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General Insurance Newsletter Friday 24th August 2018

24 Aug 2018

Insurance News

Seventeen Group has reported revenue of £16.4 million for the full year 2017. This is compared to revenue of £12.5 million in 2016, a year when it saw pre-tax profit fall 30% following investment in the business. The Broker noted that EBITDA increased to £2.32 million from £1.58 million. Group CEO, Paul Anscombe commented that the company is “pleased with its position” and says growth was driven by investment in specialist areas, as the firm continues to invest in IT and make acquisitions.

The Chartered Insurance Institute (CII) has reiterated its commitment to its Chartered scheme and advised it is consulting on its future in order to ensure the model “remains relevant”. According to Steve Jenkins, requirements to be a CII member and have certain CII qualifications will remain, but the eligibility criteria could be extended to include assessment of a company’s commitment to diversity and inclusion, involvement in the community and staff retention. The Chartered Insurance Institute is looking to achieve approval in principle from the Privy Council by December 2018 to launch a new Chartered Insurance Underwriting Agents title.

Xbridge, trading as Simply Business, has reported a pre-tax loss of £470,000 for the year ended 31 December 2017. This is compared to a pre-tax profit of £7.34 million in the preceding year. The online Broker also posted an operating loss of £438,000 (2016: profit of £7.36 million) and a total loss of the year of £317,000 (2016: profit of £6.43 million). However, Simply Business’ revenue grew by 18% to £56.83 million, compared to £48.01 million in 2016. Average number of employees also increased to 422 in 2017 from 340 in the preceding year.

Only 13% of Brokers have a succession plan in place, according to research by Aviva which found that the majority of those aiming to leave during the next year do not know how they will close or sell their business. Managing Director of UK Intermediaries Phil Bayles said it was concerning that some Brokers “have got their heads in the sand around succession”. Aviva’s research, which surveyed 250 Brokers of varying sizes, also showed that 78% of Brokers thought their most pressing concern was clients being left under insured after they did not listen to the Broker’s advice.

Amazon is reportedly talking to some of Europe’s top Insurers to see if they would contribute products to a UK price comparison site, according to Reuters. Industry sources told Reuters that they had held talks with the tech giant about the possible launch of an aggregate site.

With Cyber Crime one of the biggest threats faced by businesses today, risk professionals may see accessing the dark-net as ‘putting your head in the lion’s mouth’, but a new report from Tech Association ISACA says that’s exactly what legitimate businesses should consider doing as part of their cyber security measures.

Lemonade, the disruptive personal lines InsurTech firm that has caused a splash in the United States insurance marketplace, has just celebrated its third birthday. In a candid interview with Bloomberg to mark the event, its CEO and Founder Daniel Schreiber talks about Lemonade’s future ambition and plans for growth. Mr Schreiber confirmed that Lemonade is looking expand globally by the end of 2018, although is non specific in terms of the exact geographic locations that Lemonade plan to start trading in next (the United Kingdom is not specifically mentioned).

Marsh has launched a new insurance solution to assist small and mid-sized law firms in England and Wales in managing their Professional Indemnity (PI) risks. Available exclusively to Marsh clients, the solution is the first of its kind to use analytics and independent performance data to model a law firm’s individual risk profile. As a result, law firms will receive tailored pricing based on their risk management performance and claims histories.

One year after the costliest cyber attack in history, debate continues as to whether NotPetya was “warlike” and whether the ubiquitous war exclusion found in Cyber insurance policies could have prevented coverage. NotPetya malware began spreading rapidly in June of 2017. It resembled the Petya ransomware in that it encrypted master files and demanded a Bitcoin ransom to restore access to those files, but it was far more dangerous because it could spread independently and it could encrypt pretty much any file beyond repair. The attack inflicted significant economic damage on several companies.

The construction sector is to feel Brexit's brunt – and the insurance implications could be huge. Financial services firms have been crying foul as negotiations between the UK and the European Union continue – at a pace which leaves much to be desired – ahead of what US Commerce Secretary Wilbur Ross has described as the world’s most expensive divorce. However another British sector is also likely to feel a significant impact, with potentially massive insurance implications on top of increased cost burden. “Depending on the outcome, Brexit could have a huge impact on foreign workers working for UK-based construction firms,” noted Mark Herbert of Construction Insure. “The main worry for UK construction firms is that instead of using foreign workers they will start having to increase their costs by training up UK workers. They are also likely to have an increased wage burden as they are forced to use higher skilled UK contractors to plug the gap.”

