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EC News (29 October 2020)

October 29, 2020

Round-up of the weekly news and developments from the global (re)insurance market with stories from LMG, Global Reinsurance Forum, Marsh and more.

Aviva’s Patrick Tiernan joins LMG’s board of directors

The London Market Group (LMG) has announced that Patrick Tiernan will join the board of directors representing the International Underwriting Association (IUA).

Tiernan will replace Malcolm Newman, managing director, EMEA Hub, SCOR.

Patrick Tiernan is currently managing director UK commercial lines and global corporate and specialty at Aviva.

Prior to Aviva, Tiernan served three years as the group chief operating Officer for StarStone Insurance.

Matthew Moore, chair of the London Market Group said: “We are delighted to welcome Patrick to the board.

His insight from the London company market, whose recent report demonstrates its growth and dynamism, will give a valuable perspective to our work and to our thinking about how we support the market moving forward.

I would also like to take this opportunity to thank Malcom for his tremendous support and input during his time on the board.”

Global Reinsurance Forum appoints Jean-Jacques Henchoz as chairman

Global Reinsurance Forum (GRF) has announced that Jean-Jacques Henchoz, CEO Hannover Re, has assumed the role of GRF Chairman for a two-year term.

Charles Shamieh, chairman General Re has also been elected Vice Chairman on 23 October 2020.

Jean-Jacques Henchoz said: “It is a privilege to serve as the GRF’s Chair. Global collaboration between the re/insurance industry and government bodies is required to help deal with systemic risks such as the Covid19 pandemic. Furthermore, trade barriers and global tensions and their consequences for the world’s economic order and trading system are of particular concern to reinsurance which is one of the most globally integrated businesses. Therefore, we need to redouble our efforts to promote an open and fair framework for global reinsurance markets and raise the understanding of the well-proven value of reinsurance to economies and societies.”

Charles Shamieh commented: “I am honoured to take on the role of GRF Vice Chair. In the face of a growing number of business and regulatory challenges, global insurers and reinsurers continue to provide critical support to businesses and individuals throughout the world. These are unprecedented times with natural catastrophes increasing in frequency and severity, a global pandemic posing unforeseen challenges and the continued growth of cyber threats. I am looking forward to working with the GRF and its membership to raise awareness around these important issues and to promote the valuable work of global re/insurers.”

Marsh promotes Carolina Klint to risk management leader for Continental Europe

Insurance broker Marsh has announced the promotion of Carolina Klint as risk management leader for Continental Europe.

In her new role, Klint will be responsible for delivering Marsh’s services and solutions to clients with operations in Continental Europe.

Based in Stockholm, she will report to Siegmund Fahrig, CEO of Marsh Continental Europe.

She brings over 18 years of international and leadership experience to the role, having joined Marsh from AIG in 2017.

Fahrig said: “With her extensive experience working with multinational clients, Carolina is the ideal choice for this role. I look forward to working with her on the often complex challenges facing our largest clients.”

Klint commented: “The Covid-19 pandemic has presented multinationals with a fast-evolving range of risks that can vary widely from country to country. I look forward to bringing the best of Marsh to help our clients across Continental Europe successfully address these issues.”

Arch adds Chris Rackliffe as head of Accident & Health

Arch Insurance International has appointed Chris Rackliffe as head of Accident & Health and Contingency, effective late 2021.

Based in London, he will be responsible for all aspects of the continued development and growth of Arch’s accident & health and contingency portfolio.

Rackliffe will report to Lino Leoni, senior vice president and chief underwriting officer for Specialty, Energy, Marine and Financial Lines.

He brings over 25 years of experience and was most recently head of contingency and life accident & health at Beazley, having joined the company in 2005.

Prior to this, he served as a managing director at HCC Specialty Ltd where he was responsible for Contingency and Sports Disability insurance.

Leoni said: “Chris is one of the most respected practitioners operating in the accident & health and contingency markets reflecting his breadth of knowledge and ability to develop comprehensive, relevant coverage.

“We see significant opportunities within the contingency insurance arena to strengthen our market position and are delighted to have someone of his calibre to lead our expansion in this sector.”

 

Hiscox names Yana O’Sullivan as head of investor relations

International specialist insurer has announced the appointment of Yana O’Sullivan as Head of Investor Relations.

O’Sullivan is a senior investor relations and strategy leader, with over 15 years’ experience, spanning global financial services including insurance, banking, investment management and telecoms across the UK, EMEA, US and Asia.

Yana began her IR career at Standard Chartered Bank at the outset of the global financial crisis. She then led went on to lead the investor relations team at Friends Life Group, now part of Aviva.

O’Sullivan also served as head of IR and strategy director at Lombard International Assurance, a global wealth structuring solutions provider.

Aki Hussain, Hiscox Group CFO, said: “Yana brings significant experience in investor relations and the capital markets to Hiscox, having worked across a range of international markets, with extensive experience in financial services. Her diverse background and perspective will be a great asset to the management team, helping us to tell the Hiscox story and engage effectively with our shareholders and the financial markets globally.”

Sarah Breslin joins Pen Underwriting as chief financial officer

Managing general agent, Pen Underwriting has named Sarah Breslin as chief financial officer and joins its executive team, succeeding Praveen Panicker who is joining Gallagher’s corporate finance team.

Breslin joins the firm from Gallagher where she spent eight years, most recently as finance director of Corporate Services.

She began her career at PwC in audit & assurance and later worked for Deutsche Bank as a management information analyst.

Tom Downey, CEO of Pen Underwriting, said: “We are absolutely delighted to welcome Sarah to Pen as our new CFO. She brings a fantastic mix of professional experience, commercial acumen and strategic leadership. Sarah’s time as a finance director within the wider group, at a time of rapid growth through M&A and transformational change, will also stand her in great stead supporting Pen at this pivotal time as we look to accelerate our own growth through acquisition and organically.”

Adding: “We wish Prav all the very best in his new role, which is a great opportunity for him both personally and professionally. He has contributed a great deal to Pen during his time with us, both at Executive level but also as a passionate leader and motivator of people.”

Breslin commented: “It’s hard to think of a more exciting time to be joining Pen. With its clear ambition to become a £1bn underwriting and distribution business, I’m really looking forward to working with Tom and the team to help the business expand and diversify at pace.”