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EC News (4 March 2021)

March 04, 2021

Round-up of the weekly news and developments from the global (re)insurance market with stories from Beazley, AGCS, Lockton Re and more.

Beazley CEO Andrew Horton to depart, successor announced

Specialty (re)insurer Beazley has announced that CEO Andrew Horton is set to depart the company to become group CEO of QBE Insurance Group Limited in Australia.

Horton will remain with Beazley until the end of March, and it is expected he will not take up his new role at QBE until 1 September 2021.

Beazley has also announced the Adrian Cox has been appointed to CEO, effective 1 April 2021. Cox has served at Beazley for over two decades, most recently as chief underwriting officer (CUO) and has over 25 years of industry experience. He has also been a member of the Beazley plc Board since 2010.

Additionally, Bethany Greenwood will be appointed to interim CUO of long tail underwriting (Cyber and Executive Risk and Specialty Lines) and Tim Turner will be interim CUO of short tail underwriting role (Marine, Market Facilities, Political, Accident and Contingency, Property and Treaty).

Both interim responsibilities will be in addition to Greenwood and Turner’s current roles, whilst Beazley looks to appoint a new CUO for the firm.

David Roberts, chairman, commented: “On behalf of the whole Board, I would like to thank Andrew for his leadership and outstanding contribution to Beazley, in particular as CEO, a position he has held since 2008.  He has overseen the expansion of Beazley over this period, and leaves it in a strong position operationally and financially.  We wish Andrew well in his new role.

We are pleased that Adrian Cox has agreed to become our new CEO.  Adrian has an outstanding track record within Beazley, spending time in both the US and the UK, and the Board is confident that under his leadership, Beazley will continue to go from strength to strength.  Adrian’s appointment provides continuity in Beazley’s leadership team and strategic direction. This ensures that we will continue delivering for our people, our clients and our shareholders in the years to come.”

Cox commented: “I am delighted to be appointed CEO of Beazley.  Our Group has a long and successful track record, built on the experience and expertise of our people, our innovation and a prudent approach to managing our balance sheet. I am excited about the opportunities ahead and the chance to build on our proven and successful business model in the years to come.”

Horton said: “I have every confidence in Adrian as my successor and believe he is the best person to lead the Company going forward. Adrian is exceptionally well placed to undertake the role, having held a variety of positions during his tenure at the Company, providing him with the required depth and breadth of knowledge.  I am pleased to be leaving the Group in such capable hands and I wish Adrian and the whole Beazley team all the best for the future.”

AGCS names Thierry Portevin to lead global risk consulting unit

Allianz Global Corporate & Specialty (AGCS), the global corporate insurance carrier of Allianz Group has appointed Thierry Portevin as Global head of Allianz Risk Consulting (ARC), effective 8 March 2021.

In his new role, he will report directly to Tony Buckle, chief underwriting officer corporate and succeed Tina Baacke, who left AGCS at the end of 2020.

Elizaveta Krieg will lead the global property underwriting team on an interim basis until a permanent successor is confirmed. Based in Munich, Germany, she is currently the global practice group leader for Base Industries in this team.

Before joining the AGCS as global head of property in 2016, Portevin served as global head of engineering for AGCS from 2012 to 2016. He began his career as an engineering and construction project manager for organisations including the National Institute for Ocean Science (France) and Jacobs. He joined Allianz France in 2000 as engineering underwriting portfolio manager for France before joining AGCS as engineering underwriting manager for France in 2007.

Buckle said: “The ARC team are absolutely central to both exposure assessment in underwriting as well as risk mitigation for our clients. I am therefore delighted that one of our most experienced underwriters and managers, Thierry Portevin, who has successfully led our Property and Engineering teams in the past, has taken on the opportunity of leading Allianz Risk Consulting into the future. ARC will benefit from his commercial understanding, underwriting perspectives and his data focus. As we leverage third party data and Insurtech in our core business, Thierry will ensure we adapt to the new risks our clients are facing and continue to offer market-leading solutions.”

Lockton Re names Thomas Parcell as chief broking officer in Bermuda

International reinsurance broker, Lockton Re has announced the appointment of Thomas Parcell to its new Bermuda platform as chief broking officer.

Parcell began his career at Aon in London with experience in Financial Services, and Accident, Life & Health before moving to Aon Benfield in 2013 as a non-marine retrocession broker. He later moved to Bermuda in 2016 and most recently held the position of global head of the ILW Practice.