Swiss Re, whose name emerged following the collapse of the Morandi bridge in Italy, is likely to foot approximately €70 million (US$80 million) in an insurance bill for the tragedy. Meanwhile two other Insurers have also been identified. The Corporate Solutions unit of Swiss Re is said to be the lead insurer of the motorway bridge. Other major providers in Europe, aside from Allianz and Talanx, are also expected to be part of the mix. According to J.P. Morgan, losses will mostly come from Property Damage for the bridge itself and Business Interruption for the toll operator. Other exposures include Liability cover, Life insurance, Motor insurance, as well as Business Interruption for the railway line right below the fallen bridge in Genoa.

London-based P&I club Steamship Mutual has received approval from the Hong Kong Insurance Authority to establish a branch in the Asian maritime hub, effective August 17, 2018. Rohan Bray, who has been with Steamship Mutual for 24 years, the last 20 of those in Hong Kong, was appointed as CEO of the new branch, which will have 11 staff. Eric Wu was named as Head of Underwriting, while Nina Jermyn was designated as Head of Claims.

Arc Legal Assistance, which manages more than 600 contracts, has tapped REG (UK) Ltd for its on-demand due diligence and agency management offering. “Arc Legal’s distribution continues to grow and we are delighted to provide on-demand solutions to enable continual due diligence and risk management to the business,’ said REG Managing Director Paul Tasker. “The REG Network allows Arc Legal to save time and cost, reduce manual inputs and checks of key corporate and regulatory data.”

Exactly a month ago APRIL UK confirmed its withdrawal from the UK Private Medical insurance market. Now another company has called it quits, but this time the casualty comes from the area of Professional Indemnity. “After careful consideration, Libra has concluded that current market conditions are not compatible with sustainable and responsible underwriting,” the firm told the Law Society of England and Wales.

Global economic losses from natural catastrophes and man-made disasters reached US$36 billion in the first half of 2018, according to new data from the Swiss Re Institute. Global insured losses from disasters were US$20 billion in the first half of the year, according to the institute’s sigma estimates. That’s down from US$30 billion in the first half of 2018. Disaster events claimed about 3,900 victims in the first half of 2018 – the lowest half-year total in more than three decades. The total economic loss of US$36 billion is also well below the 10-year average of US$125 billion, according to the institute.

The Managing General Agents’ Association (MGAA) has stated that chartered status for MGAs would be beneficial to the rest of the market, including Brokers. This follows the news that the Chartered Insurance Institute (CII) is looking to achieve approval to launch a new Chartered Insurance Underwriting Agents title. MGAA Managing Director Peter Staddon stated: “It will be quite beneficial for MGAs because it would mean that their client base, the regional Broker, can say to their customers that they are dealing with a chartered entity. Staddon explained that the organisation had been looking at chartered status for MGAs since 2013 and that it had approached the CII with the suggestion about a year ago. He claimed that the CII along with the rest of the market was supportive of the idea.

The Financial Services Compensation Scheme (FSCS) has declared Broker Ignition Selection, which is currently in administration, to be in default. Ignition Select, which was a Car insurance Broker based in Ipswich, collapsed in July 2017 with the loss of 70 jobs. Earlier this year documents on Companies House revealed that the business had extended its administration period to July 2019. In April it came to light that creditors could be owed millions of pounds. It emerged that premium finance firm Close Brothers is one creditor and was owed £2.2m. The progress report by the administrators stated that Ignition Select’s balance of £162,682 would not cover the amount owed.

One insurance scam is detected every minute in the UK, according to research published by the Association of British Insurers (ABI). The figures revealed that a total of 562,000 insurance frauds were found out by Insurers in 2017, of which 113,000 were fraudulent claims and 449,000 dishonest insurance applications. According to the ABI the value of the fraudulent claims was £1.3bn. It added that while the number of fraud crimes was down by 8% compared to 2016, the value rose slightly by 1%. Meanwhile, the number of organised frauds, including staged motor accidents, fell 22% on 2016 with scams worth a total of £158m detected. The ABI noted that the reduction in this type of scams reflected the Insurance Fraud Bureau’s (IFB) and the Insurance Fraud Enforcement Department’s (IFED) work to investigate a rising number of suspected frauds.

