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General Insurance Newsletter Friday 8th May 2020

08 May 2020

Uinsure has added Zurich to its Household and Buy-to-let panels of Insurers. The business, which white-labels Insurer products and works with UK Brokers, also has Providers including Axa, Ageas, LV Broker, RSA and UK General on its panels. In February, Uinsure added online quote and buy non-standard Home insurance to its proposition.

Leisure Insure is closing its office permanently after its UK capacity was withdrawn according to a statement on its website. The statement read: “Leisure-insure Ltd no longer has any facilities to place new business, or offer renewal terms for existing policies following the withdrawal of our facility by Axa XL Insurance Company. We have been unable to find alternative markets and are therefore in ‘run off’ and will cease to trade in good order, in due course.” The business has also been struggling with the volume of calls from policyholders arising from Covid-19.

Cyber analytics provider CyberCube has shared the process that shapes its Cyber threat scenarios in a new paper. The paper, Designing a Cyber Catastrophe, offers insight into CyberCube’s scenario development process as the company creates new threat scenarios and refines existing ones. The scenarios allow reinsurers and Brokers that use CyberCube products to analyse and stress-test their portfolios of Cyber risk, the company said.

Aon Plc, the now Irish-domiciled broking giant set to become even bigger when its purchase of Willis Towers Watson completes next year, has released its financial results for the first quarter of 2020. The company, which kept its operating headquarters in London, reported a higher net income from continuing operations attributable to Aon shareholders. From 2019’s US$659 million (around £529 million), the figure improved to US$773 million (around £621 million) this time around. In the period, Aon’s total revenue grew 2% to US$3.2 billion (around £2.6 billion). Organic revenue growth stood at 5%.

The green light has been granted to third-party Managing Agent Asta as it looks to launch its first syndicate-in-a-box. The firm has received in-principle approval from Lloyd’s to start writing business effective July 01, 2020 with its syndicate 4747. It will have stamp capacity of £15 million in the first year, which could rise as high as £62.5 million by year three.

It seems that amid the COVID-19 pandemic, everything is going digital – but Allianz hopes its new offering will boost Brokers long after the virus is a distant memory. The insurance giant has launched the Allianz Claims Hub, a new digital platform created for both Brokers and Motor Fleet customers. It allows them to report claims and track them, with a new app, called Allianz Notify, also launched to boost the speed of submitting claims.

American International Group, Inc. has announced the launch of Lloyd’s Syndicate 2019. This landmark Syndicate, the largest ever to be launched through Lloyd’s, will exclusively reinsure risks from AIG’s Private Client Group (PCG). PCG is an industry-recognized brand with a leading market position in the High Net Worth segment.

In other news, American International Group, Inc has reported net income attributable to AIG common shareholders of $1.7 billion, or $1.98 per diluted common share, for the first quarter of 2020, compared to $654 million, or $0.75 per diluted common share, in the prior year quarter. The improvement was primarily due to $3.5 billion of pre-tax net realized capital gains largely related to mark-to-market gains from variable annuity and interest rate hedges and the impact of our non-economic non-performance risk adjustment, per GAAP, on the fair value of our liabilities compared to $446 million of pre-tax net realized capital losses in the prior year quarter.

Allianz has announced an update to its coal policy. The Insurer had already excluded insurance for coal projects – specifically new coal plants and mines. With its updated policy, from 2023 on, Allianz will no longer provide Property and Casualty insurance to companies whose business model is based around coal and that do not have a clear phase-out plan. Allianz’s new policy will affect companies with a coal share of power production of 25% or more and a coal-fired capacity of at least 5GW. The policy will also affect coal-mining companies with a thermal coal share of revenue of 25% or above, or a total annual coal production of 50 million tons or more.

Flood Risk Management company JBA Risk Management has announced a collaboration with Nasdaq to make its Global Flood Risk Model available on the Nasdaq Risk Modelling service. JBA’s Global Flood Model, released last year, is the first-ever global probabilistic flood model, the company said. Covering 99.98% of the world’s landmass excluding Greenland and Antarctica, the model fills gaps left by other catastrophe models, offers an alternative to existing models, and enables consistent comparison of loss across company and continental borders.

For Ecclesiastical, it seems that earning and keeping trust in the world of Home insurance has been high on its agenda – and it’s an effort that is paying off, with the firm topping the Fairer Finance Home Insurance league table for the eleventh time. The specialist Insurer finished ahead of Nationwide (second), NFU Mutual (third), John Lewis (fourth) and Hiscox (equal fourth) with a customer experience rating of 84% - well ahead of its nearest rival, which scored 74%. The table is made up from surveys of around 20,000 bank and insurance customers throughout the year.

