BHSI opens in Germany
Berkshire Hathaway Specialty Insurance (BHSI) has opened an office in Düsseldorf, Germany, the carrier announced earlier this week.
A number of key executives have been hired for the new Northern Europe base, including Jörg Bechert (Head of Executive and Professional Lines for Northern Europe), and Ulrich Kütter (Head of Marine) for the division.
In addition, BHSI has hired Leander Metzger as Head of Property for Northern Europe, and Robert Scherf as head of human resources for the region.
Cooper Gay hires Angelini-Hurll as Reinsurance CEO
Cooper Gay has hired Kieran Angelini-Hurll from Miller to become CEO of its reinsurance arm, The Insurance Insider understands.
Angelini-Hurll is currently Head of Sales and Business Development for Programmes at Miller. The outgoing executive has been with the broker for nearly three years.
The last CEO of Cooper Gay Re, Peter Gorman, left when Swett & Crawford was sold to BB&T.
EIS receives approval as Lloyd’s coverholder
South African underwriting agency Engineered Insurance Solutions (EIS) has been approved as a Lloyd’s Coverholder.
The corporate liability specialist has also brought in Simon Leppard as Chief Underwriting Officer and Director of EIS, the firm revealed today (16 June).
Leppard arrives from his Eponymous Underwriting Agency following its purchase by Lombard Insurance.
EIS has worked with the Lloyd’s broker Chesterfield in placing an underwriting facility within the Lloyd’s market, with support from Tokio Marine Kiln.
Suncorp storm losses could hit A$80mn
Australian carrier Suncorp expects the east coast storms that hit the country last week to cause it losses of between A$60mn and A$80mn ($44mn and $59mn), the company announced earlier this week.
The carrier said it had received approximately 8,000 Home, Motor and Commercial claims so far.
The Insurance Insider’s 2015 P&C executive pay league
Some of these figures are astonishing, if this doesn’t drive you out of bed in the morning then I don’t know what will! This is the collective remuneration for the 50 highest paid executives in the P&C (re)insurance industry.
Everest Re has hired Sean Berry to head the International Property Facultative unit at its reinsurance division, the carrier announced this week.
Based in Everest Re’s Miami office, Sean Berry will be responsible for worldwide Property Facultative underwriting, excluding business written out of Canada.
He joins from American International Group (AIG), where he was regional vice president for Latin America. Berry has also previously headed up the Property underwriting practice for AIG and General Reinsurance Company in the Far East
Steve Manning To Leave Sompo Canopius Role After 11 Years With Company
Steve Manning is to leave Sompo Canopius at the end of the year.
Manning, who serves as Chief Operating Officer (COO), has been with the company for more than a decade, having joined the firm (then known as Canopius) in August 2005.
He initially served as Chief Risk Officer, subsequently holding a number of senior roles at the group.
As well as COO, he also serves as Head of Sompo Holdings’ regional enterprise risk management centre for the US and Europe.
AIG to establish EU hub outside UK if Brexit wins
Global insurer AIG will look to establish an Operations centre for Europe outside the UK if voters approve Britain’s exit from the EU in next week’s referendum, AIG President and Chief Executive, Peter Hancock, said on June 15.
Speaking at a seminar in London, Hancock said: “If a Brexit should occur, I suspect we will need a hub that’s within the EU and there are some excellent choices, some of which we have examined.”
Pembroke to provide capacity for Old Mutual coverholder in sub-Saharan Africa
Ironshore’s Pembroke Managing Agency is to provide capacity for the recently announced Old Mutual Specialty Insurance Coverholder, which is due to write 10 Specialty lines of business.
Pembroke said the partnership will see its Lloyd’s syndicate 4000 provide additional capacity of up to $250m on a portfolio or single project basis, for multiple Property, Casualty and Specialty business lines in Africa.
The products will be delivered through the Old Mutual Insurance platform, which spans more than 40 countries in sub-Saharan Africa.
Pembroke said Lloyd’s Syndicate 4000 and Old Mutual Specialty Insurance, as Coverholder, will initially offer Cargo, Commercial Property and Construction.
Aspen appoints new Head of international marine
Aspen Insurance has appointed Christopher Wildee Head of International Marine.
Wildee will also retain his existing role as Head of International Upstream Energy, having joined Aspen in 2013.
He joined the Insurance segment of Aspen Insurance Holdings from Chaucer Singapore, where he was Chief Executive.
Based in London, Wildee will report to Ann Haugh, president of Aspen International Insurance and chief operating officer of Aspen Insurance.
This internal promotion follows a number of appointments at Aspen Insurance, including those of Erik Armellino as head of its onshore energy and construction division and Mike Toppi and Paul Sanders as global head.
‘Proactive oversight of delegated authorities required of Lloyd’s market’
UK non-life insurances continue to operate in a soft market cycle. Competition is high and insurers are continuously evolving, outsourcing more to third parties to aid their supply chain and to keep their competitive edge.
As the complexity of the supply chain increases, the lines between specific roles and responsibilities have become blurred. This led to criticism of the insurance sector in June last year, when the Financial Conduct Authority (FCA) said insurers were not taking enough responsibility when outsourcing services such as underwriting or claims handling to third-parties. This delegation can take many forms, with binding authorities and lineslips.
Guy Carpenter appoints Stockholm head
Reinsurance broker Guy Carpenter has appointed Tobias Andersson to head its Nordic operations.
Andersson will commence in the role from April 1, 2017, succeeding Tomas Ljungqvist, who will become chairman of the division.
He joins from Länsförsäkringar’s non-life business, where he was general manager, covering reinsurance and specialty.
Before that he was reinsurance manager and head of Länsförsäkringar Group Reinsurance.
Massimo Reina, chief executive of continental Europe and the Middle East and north Africa region, said Andersson has “impressive local market knowledge”.
Insurers still need to prepare for Pillar III of Solvency II
A significant number of firms still have a lot to do before they can show regulators they are prepared for Pillar III of Solvency II, industry experts have said.
The long awaited EU’s Solvency II Directive came into force on January and whilst many firms have successfully addressed Pillar’s I and II, Moore Stephen’s Omar Ripon has observed a mixed level of preparedness of Pillar III, the reporting stage.
“I think there’s a sigh of relief from most firms that Jan 1 has gone and they can comfortably feel that they are compliant with [Solvency II], but the reality is that a lot of firms still have a lot to do to make Solvency II work operationally and seeing how the compliancy of Solvency II will work in a real business as usual environment,” he told Insurance Day.
According to Ripon, there is no doubt that UK companies are “slightly fatigued” by Solvency II.
Whilst recognising the clear benefits that will come into play around risk management and capital management, he said: “But if there’s one are of weakness which remains is around Pillar III and data management. Smaller firms have a lot to do in that area across UK and EU.”
Pillar III requires insurers to report more data and information, in a structured electronic format, more quickly and more often than they have in the past. In addition, the reporting will also be subject to greater scrutiny than ever before.
Some of the larger insurers have spent years preparing themselves for the task but many others will have put it at the bottom of their Solvency II ‘to do list’.
December year end solo firms will supply Day 1 reporting submissions by May 20 2016 and Q1 2016 submissions by May 26 2016.
“It’s been a difficult and arduous task and there are many who are saying they won’t be ready,” commented Bo Ørskov Koldenborg, executive vice president, partner at Asseco Denmark.
“I think getting the data from the source, getting it in line with the Pillar III forms is a huge task, and while those internal model firms are probably ahead of the curve, most firms will have a lot of work to do in 2016,” added Ripon.