Broker Network spent over £42m in the first wave of building its “regional powerhouse” structure. It was previously revealed in 2016 that the network was set to embark on a spending spree after a change of ownership. Since then it has bought seven “regional powerhouses” and supported them in striking deals. The first deal was for Reading-based Finch Commercial Insurance Brokers in October 2016. Bravo Investment Holdings is the ultimate holding company for Broker Network. Analysis of Bravo’s documents at Companies House has shown it paid £11m in total for Finch split between cash (£8.19m) and equity shares (£2.19m). The next deal in May 2017 was for Scottish Broker Boyd Insurance. The purchase of the firm in Paisley also cost £11m with a similar split between cash and shares. Broker Network closed 2017 by buying Thompson & Richardson in December. The third “regional powerhouse” cost £14.12m. The takeover of the Broker which had four offices, 75 staff and £27m of gross written premium, involved buying four businesses. The net cash spend totalled £11.61m with the remainder being “equity share” considerations.

Broker Insights partner with leading GI compliance consultancy, RWA - The Broker Insights platform is set to transform and strengthen the connection between regional Brokers and major Insurers by matching the right products at the right time with the right customers through a new search database platform. RWA will provide compliance consultancy to Broker Insights, supporting their data scientists by providing industry advice on regulation and conduct risk faced by Insurers and insurance Brokers. RWA will also supplement and enhance the unique insights generated by the platform’s algorithms. “Data analytics is the engine of our business”, Fraser Edmond, CEO, Broker Insights states, “Some of the insight from data we highlight for Brokers includes trends which allow the best interests of the client to come to the fore (best premium and cover) and risk mitigation on high volume, low value clusters. We needed a strong relationship with a gold standard consultancy who would support us with GI compliance and conduct expertise and knowledge. RWA, based on reputation and recommendation, were the first choice.”

Alternative risk transfer solutions are seeing increased appetite from corporate clients, underpinned by a growth in capacity in the UK and Europe from both the insurance industry and external providers, according to Marsh. Non-standard insurance solutions, which include parametrics, integrated risk, and alternative capital-backed facilities, are becoming more attractive to large clients who are looking to buy insurance differently than they have done previously. “The client is looking at how they can buy insurance more effectively and more efficiently across their organization,” Duncan Ellis, Marsh’s US Property Practice Leader has said. The leader said that it is typically the largest clients who have “strong balance sheets and good cashflow” that are looking at new ways to approach risk.

A charity is calling on the Financial Conduct Authority (FCA) to formally review whether Travel insurance pricing is fair for those with mental health conditions, as it is revealed that premiums can soar by up to 400% for those within the group. Research published this week by The Money and Mental Health Policy Institute reveals that almost half of people with mental health problems never disclose their illness to their travel Insurer, potentially invalidating any insurance they might take out. Through a mystery shopping exercise, the charity found that several insurers hiked premiums by more than 400% for people who disclosed mental health problems that have been stable and effectively managed for a very long time, with some insurers still declining to offer cover. Premiums rose by between 500% and 2000% for those who disclosed more severe mental health problems, with most Insurers either declining to offer cover at all or only offering cover that excluded mental health.

Ecclesiastical may have seen a reduction in its profit before tax for the first half of 2018, but the specialist Insurer’s “positive financial performance” in the period will allow it to give another £5 million to good causes. Announcing its interim results, Ecclesiastical Insurance Office Plc said the latest numbers were in line with expectations following what it described as an “exceptional” showing last year. It posted a pre-tax profit of £19.4 million – a huge drop from the £42.2 million enjoyed in the same period in 2017. Underwriting profit, at £8 million, was also lower than the £9.6 million recorded previously. Gross written premium, meanwhile, rose 4% from £166 million to £172.7 million, thanks to strong retention and new propositions. “I am delighted to be announcing that a further £5 million will be donated to charity following our financial performance in 2018,” said group chief executive Mark Hews. “This is a major personal milestone for me as it means that we have now donated over £100 million to charitable causes since I took the role of CEO just over five years ago. “Alongside this, we have provided financial support directly to a number of programmes and projects with key partners including The Prince’s Foundation, Historic England, and children’s charity Coram.”

