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EC News (21 January 2021)

January 21, 2021

Round-up of the weekly news and developments from the global (re)insurance market with stories from Marsh, Sompo International Holdings, Gallagher Re and more.

Marsh UK names Tom Colraine as chairman

Global insurance brokerage, Marsh has announced the appointment of Tom Colraine as chairman of Marsh Ltd in the UK, effective immediately.

Colraine has been a non-executive director of the business since 2018, succeeding Jane Barker.

He has extensive experience as a non-executive director, including as chair of Hastings Group Holdings and the Compre Group, as well as chairing the Audit & Risk Committee of the Wealth Management Division of Schroders.

Colraine has held a number of senior roles in the insurance sector including chief financial officer (CFO) of AIG Europe, chief operating officer (COO) of AIG UK Ltd and non-executive director and chairman of the Audit Committee between 2007 and 2009.

Prior to AIG Europe, he worked at Willis Group Holdings for almost 20 years, where he held several senior positions including CFO, vice chairman and Co-COO.

Chris Lay, CEO, Marsh UK & Ireland, said: “Tom has made a significant contribution to the business since joining the board of directors in September 2018. His extensive expertise and insight of our industry and the regulatory environment will be invaluable as we continue to support our clients and colleagues, and expand our business across the UK and Ireland.

“On behalf of the board, I would like to extend our thanks to Jane for her tremendous leadership, wisdom, guidance and support over the past 10 years, both as Chairman and as a non-executive director.”

Colraine added: “Since joining the board, I’ve been impressed by how Marsh continually strives to deliver ground-breaking solutions that help clients of all sizes and sectors mitigate risk and continue to thrive.

“This is especially evidenced by the support offered to clients, colleagues, and communities during the COVID-19 pandemic. I look forward to working with the leadership team as we continue to nurture our talent and develop the UK and Ireland business.”

Hamilton appoints Elaine Scully as SVP, head of casualty

Hamilton Insurance Group has named Elaine Scully as senior vice president, head of casualty insurance within Hamilton Re, effective mid-February.

Based in Bermuda, Scully will report to Tim Duffin, Hamilton Re chief underwriting officer.

She joins the business from AXA XL in Dublin where she served as head of excess casualty. Prior to this, she was vice president, senior underwriter at XL Group (now AXA XL), where she had responsibility for underwriting a portfolio of accounts and high value client relationships.

Megan Thomas, CEO, Hamilton Re, Ltd commented: “We’re committed to the excess casualty insurance space in Bermuda and I’m thrilled to welcome Elaine to lead the charge. She is a dynamic and collaborative leader whose experience, skill and perspectives will be key as we continue to capture opportunities to maximize our portfolio, enabled by the current market.”

Sompo International hires Richard Brown to lead new property team

Bermuda-based specialty (re)insurer Sompo International Holdings Ltd, has announced the appointment of Richard Brown to lead a new team focusing on property business.

The new team will cover retail distribution channels in the UK, Europe and selected international territories including the Middle East and Israel.

Brown brings a wealth of expertise with nearly 30 years of UK and International property risk underwriting experience. He joins the firm from Generali where he most recently served as head of property and marine lines.

Julian James, chief executive officer, International Insurance at Sompo International, said: “Our ambition is to deliver solutions for our clients and broker partners that help them to achieve effective risk transfer.

“By expanding our offering into the retail market, the new team will build on the success of our existing property expertise, which has a global wholesale focus, and offer our capacity and appetite to develop much closer ties to major corporates and international multi-nationals.”

Simon Behagg to become CEO of Gallagher Re as Rupert Swallow is set to depart

International (re)insurance broker, Gallagher has announced the appointment of Simon Behagg as CEO of Gallagher Re.

Behagg will assume the role from February 2021 taking over from current CEO, Rupert Swallow, who has held the position of CEO for seven years and was founding partner of the original business Capsicum Re before it was acquired and rebranded to Gallagher Re.

Since the acquisition, Swallow has led the transition of the 180-strong reinsurance broking team and its operations into Gallagher’s UK broking division.

Meanwhile, Behagg, has served as chief operating officer at Gallagher Re since 2014.

Simon Matson, CEO of Gallagher’s broking and underwriting businesses in Europe, Middle East & Asia, commented: “The enormity of what has been achieved by Rupert and the team in just seven years cannot be underplayed. Gallagher Re has grown from a small start-up operation to become the world’s 5th largest reinsurance broker with a hugely talented team of individuals who are now an important part of our growing Gallagher family. I’d personally like to thank Rupert for everything he has done to lead, shape and grow the business over the past seven years and wish him every success for the future.”

Swallow said: “It has been an incredible journey for Gallagher Re and I could not be prouder of what we have achieved as a team since we set up the business seven years ago. My mission has always been to build an outstanding reinsurance business, complete the sale of that business to our long-term partner, Gallagher, and ensure the safe onward transition of the team and our clients to their new home. Having now completed the final stages of that full integration into Gallagher, I have achieved what I set out to do and confidently hand over the reins of this extraordinary business as it moves in to its next phase of growth.”

Chaucer promotes Deborah Wyatt to head of political risk & credit

Specialty (re)insurance group, Chaucer has announced the promotion of Deborah Wyatt to head of political risk and credit, as current head Nick Kilhams retires after 22 years of dedicated service.

Chaucer states that under Kilhams leadership the firm has become a centre of excellence for political risk and credit underwriting, building a team focussed on delivering market leading solutions for clients and brokers.

Wyatt joined Chaucer in 2016 from AXA XL (XL Catlin) and before that, AIG and Euler Hermes.

Additionally, Neil Edwards will also be promoted to deputy head of political risk and credit.

John Fowle, CEO of Chaucer, comments: “Nick has always been a much liked and highly valued colleague, leading our Political Risk and Credit Team with passion and a commitment to delivering market leading solutions for our clients and brokers.   Nick will be much missed, but both Chaucer and Nick believe that now is the right time to hand over to Deborah Wyatt who will assume the role of Head of Political Risk and Credit.  Deborah has done a magnificent job during her time at Chaucer and I couldn’t be happier that she has taken on the leadership of the team.”

Miller enters private client market with trio of key hires

Miller Insurance has announced its launch into the private client market with the appointment of three High Net Worth Specialists.

Katie Small, Nick Gavin-Powell and Michelle Suckling will join the business in the second quarter of 2021 to form a new team committed to delivering a high-quality offering, supported by market-leading products and insight to provide a unique customer experience.

The team have worked together before and bring extensive market knowledge and established relationships within the sector having previously helped clients from across the globe to manage complex risks.

Small will head up Miller’s new private clients team. She brings extensive experience in the sector having formed insurance brokerage MWA which was later sold to RK Harrison in 2012. She was then head of the combined RK Harrison Private Wealth and Hyperion Private Client, Fine Art and Specie business following the acquisition of RK Harrison by Hyperion in 2015.   

Gavin-Powell has over two decades of experience in the sector and joins the firm from Aon where he most recently held the position as head of private clients. Prior to this, he served as divisional director at Howden.

Additionally, Suckling also has 20 years of industry experience with prior positions at RK Harrison in their private client team and more recently at Zurich.

The team will commence their roles at Miller following the completion of their contractual obligations at their respective employers.

James Hands, co-head of Special Risks commented: “We are delighted that Katie, Nick and Michelle will be joining Miller to drive our expansion in the High Net Worth sector, a key area of growth for Miller. Our new offering will provide our clients with our usual best-in-class approach, providing reassurance that their most valuable assets are protected.”