Friday, 6 July 2012
Marsh makes changes to Energy practice with Andrew George as chairman of global arm, Zurich appoints Vinicio Cellerini as CEO of Global Corporate in the UK, MDS launches HighDome to provide alternative risk financing services, Hyperion gets regulatory approval for acquisition of Windsor and RFIB appoints Richard Scott as Divisional Director in Energy team.
Marsh makes changes to Energy practice with Andrew George as chairman of global arm
Marsh has appointed Andrew George as chairman of its Global Energy Practice with Andrew Herring succeeding him as head of its EMEA Energy Practice.
Mr George replaces Jim Pierce who now leads Marsh’s Global Industry Practices group. Mr George will report to Mr Pierce and will continue to be based in London.
Commenting on the announcement, Mr Pierce said: “With his extensive experience of global energy insurance markets and his deep understanding of the risk issues companies face, Andrew George is one of the most knowledgeable and well-qualified insurance professionals in our industry. Given his strong history of developing innovative solutions to meet the rapidly-changing needs of clients, Andrew will be a strong advocate for our clients as we further develop our market leadership serving the global energy industry.”
Mr George added: “I am excited to be taking on this opportunity at such a challenging time. With companies facing ever-tighter margins and increased regulation, never has the management of operational risks been more crucial to the global energy market. My Energy colleagues and I look forward to working with our clients around the world to enable them to deal with these important issues effectively.”
Commenting on his appointment, Mr Herring said: “The EMEA region encompasses some of the world’s most promising emerging markets and many of its well-established economies. All of them face increased risks as they find ways to meet the growing demand for energy in uncertain economic times. I relish the task of further developing Marsh’s offering in this diverse region.”
Zurich appoints Vinicio Cellerini as CEO of Global Corporate in the UK
Zurich has appointed Vinicio Cellerini as Chief Executive Officer of Global Corporate in the UK. The appointment will be effective from August 1, 2012.
In his role Mr Cellerini will report to Fredrik Rosencrantz, CEO Global Corporate in Europe. Mr Cellerini will replace Ann Haugh, who has been appointed Chief of Staff for Zurich Insurance Group.
Mr Cellerini has been at Zurich since 1986 and worked in a variety of underwriting and management roles, including leading Zurich’s agency network in Switzerland. In 2004, he became CEO of Global Corporate in Italy and was appointed to the position as CEO of Global Corporate Switzerland in 2009.
He will be based in London and will remain a member of the Executive Management Team of Global Corporate in Europe.
MDS launches HighDome to provide alternative risk financing services
European and Latin American insurance and reinsurance broking and risk consulting provider MDS Group has launched HighDome PCC Ltd (HighDome), a protected cell company (PCC) to provide alternative risk financing services including self insurance facilities, access to reinsurance markets and fronting arrangements.
HighDome, which is marketed through MDS Group and BrokersLink, attempts to simplify the captive concept used by large corporations, said MDS.
It enables organisations to reduce, and have long-term stability, in their insurance costs, with the possibility of covering those risks more difficult to insure in the traditional markets, it continued.
HighDome will primarily target medium-sized enterprises and larger organisations with an individual strategic risk.
Paula Rios, Chief Executive Officer of HighDome, said: “The use of a PCC can be an extremely cost efficient method of managing risk. Our service allows a wider range of businesses to achieve savings whilst avoiding the onerous set up procedures and high ongoing administration costs of a captive.”
HighDome is a 100% subsidiary of MDS Group and is fully authorised and regulated by the Malta Financial Services Authority to conduct both insurance and reinsurance business in short tail risks such as credit and surety, damage to property and miscellaneous loss, fire, business interruption, accident and goods in transit.
Hyperion gets regulatory approval for acquisition of Windsor
Hyperion Insurance Group Ltd, the international insurance intermediary group, has received regulatory approval to acquire Windsor Ltd from its management and employees and their institutional backer Hutton Collins Partners LLP. As a result the acquisition completed 3 July, 2012.
Hyperion Chief Executive David Howden said “I am delighted that we have received regulatory approval, and that there has been only a month between exchange and completion of the deal. There has been an enormous amount of hard work done in preparing the application to the regulators and meeting their criteria, and that hard work now means we can expedite the process of integrating the businesses. I would also add that we found the regulators to be constructive throughout the application process.”
Windsor CEO John Bennett will lead the combined London broking business, reporting to Tim Coles, CEO of Howden Broking Group.
Mr Bennett commented: “The focus is now sharply on integration. We are working to bring the businesses together as effectively as possible, to ensure that our clients are receiving the benefits of our combined product portfolio and global distribution network, and that our front and back office operations are aligned. There is much to be done, but the complementary capabilities and cultures mean that we are on the front foot and working together already.”
RFIB appoints Richard Scott as Divisional Director in Energy team
RFIB Group, the international Lloyd’s insurance and reinsurance broker, has appointed Richard Scott to the role of Divisional Director in its Energy team.
Mr Scott has worked in the industry for 27 years and joins RFIB Group from JLT, where he specialised in the Energy sector. Prior to that, he worked for Aon.
Commenting on his appointment Mr Scott said: “Working at RFIB is a great opportunity for me as it provides a strong platform to develop RFIB’s Energy book. I will be working with a great team and together we look forward to building and expanding RFIB’s Energy business.
Fredrik Rosencrantz, CEO for Global Corporate in Europe, said: "I welcome Vinicio to this exciting new role. His breadth of experience and understanding of the complex needs of our customers across the globe will be instrumental in ensuring Global Corporate is in a position to continue leading the UK market and to meet the challenges ahead. I would also like to thank Ann for the excellent job she has done in leading the UK team.”