Citing data from the Association of British Insurers (ABI), a Press Association report published by Yahoo Finance reveald that 562,000 scams were detected by insurance companies in 2017. The figure is made up of dishonest insurance applications (449,000) – a big chunk of which came from motor – and fraudulent claims (113,000). “The vast majority of insurance customers are honest, and they rightly resent fraudsters pushing up their insurance costs,” ABI Director of General Insurance Policy James Dalton was quoted as saying. “This is why the industry makes no apology for spending around £250 million a year on measures to tackle insurance fraud. “It is good that organised fraud fell (down 22% from 2016), especially as scams like staged accidents can often put lives at risk and involve huge amounts of money. But, with the Insurance Fraud Bureau (IFB) currently investigating a rising number of suspected insurance frauds, there will be no let-up in the crackdown on the insurance cheats.”

Start-up Broker Zego has teamed up with RSA to launch a pay-as-you-go insurance product covering part-time parcel delivery and courier services. The Broker explained that the solution allows flexible couriers to only pay for the insurance they need for the time they work, instead of having to buy traditional annual policies. Zego noted that its technology integrates directly with the platforms of their partners, which allows flexible couriers to be insured automatically for the time they work. After the first hour cover is charged by the minute, with pricing starting from 80p per hour. According to the Broker, the policy signifies a new working relationship between Zego and RSA to change the way insurance is distributed.

Ardonagh Group has revealed that its reported income grew to £271.8m for the first half of this year, up from £169.2m in the same period in 2017. However, the company, which includes Towergate, Autonet, Carole Nash, Chase Templeton, Geo Underwriting, Price Forbes and Direct Group still made a loss of £32.8m albeit a decrease on the £45.2m loss last year. Using pro forma figures the business reported an adjusted Ebitda of £66.4m (H1 2017: £64.0).According to the investor report the loss reflected continued investment into the business and costs associated with acquired companies including increased group amortisation and increased financing costs which offset the “strong” income performance. Income growth was down to acquisitions in 2017, including its £65m Carole Nash buy and growth in a number of business segments. The business also bought Healthy Pets in 2017. Legacy costs rose to £9m from £7m. Additionally the business spent £800,000 rolling out Acturis across the group. Overall business transformation costs were £14.1m, with £3.2m spent on restructuring and redundancy, up on the £11.3m spent last year.

Specialist drone Broker Moonrock Insurance has started wholesaling its Drone insurance policy to other Brokers. Underwritten by Hiscox, Moonrock has been providing commercial drone cover since February 2016. The policy provides Public Liability cover in case of injury to an individual or damage to someone else’s property caused by the drone. Hiscox noted that the product also covers damage to the drone itself or to drone accessories, as well as invasion of privacy, a cyber-hack and war, terrorism, hijacking and confiscation risks. Samantha Newman, Regional Manager for Hiscox UK and Ireland, commented: “The Moonrock Scheme has been a great success so opening up the product to other Brokers was the natural next step. “Industries are being revolutionised by the use of drones and as a result, the market for drone technology is growing exponentially.” She continued: “Dangerous and unreliable manual processes are increasingly being replaced with drones and the demand for compulsory insurance for drone pilots is growing in parallel.  “It’s hugely rewarding to be able to offer our product to a wider audience in this rapidly developing market.”

Sedgwick anticipates a possible surge in subsidence due to the prolonged spell of hot and dry weather across the UK. Based on the company’s weekly update on current subsidence volumes, there has been a rise of more than 350 per cent over the past six weeks and it is likely to rise further as the heat and abnormally dry weather continue to affect already dangerously dry soil conditions. Subsidence is a very serious issue, particularly for properties built on clay soil near trees, when the loss of moisture in the soil causes it to dry and shrink. Instability in the soil and the resulting ground movement will impact on the foundations of buildings. With shifting foundations comes the potential for property damage. The current weather trend and the increase in potential for subsidence is of great concern in places like London, where many of the city’s homes are constructed on clay-based soils. Data from the UK’s Meteorological Office Rainfall and Evaporation Calculation System (MORECS) shows the biggest changes for several years, as the effect of the prolonged dry, sunny weather has started to show in monitoring readings. MORECS readings increased sharply from June through mid-August, rising from under 100, to 302.5, however dropping slightly to the current 298.5 last week, we anticipate that the maximum value of 308 will be reached within the next two weeks. With warm weather patterns forecast to continue, especially in southern areas of the UK, Sedgwick estimates that claim volumes will also continue to rise through the remainder of August and into September and remains watchful of the situation.

