Corporate round-up

Lloyd's opens new office in Dubai International Financial Centre Lloyd's has officially opened a new platform in Dubai to provide specialist solutions across the Middle East. The new platform at the Dubai International Financial Centre means there are now nine Lloyd's companies trading from the centre. These are Amlin, Argo Re, Beazley, Catlin, Liberty, Markel, Talbot, Visionary and Watkins. The specialist underwriters in Dubai will cover a diverse range of risks including marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation and contingency.hideLloyd's director of international markets, Vincent Vandendael, said: "This is a significant day for Lloyd's and our long-term global strategy. After consultation with the market we decided to locate an office in Dubai's prestigious Dubai International Financial Centre. "The Lloyd's Dubai platform gives us a presence in the heart of the Middle East, allowing us to build even stronger relationships and deeper risk insights. This is an important region, with strong economic growth and rates of investment, but little insurance to protect that investment. Lloyd's can play an important role in de-risking this by providing innovative insurance solutions." ACE extends ACE Tech Pro through continental Europe ACE has signaled its intention to expand ACE Tech Pro-a professional indemnity insurance solution for technology firms-through Europe. ACE Tech Pro is designed to support technology companies in continental Europe, from consultants working alone or in smaller and medium-size businesses, through to upper mid-market and larger companies, including European-based multinationals requiring bespoke global insurance programmes. The policy covers pure financial losses of a third party due to wrongful acts committed by the insured-including its employees-during the normal exercise of their duties across different countries. This includes for malpractice, errors or omissions, negligence and reckless acts, project delay, accidental disclosure, breach of confidentiality and privacy breach, as well as lack of performance. The product also covers insureds for defamation, transmission of a computer virus, loss of documents, infringement of intellectual property rights and defence costs in connection with a covered claim. The new proposition consolidates ACE's existing professional indemnity coverage in a number of countries and extends the solution to new markets. It was launched in France in 2014 and will be rolled out to other core markets during 2015 including-for the first time-Spain, Italy, Poland, Switzerland, the Czech Republic and the Nordic region Jeff Moghrabi, Regional President, Continental Europe at ACE, said: "ACE Tech Pro responds to the dynamics of the changing market for tech companies and reflects our capability to tailor professional indemnity solutions to the needs of continental Europe's specialist and fast-growing industries and sectors. Brokers can also access ACE Tech Pro as part of a wider casualty solution at ACE that potentially covers all their clients' liability risks." Charles Taylor Adjusting and Lengkeek join forces to deliver international solutions for Dutch market Charles Taylor Adjusting (CTA) has confirmed Lengkeek Laarman & De Hosson as its exclusive associate in the Netherlands. The agreement will enable the firms to work together on international accounts within and outside the Dutch market, the companies said. Lengkeek Laarman & De Hosson is a specialist Dutch loss adjusting business with around 150 staff based in Rotterdam, Amsterdam, Zwolle and Eindhoven. Hans de Hoog, Chief Executive Officer, Lengkeek Laarman & De Hosson said: "Our association agreement with Charles Taylor Adjusting marks an important stage in our growth and development as a business. As a leading specialist firm of loss adjusters in the Dutch market, this agreement will give us greater access to international reinsurance markets and to additional specialist resources from Charles Taylor Adjusting's international offices to handle major regional claims." Mark Hunter, Corporate Development Director, Charles Taylor Adjusting, said the combination of Charles Taylor Adjusting's international reach and Lengkeek's long established position in the Dutch market will offer local insurers and international markets a 'very persuasive and credible proposition for handling the largest and most complex losses'. JLT extends Credit, Political & Security Risks team to Middle East JLT Specialty and JLT Middle East and Africa (MEA) have created a new regional Credit, Political and Security (CPS) Risk hub in the United Arab Emirates (UAE). Harry Doyne-Ditmas will lead the new hub. He will relocate to Dubai to fulfill the role and will be responsible for development of the CPS business across the MEA. JLT said the new operation shows it's commitment to the region and the increasing importance of the UAE as a regional financial and trading hub. Mr Doyne-Ditmas will work closely with existing JLT CPS hubs, especially London and Asia, to structure and arrange solutions for financial institutions, trading companies, major corporations and public sector clients seeking to address their credit, political and security risk exposures. Nick Robson, CEO of JLT's CPS division, said: "Investing in resource in the MEA region is a key strategic imperative for us. Dubai has transformed into a regional financial and trading centre for the MEA region, across which clients need and deserve the service they would expect in other established financial centres. By delivering excellent service in this key growth region we will ensure that our clients' interests remain central to all that we do." The JLT CPS Risk team has 70 specialists worldwide, with dedicated personnel in London, Cape Town, Dubai, Hong Kong, Kuala Lumpur, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Stockholm. JLT MEA has offices in UAE, Qatar, Bahrain, Istanbul and South Africa. Charles Taylor gets approval for managing agency Charles Taylor has received regulatory approval from the PRA, the FCA and Lloyd's to launch a managing agent. In addition, Lloyd's has approved the Charles Taylor Managing Agency (CTMA) to manage syndicate 1884. CTMA said its strategy is focused on extending its syndicate management capability to further new Lloyd's start-ups. Christian Schirmer, Chief Executive Officer, CTMA, said: "New syndicates entering the Lloyd's insurance market will generally appoint an approved turn-key managing agent, to provide them with all of the management oversight and services they require to operate in the Lloyd's market. I am particularly pleased that syndicate 1884 has chosen CTMA as its managing agent." "We intend that CTMA will provide turn-key syndicate management to additional new syndicates entering Lloyd's in the future. This will supplement the few managing agents that currently focus on turn-key management and we believe there will be a significant demand for our services," he added. David Marock, Group Chief Executive Officer of Charles Taylor, said the launch of CTMA marks another important step in his firm's growth strategy. "We have deep experience of working in the Lloyd's market where we offer highly technical skills coupled with a commitment to excellence. We are confident that CTMA will offer exceptional management to new entrants to the Lloyd's market," he said. MSIG makes underwriting appointments in property and power lines MSIG at Lloyd's has appointed Laura Wells as underwriter for Property and Matthew Radbourne as underwriter for Power & Utilities. Ms Wells brings over 20 years' industry experience to MSIG. She previously held the position of direct and facultative property underwriter at WR Berkley. Mr Radbourne has 17 years' insurance industry experience and was formerly a senior vice president at Guy Carpenter. Graeme Rayner, Chief Underwriting Officer at MSIG, said: "I am extremely pleased to welcome Laura and Matthew, who join to support key areas of development for MSIG. The profiles of both our power and utilities and international property portfolios have developed in recent years and are now poised for further expansion. Laura and Matthew bring considerable expertise to MSIG, which will be of great importance in achieving further sustainable profitable growth in these strategically important areas of the business."

Corporate round-up

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