download - Price Forbes

Price Forbes & Partners
Energy Market Developments
april 2014
Energy Casualties
Fire occurs at Iran’s Abadan Refinery
A fire occurred at Abadan Refinery, south of Iran, the Shana
News Agency reported on the 30th March.
The incident occurred due to a fluctuation in main power of one
of the units of the refinery. The fire was extinguished and there
Late on the 25th March, the EPA said the clean-up was just about
finished and it appeared there was no threat to people or wildlife.
Crews from BP, the US Coast Guard, the US Environmental
Protection Agency, and the Indiana Department of Environmental
Management took part in the clean-up and investigation.
No injuries were reported.
were no reports of injury or financial damage.
With a capacity to refine 390,000 barrels of oil per day, Abadan
Refinery meets 25% of the country’s need.
Libyan rebels shut down major oil field
Libyan oil production plunged on the 24th March after rebels shut
down the major Elephant oil field in southern Libya, in protest
against the General National Congress (GNC) whose mandate
Malfunction at BP refinery causes oil spill on Lake
arly in March, Russia invaded Crimea and since then
There have been some interesting career moves and high-
it has been energy issues (mainly concerning oil and
profile M&A activities, and Lloyd’s is still attracting new capital;
gas), which the West believes could be a possible Achilles
several of the global carriers have undergone European staffing
Heel of the Russian president, Vladimir Putin. Many people
reshuffles. It was reported that this year would see 39,000 new
believe that he gambled on Europe’s dependence upon
jobs in the oil and gas sector and the brokers, consultants and
Russian gas to restrain key EU/NATO countries.
carriers will undoubtedly adjust their staffing accordingly.
Now, in April, we are seeing Gazprom courting Asia for markets if
The next few weeks and months look to be very interesting from
Europe will not buy its gas in the quantities it needs to sell. How
the point of view of developments around the Black Sea and
does this affect the energy insurance industry? As we alluded
we look forward to bringing you pertinent news as soon as we
to in our previous newsletter, countries other than Russia will
can. We hope you find many of our articles interesting and look
provide Europe with gas and the prospecting, production and
forward to any comments you may have.
Crude oil spilled onto the shore of Lake Michigan in Whiting,
Indiana, following an accident at the BP refinery on the 24th
The Environmental Protection Agency (EPA) responded and
found an area of about 5,000 square feet covered in crude oil.
“A disruption in the refining process resulted in a crude oil
into Lake Michigan at approximately 4:30p.m. Monday,” BP
spokesman Scott Dean said.
contained to a cove located between the refinery’s wastewater
management and insurance support and protection.
treatment plant and a steel mill.
Press releases and other sources of information all tell us that
Vacuum trucks were on hand to assist in the clean-up. Most of
oil and gas producers from Iraq, Azerbaijan and other countries
the oil was along the beach and not in the water. The wind helped
are likely to step up their production and this will be reflected in
the clean-up crews because it pushed the oil into one section of
their insurance and reinsurance needs. No one can say that geo-
the cove and the unseasonably cold weather was also welcome.
political blackmail is good for the countries caught in the middle
– Ukraine and those EU states who are seeking to reduce their
“The cold weather has actually made the oil almost congeal to
dependence on Russian gas – but it may convince reasonable
what was described to be as a waxy substance and you see the
people close to Putin that his ambitions could hurt their country.
crews picking it up with flat shovels and putting it into trash bags
and where it will then be properly disposed of,” said Mr Dean.
In other news, Myanmar is edging closer to moving from the
planning to the prospecting and development phases of oil
BP has said it does not yet know how much oil was spilled, nor
production; both Iran and Iraq are on the verge of considerable oil
do they know the environmental impact, but Rebeccah Sanders
exports; several Baltic countries are positive about the potential
of the Audubon Society is concerned about the birds that will
for oil and gas finds in the Adriatic; Tanzanian gas could soon be
come there.
on the way to Europe, and Petrobras continues to dominate the
headlines for Latin America. It is good to see that Argentina and
“Just north of us is important bird area for migratory birds and
Peru are working well with the larger energy corporations; pity
inland is Wolf Lake also an important area. Lots of bird activity
about Venezuela, though.
The measure brought down production from about 250,000
barrels per day to about 15,000 barrels per day.
There is concern that rebels could take further measures to
bring the GNC and the country to its knees if new parliamentary
elections are not held as soon as possible.
