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EC News (1 April 2021)

April 01, 2021

Round-up of the weekly news and developments from the global (re)insurance market with stories from Apollo Syndicate Management, Hiscox, Everest Re and more.

Apollo appoints James Slaughter as chief underwriting officer

Independent specialist (re)insurer, Apollo Syndicate Management has appointed James Slaughter as group chief underwriting officer (CUO), effective 6 April 2021.

Slaughter will succeed Nick Burkinshaw, Apollo’s current CUO who has decided to retire. He will report to David Ibeson, group chief executive officer.

In his new role, Slaughter will lead Apollo’s underwriting teams and help the business to build the firm’s market leading innovation capabilities, focusing on leveraging the opportunities that data science and digital transformation bring to the Lloyd’s market.

Slaughter brings more than 23 years of (re)insurance industry experience and most recently served as CUO of Liberty Mutual’s Global Risks Solutions business unit, where he oversaw more than $17bn in gross written premium.

Prior to that, he held a number of senior positions across Liberty Mutal and Liberty Syndicate Management.

Ibeson said: “Apollo is now in an excellent place to begin the next phase of our strategic growth. For this, I would like to thank Nick, who has performed an exemplary role in driving our market-beating underwriting improvement over recent years. I wish him all the best in his retirement.

”James is a recognised market leader and we are very pleased he has agreed to join Apollo. As CUO, he will be instrumental in driving our future underwriting capability and innovation efforts as we look to expand existing and develop new capital partnerships to support our ambition.

“We are building partnerships, expanding our premium income and focusing on delivering exceptional returns, and I would like to welcome James to the team to consolidate these efforts and take our innovation agenda further.”

Slaughter said: “I am very pleased to be joining Apollo and excited to be working closely with David and the team. Apollo is well positioned to grow profitably in the coming years as it capitalises on favourable market conditions. I am therefore looking forward to contributing to Apollo’s innovative and expansive strategy as it enters the next stage of its growth.”

Hiscox names Lara Frankovic as line underwriter for general liability

Hiscox has announced the promotion of Lara Frankovic as line underwriter for general liability.

Frankovic will lead a four-strong general liability underwriting team, focusing primarily on large US domiciled accounts. She reports to Matthew Webb, Hiscox London Market’s divisional director for casualty.

She joined the business in March 2019 as senior liability underwriter from GenRe where she had a 15-year career as a facultative reinsurance underwriter.

Webb said: “Given the long tail and complex nature of the general liability risks we underwrite, and the market challenges in areas like social inflation, we recognise the importance of delivering the long-term stability and sustainability our clients and brokers need and expect from us.”

“Lara has excelled since joining us and this promotion is richly deserved recognition of her underwriting nous and expertise, underscoring our confidence in her ability to further build on our reputation as a major lead market in this class.”

Frankovic added: “While market conditions have been challenging for some time, Hiscox has maintained a consistent underwriting approach for general liability risks. And we will continue to offer a broad appetite, backed up by skilled underwriting to meet the needs of our clients and brokers.”

“Our philosophy is to find a way to say ‘yes’ to the difficult, complex risks that other markets might decline, while leading the way in new product innovation.”

Anne Rocco joins Everest Re as SVP, chief transformation leader

International reinsurer, Everest Re has announced the appointment of Anne Rocco as senior vice president and group chief transformation and shared services leader.

Rocco will also be a part of the Everest executive leadership committee and report to Juan C. Andrade, president and chief executive officer.

She joins the business from Chubb, where she most recently held the position of executive vice president and head of international operations and technology for Chubb Overseas General.

Rocco began her career 28 years ago at Chubb and has held key roles leading global teams to reengineer processes, improve operational performance and transform businesses.

Andrade said: “Anne is an exceptionally talented executive who brings a wealth of experience, operational acumen, and global industry knowledge to Everest. She will be instrumental in driving our strategy to transform our Company and support our growth ambitions for the future.