Personal Lines Brokers on the CDL platform can now offer self-install telematics to customers. According to CDL, with engineer installations of black box devices currently stalled, telematics service providers, such as Octo Telematics, have moved to enable customers to continue accessing telematics insurance policies, and CDL has worked closely with them to facilitate the technology changes needed. The software house detailed that, typically, self-install options are only available to older demographic groups, but changes within the telematics hub give brokers the flexibility to offer this option to any customer, either for an initial short-term period or as the permanent basis of their telematics policy.

The British Insurance Brokers’ Association (Biba) has announced changes to its main board. The governance structure of Biba which sought to bring its operation into the hands of its members, was created after Steve White was appointed CEO in 2013.  A number of members have sat on the board from its beginning and have reached the end of their maximum term, bringing about changes that take effect from 5 May 2020.

Hiscox has raised funds via a share sale and published a trading update for Q1 2020. A total of 57,601,123 new ordinary shares were placed raising £375m for the Insurer which is currently embroiled in a public argument with a number of SME businesses over its stance on business interruption pay outs amid the coronavirus pandemic. The trading update showed its retail division increased GWP to $635.1m compared to the same period in 2019 (2019 Q1: $593.3m).

Report by Consumer Intelligence and Sicsic Advisory shows number of people in the vulnerable customer category has hit 13m. The number of Brits who identify as vulnerable customers has doubled in a year as the coronavirus crisis sent concerns about health and personal finances rocketing, according to new research from data insight specialist Consumer Intelligence. The report, in collaboration with Sicsic Advisory, showed that 26% of consumers said they fitted the Financial Conduct Authority’s definition of vulnerability in 2020, compared to just 13% in March 2019.

What’s new in the world of Cyber? For those working within the sector, standing still means being overtaken. For Davis Kessler, the Head of Cyber for Travelers Europe, building the next generation of Cyber policies has meant being hyper aware of how the external environment is evolving. The enhanced Cyber product that Travelers has brought to the market has been developed by both reacting to what is changing in this environment, and also responding to what Brokers are asking for from their Insurer partners.

Results season continues, and among the latest to publish their first quarter numbers is Everest Re Group – which has remained profitable during this particularly challenging time. In the first three months of 2020, the global Reinsurance and Insurance Provider posted a net income of US$16.6 million (around £13.5 million). The figure represents a decline from the US$354.6 million (around £287.7 million) net income enjoyed by Everest in the same period last year. President and Chief Executive Juan C. Andrade, however, remains upbeat.

While insurance peers of Hannover Re are reporting either losses or reduced profits in the first quarter, the Talanx Group brand has emerged from the period nearly unharmed. The major Reinsurer saw its group net income rise 2.5% from €293.7 million (around £257.4 million) in the first three months of 2019 to €300.9 million (around £263.7 million) this time around. Gross written premium as of March 31 grew 9.4% to €7 billion (around £6.1 billion).

Willis Towers Watson’s Willis Research Network (WRN) has announced a partnership with Cloud to Street, a global flood-mapping and monitoring platform designed for governments, humanitarian organisations and private-sector firms to manage Flood risk, underpin risk financing, and respond to catastrophic floods in near real time. The new partnership will make use of Cloud to Street’s high-resolution satellite and machine-learning flood-monitoring technology and dynamic analytics systems, which include near real-time flood monitoring and flood mapping, WRN said.

At a time when many insurance companies are reporting significant losses in their first quarter results, one MGA is offering its full-year financials and celebrating a major turnaround. Occam Underwriting has notched up a profit after tax for 2019 of £1 million – that compares to a loss after tax of £1.25 million during 2018. The independent London-based MGA has seen all three of its business units – Energy, Space and Cyber – grow significantly over the last year. Premium bound for its capacity providers also leapt to a little over US$37 million – that’s up 78% from 2018.

 

Coronavirus-related News

The Hiscox Action Group and the Night Time Industries Association (NTIA) have formed an alliance to put pressure on Hiscox Insurance to pay out on its Business Interruption policies. According to the pressure groups, the alliance will allow for the sharing of information, the pooling of resources and closer collaborations in the legal actions being brought against Hiscox.