The Elephant oil field is managed by Eni.
discharge from the BP Whiting Refinery’s cooling water outfall
The clean-up started on the 25th March, and BP said the oil was
transportation of gas (and LNG and oil) will necessitate risk
expired on the 7th February, Tripoli Post reported.
North Dakota pipeline spills 800 barrels
A broken pipeline has spilled around 800 barrels of crude in the
north-west of North Dakota, state officials said.
Privately held midstream player Hiland Partners, the owner of
the pipeline, said the spill occurred at its Hiland Camp Creek
injection station at around 5:00a.m. local time on the 20th March,
outside the town of Alexander in McKenzie County.
A response began as soon as the spill was discovered, the
company said, and the flow of crude was “substantially controlled”
by the time “specialised remediation contractors” arrived on site
an hour and a half later.
Hiland identified the cause of the leak as a gasket failure in an
above-ground flange at the injection station.
About 100 barrels migrated from the site of the spill, Hiland said.
The company said there were an additional 275 barrels of oil on
“Contaminated soil has been stockpiled and is in the process of
being hauled to a landfill,” he said.
and we want to make sure everyone is safe,” said Ms Sanders.
Hiland said the environmental impact was limited to the
Local TV broadcast images of a large oil tank ablaze at the Cerro
The building, which houses offices, is located in the vicinity of
contaminated soil. There was no threat to groundwater and no
Divisadero treatment plant in the province of Mendoza, around
the West Area Maintenance Office. Further checks revealed fire
injuries, the company said.
1,400 kilometres south-west of Buenos Aires.
coming from the roof of one of the offices.
All off-site remediation was expected to be completed by the 21st
The company said the fire and explosion affected the entire
Petrotrin’s fire department and the Trinidad and Tobago Fire
March, Hiland said.
treatment complex, forcing the closure of ten deposits which
Service were contacted and the blaze was contained by 5:40a.m.,
produce 1,460 cubic metres of crude per day. The ten tanks
a release from the company stated.
Hiland operates in various aspects of gathering, processing and
make up 3.8% of YPF’s total output.
Petrotrin said that there were no reports of casualties and the fire
transporting natural gas, natural gas liquids and crude in the
Williston basin and the Mid-Continent region of the US.
“The fire started midday on Friday, the 21st March in one of
did not threaten any major installations.
the plant’s oil tanks,” YPF said in a statement. “The company
activated its contingency plan and told provincial and national
Petrotrin fire department personnel gave the all clear to resume
Yemeni tribesmen bomb pipeline
authorities and is at this time working with them to control the
normal operations at around 6:45a.m.
Yemeni tribesmen bombed Yemen’s main crude export pipeline,
Petrotrin President Khalid Hassanali and other senior refinery,
forcing oil flows to be stopped, according to reports on the 24th
The plant was evacuated and 14 people received medical
operations, security and HSE personnel visited the scene.
attention, YPF said.
An internal investigation team has been appointed to investigate
“The pipeline was attacked by tribesmen. The damage is quite
the cause of the blaze.
big and oil flow as stopped,” reporters quoted an industry source.
Two Vietnam power plants shut after gas leak
The demands of the tribesmen were not known, but in the past
Two power plants in southern Vietnam were shut down due to a
they have wanted relatives to be released from prisons or to
leaking valve on a gas pipeline, state-run Voice of Vietnam radio
protest against their unemployment.
said on the 17th March.
Yemen’s oil and gas pipelines have repeatedly been sabotaged
The problem on the pipeline, owned by state oil and gas group
by insurgents or angry tribesmen since anti-government protests
Petrovietnam, occurred on the 15th March. The power plants
created a power vacuum in 2011. This has caused fuel shortages
in Ca Mau province have a combined power capacity of 1,500
and the slashing of export earnings for the impoverished country.
megawatts and supply about a tenth of the country’s electricity.
Its main export pipeline carries about 70,000-110,000 barrels per
Following the shutdown, state utility Vietnam Electricity group
day of Marib light crude to an export terminal on the Red Sea.
had to source electricity from the fuel oil-fired O Mon power plant
in Can Tho city to ensure a stable power supply to southern
A long closure in 2011 forced Yemen’s largest refinery at Aden
Vietnam, it said in a statement released on the 16th March.
to shut, leaving the small producer dependent on fuel donations
from Saudi Arabia and imports.
