It’s a new year so let’s get into those senior hires and the latest job moves;
American International Group (NYSE: AIG) has announced that Don Bailey has joined the company as Global Head of Distribution and Field Operations, effective immediately. Mr. Bailey reports to Peter Zaffino, Chairman & Chief Executive Officer. Mr. Bailey said,
“I am honored to join AIG and the world-class team of professionals Peter has led through an unprecedented turnaround and transformation in our industry. This is an exciting time for the company and I look forward to contributing to the important work being done to make AIG a company that delivers consistently strong financial results, and to increase its relevance in the marketplace by providing expertise and risk solutions that help clients make informed decisions.”
Allianz Holdings has announced the appointment of Laurence Townley as chief actuary for the UK business effective 1 January 2023.
Laurence joins Allianz following 10 years at Direct Line as director of financial risk. Prior to that, he held various roles at Zurich Insurance UK including chief actuary. He is a Fellow of the Institute and Faculty of Actuaries and has chaired the prudential regulation committee at the Association of British Insurers (ABI) overseeing matters such as Solvency 2 and regulatory framework reviews.
Munich Re has decided to establish an additional Board division. With effect from 1 January 2023, various primary insurance businesses of the Group that are part of the reinsurance segment will be managed together in a new Global Specialty Insurance (GSI) division. The division will be headed by Michael Kerner, who was newly appointed to the Board of Management by the Supervisory Board effective 1 January 2023. ERGO is not affected by the changes.
The aim of this restructuring is to continue to support the very good business performance primary insurance has seen and to drive forward further expansion in specialty primary insurance business in order to become a powerful global player in this field and to leverage synergies, for example in the areas of IT infrastructure, marketing and services. The new GSI division mainly comprises units from the Risk Solutions field, such as American Modern Insurance Group (AMIG), HSB, Munich Re Specialty Insurance, Munich Re Syndicate and Aerospace as well as Great Lakes Insurance (GLISE). In the course of the integration, premium volume is projected to increase from around €7.5bn at present to almost €10bn by 2025, in line with the Ambition 2025 strategy.
Kerner, a US citizen, joined Munich Re in December 2018 and has been responsible for Munich Re Specialty Insurance in North America. He has more than 30 years of experience in the global insurance industry.
Arch Insurance Canada (Arch) has announced that Jean-Pierre “JP” Galipeault was promoted to President and Chief Regional Executive of Arch Insurance Canada on Jan 1.
Galipeault joined Arch in 2013 in the Warranty and Lender Solutions group and held the role of Vice President, Specialty Consumer Programs, before assuming the role of Chief Regional Executive in 2019. Before joining Arch, Galipeault was an Account Executive with broker Insurance Insight. In his new role, Galipeault will report to Mark Lange, Chief Strategy Officer for Arch Insurance North America.
Arch Insurance Canada also elevated the following executives to expanded leadership roles, reporting to Galipeault:
- John Moller has been promoted to Chief Underwriting Officer with executive responsibility for all business units. Moller has led Arch Insurance Canada’s Executive Assurance and Professional Liability underwriting units since 2018 and the P&C Programs underwriting unit since 2021. He has worked at Arch since 2011.
- Emily Crewe has been promoted to Chief Operating Officer (COO) in addition to her existing role as Chief Financial Officer (CFO), which she has held since 2019. Crewe has been with Arch Insurance Canada since 2013.
AXIS Capital Holdings Limited announced recently that, following a career in (re)insurance and banking that has spanned more than four decades – including ten years as President and CEO of AXIS – Albert A. Benchimol (pictured) will step down from his role on May 4, 2023, timed to the Company’s Annual General Meeting (AGM), and will retire at the end of 2023.
He will be succeeded as President and CEO by Vincent C. Tizzio, who currently serves as CEO, Specialty Insurance and Reinsurance, overseeing all business lines and front-end operations for AXIS. Mr. Benchimol will continue with AXIS through year-end as a strategic advisor to the Company. In the months ahead, Mr. Benchimol and Mr. Tizzio will partner to ensure a smooth leadership transition.
CHUBB CLIMATE CHANGE UNIT
Chubb recently announced the launch of a new global climate business unit, drawing on the company’s extensive technical capabilities in underwriting and risk engineering. The new business unit will provide a full spectrum of insurance products and services to businesses engaged in developing or employing new technologies and processes that help reduce the dependence on carbon.
It will also provide risk management and resiliency services to help those managing the impact of climate change. Together these businesses already generated more than $675 million in premium revenue for Chubb in 2022.
The new Global Climate Business Unit will be co-led by two experienced Chubb senior leaders. Matthew McMullin, based in Whitehouse Station, New Jersey, has been named North America Leader of the Chubb Global Climate Practice. Matthew Hardy, based in London, has been named Chubb Overseas General (COG) Leader, representing all markets outside the U.S., Canada and Bermuda.
DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, has announced the appointment of Laura Pearson as head of M&A (UK), effective 1st February 2023.
Pearson joins DARAG from her role as a senior manager in PwC’s Deals Advisory team. At PwC, Pearson focused on run-off solutions and has been involved in a wide range of projects including legacy M&A transactions, multinational strategic exit reviews, Insurance Business Transfers and commercial due diligence for investors in the legacy sector.
Alexander Roth, CEO of DARAG Europe and Global Head of M&A, said: “Laura is very well known in the legacy space and has an in-depth understanding of the market. Her many and varied connections within the London market will be invaluable to us as we further expand our UK deal generation and business development efforts. We are delighted that she has chosen to join us at DARAG, and I look forward to working with her.”
CLYDE & CO
Global law firm Clyde & Co has announced the appointment of Peter Barnes and Charlotte Kelly as partners in its global insurance practice. They join from DWF, together with 17 team members.
The team focuses on product liability arising from property, construction, aviation, energy, mining, motoring and manufacturing risks. They have particular specialism in the Japanese motor manufacturing, heavy manufacturing and energy sectors. They will join Clyde & Co’s Insurance, Financial and Professional Disputes practice, and will also work with the firm’s aviation and casualty practices.
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announces that Tom Simoncic has been named president of its property and international business. The appointment follows the news that Ian Muress, international chief executive officer, will be retiring March 31, 2023, after an illustrious 45-year career.
Simoncic is a well-known industry veteran with more than 30 years’ experience in all areas of the business, including third-party administration (TPA), marine, forensics and repair. His influence and impact stretch across multiple international markets, making him an instrumental leader in Sedgwick’s global operations.
“Our international business has grown significantly over the past five years under Ian’s leadership, with a strong pipeline in place for continued success in 2023 and beyond,” said Mike Arbour, Sedgwick CEO. “I look forward to Tom leading the ongoing growth of our operations around the world, including further expansion of the Sedgwick global footprint.”
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