Corporate round-up

Marsh buys Belgian credit specialist Trade Insure Marsh has acquired Aalst, Belgium-based trade credit distributer Trade Insure NV. Terms of the transaction were not disclosed. The combined entity will now trade as Marsh Trade Insure. All members of Marsh's existing trade credit team in Belgium as well as all colleagues from Trade Insure will work for the new entity.hideThe new team will serve clients through Marsh's offices in Aalst, Brussels, Antwerp, Roeselare, Liège and Luxembourg. Marsh Trade Insure will offer a broad range of insurance solutions and advisory services to clients. Alongside traditional insurance design, placement and claims handling, it will provide specialty solutions for political risk and structured credit, as well as other services such as non-financial bonds. Flavio Piccolomini, CEO of Marsh Continental Europe, said: "I am delighted to welcome the experienced team from Trade Insure to Marsh. Trade Insure has developed a compelling credit insurance offering for both SME and multinational clients across Belgium. When combined with Marsh's capabilities, we will be able to offer them world-class services and solutions." Luc Gillijns, Managing Director of Trade Insure NV, added: "This transaction is exciting news for both our clients and colleagues. Our clients will have access to a wider range of products and services and our colleagues will have enhanced career opportunities." AXA Corporate Solutions appoints Paul Evans as chairman AXA Corporate Solutions has appointed Paul Evans, Chief Executive Officer of AXA UK and member of the group's executive committee, as its chairman. He will fulfill the role in addition to his current responsibilities and report to Jean-Laurent Granier, Chief Executive Officer of AXA Global P&C and a member of the group's management committee. AXA said in a statement that Mr Evans' 'recognised experience' and 'strategic vision' will 'strongly contribute' to acceleration of AXA Corporate Solutions' international development. AXA Corporate Solutions, which is the insurer's dedicated unit for large corporate risks, said the move builds on international development plans being implemented by CEO Philippe Rocard and his teams. In line with this strategy AXA Corporate Solutions has also added new board members from around Europe. These are Brit Bruce Hepburn, CEO of Mactavish Ltd, the Germans Gert-Hartwig Lescow, CFO of Drägerwerk AG, and Christian Thimann, Group Head of Strategy & Public Affairs of AXA Group and a member of AXA's Executive Committee, and Italian Vittorio Vellano. AGCS completes integration of Fireman's Fund with sale of personal lines business to ACE Allianz announced late last year that ACE will purchase its US-based Fireman's Fund personal lines business for $365m. The move completes Allianz' reorganisation of Fireman's Fund that has seen its commercial operations integrated into Allianz Global Corporate & Specialty (AGCS). Fireman's Fund personal lines business focuses on servicing high net worth customers. It will be integrated into ACE's existing high net worth personal lines business. The sale includes the businesses renewal rights, reinsurance of existing liabilities and access to a network of 1,100 agents and brokers. The transaction, which is subject to legal and regulatory approval, is expected to complete in the second quarter of 2015. "These latest moves will complete the picture of the reconfiguration of our property & casualty insurance business in the United States with a strong footprint in commercial insurance," said Axel Theis, incoming member of Allianz’ board of management. "With this transaction Allianz will also gain capital efficiencies by releasing capital allocated to the personal insurance risks. In addition, we will use the proceeds to finance the restructuring of the Fireman's Fund commercial P&C business. Taken with the creation of the new run-off carrier San Francisco Re, these measures enable Allianz to focus its energies even more strongly on successfully integrating the Fireman's Fund commercial business into AGCS," he added. AWAC makes moves in Latin America Allied World Assurance Company's (AWAC) Lloyd's Syndicate 2232 has received approval to write direct insurance and facultative reinsurance business in Latin America and the Caribbean. New lines offered will include casualty, professional liability, property and specialty, including marine cargo and aviation. Julian James, President of Allied World Europe, commented: "We recognise that there is tremendous potential for growth throughout Latin America and we look forward to providing trading partners and clients with a strong portfolio of specialty products tailored to meet their unique exposures. Emerging markets offer significant opportunity for companies and investors, but along with those opportunities come risks. As such, it is vital to work with strong, well-positioned partners who can help their customers thrive." Frank D'Orazio, President of Allied World International, added: "We have operated a successful treaty reinsurance business from our Miami location since 2012. Building out a direct and facultative operation further achieves our corporate goal of strategic territorial and product expansion, and we look forward to growing this business over time." MSIG-led D&O consortium increases coverage limit to $75m MSIG-led Lloyd's D&O consortium has increased its line size to $75m for 2015. This represents an increase of $13m over last year and makes it the largest capacity offering commercial D&O and prospectus liability cover in the Lloyd's market. The consortium, which was launched last May, consists of capacity from ArgoGlobal, Chaucer, Channel Syndicate and AG Doré. The excess D&O consortium at Lloyd's can be accessed globally, excluding US domiciled risks, either on a direct or reinsurance basis. It caters for both private and public companies, including those that have US traded American Depository Receipt programs (levels one to three) or DUAL Listed exposures up to the full $75m limit. Andrew Pecover, Class Underwriter, D&O at MSIG, said: "We are very pleased to announce that brokers and clients can now access significantly increased capacity via the consortium, in addition to MSIG's expert claims management service. Having established the consortium in 2014, and traded successfully with all major global broking groups across a number of territories including the UK, Australia, Canada, Israel and Europe, we are now in a position to maximise the combined strength of its members and offer the largest line size for commercial D&O in the Lloyd's market." Canopius launches renewable energy division Canopius Group Ltd, the global specialty (re)insurance platform of Sompo Holdings, has launched a renewable energy division. The five-strong team will be based in Amsterdam and will report to Steve Warren, Head of Energy at Canopius in London, and Jimmy Guman, Managing Director of Sompo Japan Nipponkoa Nederland B.V. The new team, which joins from Delta Lloyd, will be led by Maarten Mulder and will initially focus on offshore wind renewable energy risks. The team will underwrite jointly for Canopius and Sompo Japan Nipponkoa Insurance Company of Europe Ltd. Mr Warren said: "Renewable energy is a growing area requiring specialist insurance and I am delighted that this highly skilled and experienced team have joined Canopius to expand our energy product range. Their collective knowledge, expertise and impressive reputation will allow us to offer a compelling proposition for the renewable energy market. I look forward to working with them and the part they will play in Canopius' ongoing development." RFIB expands hull and war business with appointment of Steve Hughes RFIB Group Limited, the international Lloyd's insurance and reinsurance broker, has appointed Steve Hughes as divisional director, hull and war. He takes up his new position with immediate effect and will report to Chris Tansley, Managing Director of Marine International. Mr Hughes brings nearly three decades of experience in the Lloyd's market to RFIB. He joins from Willis where he served as executive director, marine. Prior to this, he spent six years at Price Forbes as a divisional director responsible for producing and placing marine hull and liability business. Jonathan Turnbull, Chief Executive Officer of RFIB, said: "A key part of our growth strategy is to attract individuals who have the experience, market understanding and service-driven approach to complement our specialist team. Steve has these qualities in abundance and his highly impressive reputation and vast expertise, particularly in US and Asian business, will be a significant asset to our hull and war team. I am very pleased to welcome him to RFIB."

Corporate round-up

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