Keith Harrison, International CEO, Lockton Re, said: “We are delighted to have Tom join Lockton Re, his experience and standing in Non-Marine Retrocession and ILW trading brings further depth and breadth to the expertise that we deliver to our clients.  Bermuda is an immensely important reinsurance hub and Lockton Re’s twelfth location - a significant milestone for our continued growth.”

Parcell commented: “I’m incredibly excited to join Lockton Re and be a part of Lockton Re Bermuda. Our alignment with the London, US, and global teams, alongside the deep expertise and relationships on the island, positions the Bermuda office in a great place to deliver for our clients and the core values we stand for as a business.”

Nick Durant, North America CEO, Lockton Re, said: “Our global Retrocessional capability is another exciting step in Lockton Re’s focus on offering our services in a way that reflects what clients need and want.  The collaborative ethos that sits at the heart of the business means our growing Bermuda platform is another important part of the global teams we can create to work seamlessly across the Atlantic to provide the best possible outcomes to clients.”

Tim Gardner, global CEO, Lockton Re, adds: “Bermuda is a natural evolution in our strategy and a key part of the Lockton Re global servicing proposition.  Tom joins Vittoria Canale our Operations Executive on the island and they will be joined later this year by additional industry talent. Coupled with our strong London based Retrocession and Property Specialty team we are creating a formidable force in this important part of the industry.”

AXA XL adds senior underwriter to downstream and power for UK & Lloyd’s market

AXA XL has announced the appointment of Matthew Bishop as senior underwriter, downstream and power for the UK and Lloyd’s market, effective immediately.

In his new role, Bishop will be based in London and have responsibility for supporting the business planning and forecasting process as well as establishing and developing relationships with key brokers and clients in the market.

Bishop joins the firm from StarStone Insurance, where he served as senior underwriter for Onshore Energy, Power & Utilities, having joined in 2016.

He began his career in the industry in 2011 with an internship at Lloyd’s of London, later joining RKH Specialty in 2012 as an Onshore Energy and Power Broker.

Nicola Harris, head of Energy UK & Lloyd’s market, commented: “I am delighted that Matt will be taking on the role of Senior Underwriter, Downstream & Power.

“Having worked both on the broking and underwriting side, his knowledge and experience will be a great asset in helping us to deliver our payer to partner strategy, as we continue to develop our UK Energy portfolio.”

HDI Global SE reshuffles leadership team in UK & Ireland

HDI Global SE has announced it is streamlining its leadership in the UK and Ireland, bringing the two branches under the same direction whilst renewing its commitment to the Irish market.

Claire McDonald has been appointed as the authorised representative for HDI Ireland, effective 1 February 2021. This change supports McDonald’s existing responsibility as the managing director of both the UK and Irish branches with her responsibilities to UK, Irish and German regulators.

Paul Moraghan, general manager, HDI Ireland, departs the business after a decade. HDI HDI shares that he has played a significant role in developing HDI’s Ireland branch to what it is today.

McDonald said: “We thank Paul for his dedication, commitment and for building up our book and our team. We wish him every success for the future.”

Moraghan added: “It has been a pleasure to work with HDI over the last ten years and I am proud of what we have developed here in Ireland. I wish the team every success. I am now looking forward to investigating new opportunities that will leverage the depth of my experience.”

Miller hires two professional indemnity specialists as part of growth strategy

Specialist (re)insurance broker Miller has appointed two professional indemnity specialists Paddy Synnott and Joe Newbury as part of its growth strategy into the UK professions market.

In a recent press release, Miller states that Synnott and Newbury’s understanding of the UK Professions market and Professional Indemnity business will strengthen the team’s commitment to delivering market-leading, innovative risk transfer solutions.

Synnott started his insurance career as a professional indemnity underwriter in 2014 before changing to broking in 2016. He has worked mainly in UK PI and gained exposure to global accounts in Legal, Construction and Insurance Professionals sectors. 

Newbury began his insurance career in 2015, which has seen him work extensively with Construction PI clients in London and the South East.

Ed Pickard, head of UK Professions, said: “We are delighted that Paddy and Joe have joined Miller. Their strong knowledge of the UK Professional Indemnity market will strengthen our team’s capabilities and our ability to offer clients tailored solutions. In the current hard market, clients need to be able to rely on their brokers to support them – these new hires respond to that and confirm Miller’s ongoing commitment to excellent client service.”