With key workers still commuting amid the coronavirus lockdown introduced by the UK government back in March, AXA Insurance has announced a new partnership it hopes can help support safer driving. The Motor Insurer is teaming up with tech start-up Brightmile on a smartphone telematics solution for fleets. To support services such as food deliveries, charities and gas and electricity technicians, AXA insured fleets can now access the Brightmile app for free for three months.

Berkshire Hathaway Inc., the parent company of Berkshire Hathaway Specialty Insurance (BHSI), has posted a US$49.75 billion (around £39.96 billion) net loss attributable to Berkshire shareholders in the first quarter of 2020. In the same period last year, the multinational conglomerate enjoyed net earnings of US$21.66 billion (around £17.40 billion). The negative result this time around, which was announced over the weekend, included investment losses amounting to US$54.52 billion (around £43.79 billion). Berkshire Hathaway Chief Executive Warren Buffett, however, doesn’t seem too worried moving forward, particularly when it comes to the group’s insurance business.

The Chartered Insurance Institute (CII) has stepped in to offer financial support to furloughed members of both the insurance and personal finance professions. It is providing discounts to those financially impacted by COVID-19 so they can still invest in their personal development during this period. The professional body has introduced a 20% discount on digital learning materials for those who have been furloughed – both members and non-members – as a result of COVID-19. The offer also extends to those being made redundant or working for a business that has collapsed due to the outbreak.

The rapidly moving dispute between SME businesses and Insurers moved further last week following the Financial Conduct Authority’s (FCA) announcement that it is seeking legal advice over Business Interruption wordings. Experts have warned Brokers could find themselves in the firing line where there is a gap between what customers understand their policy covers and what it actually is valid for. The regulator issued a trio of announcements this week, the first on BI and one looking at the value of insurance products amid Covid-19 and additionally published guidelines on how financial providers could help customers in financial distress due to the coronavirus.

LV GI has announced that it’s making £30m available to its direct Car and Motorbike insurance customers through its Green Heart Support to help those who are experiencing financial difficulties as a result of coronavirus. The money is being made available due to the savings that LV GI expects to make as a result of reduced claims during the lockdown, and represents around a third of the company’s profits from 2019. Refunds of between £20 - £50 per customer will be made with the amount given proportional to the premium paid.

After Aon stated that 70% of its staff are expected to take reductions in salary as the business tackles the economic impact of the coronavirus, other UK Brokers reveal a mixed approach to the situation. Brokers have stated that they are monitoring the financial impact of Covid-19 on their businesses, with several saying that they may need to implement reductions in salaries to deal with the crisis.

General insurance losses due to COVID-19 could be between US$30 billion and US$80 billion across key classes in the US and UK, according to a new report be Willis Towers Watson. General insurance classes that Willis Towers Watson expected to be negatively impacted by the COVID-19 outbreak included US and UK Business Interruption, Contingency, US Directors and Officers, US Unemployment Practices, Liability, US General Liability, US Mortgage, Trade Credit and Surety, and US workers’ Compensation. The report provided three scenarios with loss estimates for those classes – an optimistic scenario, a moderate scenario, and a severe scenario.

Ecclesiastical has signed the C-19 Business Pledge, joining more than 250 firms globally that are committing to tackling the impact of the pandemic. The pledge, which was launched by former Cabinet Minister Rt Hon Justine Greening and entrepreneur David Harrison sees the signees work in conjunction with UK businesses to help them tackle the coronavirus for their employees, customers and their communities.

Pressure has been heaped on Car Insurers in recent weeks to slash their premiums to reflect the fact that we’re all spending less time behind the wheel amid the coronavirus lockdown. However, while our roads may be safer due to the lower volume of traffic it seems one bad habit has emerged. Data from telematics Insurer insurethebox has revealed a 24% increase in speeding propensity between February and March. It seems that with fewer cars on the road, more of us are “feeling confident” and putting our foot down – even though that carries great risk, not only to ourselves but also to the key workers the lockdown measures have been designed to protect.

Arthur J. Gallagher & Co. (AJG) has released its first quarter numbers as well as the impact of the COVID-19 pandemic to the global insurance brokerage and risk management group’s financial results. AJG’s report shows a US$42.2 million (around £33.5 million) coronavirus hit, US$41.1 million (around £32.7 million) of which was taken by the company’s brokerage segment.

