June 10, 2021
Round-up of the weekly news and developments from the global (re)insurance market with stories from Lockton Re, Gallagher Re, CFC and more.
Lockton Re appoints Ollie Jones to Marine & Energy division
Global reinsurer, Lockton Re has announced the appointment of Ollie Jones as a broker and will be based in the London office as part of the Marine and Energy division.
Jones joins from Guy Carpenter where he most recently served as vice president in the global Marine and Energy practice. Prior to that, he was a broker at JLT Re, where he began his career.
Jerry Ridge, head of the Marine & Energy Division, Lockton Re, said: “We are continuing to expand our Marine & Energy capability and expertise in line with demand we are seeing from clients and prospects. Ollie is a great addition to the team and as we continue to work with clients and markets to provide deeper insights and more innovative solutions for the Marine & Energy market in London and across the globe.”
Martin Stephenson, chairman, Marine & Energy Division, Lockton Re, commented: “It’s always a pleasure to welcome great talent to the team, Ollie brings great energy and enthusiasm and a willingness to always do what is right for clients which is a key focus for Lockton Re. I know he will be a great cultural fit for both the team and our clients, and will play a valuable role in our continued success. We look forward to welcoming Ollie to the London office later in the year.”
Tom Wakefield joins Gallagher Re as CEO
Specialist broker, Gallagher Re has announced the appointment of Tom Wakefield as the new chief executive officer, subject to regulatory approval.
Wakefield takes over from current CEO Simon Behagg who will transition to the new role of managing director of Gallagher Re.
In his new role, he will have responsibility for leading the expansion of the broker’s reinsurance operations and will work closely with Behagg and the wider senior management team to continue to drive the firm’s growth agenda.
Wakefield will report to Simon Matson, CEO and will join Gallagher’s UK executive team.
He joins the business from Aon, where he spent 17 years, most recently as COO for the Global Re Marine, Specialty and Composite business and led the broker’s book of marine composite reinsurance business.
Matson said: “The evolution journey that sits behind Gallagher Re since its inception in 2013 is quite incredible. Since becoming a fully-owned part of Gallagher in 2020, the business has continued to deliver on its aggressive growth trajectory, latterly under Simon’s leadership, and continued to attract a wealth of reinsurance talent, including Tom, on to the team.
“We are delighted to now have Tom step into the role of CEO at a time when Gallagher Re is set to embark on the most exciting chapter yet in the business’ remarkable growth story. However, while the Willis Re transaction progresses through the required regulatory processes, our focus remains on driving forward our existing Gallagher Re business strategy with Tom at the helm.”
Wakefield added: “Gallagher Re’s rise from a start-up challenger brand to a world-class and highly-respected reinsurance broker is something that I have long admired. I am excited to be joining such an innovative and entrepreneurial organisation and look forward to working alongside this hugely talented group of people to drive forward the business’ growth agenda and further expand and enhance our client offering.”
CFC launches new transaction liability solution to unlock $8bn micro M&A market
CFC announced the launch of a new transaction liability solution aimed at unlocking the micro segment of the M&A market.
CFC state this segment represents the largest volume of M&A deals and the firm estimates it to be worth close to $8bn in gross written premium (GWP), yet it has been all but ignored by the insurance market to date.
The first-to-market transaction liability solution is set to address this significant opportunity for brokers. Its new Private Enterprise policy insures the sellers of small businesses with an enterprise value of between $250,000 and $10mn for damages and defence costs resulting from a claim against the seller for a breach of a representation or warranty (R&W) in the purchase agreement.
Unlike other transaction liability policies which typically provide a policy limit of around 10% of enterprise value (EV), the Private Enterprise policy insures the full indemnity given by sellers enabling a full 100% EV indemnity to be provided. The product also offers a fixed wording and streamlined underwriting to enable brokers who may not have extensive M&A experience secure coverage for their clients quickly and efficiently.
Angus Marshall, head of transaction liability, CFC said: “We estimate there to be nearly half a million SME M&A transactions a year globally, around ten times the number of deals in the current transaction liability addressable market. This important insurance cover has been widely adopted in the mid-market, and we believe the micro segment represents the next sector of growth.”
