Wednesday, 25 January 2012
ACE opens Ukrainian office
ACE has opened a representative office in Ukraine, based in Kiev. ACE has appointed Yuriy Shustyk, previously Executive Director at Aon Risk Solutions, Ukraine, to manage the new office.
ACE said that as well as acting as a liaison office for ACE’s multinational clients with a presence in Kiev, the new office ‘will enable ACE to build its profile and relationships with the Ukraine insurance market locally for the first time. The office will also lead ACE’s research as it considers future opportunities to participate in Ukraine’s property and casualty insurance sector’.
Aon acquires Spanish broker
Aon Corporation has reached an agreement with La Caixa, one of Spain’s leading financial institutions, and Banca March and has acquired 80% of GDS insurance broker, with an option to purchase the remaining shares at a future time. Financial terms were not disclosed.
La Caixa will continue to hold a percentage stake in GDS for the time being, and will become a partner of Aon through a joint venture created to improve the continued expansion and growth of this business.
Trade credit insurance web portal for ACE clients
ACE has launched a new trade credit insurance web portal for clients to monitor and administer their policies online. According to ACE, the new portal, ACE 360, has been designed to simplify policy administration, allow customers to manage their exposures, and provide bespoke management information, including the ACE Grade which denotes the financial strength of suppliers. The portal is offered in five languages and will provide clients with the ability to attach documents from Word, Excel or in PDF as a reference in the limit application process.
Swiss Re appoints new CEO
Michel M. Liès, currently Chairman Global Partnerships at Swiss Re, has been appointed as new Group Chief Executive Officer as of 1 February, 2012, succeeding Stefan Lippe.
Moses Ojeisekhoba is to join Swiss Re as CEO Reinsurance Asia and Regional President Asia, as of 15 March, 2012. He was previously Head for Asia-Pacific for Chubb Group of Insurance Companies.
Martyn Parker, currently CEO Reinsurance Asia, will return to Europe. Swiss Re said his future role will be announced in due course.
Simmonds joins Ironshore Australia from Chartis
Ironshore Australia has announced the appointment of Katherine Simmonds as Executive Director. She was also named to serve on the Board of Directors for Ironshore Australia.
Ms Simmonds will be responsible for Ironshore Australia’s Mergers & Acquisitions insurance programme offerings throughout the Asia Pacific region. She will also oversee the implementation of Ironshore Australia’s business growth objectives, reporting to David Rogers, Managing Director.
Ms Simmonds joins Bermuda-based Ironshore from Chartis, where she led the M&A practice for Australia and New Zealand.
Brokers, analysts and the insurers and reinsurers themselves keep telling everyone that will listen that the international insurance and reinsurance industry is currently over-capitalised. But at the same time corporate risk and insurance managers complain that the industry is barely scratching the surface of its risk transfer needs and that its cost-laden, traditional line of business approach prevents it from meeting their real demands. John Charman, Chairman and CEO of Bermuda-based Endurance Specialty, believes that consolidation is the answer. He is literally prepared to put his money where his mouth is and bought a $30m stake in Endurance when he took the helm last May. He has reorganised and refocused Endurance for further growth and has now made an audacious and contested bid for rival Bermuda insurer Aspen to fast track the process. Commercial Risk Europe Editor Adrian Ladbury investigates what lies behind the proposed deal and what potential implications it has for the wider market.