Daily Willis Review | 12th April 2018

Accredited partners with American Team Managers
A Randall & Quilter subsidiary, Accredited Surety & Casualty Company, has begun a new underwriting partnership with American Team Managers (ATM).

Beginning April 1, Accredited has become the issuing carrier on behalf of ATM, which is an independently-owned insurance managing general agent and wholesaler that specialises in providing cargo insurance.

As part of the partnership, Accredited will act as the insurer on behalf of ATM, on a fully reinsured basis, as well as a conduit between the company and its insurance capital providers.

The cargo insurance program provides coverage in 12 U.S. western states with limits of up to $250,000.

Todd Campbell, the President and Chief Executive Officer of Accredited, said: “We are delighted to be working with ATM, a leading MGA in the inland transportation sector and with a well-deserved reputation for excellence and superior service.”

PERILS updates Industry Exposure Database
PERILS, the Zurich-based provider of industry-wide catastrophe insurance data, has released its 2018 update of the PERILS Industry Exposure Database (IED).

The update for each individual county has been produced from scratch and is based on exposure information from more than 100 national and international insurance companies.

According to the database, the biggest exposure is the European windstorm, with 190 million individual risks representing €55 trillion ($68 trillion) of insured property values.

This is compared to January 1, 2017, where the overall European windstorm sums insured increased in Euros by 2.1%, while in U.S. dollars the increase was 16.5%.

Australia, Italy and Turkey have experienced year-on-year variations, the release said, ranging from +7.4% to +17%.

Luzi Hitz, Chief Executive Officer of PERILS, said: “Our bottom-up approach ensures that the most current portfolio information is incorporated into the IED, and that changes and corrections in company sums insured are taken into account on an annual basis.”

Sompo launches new global retail insurance platform
Sompo International has launched a new retail platform to facilitate the integration of all the operations of Sompo Holdings outside Japan.

Currently, Sompo has 45 licensed entities across 32 countries throughout Europe, North and South America, Asia and Oceania, the Middle East and Africa.

The launch of the new platform is part of the company’s plans to bring all international businesses outside Japan under the ownership of Sompo by 2020, the release said.

As part of the new platform, Sompo will establish a new ecosystem function in which it will share expertise across countries and collaborate on the development of future products and underwriting models.

The company has also formed a new retail executive team which will be led by John Charman, who has been appointed Chairman and Chief Executive Officer.

Kengo Sakurada, President & CEO of Sompo Holdings, said: “Our vision is to build the first truly global integrated insurance and reinsurance business.”

QBE announces senior management changes
QBE Insurance Group has announced a reshaping of its senior management team with a series of appointments.

Inder Singh, Chief Financial Officer for QBE Australia and New Zealand, is appointed Group Chief Financial Officer, replacing Michael Ford.

Peter Grewal has been appointed Group Chief Risk Officer. He joins the company from Swiss Re, where he held the role of CRO of its reinsurance operations.

Liam Buckley, who currently serves as Interim Group Chief Risk Officer, will take on the new position of Group Head of Culture and Talent.

Matt Mansour, who joins from Barclays, where he served as Chief Technology Information Security Officer, is appointed Group Chief Information Officer.

Anders Land has been formally appointed Group Head of Internal Audit, after eight months acting in this role.

Pat Regan, Group Chief Executive Officer, said: “We have commenced an accelerated reshaping of the company’s strategic focus to create a stronger and simpler QBE.”