Daily Willis Review | 13th March 2018

Willis Towers Watson launches Global Ecosystem Resilience Facility
Willis Towers Watson has announced the development of the Global Ecosystem Resilience Facility (GERF), the first global insurance facility of its kind to provide innovative finance and risk management solutions to build the resilience of ecosystems and the communities they support.

The GERF was launched by Willis Towers Watson Chief Executive Officer John Haley at The Economist’s World Ocean Summit in Mexico.

The company said marine ecosystems are at risk, and damage to natural capital such as coral, mangroves and fisheries reduces its ability to protect the coastal communities, their economies and assets in developed and emerging countries.

Initial work of the GERF focuses on the protection of ecosystems such as coral reefs, mangroves and seagrasses in the Caribbean to support the resilience of fishing communities at threat from hurricanes and coral decline.

GERF will respond to these growing risks by delivering powerful analytics, incentivizing environmental stewardship and providing innovative insurance protection to mobilize development finance.

Mr. Haley said: “The Global Ecosystem Resilience Facility is such an important initiative in helping to support the resilience of coastal and island communities to climate pressures.”

Emerging technologies will transform industry’s future: Moody’s
Moody’s has predicted that emerging technologies will transform the insurance and reinsurance business model and create new opportunities, Reinsurance News has reported.

Analysts anticipate that the mergers and acquisitions (M&A) trend will continue during 2018, due to factors such as economies of scale, capital commoditization, and market position.

The ratings agency notes that there are fewer obvious targets or combinations for consolidation than in previous years, the report said.

Moody’s believes that consolidation is a positive trend for the industry, allowing companies the scale necessary to maintain relevance by providing a competitive cost base and funding essential technology and data investments.

It also predicts that technologies such as artificial intelligence, blockchain, and big data will have a profound impact on current insurance business models and products.

However, the report says it could be years before there is any meaningful disruption to the sector.

Validus Specialty expands D&O offering
Validus Specialty Underwriting Services has developed a private company commercial directors’ and officers’ (D&O) policy.

The new policy provides management liability protection for private company business leaders and is fully customizable.

It can provide D&O, employment practices liability, fiduciary liability, and commercial crime and cyber liability, on a combined or standalone basis.

As part of the D&O expansion, Validus has appointed Julianne McAdams as Senior Underwriter of Commercial Directors’ and Officers’ Liability.

Ms. McAdams will be based in Atlanta and will focus on complex risks across mid to upper middle market clients.

Jonathan Ritz, Chief Executive Officer of Validus Specialty, said: “Given the significant expertise this team is building out and our appetite, brokers and clients recognize they now have a vital underwriting team at hand.”

XL Catlin appoints CEO Canada
XL Catlin has announced the appointment of Urs Uhlmann as Chief Executive Officer, Country Manager for Canada.

In his new role, Mr. Uhlmann will be responsible for leading the regional business strategy and overall insurance operations in Canada.

He joins the company from Zurich Insurance, where he most recently served as CEO Global Corporate for Zurich Canada.

Kelly Lyles, Chief Executive Client and Country Management, said: “Urs brings extensive knowledge of commercial P&C insurance and broad international experience that will support our growth objectives in Canada.”

Doug Howat, Chief Executive of Global Lines, said: “We are excited to have Urs join our team of country leaders who oversee our growing portfolio of global lines which include aerospace, energy and fine art and specie insurance.”