Daily Willis Review | 16 May 2018

Daily Willis Review | 16 May 2018
  • Willis Towers Watson first global insurance broker to get full licence in China
  • Zurich finalizes $2.7 billion intermediated longevity swap deal with National Grid
  • XL Catlin launches solution for autonomous technology
  • Hamilton Re appoints Carol Redahan as Controller
Willis Towers Watson first global insurance broker to get full licence in China
Willis Towers Watson has announced that China’s Banking Insurance Regulatory Commission (CBIRC) has approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China.

It said this follows President Xi Jinping’s announcement early last month of a series of major financial liberalization initiatives aimed at opening up the Chinese market to foreign operators.

Scott Burnett, Head of Asia at Willis Towers Watson, said: “Willis Towers Watson was one of the first foreign insurance brokers to enter the Chinese market, with a presence dating back to 1994.

“This latest announcement speaks to the long-term commitment of our company to China and the recognition of our reputation and relationships not only in China but across the globe. The expanded license represents a significant vote of confidence by the CBIRC in Willis Towers Watson, our capabilities and our expertise.”

Wise Xu, Head of Willis Insurance Brokers China, said: “We have a strong branch network in China, extensive relationships with carriers and a global placement capability.

“Combined with our global knowledge and experience, the extended license to operate in China enables us to further grow our business with existing and new clients and opens up many new potential opportunities over time.”

Smilla Yuan, Chief Executive Officer of Willis Towers Watson Greater China, added: “Willis Towers Watson is actively exploring and assisting Chinese insurance companies in product innovation and development.

“With forward looking perspectives and innovative experiences, the extension of our license enables us to provide our Chinese clients with enhanced analytical and risk management capabilities.”

Zurich finalizes $2.7 billion intermediated longevity swap deal with National Grid
Zurich has announced the completion of an intermediated longevity swap covering more than £2 billion ($2.7 billion) of pensioner liabilities of the National Grid Electricity Group.

The transaction will protect National Grid against the risk of rising costs for around 6,000 pensioners and future dependent members living longer than expected.

Zurich said it has reinsured a significant proportion of the longevity risk with Canada Life Reinsurance.

Greg Wenzerul, Zurich’s Head of Longevity Risk Transfer, said: “This is our first bespoke intermediated longevity swap and by far our largest deal to date.

“I’m delighted that our solution fitted the National Grid Electricity Group Trustee’s requirements.”

Andrew Bonfield, Finance Director, National Grid, said: “We are very pleased to announce the completion of this longevity insurance which covers around two-thirds of the liabilities of the National Grid Electricity Group pension liabilities.”

XL Catlin launches solution for autonomous technology
XL Catlin has announced that it has created an insurance solution to support the design, development, testing and implementation of autonomous technology.

It said the solution will cover all sectors of the industry, and is made bespoke to the client’s need.

To support the new offering, XL Catlin has launched a multi-disciplinary Global Autonomy Center of Excellence.

The center will have a team of experts who will be able to provide guidance and support to XL Catlin’s underwriters, brokers and clients globally.

Mike McGavick, Chief Executive Officer of XL Catlin, said: “Autonomous technologies are changing the world around us, the way companies operate and the risks they face.

“We recognize the new and complex risks that are emerging and, as underwriters, we know we have the expertise to develop and deliver the right insurance solutions.”

Hamilton Re appoints Carol Redahan as Controller
Bermuda-based reinsurer Hamilton Re has appointed Carol Redahan as Senior Vice-President, Controller.

She has more than 20 years of industry experience and joins the company from Equator Reinsurances, where she was Controller.

She holds a Chartered Accounting designation from the Institute of Chartered Accountants, and she will report to Hamilton Re Chief Financial Officer Vanessa Hardy Pickering.

Hamilton Re Chief Executive Officer Kathleen Reardon said Ms Redahan “adds an important skill set to our Finance team whose scope of responsibilities have expanded significantly as our company has grown.

“In addition, she will be a valuable asset to Vanessa who will now be able to concentrate on the more strategic aspects of her position as CFO.”