The Ca Mau Gas Company, a subsidiary of Petrovietnam Gas
Corporation supplying gas to the plants, had expected to fix the
Yemen’s stability is a priority for the US and its Gulf Arab allies
valve problem and resume gas supplies later that week, the state
because of its strategic position next to top oil exporter Saudi
utility said.
Arabia and shipping lanes, and because it is home to one of the
most active wings of Al-Qaeda.
The US$300 million PM3-Ca Mau pipeline, built by RussiaVietnam oil venture Vietsovpetro, has been in operation since
2008, supplying gas to the two power plants from the PM3 oil and
Explosion at Argentine oil plant affects output, no
gas field in the waters between Vietnam and Malaysia.
An oil tank exploded at a treatment plant run by state energy
company YPF on the 22nd March, affecting more than 3% of the
Fire destroys parts of building at Petrotrin refinery
firm’s total output of crude but leaving no fatalities, the company
A fire destroyed parts of a building at Petrotrin’s Pointe-a-Pierre
refinery on the 14th March.
YPF said its nearby Lujan de Cuyo refinery, which produces
Petrotrin stated that security personnel on patrol observed smoke
106,000 barrels of oil per day, was drawing on oil from back-up
emanating from the roof of the building during routine checks
deposits and operating normally.
around 4:05a.m.
Insurance News
Lloyd’s posts higher profit in 2013
Lloyd’s posted a profit of £3.2 billion (US$5.30 billion) for 2013,
up 16% from 2012, it announced on the 26th March.
The market’s gross written premiums for 2013 went up 2% from
2012, to £26.1 billion (US$43.21 billion) – a record high, Lloyd’s
said in a statement.
Lloyd’s posted an investment income of £839 million (US$1.39
billion) for 2013, down 36% from the previous year, it said.
The market’s combined ratio for 2013 improved from 91.1% for
The board of Channel Managing Agency is led by Chairman
Brian Hilton. The other members of the agency board comprise
Chief Risk Officer John Byrne, Active Underwriter Tom Corfield,
and Chief Financial Officer Paul Chubb. Victor Peignet, Benjamin
Gentsch and David Reed from SCOR, Terry Hayday and David
Hindley are also directors.
Brian Hilton said, “The board is very excited that we now have
the opportunity to develop our business, embedded in the SCOR
Group, as a fully-fledged managing agency. I congratulate the
whole syndicate team under the able leadership of Richard
Harris, CEO of Channel 2015, for all that has been achieved to
date. The board’s thanks also go to Asta for all their support.”
2012 to 86.8%, it said.
Allied World gets OK to set up Lloyd’s managing
Lloyd’s results were boosted by a relatively benign year for
Allied World Assurance Company Holdings AG has received
approval to set up a managing agency at Lloyd’s of London, it
was announced on the 31st March.
catastrophe losses, according to Luke Savage, Director of
Finance and Operations at Lloyd’s. He said that the largest
natural catastrophe claim faced by the market during 2013 was
about £100 million (US$1.66 million) from floods in Alberta,
The result was also boosted by prior-year reserve releases, he
said, which contributed about £1.57 billion (US$2.60 billion) to
the market’s result for 2013.
SCOR to manage own Lloyd’s syndicate
SCOR has secured approval to act as a managing agency at
Lloyd’s. It will now manage its own syndicate in the market,
replacing Asta Managing Agency.
The Channel Managing Agency, owned by SCOR Global P&C,
will manage Lloyd’s Syndicate 2015, which, backed by SCOR, is
one of the largest capital providers to the Lloyd’s market.
Allied World Managing Agency Ltd. began operations on the 1st
April managing Allied World’s multiline syndicate 2232.
Syndicate 2232 began operating in June 2010 and was previously
managed on a third-party basis by Capita Managing Agency.
The syndicate targets territories in the Asia Pacific and Latin
America regions, as well as in the Middle East and Africa, among
other areas, and has capacity of £121 million for 2014.
“Launching our own managing agency at Lloyd’s has been a
primary objective for our team,” Darren Powell, Active Underwriter
for Syndicate 2232, said in a statement.
ACE has appointed Raimund Navakas to lead the unit as Senior
Vice President, Global Property Engineering.
Mr Navakas will relocate from Sydney to New York City and
will report jointly to Paul O’Neill, Chief Underwriting Officer,
North America Property & Specialty Lines, and Jarrod Hill, ACE
Overseas General Property Executive Vice President.
