Corporate round-up

Chubb appoints Jan Auerbach as European risk management manager Chubb Insurance Company of Europe has appointed Jan Auerbach to the position of European risk management manager. In his new role Mr Auerbach will manage individuals from Chubb’s underwriting, claims, loss control, legal counsel and multinational service teams. He will report to Michael Casella, CEO of Chubb Europe, and will be based at the company’s UK headquarters in London. Mr Auerbach was previously Chubb’s European strategic marketing manager.hideJan Auerbach commented: “Chubb has a long history in the risk managed segment where our renowned specialist approach for large companies with complex insurance requirements has enabled us to build a considerable book of business across Europe. The accounts we service are typically those with complex insurance buying patterns, an internal risk management function and a captive structure. I am looking forward to the challenge of building this business even further in the future.” Michael Casella said: “Businesses with dedicated risk management personnel tend to have large, complex and globalised risks to mitigate. Our risk management focus under Jan’s direction will provide a joined up, proactive service tailored to our clients’ specific needs. Jan is ideally suited to lead this initiative given his wealth of experience in both underwriting and strategic marketing.” Cooper Gay restructures UK business and adds to board Cooper Gay, the reinsurance and specialist retail insurance broker, has restructured its UK business into three core-trading units—Reinsurance, International and Specialty. The move aims to help the company to form a stronger and more streamlined platform for growth, said the intermediary. With immediate effect, Cooper Gay's trading units in London will operate under the three new units. The Reinsurance arm will be led by Reinsurance CEO Andrew Hitchings. International, incorporating Non-Marine, Energy and Underwriting & Distribution Management, will be guided by International CEO Chris Butcher and Specialty, incorporating Marine, Aerospace and Professional Risks, will be led by Specialty CEO Stephen Barton. These three core-trading units will sit above existing divisional structures, reporting to Cooper Gay & Co Ltd CEO Shaun Hooper, and will be tasked with supporting effective corporate governance and driving the delivery of the company's strategic aims and objectives. The divisions will continue to function under their existing operational structures, supported by finance, operations, compliance and human resources teams as before. There have also been additions made to Cooper Gay's UK board, which is responsible for overall management and setting the long-term strategic direction of the business. Pending FSA approval Stephen Barton and Andrew Hitchings will join to form an eight-strong board. The restructure follows last week's announcement that Cooper Gay & Co Ltd, the UK business of Cooper Gay, had brought together the management of its non-marine and energy operations in the UK to create an International trading unit. Shaun Hooper, CEO of Cooper Gay & Co Ltd, said: "Driving growth, enhancing leadership and delivering effective corporate governance are vital elements of Cooper Gay's development strategy that we believe will be best delivered through the formation of three streamlined trading units. With the three teams fully aligned, we will focus on developing their combined strengths to generate additional business, and support and enhance the delivery of service excellence for our clients." Aon confirms London headquarters and expands Irish operations Aon is opening a branch of its Global Risk Consulting business in Ireland. The brokerage says its decision to broaden the scope of services offered in the country reflects the continued importance of the Irish market as a global financial centre and builds on the company’s track record of investment in the country. Aon established its Global Centre for Innovation and Analytics in Ireland in 2009 and more recently acquired Michael Murphy Insurance Group in December 2010. The new practice will be led by Alastair Nicoll and will offer a fully integrated range of risk advisory services including risk identification and assessment, compliance, actuarial, risk finance and outsourcing solutions to both corporate clients and the insurance market. Rory Moloney, group managing director of Aon's risk consulting operations in Europe, Middle East and Africa said: “Management of risk in the current environment has become an increasingly strategic business issue with many companies seeking to attain competitive advantage through a more focused approach to managing Enterprise Risk as evidenced in Aon’s recently published 2011 Global Risk Management Survey.” “To date we have responded to the demand from Irish-based companies by leveraging the expertise throughout our global network but we have now made the decision to invest in a dedicated Irish business. Ireland represents an excellent growth opportunity for our risk consulting operations and we are delighted to deepen our commitment to Ireland by bringing additional services to the market,” he added. Aon has also confirmed that it has selected The Leadenhall Building as its future London headquarters. Aon recently completed its search for a new London headquarters signing heads of terms with British Land and Oxford Properties on the iconic Leadenhall Building in the City of London. Formal contracts are expected to complete in the coming months. The Leadenhall Building is still being built but is due for completion in mid-2014. The building, dubbed the Cheese Grater because of its unique design, will stand 224 metres tall and will be situated opposite Lloyd’s of London on Leadenhall Street EC2. Aon will occupy the lower ten floors, which will be known as The Aon Centre, from early 2015. Marsh launches new product to protect ship owners against charterer defaults Marsh has launched Charter Default, a new product that aims to help ship owners protect their revenue streams against a rise in the number of charterers filing for bankruptcy. Nick Roscoe, a managing director in Marsh’s Global Marine Practice, said: “The risk of ship charterers defaulting has increased since the global financial crisis. Companies with ships on charter are exposed to loss of revenue if their charterer folds or administrators force a renegotiation of terms. This product provides a secure framework for owners to grow their business with new clients and in new economies. Backed by both insurers and a leading investment bank, it provides a mix of fixed recovery guarantee and credit insurance, tailored to the ship owner’s particular requirements. Covering both outstanding debt at the time of an insolvency and the loss of future revenue for a set period, the product de-risks important revenue streams, thereby assisting owners to attract better terms from lenders by reducing counterparty credit risk, said Marsh. Working with insurers, Marsh has developed specific policy wordings that it says provide a range of options to suit the credit insurance needs of ship owners of all sizes and complexity. In particular, Marsh has secured significant additional capacity through a proprietary credit insurance policy with Lloyd’s insurance group, Chaucer.“Policies are tailored to the needs of individual owners with flexible indemnity provisions and event triggers. These policies are designed to lock in anticipated profit and protect owners’ capital investment in their ships,” said Marsh.

Corporate round-up

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