Bermuda-based Arch Capital Group has pledged US$1 million in corporate donations aimed at aiding coronavirus relief efforts. Beneficiaries include the COVID Solidarity Response Fund for World Health Organisation; Australia’s The Smith Family Children’s Charity; The Bermuda Community Foundation, Vision Bermuda, Bermuda Family Centre – Hardship Programme, Age Concern, and Eliza Doolittle Society in Bermuda; Canada’s Sunnybrook Foundation, Daily Bread Food Bank, Operation Harvest Sharing; plus the Cyprus Red Cross Society and Denmark’s Hus Forbi.

Hot on the heels of other insurance companies that are withdrawing full-year guidance and reporting worsening Q1 results amidst the coronavirus outbreak, Allianz SE has now done the same, dropping its forecast for the year as it struggles with the fallout from the pandemic. The board of Europe’s biggest Insurer said in a statement that it “does not assume that Allianz can achieve the target range for operating profit for 2020,” given ongoing economic uncertainty. It added that it will issue a new profit target after revising its planning.

“The COVID-19 pandemic did not have a material adverse impact to our financial results for the first quarter of fiscal 2020; however, we expect that the impact of COVID-19 on general economic activity could negatively impact our revenue and operating results for the remainder of 2020.” That was the assertion made by Willis Towers Watson when the brokerage withdrew its full-year 2020 guidance due to the uncertainties brought about by the coronavirus crisis. The company, which will soon become part of the Aon family, said it will re-assess at a future date whether it may be able to provide guidance once it has a clearer understanding of the depth, duration, and geographic reach of the pandemic.

The Financial Conduct Authority (FCA) has published clarification about how firms should be handling complaints during the Coronavirus (Covid-19) pandemic. In summary, the FCA statement notes that firms should take all reasonable steps to ensure as much complaint handling as possible continues through staff working from home, where this can be done fairly and effectively.

Despite the clear impact of Covid-19 on InsurTech investment worldwide during Q1 (which saw almost the same amount of money raised in its first three days as was then subsequently raised in its final three weeks), InsurTechs raised a total of US$912 million during the first three months of 2020, according to the new Quarterly InsurTech Briefing from Willis Towers Watson.

Specialist insurance lawyers Edwin Coe is teaming up with Harris Balcombe in spearheading claims for Business Interruption losses against Allianz Insurance under its Resilience MD&BI policy wording. According to Edwin Coe partner, Michael Whitton, a few businesses have joined forced to challenge the decision. He called for other businesses with the same Resilience MD&BI policy wording to get in touch and join the action.

Direct Line Insurance Group (Direct Line) offered its Q1 2020 trading update and revealed a 70% drop in Motor insurance claims for April, which is credited to the nationwide lockdown caused by the coronavirus (COVID-19) pandemic. The average severity of these claims is expected to increase, however, as average repair durations lengthen and credit hire costs increase. Direct Line will continue to monitor these trends closely as the more severe lockdown restrictions begin to lift. The group also reported a 4.7% rise in its Q1 gross written premiums, as compared to Q1 2020 as well as 5.6% growth in GWP within its direct own brands, as compared with Q1 2019. This own brand growth has been supported by a strong performance in Motor (up 6.2%), Green Flag (up 11.3%) and commercial (up 10.1%).

FM Global, one of the world’s largest Commercial Property Insurers, has announced that it is making pandemic relief donations totalling US$1 million in the communities where it operates. The company will donate US$50,000 to local non-profits chosen by each of its 20 operations offices around the world. The company will also double-match personal contributions made by its employees and retirees to COVID-19 relief efforts.

Another Insurer has dipped into its pockets to support the charities working to tackle the COVID-19 crisis – and has pulled out quite an eye-catching sum. Zurich Community Trust will donate £2 million across its existing national and local charity partnerships that were chosen by the insurer’s UK employees. Grants are already being made with the idea that funds will be available throughout the year as the situation unfolds.

At a time when charities need all the help they can get, specialist Insurer Ecclesiastical is hoping to offer a ray of hope with the launch of its Movement for Good Awards 2020. The Insurer will give away £1 million to charities in need, with 500 charities to benefit from £1,000 during the first phase of the campaign – a second phase will follow in the summer. It is now encouraging brokers to nominate causes close to their hearts at the movementforgood.com website. Voting is open until May 24.

The insurance industry has responded to the coronavirus challenge by pledging their support to people affected by dementia – who have been hardest hit by the pandemic. Cut off from family, friends, and support networks, they are incredibly isolated and frightened. To counter this, the sector has raised an incredible £250,000 to protect vital services that are helping people affected by dementia navigate the crisis. Companies including Hyperion, Unum and Zurich have committed significant support, in addition to individual champions for the cause, including Simon Beale and Julian Taylor.