Global sanctions causing headaches for risk managers
at Middle East banks
Financial institutions in the Middle East are facing increasing
challenges to comply with, implement, and monitor global
Although economic sanctions and trade embargoes have been
in place for many years, financial institutions are concerned at
both the high number of sanctions and the frequency of changes.
This issue has been highlighted by recent events in Ukraine and
attempts by the US to impose sanctions on Russia by blocking
certain transactions and freezing certain Russian nationals or
corporations’ assets.
The US Treasury, through the Office of Foreign Assets Control,
is the most prominent imposer of sanctions, for both political and
security reasons. In addition, banks must also comply with UN
sanctions, as well as monitor any blacklisted individuals.
Financial institutions have faced an enormous increase in
customer vetting requirements since the New York terrorist
attack of September 2001, the global introduction of Know Your
Customer (KYC) rules and more stringent enforcement of AntiMoney Laundering (AML) measures.
However, global sanctions are becoming a particular challenge
for financial institutions, said Khalid Shaikh, Head of Compliance
and Bank Money Laundering Reporting Officer (MLRO) at
Mashreq Bank in the United Arab Emirates.
Speaking at the Risk Middle East 2014 conference in Dubai,
he said: “The list of sanctions is ever expanding and it is full of
For example, when it comes to blacklisted individuals there are
a number of common names and there is insufficient additional
information to differentiate between them. This produces too
many false hits, said Mr Shaikh.
Consequently banks have to make a number of judgment calls,
all of which carry a heavy risk. “There are heavy penalties for not
complying but if you freeze the wrong account, you are open to
litigation,” said Mr Shaikh.
Arch Capital launches reinsurer Watford Re
Arch Capital Group Ltd. has launched a new multiline reinsurer,
Bermuda-based Arch said on the 1st April. The new Bermuda
reinsurer – Watford Re Ltd. – was established with US$1.133
billion in capital.
Watford Re, a Class 4 insurer licensed by the Bermuda Monetary
Authority, intends to combine a diversified reinsurance business
with a disciplined investment strategy composed primarily of
non-investment-grade credit fixed income assets, Arch said in
a statement.
John Rathgeber, previously Vice Chairman of Arch Worldwide
Reinsurance Group, has been named CEO of Watford Re.
“The establishment of Allied World Managing Agency Ltd. at
Lloyd’s is another significant step for our European platform,”
Julian James, President of Allied World’s European operations,
said in the statement.
Formed in 2011, the syndicate underwrites a diverse range
of property, casualty and marine insurance classes. It now
comprises five divisions and its capacity has increased from
£75 million in 2011 to £155 million in 2014. The syndicate was
The managing agency received regulatory approval from Lloyd’s
and the UK’s two insurance regulators, the Prudential Regulation
Authority and the Financial Conduct Authority.
previously managed by Asta Managing Agency.
SCOR said that while the syndicate benefitted in its early years
from the support of Asta, it is now able to act as a fully integrated
Lloyd’s vehicle. The syndicate and the managing agency will
streamline processes and leverage the resources of the entire
SCOR Group.
ACE creates new global property engineering unit
A new Global Property Engineering unit has been established
by ACE to deliver seamless and consistent engineering risk
management services to its clients across the globe.
The new global unit has been created to address the
accessibility of risk managers worldwide to uniform services and
comprehensive real-time risk control report data.
“Our ability to solve the needs of our clients is enhanced
through adding Watford Re’s capabilities to our existing range
of product offerings,” Marc Grandisson, Chairman and CEO of
Arch Worldwide reinsurance and mortgage groups, said in the
“We look forward to working closely with our broker partners and
clients to create innovative products and structures not available
in today’s traditional reinsurance market.”
Ukraine: Instability stalls takeover
Vienna Insurance Group AG has suspended its US$30 million
acquisition of Ukraine-based PJSC Universalna Insurance,
which was due to close in March, Forinsurer reported on the 28th
The regulator would also look at the capital requirements of
insurance enterprises.
Problematic factors in the Vietnamese non-life sector include
violation of rules and inappropriate compensation practices.
Hong Kong passes tax concession bill for captive
Hong Kong’s legislative council has passed a new bill to lower
tax for captive insurance companies, allowing the insurers to
enjoy a concession of 50% in the profits tax on their offshore
risks business.
Proposed in the 2013-14 budget, the tax concession for captive
insurers will take effect from 2013-14, the year of assessment.
