“For many years now, Richard has developed or led some of our most prestigious and successful consultancy projects. With economic uncertainty bringing a much greater focus on risk management in companies of every size, Richard’s broad industry experience will prove a tremendous asset to our clients,” said Martin South, CEO of Marsh UK and Ireland, on Mr Waterer’s appointment.

XL extends Nordic upper mid market offering

XL Insurance, the global insurance operations of XL Group Plc, has announced the extension of its business in the Nordic region with particular focus on insurance solutions for upper middle market companies.

Based in Stockholm the dedicated underwriting team will serve companies with approximate revenues of between €30m–€300m. It will focus on offering property and casualty policies, with a capability to provide a combined solution if required.

As a result of the extended offering, XL Insurance has hired two new underwriters.

Jan Jonassen has been appointed as Manager, IPC Middle Market, and brings almost 15 years of experience in liability broking and underwriting. He rejoins from Chartis.

Anthony Herring joins as Property Underwriter from FM Global where he spent the past 4 years as underwriter.

Peter Wullimann, XL Insurance’s General Manager for the Nordic Region, said: “Middle Market companies form an important part of the Nordic economy. As they grow, they find themselves facing new and complex risks.

“Having earned trust in the market place primarily serving large multinational companies, I am very pleased that we can now offer our capabilities and strengths to a new segment of clients. With our service commitment, underwriting expertise and global network we can support these companies both in their domestic markets and internationally. Our entry into this segment is an important element of XL Insurance’s growth strategy in the Nordic Region,” he added.

Marsh and AAIB set up oil rig facility

Marsh and Arab Anglo Insurance Brokers (AAIB) have launched a new Iraq Land Rig facility to meet the specific requirements of oil rig contractors operating in Iraq.

The facility will provide cover for physical loss of, or physical damage to, drilling rigs and associated equipment, machinery breakdown and third party liability risks, from the moment any equipments arrives in Iraqi, whether in transit, storage or operation.

Marsh said the facility will cater for all types and size of drilling contractors. With low retentions on offer the broker believes the cover will be particularly attractive to companies that do not wish to retain a high level of risk on their balance sheets.

Marsh added that the facility can be tailored to meet the specifications of one-shot well exploratory drillers, through to larger contractors conducting significant drilling operations across Iraq.

Simon Boxall, Managing Director in Marsh’s Global Energy Practice, commented: “Rig insurance is essential for drilling contractors but the costs can often be prohibitive, especially for smaller firms seeking to branch out into emerging territories. Drilling contractors need local risk and insurance expertise to take full advantage of the opportunities that exist in Iraq. This facility enables all contractors, from small independents through to global firms, to pioneer the development of Iraq’s oil economy.”

In addition to insurance cover, the Iraq Land Rig Facility provides claims support through access to loss adjusters. Clients will be able to access advice on local regulatory requirements from Marsh and AAIB.

William Wakeham, founder and CEO of AAIB, said: “Marsh and AAIB are delighted to offer this innovative insurance product in Iraq. Product development and unique service offerings have always been at the centre of AAIB’s operation in Iraq. Through our network of offices in Iraq, we are also well-positioned to keep abreast of ever-changing legal and regulatory structures to ensure that clients minimise their risk exposure, especially on matters of compliance, which are particularly pertinent to drilling companies working under contract.”

Zurich launches online academy to mitigate damage to goods in transit

Zurich has launched a new online academy to help its customers reduce damage to goods in transit.

Damage to goods in transit is a serious problem for many global businesses, with human error the major cause, according to the International Union of Marine Insurance (IUMI).

It estimates that up to 50% of marine losses during transit are caused by inappropriate handling, packaging and/or securing of goods.

Zurich’s Cargo Risk Academy (ZCRA) has been launched in reaction to this problem.

Launched this month, Zurich said the ZCRA is a simple-to-use online tool that gives customers and their employees training on cargo handling.

Zurich said it is the first insurer to offer such a tool. All courses have been developed by its risk engineers, in association with leading academics, and are available at www.zurichcargoriskacademy.com.

They cover subjects such as handling dangerous goods, suitable packaging, and international trade regulations and terms. Available in multiple languages, a limited number of courses are free to Zurich customers.

Kane make key appointments in Middle East

Kane, the specialist risk and insurance management services provider, has appointed Tim Tovell as Senior Executive Officer of Kane Ltd in Dubai and Tracey Bladen as Regional Compliance Officer for the Middle East.

In his role Mr Tovell will oversee the day-to-day activities of Kane Ltd and will have responsibility for strategy, business development and service delivery.

Mr Tovell’s previous roles include Vice President, Corporate Solutions Group at Asia Capital Re in Singapore and a Director of Captives at the Dubai International Financial Centre (DIFC).

According to Kane Mr Tovell has a wealth of experience in the design and placement of alternative risk financing structures and has been active in promoting awareness of captives in the Middle East.

“The potential benefits to organisations in the Middle East from using alternative risk transfer structures such as captives and cell companies are immense. Kane has established secure foundations in the region from which to deliver its insurance management services and I am excited about working with my colleagues and using the extensive capabilities the group has deployed in Dubai and across the Middle East to enable companies to access these opportunities,” said Mr Tovell.

Miss Bladen will be based in Kane’s DIFC office. She will be responsible for the delivery of outsourced compliance services to clients across the region as well as the development of working practices to meet regulatory and governance requirements.

She was previously a Senior Associate and Team Leader, Supervision at the UK Financial Services Authority.

XL and Willis Ltd agree e-Accounting deal

XL Group’s London operations and the UK’s Willis Ltd have launched a full electronic accounting process between the two companies that uses the ACORD 2010.2 data standard.

The move is part of the London insurance industry’s modernisation initiative, instigated by the London Market Group (LMG), to reduce paper-based transactions and implement e-Accounting across the market.

The announcement comes a few weeks after Willis and ACE went live with full e-Accounting.

Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: “Our roll-out of e-Accounting as a means to drive efficiencies and improved service continues, only this time we have implemented the new ACORD 2010.2 message standard, strengthening the data content and eliminating the need for supporting documents. We are confident that the enhancements in the process will reduce queries and re-work, delivering benefits for both brokers and carriers in the future.”

IRM appoints José Morago as Director

The Institute of Risk Management (IRM) has appointed José Morago, European Enterprise Risk Director for Aviva, to its board of directors with immediate effect.

At Aviva Mr Morago is responsible for risk oversight, governance and capital management of Aviva’s European operations in 12 countries. He is also responsible for Aviva’s Solvency II (Pillar 2) preparations at European level.

Prior to Aviva, Mr Morago was Chief Risk Officer for Groupama Insurance. He has also played senior roles for McKinsey & Company, Moody's Investor Service, Liberty Mutual and Banco Santander.

He holds an MBA from Instituto de Empresa (Madrid), a Master of Science in Finance from Boston College and a Bachelor’s degree in Business Studies from the University of Castilla-La Mancha (Albacete, Spain).

"The Institute continues to grow in both numbers and influence in the UK and overseas. José’s appointment brings valuable additional expertise to help us fulfill our strategic objectives,” said Alex Hindson, the IRM Chairman.

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