced professional whose arrival brings clear focus for our claims management specialism, and by working alongside our underwriters, Gary will be instrumental in identifying trends and developments that can support the most efficient, accurate and cost-effective claims processes.

Adding: “With the development of our in-house platform Graphene, combined with the expertise of our talented team, we are confident in delivering our future goals, as we strive to become the Lloyd’s Benchmark for data driven quality delegated underwriting. Claims data is key to this success, and Gary’s knowledge and experience will help us drive forward in this area as we continue our mission to transform the Delegated Authority space.”

Bradshaw, shared: “Improving claims handling and responsiveness is a critical issue for the delegated authority market and I’m delighted with the opportunity to be part of the enthusiastic and ambitious team at Carbon who are striving to deliver transformational change in our market.

In particular, using Carbon’s proprietary technology Graphene, which offers the ability to support superior analysis, management and sharing of data, has the potential to significantly enhance coverholder relations, improve efficiencies and provide greater transparency across the TPA claims handling process.

And with Carbon recently welcoming its first three coverholder partners, plus securing five principle binding authorities, this is undoubtedly an exciting time to be joining the company.”

Brian James joins IGI as class underwriter for Cargo

International General Insurance Holdings (IGI) has named Brian James as class underwriter for Cargo.

Based in London he will report to Mark Trevitt, IGI’s marine class underwriter.

In his new role, he will responsible for developing a portfolio of a general cargo business, focusing on specific elements of the cargo market, specifically medium-sized accounts and largely transit only, as well as cargo “war on land” risks.

James brings more than three decades of experience in the cargo insurance industry and joins the business from Neon Underwriting where he served as class underwriter since 2017. Prior to that, he spent over ten years at Wellington Underwriting where he was responsible for establishing Wellington’s Syndicate Services and Wellington Gen Genoa, following acquisition by Catlin.

Brian’s appointment further strengthens IGI’s team and its growing marine portfolio.

Everest Insurance adds Mike Hoffman as head of risk & ceded reinsurance

Everest Insurance, a subsidiary of Bermuda-based (re)insurer Everest Re Group, has appointed Mike Hoffman as head of risk & ceded reinsurance.

In this newly created role, Hoffman will lead a team with responsibility for all aspects of the global ceded reinsurance strategy for the Insurance Division and report into Mike Mulray, chief operating officer and chief underwriting officer, Everest Insurance.

Based in the Bermuda office, he will also be responsible for Risk Management within the Insurance Division, as part of the Group Enterprise Risk Management structure.

Hoffman joins the business after 15 years with Allied World Assurance, where he most recently served as global insurance chief underwriting officer. Prior to that, he spent 14 years with Chubb in a variety of roles the US and Bermuda.

Mulray said: “Talent remains core to the Everest strategy and adding someone of Mike’s caliber in such a critical role will continue to propel us forward on our mission of delivering consistent underwriting profitability. With three decades of industry experience, Mike has a proven track record of strong execution, portfolio management, and driving results.”