Experts said the deal could have stalled because of ongoing
political tensions in Ukraine or technical problems in transferring
Secretary for Financial Services and Treasury, Professor K C
Chan said, “The tax concession would provide further impetus
for groups or enterprises to consider setting up captive insurers
in Hong Kong to underwrite their own risks.”
Generali expands Asia Pacific business with Mitsui tie
The move, which is aimed at the development of captive
insurance, will strengthen Hong Kong’s status as a regional
insurance hub, while making the country’s risk management
services more diversified.
Italian insurer Generali has completed a deal to expand its
operations in Asia and Oceania in partnership with Mitsui
The firm’s global corporate and commercial business, headed
by Paolo Ribotta, will now reach Singapore, Taiwan, Malaysia,
Australia, New Zealand, the Philippines, Indonesia, South Korea,
and Vietnam.
The two insurers previously launched a partnership in Eastern
Europe and Turkey, focusing on corporate business.
Both have also agreed to discuss the possibility of further
Mitsui will work with Generali to ensure its multinational
programmes are compliant with local regulations in the region,
and will help the Italian firm to widen its coverage for global
Vietnam: Finance ministry to inspect 26 insurance
Vietnam’s Ministry of Finance has said it will improve regulatory
oversight on the insurance sector and will be conducting
inspections on 26 insurers and brokers in 2014, including local
subsidiaries of some major global firms, Vietnamese news
website reported on the 21st March.
“We will continue our promotion efforts and leverage our
economic and trade networks to attract more enterprises to form
captive insurers in Hong Kong,” Professor Chan said.
News of Insurance People
Barbican recruits Chaucer global energy head
Barbican has named Chaucer global head of energy as the
underwriting manager of its own energy division.
Chris White joined Barbican on the 12th March, reporting to
Syndicate 1955 Active Underwriter David Booth.
Mr White has 30 years of experience in the Lloyd’s market, and
joined Chaucer in 1992, before taking on the role of energy
Announcing the appointment, Barbican Chief Executive David
Reeves said, “The energy sector is a highly competitive arena
and in such an environment the calibre of your team is critical.
Chris White is one of the most experienced underwriters in the
energy market with an outstanding reputation. His appointment
is a significant boost to our growth strategy in the sector.”
Argo hires energy underwriter from Liberty
Argo International, the Lloyd’s insurer and member of Argo
Group, has appointed Greg Walters as class underwriter for
its onshore energy account. He will report to Head of Marine &
Energy, Philip Thorpe-Apps.
Mr Walters joins Argo from Liberty International where, as senior
Arthur J. Gallagher & Company have agreed to pay US$938
million for the insurance brokerage units of Australian
conglomerate Wesfarmers Ltd.
underwriting onshore energy at QBE’s O’Farrell Syndicate. He
has also served as a senior energy underwriter at Zurich Global
Energy. He began his insurance career in 1994 with JLT Risk
Mr Thorpe-Apps, said, “Throughout his career, Greg has focused
The Wesfarmers operations, which Gallagher is buying, have
about 1,700 employees in more than 50 offices in Australia, New
Zealand, and the UK, Gallagher said in a statement.
on Energy underwriting and this is reflected in his underwriting
skill and network of longstanding relationships in the sector.
His appointment emphasises our focus on recruiting specialist
underwriters, who complement our existing team, to develop and
The Wesfarmers brokering businesses include OAMPS
Insurance Brokers Ltd. in Australia, OAMPS (UK) Ltd. and
Crombie Lockwood Ltd. in New Zealand.
maintain an Energy account based on technical expertise and
Wesfarmers, which owns coalmines, chemical producers, and
an investment bank, has been shifting spending to its Coles
supermarket chain, which it bought in 2007 in Australia’s largest
corporate takeover. The company agreed to sell its insurance
underwriting business to Insurance Australia Group Ltd. for
$1.85 billion Australian on the 16th December.
Charles Taylor Adjusting makes senior London energy
of a high quality loss adjusting service for large and complex
insurance losses in the energy sector and enhance CTA’s leading
global position in energy loss adjusting.
Mike Riley joins as Director – Energy. He has worked in the
London insurance market for 35 years, with his earlier career
in the Lloyd’s market including broking, underwriting, and the
handling of major market claims. For the last 18 years he has
worked as an energy loss adjuster, specialising in physical
damage claims involving mobile offshore drilling units, FPSOs,
platforms and pipelines for both construction and operating risks.
