Corporate Round-up
Ironshore broadens relationship with Equinox to extend trade credit capacity
Ironshore has announced that the company is broadening its relationship with Lloyd’s coverholder Equinox Global Ltd, to extend additional underwriting capacity to its trade credit insurance market programme.
Ironshore will provide increased capacity on a facultative basis for all of Equinox’s eligible territories to meet the growing insurance demands of the trade credit specialist.
Ironshore’s Pembroke Syndicate 4000 is one of four insurance companies that provides underwriting capacity for Equinox Global’s carrier panel at Lloyd’s.
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Equinox Global, exclusively dedicated to the trade credit insurance market, was established in November 2010.
Daniel L Sussman, President of Ironshore Political Risk, said: “Ironshore’s expanded relationship with Equinox Global allows us to provide greater access to an on-demand, one-stop resource for capacity in an expeditious manner. Our continued participation in this enhanced programme signals a mark of confidence in Equinox Global’s ability to provide cover to an even larger global client base.”
Michael Holley, Chief Executive Officer of Equinox Global, said: “As our business grows, it is appropriate for us to be able to offer increased capacity aligned with increased demand. Meeting the needs of our customers is our top priority, and this arrangement with Ironshore sends a clear message to the market that we can respond to the needs of companies of all sizes.”
Aspen Insurance to purchase certain M4 renewal rights in UK
Aspen Insurance has announced that its UK regional platform, Aspen Risk Management Ltd (ARML), has agreed to purchase certain commercial insurance renewal rights and other related assets from M4 Underwriting Limited (M4).
Under the arrangement ARML will offer renewal terms to the Commercial Combined policyholders for all policies falling due for renewal on or after 1 August, 2011. A number of M4’s staff will also transfer to ARML.
“We look forward to offering M4’s brokers and clients a wider service that includes our full range of health and safety, business continuity, risk management HR and data back up services. With commercial legal expenses up to £250,000 also provided as part of our offer, we think this is good news for M4 brokers and their customers,” said Kevin Pallett, Managing Director of ARML.
“We are pleased with today’s announcement as meeting clients’ real needs is at the heart of what we do and we are confident that ARML will continue to make advances in service levels for both clients and brokers alike as they share our passion for providing an exceptional underwriting service,” said Mike Watts, Managing Director of M4.
ARML and M4 will be talking to brokers about the arrangements over the course of the next few weeks.
Marsh forms new Global Claims Practice and names David Pigot as Head
Marsh has formed a new Global Claims Practice to help clients manage their claims processes effectively and thus enable them to better protect their resources, secure their bottom lines and maintain daily operations.
David Pigot, Head of Claims for the International Division and EMEA region of Marsh, has been named Global Head of Claims and will lead the new practice from London.
The new practice will bring together all of Marsh’s claims expertise and experience from around the world, the company said.
Mr Pigot has more than 30 years of insurance industry experience, including 24 years as an international claims adjuster at Toplis & Harding and Cunningham Lindsey International. He joined Marsh in 2004.
“One of the most critical services Marsh provides to its clients is the proper handling of claims,” Mr Pigot said. “Ultimately, an efficient and accurate claims recovery process can help clients avoid exorbitant costs and additional risks. With the formation of a Global Claims Practice, Marsh will be in a better position to respond with agility and on a best-in-front basis to our clients’ claims anywhere in the world.”
XL Insurance appoints Brunner to International Property business and makes other key changes
XL Insurance has made key changes to its International Property business with particular effect on its German, Swiss and Southern European operations.
Ralf Brunner has been appointed Property Underwriting Manager for Germany and Switzerland, based in Munich. He will report to Uwe Kutschera, currently Property Underwriting Manager for Germany.
As part of the shake-up Mr Kutschera’s responsibilities will expand to cover Austria, CIS/Russia, Germany, Italy and Switzerland.