Aviva introduces Virtual Risk Management with partner Symbility. Even with the largest in-house UK field force it’s impossible to get out and assess all Aviva’s risks in person. Which is why they are delighted to be working with Symbility to provide remote visual risk management and claims support. This new technology allows Aviva’s Risk Consultants to provide expert risk management advice to your Commercial customers and for Claims handlers to assess damage to customer’s premises instantly and remotely.

Rating agency A.M. Best has reaffirmed the financial strength rating of A- (Excellent) with a positive outlook for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Limited (IGI UK), the global specialist commercial Insurer and Reinsurer.  A.M. Best said the positive outlook reflects “IGI’s record of strong operating results, driven by generally robust underwriting profitability and stable investment income”. The rating agency also said IGI’s balance sheet strength assessment was underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, A.M. Best praised IGI’s Enterprise Risk Management (ERM) framework, calling it “well-developed” and its risk management capabilities “aligned appropriately with its risk profile”.

CII’s Sian Fisher has commented on the "massive imbalance" in the insurance industry. The imbalance in financial resilience between men and women in the UK is reflected in the insurance industry, which lags behind other sectors for female representation at the top, says the Chief Executive of the Chartered Insurance Institute (CII). The proportion of female Executive Directors in the UK insurance industry stands at just 5%, in comparison to the FTSE 100 average of 21%, according to data from The London Market Group and The Boston Consulting Group. Meanwhile, women in the UK face a significant pension deficit compared to their male counterparts, which is exacerbated for divorced and separated women. At age 65-69, the average woman’s peak pension wealth is £35,700, one fifth of an average man’s pot, research from the CII’s Insuring Women’s Futures initiative reveals. “Somewhere along the line there is a massive imbalance in financial resilience between men and women and we have got a major imbalance in female representation in the insurance and wider financial advice profession. Call me old fashioned, but to my mind there is a possibility that there is a connection between those two things,” Sian Fisher, CEO of the CII, has said.

Former Brexit secretary David Davis previously admitted not believing in Theresa May’s divorce plan, thus his resignation… now an insurance body has written to the UK Prime Minister to raise concerns as negotiations crawl on. The London & International Insurance Brokers’ Association (LIIBA), which is worried amid the absence of equivalence provisions for intermediaries, is not only airing its apprehensions but also proposing how to proceed in the talks with the European Union. In LIIBA’s view, the British government should seek an equivalence regime similar to what investment managers enjoy under the Market in Financial Instruments Regulation. Investment firms, as long as they are registered with the European Securities and Markets Authority, can provide services to EU-based professional clients even without setting up shop in the region. “We have noted the proposals the government has made in its whitepaper for trade arrangements for financial services after UK leaves EU,” wrote LIIBA Chair Roy White. “However, we are concerned that any agreement to an ‘enhanced equivalence’ regime will create uncertainty for insurance intermediaries. “As you will be aware, there is no equivalence framework either under the Insurance Mediation Directive nor the Insurance Distribution Directive (IDD), which comes into force on October 01. Clearly in the absence of an existing equivalence regime, enhancements will not work.”


 

Market Movers and Shakers

Legacy acquirer DARAG is showing no signs of slowing down with its strategic expansion. Hot on the heels of its €260 million ($300 million) capital raise, Chief Executive appointment and new joint venture, is the firm’s latest major hire. James Halley, who most recently served as Finance Director at AEGIS London, will assume the role of DARAG’s group Chief Financial Officer come September 2018. According to DARAG, the appointment is part of its ongoing strategic upscaling.

Ageas Chief Financial Officer Fernley Dyson is moving to take up the CFO role at Allianz from 1 January 2019. Dyson will replace Mark Churchlow who is retiring after almost 30 years with Allianz. Allianz Chief Executive Officer Jon Dye said: “We are delighted that Fernley is joining our management board to take on the leadership of our finance teams. “He brings with him a wealth of experience in the insurance sector and has a strong track record in the fields of professional and financial services.”

Allianz Insurance has named Alex Ktenidis as its new Luton Development Manager. The change in role will see Alex move from his current position as Senior Business Developer in London.

Established almost two decades ago, wholesaler Citynet Insurance Brokers have appointed industry specialist, Lawrence Shortland as their new UK Head of Property and Casualty. Andrew Walsh, Managing Director at Citynet commented: “We are delighted to have an individual of this calibre on board. Lawrence’s experience and track record speaks for itself and I am tremendously excited to be working alongside him once again.”