Nigel Baskerville, BEng, BDes, CoTC, joins CTA as a Senior
Engineer. Mr Baskerville, who is a fluent Norwegian speaker,
has 24 years’ experience in mechanical engineering processes
and offshore oil and gas related industries. He has worked with
a wide range of leading offshore energy businesses and brings
wide experience of offshore design and fabrication engineering
and subsea design.
CTA has also appointed Carmen Olmeda as an Assistant Energy
Adjuster. She is a mining engineer and holds a Masters in energy
engineering with expertise in energy resources, fuels, explosives
and the production, transportation and storage of hydrocarbons.
Ms Olmeda, who speaks fluent Spanish, joins from the LOM
Official Laboratory, a centre of the Polytechnic University of
Madrid, assigned to the School of Mines in Madrid.
underwriter, he was responsible for developing a portfolio of oil,
gas, and petrochemical risks. Prior to this, he spent four years
Arthur J. Gallagher active down under and makes its
biggest deal by far
Mike and Nigel will play key roles in continuing CTA’s delivery
skilled underwriting.”
Hiscox Re appoints CFO and COO
Hiscox Re, the newly combined reinsurance operations of
Hiscox, has appointed a chief financial officer and a chief
operating officer.
Reeva Bakhshi, who becomes Chief Financial Officer based in
Bermuda, previously held a number of high profile roles within
Hiscox, latterly as Finance Director for Hiscox Europe. Bakhshi
joined Hiscox in 2006 from ACE.
Paresh Thakrar, who becomes Chief Operating Officer, joined
Hiscox in 2013 as Head of Strategy and Business Analysis from
McKinsey and Company. He will be based in Hiscox’s London
office. As well as McKinsey, Mr Thakrar has previously worked
Charles Taylor Adjusting (CTA) continues to strengthen its
energy loss adjusting team in London with the appointment of
Mike Riley and Nigel Baskerville.
for the Foreign & Commonwealth Office and Ministry of Defence
across a range of national defence issues.
Jeremy Pinchin, Hiscox Re’s CEO, said: “We formed Hiscox
Re as a direct response to the fundamental changes which are
challenging the traditional reinsurance model.”
Brit hires LATAM leader from PartnerRe
AGCS recently restructured its claims teams with each region
Specialty re/insurer Brit has appointed Juan Calvache, formerly
As part of the changes, the EMEA region has been streamlined
now having a dedicated regional claims head with a regional
of PartnerRe, to lead its new Miami-based Latin American
from 47 countries to eight zones, with its headquarters
team reporting to them.
consolidated in London.
The office will focus on expanding Brit Global Specialty USA’s
The eight Managing Directors will lead strategic execution in the
management team, consisting of Andreas Shell (Global Short-
US facultative property platform into the Latin American and
eight zones, and report to Mr Baldwin. The zones are: Africa, led
tail Claims Head), Philipp Cremer (Global Long-tail Claims
Caribbean markets, in line with Brit’s strategy of growing
by Wayne Abraham; Central, led by George Williams; East, led
Head), Tassilo Hummel (Claims Portfolio Intelligence and
efficiently and profitably into international markets.
by Christos Adamantiadis; South, led by Marco Dalle Vacche;
Coordination), and Brent Sorensen (Global Discontinued
MENA, led by Michael Jensen; North, led by Juhani Talvia;
Business Division).
Mr Mack will be supported in his role by a global claims
Prior to joining Brit, Mr Calvache spent over a decade with
UK, led in the interim by Nicolas Aubert; West, led by Fabrice
PartnerRe and its predecessor, Paris Re, where he built its
Miller recruits former Willis energy specialist
property facultative team.
Under the reshuffle, Emmanuel Brulé becomes Chief Risk
Graeme Valentine joins Miller from a Willis-owned business to
Officer, EMEA. Brulé will be responsible for enterprise risk
serve as a programme design specialist, having most recently
Barbican hires international casualty underwriter
management functions across the eight zones. His previous
led a power and utility team at Faber Global.
Barbican Insurance has recruited Faraday Re’s Tim Mackenzie
role as commercial lines leader for the EMEA region has been
as an underwriter in the firm’s international casualty reinsurance
Mr Valentine will work with the London-based downstream
energy team.
