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EC News (24 June 2021)

June 24, 2021

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

Hiscox names three new non-executive director appointments to UK entity boards

Specialist global insurer Hiscox has boosted the boards of two UK legal entities, appointing three new independent non-executive directors.

James Illingworth will sit on the Board of Hiscox Syndicates Ltd (HSL), which oversees the insurer’s globally traded specialty (re) insurance lines, while Mark Cliff and Jane Hayes will both join the Board of Hiscox Insurance Company (HIC), which oversees its UK Retail operations.

Cliff has over 35 years industry experience and has held various industry and trade body roles during this time. His appointment will be effective on 1 July 2021.

Both Illingworth and Hayes have vast underwriting expertise, with Illingworth bringing 36 industry experience and Hayes nearly four decades of running insurance portfolios in all segments. They will take up their position on 23 June and 1 July 2021 respectively.

Robert Childs, Hiscox group chairman, commented: “We will benefit immensely from Mark, James and Jane’s knowledge of the market, underwriting and distribution expertise, as we continue to pursue growth in UK Retail and realise the opportunities that exist in our big-ticket lines. These appointments bolster our existing senior expertise and it is always pleasing to attract this calibre of experience to our UK Boards.”

Lockton Re appoints Jeremy England Lee to its non-marine and retro property division

Lockton Re, the reinsurance business of the global broker, has announced the appointment of Jeremy England Lee to its non-marine retrocession and property specialty division in London.

England Lee brings over 40 years of industry experience and most recently served as part of the global re specialty team at Aon. He began his career in 1978 at Lloyd’s D.E. Harman Syndicate and then moved to Bowring (later became Carpenter Bowring), where he held a key position in facultative, North American treaty and retrocession before joining Benfield in 1996 as a director for Retrocession.

Keith Harrison, International CEO, said: “We are delighted to welcome Jez to Lockton Re. The development of our global Retrocessional capabilities with such great talent is proof of the dynamic platform we are building and its attractiveness to colleagues and clients.

“Jeremy brings extensive experience, having successfully navigated buyers through multiple market cycles and challenges.  His understanding of the many nuances of the market make him a terrific addition to the Lockton Re client offering.”

Matt Foreman, head of Non-Marine Retrocession and Property Specialty, said: “What a great time for Jez to join Lockton Re, with our focus on exceptional client service and fierce independence, he is an industry heavy weight who will be a fantastic asset to our capabilities.”

Robert Bisset, chairman, Global Retrocession & Property Speciality, Bermuda and Market Capital, added: “Jez brings deep expertise in Retrocession and London Market Property combined with an excellent market reputation and wide ranging relationships. Whilst Jeremy will be based in London he will also be highly engaged in advising retrocessional clients around the globe, and working with colleagues in Bermuda and the USA.”

CFC Syndicate 1988 begins trading

Specialist insurance provider, CFC has announced that CFC Syndicate 1988 has incepted and begun trading.

The syndicate has worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan.

As previously announced, CFC Syndicate 1988 is writing approximately 20 percent of CFC’s established portfolio, which will generate around £100mn in gross premium. 

With Syndicate 1988, CFC is one of the first independent MGAs of scale to establish a Lloyd’s syndicate and the first MGA-to-syndicate business to secure risk capital from a pension fund.

The syndicate was established, and capital raised in less than six months with the entire process conducted virtually.

Unlike traditional syndicates, Syndicate 1988 will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, is the active underwriter.

CFC Syndicate 1988 was brought to market with the backing and expertise of the Aon Capital Advisory team and Asta Managing Agency who are acting as the managing agent.

Vanessa Young joins Hamilton as head of M&A insurance

Hamilton Insurance Group has announced the appointment of Vanessa Young as head of mergers and acquisitions (M&A) insurance across its global operations.

Based in London, Young reports to Miles Osorio, active underwriter of Lloyd’s Syndicate 4000.

Young brings two decades of technical and industry experience to the role. She joins the firm from Willis Towers Watson, where she was most recently executive director for their transactional risks unit in London where she led the establishment of a client-focused, technical, and risk-based approach to M&A broking projects.

Previously, she served as a senior underwriter/solicitor at Neon Underwriting, where she worked on a number of UK and international transactions with a focus on the renewable energy and real estate sectors.

Adrian Daws, CEO, Hamilton Managing Agency Limited commented: “We are delighted to welcome Vanessa to our Hamilton team in this newly-created key role. She brings a wealth of experience and we’re fortunate to have such notable industry talent guiding our growth plans in this all-important line of business.

“A solicitor and accomplished insurance leader, Vanessa has responsibility for Hamilton’s M&A book of business. Her significant market knowledge, together with her proven underwriting skills and track record, will be pivotal in overseeing the immediate further buildout of our global business. With remarkable enthusiasm, she has hit the ground running in building her team, with additional underwriters to join in the coming weeks.”

Miller adds Farris Mellow to credit and political risk insurance team

Miller Insurance Services has appointed Farris Mellor to join its credit and political risks insurance team in London.

Mellor joins the team with years of knowledge and experience in the banking sector and insurance solutions for financial institutions.

Prior to joining Miller, Mellor spent time working on the Primary Bond Syndicate desk at Daiwa SMBC, and then in Loan Syndications at Mizuho Bank, where he spent 11 years working in EMEA Loan Sales.

Most recently, he was working as a credit and political risk broker at Price Forbes & Partners. Miller state, whilst Mellor served as a director at Mizuho Bank, he was responsible for loans sales and unfunded risk distribution, which provided him with a unique insight into the most effective ways in which banks can adopt CPRI solutions, an insight that Miller will be able to benefit from.

Ben Gibbons, head of CPRI (London) at Miller, commented: “Farris’ in-depth knowledge of the needs of banking clients makes him an exciting addition to the team at Miller. Clients will benefit from his understanding of how CPRI solutions can be made to work for them and how banks can adopt best practice. Farris has already demonstrated his ability to transfer the skills and knowledge gained whilst working in banking to the insurance sector, and his hiring forms part of our team’s commitment to providing financial institution clients with best in class service.”