Daily Willis Review | 6th April 2018

Lloyd’s opens office in Casablanca
Lloyd’s has announced the opening of a new office in Casablanca Finance City (CFC) with Salah El-Kadiri as its General Representative.

As part of the license, Lloyd’s managing agents can appoint coverholders and service companies, established in the CFC, to underwrite Moroccan and regional insurance and reinsurance business on their behalf.

The new office will be able to provide specialist risk solutions for a range of perils including marine, aviation and other Moroccan risks, and reinsurance of Moroccan risks and non-Moroccan risks.

Inga Beale, Lloyd’s Chief Executive Officer, said: “We are delighted to open our office in Morocco today as we believe that Africa is the next frontier for insurance.

“At Lloyd’s, we are determined to play a vital role in supporting economic growth and developing insurance markets in Africa.”

Liberty closes first deal under partnership with IFC
Liberty Specialty Markets (LSM) has announced it has closed its first deal as part of its partnership with International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector.

As part of the deal, LSM will insure a loan of $185 million from the IFC to Vietnam Commercial Joint Stock Bank (VIB) to support small-to-medium enterprises (SMEs), micro-SMEs, and affordable housing projects in Vietnam.

The IFC first announced its partnership with LSM in September 2017 as one of two insurers which will provide unfunded credit insurance for its Managed Co-Lending Portfolio Program (MCPP).

Under the terms of the agreement, LSM and IFC will approve the eligibility criteria for loans to be insured under the facility and IFC will originate, structure and administer the loans.

Peter Sprent, LSM’s Head of Global Financial Risks, said: “Economic development is a priority for Liberty Specialty Markets.

“Creating prosperity in the communities in which we do business around the world is one of our core values. Managed effectively, it can also generate positive returns for us.”

Zurich appoints new EMEA CEO
Zurich has appointed Amanda Blanc as Chief Executive Officer Europe, Middle East & Africa (EMEA).

Ms. Blanc succeeds Gary Shaughnessy, who will step down as CEO EMEA and as a member of Zurich’s Executive Committee in the fourth quarter of 2018.

According to the release, Mr. Shaughnessy will continue to serve as a member of various European subsidiary boards.

Ms. Blanc joins the company from AXA UK & Ireland where she most recently served as Group Chief Executive.

Mario Greco, Group Chief Executive Officer, said: “Gary is a passionate, values-based leader who embodies Zurich’s focus on people and customers.”

“In Amanda, we have identified a high-impact proven people leader with deep experience and knowledge,” he added.

TMK appoints new Regional Managing Director of Asia
Tokio Marine Kiln (TMK) has promoted Alex Dugand to Regional Managing Director, Asia, effective immediately.

In his new role, Mr. Dugand will be responsible for overseeing TMK’s Asian business, including the Hong Kong, Singapore and China markets.

He first joined the company over 10 years ago as a Reinsurance Underwriter and most recently served as Regional Underwriting Director for TMK’s Asia division.

Charles Franks, Chief Executive Officer of TMK, said: “I am delighted to announce Alex’s promotion to the role of Regional Managing Director, Asia.

“Alex is an accomplished underwriter whose regional market expertise, skill in building profitable books of business and ability to foster collaboration between our Asia teams and international offices have been core drivers of growth for TMK.”