Daily Willis Review | 18th April 2018

Sedgwick finalizes purchase of Cunningham Lindsey
Sedgwick has announced it has completed its acquisition of Cunningham Lindsey and its subsidiaries, which will operate globally under the Sedgwick brand name.

Through the transaction, Sedgwick, which delivers property, casualty, risk services and administration to insurers, brokers and policy-holders, will gain an additional 6,000 employees across 65 countries.

Following completion of the acquisition, Jane Tutoki, previously Chief Executive Officer of Cunningham Lindsey, will assume the role of Vice-Chair of Sedgwick’s Executive Council.

Also serving on the council is Global Chief Financial Officer Henry Lyons and Group Presidents Mike Arbour and Bob Peterson, all previously of Cunningham Lindsey.

Dave North, Sedgwick’s President and CEO, said: “The close of this transaction brings a wealth of talent to Sedgwick, broadens our international footprint, and reinforces our position as the leading global provider of technology-enabled business solutions in the risk and benefits space.”

Monument Re acquires run-off portfolio
Monument Re has announced that through its European subsidiary Laguna Life, it has acquired a run-off portfolio of flexible premium retail life insurance contracts from Ethias, known as First A Portfolio.

The policyholders will be informed of the change from Ethias to Ireland-based Laguna Life, and the terms and conditions of the contacts will remain unchanged, the company said.

The transfer will result in the loss of savings guarantee of up to €100,000 ($123,698) in Belgium, due to there being no equivalent system in Ireland.

Once the transaction has been completed, Monument Insurance has said it intends to make a new surrender offer, which it said it will communicate to the relevant policyholders in due time.

Manfred Maske, Chief Executive Officer of Bermuda-based Monument Re Group, and Kieran Hayes, CEO of Monument Insurance, said: “It has been a pleasure to work with Ethias on the divestiture of the First A portfolio.

“We continue to make progress executing our Benelux and Ireland consolidation strategies and firmly establishing our long-term presence in these key markets.”

PartnerRe appoints Chris Shanahan Head of Corporate Development. U.S. Life
PartnerRe has announced the appointment of Chris Shanahan as Executive Vice-President, Corporate Development, U.S. Life.

He has 25 years of industry experience and joins the company in May from Hannover Re in the U.S., where he served as EVP, Mortality Solutions and Corporate Marketing.

A Fellow of the Society of Actuaries and a member of the American Academy of Actuaries, he will be responsible for developing PartnerRe’s U.S. life reinsurance business by leveraging the company’s global expertise to deliver solutions for the U.S. market.

Mr. Shanahan will work within the Life department and will report to Alan Ryder, CEO North America Life.

PERILS issues second loss estimate of $2,013 million for Windstorm Friederike
PERILS has issued a second insured loss estimate of €1,629 million ($2,013 million) for Windstorm Friederike.

The storm, also known as David, hit the British Isles, Belgium, the Netherlands and Germany on January 17 and 18, 2018, with maximum gusts of 87-99 MPH.

In line with its loss reporting schedule, PERILS will issue a third loss estimate on July 17, six months after the event.

Zurich-based PERILS provides aggregated, market-wide industry exposure and event loss data for catastrophes in Europe, Australia and Turkey.