August 27, 2020
Round-up of the weekly news and developments from the global (re)insurance market with stories from Monument Re, BHSI, MS Amlin Underwriting Limited and more.
Monument Re acquires Isle of Man operations from Charles Taylor
Life (re)insurance holding company, Monument Re, have announced the agreement to acquire Charles Taylor Group’s Isle of Man operations.
The acquisition includes its life insurance, LCL International Life Assurance Company Limited and Charles Taylor Holdings Limited.
No financial details of the deal were disclosed and the change of control of the companies will follow satisfaction of customary closing conditions, including receipt of regulatory approvals.
Monument Re and Charles Taylor state that they are committed to providing seamless continuity of services during the period of transition.
Manfred Maske, CEO of Monument Re Group, said: “We are very pleased to have worked with the Charles Taylor team to reach an agreement to acquire their Isle of Man operations. The signing of this transaction establishes our presence on the island and represents a key step in executing our strategy in the Crown Dependencies.”
Rob Brown, Charles Taylor Group CEO, shared: “Monument Re is a great new owner for our Isle of Man business. Our decision to proceed with this transaction resulted from the ongoing evaluation of our business to ensure the right offerings, operating structure and competitive positioning for our clients and for our long-term success. The divestment of the Isle of Man operation was a natural conclusion of this assessment and results in a simpler group with a clear focus on non-life insurance services across our core claims services, technology and insurance management offerings.”
Jeffrey More, CEO of Charles Taylor Insurance Services (IOM) added: “We have enjoyed an extended period of success under Charles Taylor’s ownership, which has included making a number of acquisitions as we have built the business. I am delighted that we are joining Monument Re and look forward to playing our part in driving further growth.”
BHSI appoints new head of executive & professional lines in Germany
Berkshire Hathaway Specialty Insurance (BHSI) has named Dr. Carsten Keune as head of executive & professional lines In Germany.
Keune brings more than two decades of industry experience. Most recently, he was head of global commercial lines underwriting at ERGO. Prior to that, he was underwriting director Europe, Middle East and Africa at XL Catlin in Germany.
Andreas Krause, country manager, Germany, BHSI, said: “Carsten comes to BHSI with decades of experience in the global insurance industry. Under his leadership, we look forward to expanding our Executive & Professional Lines portfolio and our team and bringing more customers across Germany BHSI’s broad range of financial lines solutions, backed by our financial strength and excellent service.”
Andrew Carrier joins MS Amlin Underwriting Limited as CUO
Lloyd’s of London (re)insurer, MS Amlin Underwriting Limited (MS AUL) has named Andrew Carrier as chief underwriting officer (CUO), effective 7 September 2020.
In the newly created position, he will report to Tom Clementi CEO of MS AUL and be responsible for managing all of the firm’s underwriting business, including the syndicate’s Reinsurance and Specialty Insurance divisions.
Carrier will review MS AUL’s underwriting portfolio and strategy, with a view to repositioning the business for future success where necessary. MS AUL states that the appointment is a further step forward in its ambition, which is supported by its parent MS&AD Group, to transform the business into a highly successful specialty (re)insurer.
He joins the company from Everest Re, a business he joined in 2014 and most recently served as general manager for Europe and Asia Pacific. Prior to this, he served as the CUO of Argo Group and from 1984 to 2007, he worked at Tokio Marine Kiln.
As part of the ongoing simplification of MS AUL’s operating model, the previous Co-CUO management structure of MS AUL will be dissolved and the Co-CUOs for Specialty Insurance, Andrew Wright and Mark Clements, along with the Reinsurance CUO , Phil Wooldridge, will step down from their roles on 30th September 2020.
Tom Clementi, CEO of MS AUL said: “Following the changes in our structure which took effect at the beginning of this year, we have continued on our transformation plan to build a world-class (re)insurance business specialising in complex specialty and reinsurance risks. We have removed group and legacy MS Amlin plc structures, making our insurance companies leaner, stand-alone entities, strengthened our MS AUL governance and increased the expertise of our independent NEDs with the appointments of Johan Slabbert and Martin Hudson announced in May.
“A renewed approach to disciplined underwriting will be central to the success of our long-term strategy and the creation of Andrew’s role, and his appointment, is a natural next step in this process. I am delighted to welcome him to the MS AUL team. Andrew’s depth of leadership and industry experience, combined with his strong track record of successfully managing and delivering growth for high-profile (re)insurance business, will be integral to supporting MS AUL as we continue to create a more modern, relevant, profitable and client-focused business built around the expertise of our people.
“I would like to take this opportunity to thank Andrew, Mark and Phil, whose contributions to the business over the years have been significant. Their years of hard work and commitment have helped to position the business well for the future, and we are grateful that they will continue to serve on the MS AUL team until September to ensure a smooth transition for our brokers and insureds.”
Oneglobal appoints Max Bingley as senior partner of financial lines
Specialist independent Lloyd’s broker Oneglobal Broking (formerly SSL Endeavour) has announced the appointment of Max Bingley as senior partner of financial lines, reporting to Roger Spicer, group head of broking.
Bingley most recently served as director - financial lines at Aon, leading the EMEA financial lines business. He has worked exclusively with the (re)insurance firm for 18 years developing their specialty financial lines business, with an emphasis on Directors’ and Officers’ liability.
Mike Reynolds, Group CEO, Oneglobal commented: “Max brings with him a standout track record for developing teams and delivering outstanding client outcomes. This makes him the perfect candidate to lead our expansion into the financial lines market, at a time where many such lines of business are challenged.”
Bingley added: “Developing Oneglobal’s proposition to the financial lines market is enormously exciting for me. I look forward to growing the team with like-minded individuals with the right expertise that share our values to drive the client agenda forward in the financial lines space.”
Allianz Holdings names Christopher Twemlow as chief legal officer
Allianz Holdings has announced the appointment of Christopher Twemlow as chief legal officer.
In his new role, he will be responsible for overseeing the legal and company secretariat functions across the Allianz Holdings group. He will act as general counsel and company secretary and will report to Fernley Dyson, chief financial officer.
Twenlow joins the business from Euroclear where has worked since 2007 and has led its UK legal team since 2013. Before this, he worked with Lloyd’s of London.
Dyson, chief financial officer said: “This is a really exciting time to be joining our business and I’m very pleased to announce that Chris will be our new general counsel and company secretary. With a wealth of expertise in legal, regulatory and governance matters he is extremely well placed to lead our legal and company secretariat functions and is a welcome addition to the team.”
Marco announces acquisition of British Reserve Insurance Company from Allianz
Marco Capital Holdings Limited, a European P&C Run-off group announced the acquisition of British Reserve Insurance Company (BRIC) from Allianz, subject to regulatory approval.
The deal provides the basis of the firm’s regulated platform for future run-off transactions in the UK and London Markets.
The acquisition of BRIC will provide Marco with an authorised non-life insurance carrier suitable for acquiring portfolios of non-life insurance loss reserves through reinsurance or Part VII Transfer, thus building its UK run-off business.
Formed in 1935 BRIC became part of Allianz shortly after the acquisition of Cornhill Insurance in 1986. BRIC stop writing news business in 105 and carries a low level of operational and financial risk.
Simon Minshall, CEO of Marco, said: “I am delighted to announce the acquisition of BRIC as Marco’s first transaction, subject to regulatory approval, as this provides Marco with an excellent underwriting platform for P&C Run-Off transactions in the UK companies market.”
Marco’s Europe focused P&C strategy includes Run-Off business opportunities located in or sourced from the UK, Lloyd’s of London and Continental Europe.