Trade Credit risk is likely to grow in the coming years as the COVID-19 crisis joins a host of other issues impacting businesses in the UK. Now a report from QBE has found that Trade Credit risk has become more unpredictable than before, with political and economic uncertainty turning volatile and an increasingly changeable operating environment putting additional strains on businesses. QBE’s Unpredictability Index, which surveyed business leaders in the UK, found that economic and political trends have become the main drivers behind growing unpredictability over the past 20 years – with 42% of the respondents saying political factors and 57% saying economic factors impacted large companies significantly.

The British Insurer RSA today announced its Q1 2020 operating results and, in keeping with the results seen from other insurance companies this week, revealed that claims frequency was down between 20% and 55% versus the prior year across its three regions, reflecting the impact of COVID-19 on activity levels. This was mainly seen in motor accident lines - however, business lines also saw meaningful declines. Net written premiums for RSA in Q1 totally £1,521 million down 1% (ex. exits) from Q1 2019. Areas of profitable growth were offset by planned underwriting effects in portfolios being remediated, a process which is now nearing its completion. In UK & international, premiums were down 5% (ex. exits) which reflects the impact of the underwriting actions made by the business in 2018 and 2019. RSA stated that this decrease is better than its plan and that key areas targeted for expansion, including its regions commercial business and UK household, saw positive volume growth.

Reinsurance giant Munich Re has released its financial results for Q1 of 2020, revealing potential losses of up to €800 million (around £697.7 million) from the coronavirus pandemic. It joins a raft of other global companies that have warned about profit targets for the year. The impact on profits largely came from event cancellation insurance – one of the pandemic’s biggest casualties as state lockdowns and closed borders persist around the world. However, Munich Re said its April renewals showed a premium growth of 25% and rising prices of 3%. Additionally, the company generated a profit of €221 million (around £192.7 million) for the first quarter.

Specialist insurance Provider CFC has warned that its in-house Cyber claims team is seeing new COVID-19 cyber scams targeting businesses. “Since countries around the world went into lockdown, the types of incidents that our Cyber claims team are dealing with shows that while there hasn’t yet been a change in frequency of attacks, the likelihood of companies falling victim to these scams in a vulnerable and remote working scenario are escalated in comparison to what we were experiencing pre-COVID-19,” said Lindsey Nelson, Cyber Development Leader for CFC. “This new era of home working couldn’t be a better situation for cyber criminals. Employees are working on potentially insecure devices and businesses may not have implemented any additional training to help them spot things like phishing links that play on, for example, human curiosity about coronavirus.”

Gemma Burns makes her return from maternity leave in an exciting role. Having been with AEGIS London for the past 20 years, Burns is now in the role of Head of Digital Underwriting at the Lloyd’s Managing Agency – a position she is excited to take on.

Bravo Group has confirmed that ex Jelf boss Alex Alway left the business on 30 April. Alway became Chairman of both Broker Network and Compass Broker Holdings in April 2018, after Compass was bought by Bravo owners HPS Investment Partners and Madison Dearborn Partners. He first joined Compass as Executive Chairman in January 2017. He was previously CEO of Jelf for 15 years. 

A familiar face is heading to insurance software provider SchemeServe. Sean Neal will join the firm’s advisory board, bringing his 30 years of industry experience with him. Neal, who has worked as a Broker, spent 22 years with CP Walker & Son where he was a partner, and later founded MGA Property Protector. Currently, he runs a consultancy firm imagine.services and now believes he can bring his expertise to a new environment.

Crawford & Company has certainly enhanced its ranks with a swoop for a duo with 50 years of experience between them. The Claims Management giant has boosted its Crawford Legal Services (CLS) arm by picking up Iain Davison and Victoria Edwards as partners, both to be based in the Leeds office. Davision boasts more than 30 years of legal experience, with expertise in fraud, transport and the regulatory sectors. He will now have responsibility for the CLS Defence and Fraud teams across both the Leeds and Liverpool offices. Meanwhile, Edwards, who has more than 19 years of experience in the Travel and Casualty industry, is considered a leading expert in all aspects of first- and third-party UK and international travel law. Before joining Crawford, she was a partner at Plexus Law having been with the firm since 2000.

THB has welcomed Matthew Crane as the new Chief Executive Officer of THB Group and President of the International division of AmWINS Group, Inc., global distributor of specialty insurance products and services. Crane succeeds Frank Murphy, who has served as CEO of THB Group since 2009 and who in his 45th year in the insurance industry transitions into a new role as a Senior Strategic Advisor to AmWINS, while remaining on the AmWINS executive committee.

