Daily Willis Review | 27th March 2018

B3i founders launch blockchain start-up
The Blockchain Insurance Industry Initiative (B3i) has announced the incorporation of B3i Services, a new start-up company formed by the founders of B3i.

Originally B3i was established as a collaborative initiative of 15 global insurers and reinsurers who came together to explore and test the potential of blockchain in the industry.

B3i said the purpose of the new company is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the insurance and reinsurance industry – in some cases up to 30%.

The formation of B3i Services as an independent legal entity with its own capital and intellectual property means that the development, testing and commercialization of blockchain solutions can be streamlined.

Gerhard Lohmann, Chief Financial Officer of Reinsurance at Swiss Re and newly appointed Chairman of the company, said: “The transition of B3i from consortium to independent company is a concrete step forward to realizing the enormous potential of blockchain for the insurance industry.”

DARAG partners with New Nordic Advisors
DARAG has formed a strategic partnership with New Nordic Advisors to combine legacy and asset management expertise in a new jointly-owned cell, Reinsurance News has reported.

New Nordic Advisors, which is a subsidiary of the New Nordic Group, is a London-based investment management company.

According to the report, the joint initiatives are expected to commence imminently and plan to collaborate on product areas, including the provision of legacy, active business, and restructuring solutions.

Initially, DARAG’s protected cell company in Malta will act as the platform for the joint consolidation, but following the agreement, a new jointly owned cell will be established.

Stuart Davies, Executive Chairman of DARAG, said: “This strategic partnership is a milestone for our Group and further showcases our commitment to both consistent growth in our core markets and a creative and open approach to future partnerships and projects.”

BHSI opens office in Perth
Berkshire Hathaway Specialty Insurance (BHSI) has opened a new office in Perth, Western Australia, and appointed Anthony Prindiville to lead Casualty Underwriting and Mark Shepard to lead the Property Underwriting.

The new office will underwrite a broad range of business segments including casualty, property, mining, energy, construction, power, marine, transport and logistics, healthcare liability and accident and health.

Anthony Prindiville will lead Casualty underwriting and he joins the company from Chubb Insurance Australia, where he most recently served as Global Distribution Manager.

Mr. Shepard first joined the Perth office in January 2018, and previously he served as Underwriting Manager for Property, Technical Lines and Energy at Chubb Insurance Australia.

Chris Colahan, President, Australasia, said: “Expanding our footprint into Western Australia will enhance our ability to build lasting relationships with brokers and customers throughout the country.”

Artex appoints new CEO
Alternative risk management solutions provider, Artex Risk Solutions has announced the appointment of Peter Mullen as Chief Executive Officer-elect, effective March 2019.

Mr. Mullen re-joins the company from Aon Captive and Insurance Management, where he has served as CEO for the last seven years.

He succeeds David McManus, who will continue his role as President and Chief Executive Officer until July 1, 2019, where he will then transition to Chairman.

Mr. Mullen was a founding member of Artex in 1997 and will begin his new role once he has fulfilled his contractual obligations to Aon Captive and Insurance Management.

Mr. McManus said: “Succession planning is a core competency of our company. As our executive committee considered the future leadership of Artex, we immediately thought of Peter and the value we could create by reuniting the team that originally founded Artex.”