Michael Whitwell, President of Middle East and Africa for AIG
Mr Mackenzie will report to Andy Caldwell, Head of Non-Marine
Property Casualty, left the company on the 5th April after holding
a number of senior management positions over the course of his
Kennedys appoints Skrbic in London
30-year career at AIG.
Law firm Kennedys has appointed insurance and capital markets
expert Michael Skrbic as a partner in its London office.
Prior to joining Barbican, Mr Mackenzie was an international
casualty treaty underwriter at Faraday Re. He joined the firm in
2005 and, as part of the casualty treaty team, worked across
Hansen elevated to Skuld CEO
Mr Skrbic has 25 years’ experience in corporate insurance and
a broad spectrum of business classes, including motor, general
Ståle Hansen is to take over as Chief Executive of Skuld from
is a banking lawyer with a combination of insurance and banking
liability and professional indemnity, and spanning the UK,
the 1st February 2015.
transactional, regulatory and product experience.
Mr Hansen, currently Skuld Finance Director, will take over from
He has been a partner in Hong Kong leading the insurance
Douglas Jacobsohn, who will continue as an Executive Director.
practice group of CMS Cameron McKenna, partner in London of
Europe, Australasia and the Caribbean.
He began his insurance career at Royal & Sun Alliance in 2003.
the New York and Chicago specialist insurance law firm BSWB,
and a corporate insurance attorney in Bermuda with Appleby.
EMEA changes at AIG
McManus to leave AJG
AIG has unveiled a new structure for the Europe, Middle East
Arthur J. Gallagher UK Chief Executive Brendan McManus is to
In addition he has held senior in house roles at ACE, Zurich
and Africa (EMEA) region including the promotion of Nicolas
leave the company in January 2015.
Financial Services, Dresdner Kleinwort and Commerzbank. Over
the past decade he has been responsible for many finance and
Aubert to the role of Chief Operating Officer.
Mr McManus, Deputy Chairman of the British Insurance Brokers’
hedging transactions involving the life and general insurance and
Mr Aubert, previously Managing Director of the UK and Israel,
Association, joined Gallagher last year after its acquisition of
reinsurance markets.
will report to Seraina Maag, President of the EMEA region, and
Giles, where he was Chief Executive.
will retain responsibility for the UK on an interim basis.
He will focus on all aspects of the EMEA region’s client service
AGCS elevates Mack to Chief Claims Officer
delivery and transformation and the provider will announce his
Alexander Mack has been appointed to the newly created Chief
successor in the UK in due course.
Claims Officer role on the Allianz Global Corporate and Specialty
(AGCS) management board.
Meanwhile, Anthony Baldwin, previously Managing Director,
Country Operations Europe and Distribution, has been appointed
Mr Mack, currently AGCS Global Claims Head, took up the role
Managing Director and Head of Distribution, EMEA, also
on the 1st April and will be responsible for all aspects of AGCS’
reporting to Ms Maag.
claims service worldwide across all of its products.
If you have any questions, suggestions or comments please get in touch with one of the following, or your usual energy contact
David Baxter
Andrew Threadgold
Adam Lambert
+44 (0)20 7648 8024
[email protected]
+44 (0)20 7015 2931
[email protected]
+44 (0)20 7648 8086
Hugh Burnett
Jeff Jones
John Wallace
[email protected]
+44 (0)20 7015 2853
[email protected]
+44 (0)20 7015 2855
Robert Weald
Julian Wilson
Kayode Awogboro
[email protected]
[email protected]
+44 (0)20 7648 8047
[email protected]
+44 (0)20 7015 2816
[email protected]
+44 (0)20 7015 2890
[email protected]
+44 (0)20 7648 8069
Simon Edwards
[email protected]
+44 (0)20 7015 2984
The information contained in this newsletter is published by Price Forbes & Partners Ltd and includes research provided by Longdown Consultants Limited.
The articles contained in this newsletter are provided for general information purposes only and do not constitute legal or other professional advice on any subject matter.
Every effort has been made to ensure the accuracy of the content, Price Forbes & Partners Ltd does not accept any liability for any loss which may arise from reliance on information contained in this newsletter.
The contents of this newsletter are protected by copyright under international conventions and, the reproduction, permanent storage, or retransmission of the contents of the newsletter is prohibited without
the prior written consent of Price Forbes & Partners Ltd.
Price Forbes & Partners Ltd
2 Minster Court
Mincing Lane
+44 (0)20 7204 8400
Authorised and regulated by the Financial Conduct Authority
[email protected]