There’s a new man behind the ship’s wheel at the Joint Hull Committee (JHC). Paul Newton, Head of London Marine Hull & Liability Underwriting at AXA Corporate Solutions, has been named as Peter Townsend’s successor. The new JHC chair, who brings more than three decades of marine insurance experience, holds the same position at the Marine Technical Committee of the International Underwriting Association (IUA).

Also a member of the Joint War Committee, Newton started his career as a claims Broker in 1988 before moving to the company underwriting market side three years later. The marine insurance veteran spent time at the likes of Allianz and Lancashire.   

AFL Insurance Brokers Ltd Chief Financial Officer Keely Dalfen will be handing over the reins to Chris Gagg on September 01. Gagg, who most recently served as group head of treasury at Towergate Insurance, will also become a member of the AFL board of directors starting next month. His 17 years of insurance and financial services experience includes time spent at Deloitte UK, Grant Thornton UK LLP, and Ernst & Young. “AFL is an innovation-focussed broker on a dynamic growth path,” noted the incoming CFO. “The company is building a business around digitisation, allowing it to operate more efficiently, and ultimately better serve clients and partners in the Worldwide Broker Network. “It is an exciting proposition – the industry as we know it is changing, and the winners of the future will embrace this transformation. I am delighted to have the opportunity to join as CFO at a time when the company is rapidly expanding into a full-service independent, international Broker.”

London Market specialist Citynet Insurance Brokers has a new UK Head of Property and Casualty. Making a swoop for Wrightsure Insurance Group Wholesale Director Lawrence Shortland, Citynet has turned to the industry veteran to focus on further expansion of its UK account by nurturing relationships with new and existing intermediaries as well as helping to develop facilities with new and existing markets.“I am thrilled to be joining Citynet, one of the fastest growing and market-leading wholesale brokers, and to become part of the exceptional team of people they have there,” commented the major hire. Shortland’s more than three decades of insurance experience includes nearly 19 years with RL Davison Lloyd’s Brokers where he served as Chief Executive and Managing Director. He also spent time at the likes of Miles Smith. “We are delighted to have an individual of this calibre onboard,” said Citynet Managing Director Andrew Walsh, who started his career at R L Davison & Co. “Lawrence’s experience and track record speaks for itself, and I am tremendously excited to be working alongside him once again.”

AIG has announced that John P. Repko will join the company as Executive Vice President, Chief Information Officer, effective September 4, 2018. He succeeds Martha Gallo, who is leaving AIG to pursue other interests. John will report to Brian Duperreault, AIG President and Chief Executive Officer and serve as a member of AIG’s Executive Leadership Team.

Swiss Re names new man in charge of EMEA - Swiss Re veteran Russell Higginbotham is moving up to take charge of Europe, the Middle East and Africa (EMEA). Succeeding Jean-Jacques Henchoz – who is making the switch to Hannover Re where he will assume the role of chief executive in 2019 – next month, Higginbotham has been appointed as CEO Reinsurance EMEA, regional president EMEA and member of the group executive committee. The company stalwart previously served as chief executive of Swiss Re UK and Ireland and of Swiss Re Australia & New Zealand. Higginbotham, a UK native, also spent time leading life and health (L&H) in Japan and Korea. Most recently he was responsible for the global L&H products division. Commenting on the appointment, Chair Walter B. Kielholz said: “Russell Higginbotham has a very strong track record within Swiss Re, making him the ideal candidate to continue leading the growth of our business in EMEA. Over the last few years, he has played a significant role in strengthening our L&H products segment and improving its contribution to the group.”

Hannover Re reveals CEO retirement and successor. Following what has been described as Ulrich Wallin’s “extremely successful service” to Hannover Re, the Chief Executive is retiring at the end of the reinsurance giant’s Annual General Meeting (AGM) on May 08, 2019. Announcing the imminent departure, Hannover Re parent company Hannover Rück SE said its supervisory board has already pinpointed Wallin’s successor, who will become a member of the executive board as early as April next year. Taking over the reins after the AGM is Jean-Jacques Henchoz, the current CEO Reinsurance EMEA (Europe, Middle East and Africa) at Swiss Re. “We are profoundly grateful to Ulrich Wallin for his tremendous entrepreneurial achievements,” said Herbert K. Haas, supervisory board chair at Hannover Rück SE. “Under his expert and prudent direction Hannover Re has significantly expanded its market position as a leading reinsurer and further enhanced its diversification and sustained profitability.”

 

All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.

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