“I am excited to work with her and the rest of our executive management team to build upon our strong foundation and deliver our strategic objectives in the next chapter of Everest’s journey.”

Rocco commented: “I am delighted to be joining Everest and its ambitious leadership team. I am energized to work across the Group to accelerate the transformational initiatives underway, ensuring we are well positioned to effectively support our growth goals across the globe.”

RSA UK adds new chair after completion of acquisition

RSA has announced, following the completion of Intact Financial Corporation’s proposed takeover, Mark Hodges has been appointed to the position of chair.

The new board will oversee RSA’s UK and International (UK&I) operations.

Hodges is a former CEO of Aviva’s UK business and member of their Plc Board, and a former CEO of British Gas and a member of the Centrica Plc Board.

Additionally, Charlotte Jones, currently RSA’s group chief financial officer (CFO), will stay will the business for an initial period of up to 12 months to support the deals closure and transition activities. She will take up the role of CFO for RSA UK&I, as an executive member of the UK&I Board.

Further non-executive appointments will be announced following the completion of the acquisition later this year.

Hodges said: “I am delighted to be leading the board of RSA UK&I as we embark on a new and exciting chapter for the business. The acquisition by Intact will give the business an opportunity to continue to build on its strong market position. I’m looking forward to working closely with Scott, the UK&I Executive and the wider Intact team to take the business to further success.”

Jones said: “The next twelve months will be a critical period for RSA and Intact as we move through completion of the deal to ensure that the newly combined businesses are set up for success in the future. Having worked intensively on the transaction I’m eager not just to see it through but help make sure RSA’s UK&I business is in the best possible position to seize the opportunities it brings.”

Scott Egan, CEO added: “I’m delighted Mark is joining RSA for the next stage of our journey. We will benefit greatly from his expertise, insight and passion as we continue to strengthen and improve our businesses in the UK and internationally. Charlotte will provide important continuity and leadership for the business and team over the coming year, and I’m pleased we’ll be continuing to work closely.”

HDI Global adds Steve Foreman as director of marine cargo underwriting in the UK

HDI Global SE has announced the appointment of Steve Foreman as director of marine cargo underwriting UK, effective 1 April 2021.

This appointment highlights HDI UK’s continued investment in widening its product offering for corporate industrial clients.

Foreman joins the business from RSA having spent almost thirty years specialising in marine cargo insurance products.

During his time at RSA, Foreman worked in RSA offices across Europe, including the UK, Italy and Belgium. Most recently, he managed RSA’s European Cargo Portfolio.

Claire McDonald, managing director HDI UK & Ireland, commented: “We are delighted to welcome Steve into HDI; his wealth of experience will be critical in establishing this new product line in our branch in the UK. We will be seeking to leverage the existing international programme and marine cargo expertise that exists within the Group to deliver exceptional service to our clients and brokers.”

Foreman added: “I am delighted to be joining HDI who have a strong history and presence in Cargo in Europe as well as Globally and am looking forward to providing the same high quality Cargo proposition to our UK brokers and clients.”

Miller hires James Power as its new exposure analytics lead

Specialist (re)insurance broker, Miller has appointed James Power as exposure analytics lead, to boost the firm’s exposure analytics and deal structuring offering for reinsurance clients.

Power has worked in the London market for over and decade, most recently with Apollo Syndicate Management Limited.

In his new role, he will report to Mark Zammit, head of analytics and will work with reinsurance colleagues across the London and Bermuda offices.

Miller state, this appointment is the latest investment in the reinsurance space and follows the recent announcement that Miller will be expanding its reinsurance presence through the opening of a new broking platform in Bermuda.

Zammit commented: “At Miller, we recognise the importance of providing valuable insights to our clients, which is why investment in data and analytics is key to our long-term growth strategy within the reinsurance space. James’ hiring is part of our team’s ongoing commitment to providing tailored, best-in-class service and solutions for clients. His experience, particularly in exposure management, demonstrates Miller’s commitment to be able to respond quickly and effectively to our clients’ needs, and we’re excited that he has joined us.”