“The sellers of these businesses have often built them from nothing; they’ve worked hard to grow their value and want to protect that value when it comes to a sale. They need insurance that is relevant to smaller businesses like them, at a price they can afford and that is simple to understand.”
Marshall concludes: “With over 50,000 SME transactions taking place in UK alone on average, there is a significant market to address and an opportunity for brokers to provide a vitally important service to their small business clients looking to realise the value that they have worked hard to build. We’re proud to have developed the solution they need.”
Euler Hermes names Sarah Murrow CEO, UK & Ireland
Trade credit insurer, Euler Hermes, has appointed Sarah Murrow as chief executive officer of its UK and Ireland business, effective 1 June 2021.
Murrow changes from her role as the market management, commercial underwriting and distribution (MMCD) director for Northern Europe.
Based in London, she will be the first female to head up the firm’s UK and Ireland business.
Murrow succeeds Milo Bogaerts, who has been appointed CEO of Euler Hermes Northern Europe Region, effective 21 June. Fabrice Desnos, previously head of the region, is appointed member of Euler Hermes’ Group Board of Management in charge of credit intelligence, claims, collections and reinsurance.
Murrow joined Euler Hermes in 2004 in its Baltimore office and previously held senior management roles in the US and France.
As MMCD director, Sarah grew profitably Euler Hermes’ trade credit portfolio in Northern Europe through technical excellence, investments in technology and digital marketing, and the development of special products and distribution partnerships.
Bogaerts said: “We create trust to trade and are helping our customers emerge from the pandemic. Sarah has a great track record of understanding the needs and ambitions of our clients and partners. Her commercial experience makes her the ideal person to help our clients grow through the recovery.”
Sarah Murrow said: “I am honoured to join this market-leading organisation. At Euler Hermes our purpose is to facilitate safe trade. As CEO for UK and Ireland my objective is to work with clients and partners to expand our products and services, providing more businesses the confidence to realise their ambitions. It is also paramount that I ensure our staff continue to receive a great employee experience.”
AXIS appoints Keith Trivitt as head of commercial & strategic partnerships
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings has announced the promotion of Keith Trivitt to head of commercial and strategic partnerships within its international division.
In this newly created role, Trivitt with have responsibility for expanding commercial initiative and developing profitable strategic growth opportunities.
Based in London he will report to Edward Ashby, global head of distribution for AXIS Insurance and Mark Gregory CEO of AXIS Insurance International Division.
Trivitt brings 15 years experience in business development, marketing and communication to the role. He previously worked in the firm’s marketing and communications function, latterly as head of integrated marketing and communications.
Prior to joining AXIS in 2016, Trivitt served as vice president of marketing at the digital publishing platform Playbuzz, and vice president of Matomy Media Group.
Ashby commented: “Keith has built a strong reputation within AXIS as a leader who embodies our values and culture, including an entrepreneurial mindset and a performance-driven approach.
“He will play a key role in helping us expand the strategic growth pipeline for our International Insurance business, while building closer and deeper relationships with key customers across multiples lines of business.
“We look forward to the contributions Keith will make in this new role as we seek to deliver a clear and well-articulated value proposition to our brokers and their clients.”
HDI Global adds Arvind Drubhra as director of operations in the UK & Ireland
HDI Global SE, UK and Ireland has announced the appointment of Arvind Drubhra as the director of operations, effective 7 June 2021.
In his new role, he will be responsible for the firm’s technical operations, claims operations, global servicing and IT & change teams and will report to Claire McDonald, managing director.
Drubhra joins the business from AGCS where he spent 16 years working in a number of senior operations, transformation and technology roles. He was most recently in the Global Management Function looking after process oversight, productivity management and enterprise data quality.
McDonald commented: “This is an important time for HDI, as we renew our focus on improving processes, data quality and technical delivery to ensure we provide the best experience possible to our broker partners and clients. Arvind’s expertise will be hugely valuable in navigating us on our journey to operational excellence both on a local and global level.”
Drubhra added: “I am super excited to be joining HDI and the opportunity that this new role brings. I hope that my experience and knowledge can help drive the evolution of HDI to achieve its future goals and look forward to working with the wider HDI Global community.”