In addition, Jürgen Cherreck, currently Property Underwriting Manager Switzerland and Southern & Eastern Europe, will take on a new role to help drive strategic growth and a relentless focus on underwriting excellence across XL Insurance’s International Property business.
Mr Brunner rejoins XL Insurance having spent just over two years with Allianz Global Corporate & Specialty in Germany, where he was Team Leader Property Underwriting.
Prior to joining Allianz Mr Brunner was with XL Insurance in Germany from 2004 until 2009. He has over 20 years’ industry experience as property underwriter for the German-speaking countries.
Matthias Horntrich, Chief Underwriting Officer, International Property said: “We will rely on the expertise of Ralf, Uwe and Jürgen to maximise opportunities by expanding our offerings across the region to better serve our clients and further enhance our position in the market.”
Brit forms new UK team to deliver property investors insurance
Brit Insurance has formed a new, specialist team offering insurance to property investors as part of its UK business unit. The team will be led by Kevin Simmons, and will include a team of underwriters drawn from the group’s existing operations in London and throughout the UK.
With 30 years in the UK general insurance market, Kevin Simmons’s most recent role was Head of Real Estate at Zurich Insurance.
Other Brit Insurance property specialists will join Mr Simmons. These include Andrew Jackson, UK Property & Packages portfolio manager, Amanda Doran, Property & Commercial Packages Underwriting Manager and Andrew Tacey, a specialist underwriter.
Commenting on the new team, Ray Cox, Chief Executive Officer of Brit Insurance UK, said: “This is a significant area of the UK property insurance market and we see opportunities for profitable growth capitalising on our existing portfolio in this area and complementing our overall UK property book.”
“Property investors insurance is a significant market and one Brit Insurance is well-placed to serve, particularly with the expertise already on board and with its customer-focused approach. With the backing of an experienced team, I look forward to increasing our market share, creating a competitive range of solutions and making us a recognised leader in this business,” said Mr Simmons.
Brit’s property investors cover will be available, via brokers, throughout Brit Insurance’s network of regional offices.
Aon appoints head of construction, power and infrastructure in Singapore Global Broking Centre
Aon Risk Solutions, the global risk management business of Aon, has appointed Nicki Tilney as head broker of construction, power and infrastructure for Aon’s Global Broking Centre in Singapore.
The Global Broking Centre (GBC) in Singapore is one of Aon’s hubs around the world for insurance placement and ensures clients have access to insurance markets outside their immediate geography.
Ms Tilney joins from JLT and will be relocating from London to Singapore. With over 20 years of experience in the insurance industry, Tilney will coordinate the placement of construction, power and infrastructure business in local markets, and work with the other Aon GBCs around the world to place business with the most appropriate markets for the benefit of clients.
“We are delighted to welcome Nicki to Aon. The experience and expertise she brings will further strengthen what is already the leading global team in the power industry. This appointment demonstrates Aon’s commitment and ability to leverage its global footprint to find the best markets around the world for our clients, and ultimately develop and place the most efficient and effective insurance policies possible for them,” said Hamish Roberts, CEO of Aon Risk Solutions’ Power Specialty.
Aon UK first insurance enterprise to get certification for carbon emission reduction
Aon in the UK has become the first company from within the insurance industry to be credited by the Certified Emissions Measurement and Reduction Scheme (Cemars).
Cemars is a carbon verification scheme that audits an organisation’s carbon footprint and certifies that they are reducing emissions year on year and taking steps to mitigate emissions in the future.
It is the only scheme in the UK that offers certification to the globally recognised ISO 14064 standard for carbon management, which specifies principles and requirements for the measurement and reporting of emissions and removals.
A key element of the ISO is the requirement for the design, development, management, reporting and verification of an organisation’s greenhouse gas inventory.
Gregory Lowe, Sustainability Coordinator for Aon UK, commented: “Achieving Cemars certification demonstrates Aon’s commitment to reducing our impact on the environment. By reducing carbon emissions, we are transforming Aon into a more sustainable organisation that will mitigate negative environmental impacts.”