Abbey Bond Lovis (ABL Group) has added Michael Boyd to its roster to serve as Executive Director. Boyd, whose career began at Royal Insurance, spent eight years at the Insurer before making the shift to broking via Aon in Belfast. He brings more than three decades of industry experience, including 24 years as a Broker, to ABL Group.

Jeffrey Ryan takes the role of Head of Financial Risks at PartnerRe. Ryan took the position at the turn of the month and will now have the task of heading up leadership for the worldwide Financial Risks team and portfolio. He will report into CEO of Specialty Lines Greg Haft, and be based in the Stamford, Connecticut office.

It’s a “transformational time” for the London market – and that’s just one of the reasons why Matthew Shaw is thrilled to take on his new role as Chief Underwriting Officer of Tokio Marine Kiln (TMK). Shaw joins TMK from Chubb where he was most recently Divisional President for Global Markets. He actually started out as a Lloyd’s Underwriter in the 1980s and now TMK CEO Brad Irick is hoping he can capitalise on that wealth of experience in his new role.

After a short spell away from MS Amlin to serve in advisory roles in the reinsurance and ILS industry, Gregoire Mauchamp is back at the firm taking on the role of Chief Operating Officer (COO) of MS Amlin AG, the Reinsurance operations. In his previous stint with the firm he held a variety of Executive roles from 2010-2019. According to a company release, he was instrumental in the start-up and management of the platform and was seen as a key member of its group executive and reinsurance leadership team.

There is a new face, at a new division of specialist Reinsurance Broker BMS Group. The company has launched a new Private Equity, Mergers & Acquisitions and Tax Insurance Division and has announced that Tan Pawar is officially onboard as its Managing Director, reporting to BMS Global Risks MD Ian Gormley, having originally announced the appointment back in December. Pawar brings more than 13 years’ M&A and legal experience to the role having held positions at the likes of Willis and Paragon International Insurance Brokers. Now, he will lead a multi-disciplinary team in designing insurance solutions.

ERS has appointed former Ageas boss François-Xavier Boisseau to its Board, effective immediately. When, in October 2018, Boisseau was set to retire from his role as Chief Executive Officer of Insurance at Ageas UK, Brokers stated that he would be “sorely missed”. Last March Boisseau joined Ecclesiastical as a Non-Executive Director and he also serves on the Board of Argo Managing Agency.

Robert Wilson is climbing the ranks at Chubb. Having joined the firm more than a decade ago, the former Business Development Manager for Chubb Global Markets (CGM) has now been named as the unit’s Head of Underwriting Operations and will take the role of Deputy Chief Underwriting Officer.

Specialist reinsurance Broker Capsicum Re is continuing its expansion with a swoop for three new faces. The company has brought in the trio to bolster its Property and Specialty Division, which operates across Retrocession & Specialty, (US) Property & Casualty, and Cyber, and also has a focus on non-traditional capital and innovative market solutions. Incoming is Neil Bramley, who joins as a Specialty Account Executive. He boasts two decades of experience and has previously worked for Price Forbes. Now he will be based in the Specialty area of the business and will focus on capital efficiency and property catastrophe-related products. Also arriving is Tom Regan, who will join the London-based team but as a US Casualty Account Executive. He arrives from Prospect Brokers and will focus on fronted reinsurance programmes, making the most of his expertise in the construction and trucking areas. Finally, incoming is Tom Hipperson, as Senior Account Manager. He boasts extensive experience across Japanese Treaty and Facultative Reinsurance and previously worked at Aon Benfield.

RSA has appointed Paul Dilley as its UK and International Chief Underwriting Officer starting in July. Dilley, who will join the Insurer from the Ardonagh Group, is replacing outgoing CUO Adrian Sweeney who RSA said is “starting a new life with his family in New Zealand”. According to the provider, Dilley has more than three decades of experience in the insurance industry, having started his career in 1988 at MHK Insurance Brokers.

With plenty of experience under his belt as the Head of PowerGen in MENA, Mark Quinn has now moved into the role of Regional Head of PowerGen for Eurasia & Africa at Chubb. Based in Dubai, Quinn will take responsibility for underwriting and business development activity across the region, with the support of local underwriting teams. He will report into Nikolay Dmitriev, the Regional Director for Property and Casualty at the firm and will also maintain his responsibilities as Senior Executive Officer of Chubb Underwriting.

 

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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