Business News
Gen Re announces it will reorganize its Direct Global P&C operations in an effort to position the company’s team for the future. First, the footprint around the globe was evaluated to most effectively serve clients and to access promising business opportunities in the future.
As a result of that analysis, six smaller Property & Casualty operations will be integrated into teams in larger locations to facilitate a more robust delivery of services to our clients. Therefore, Property & Casualty operations will be discontinued at the following locations:
- North America – Charlotte, Seattle and St. Paul
- Europe – Riga
- Asia Pacific – Hong Kong and Melbourne
Despite these changes, Gen Re remains committed to these markets, servicing clients, and pursuing new opportunities across all regions.
Throughout this transition, the company will work closely with its regulators to make certain that transition is appropriately managed, regulations are followed, and obligations to Gen Re’s clients are fully met.
The company’s European Treaty underwriting resources will now be organized more centrally along five line-of-business teams to support the entire region. This will allow Gen Re to leverage underwriting expertise more effectively across Europe to support business development, and to provide even greater underwriting resources to customers through the company’s direct reinsurance model.
Global claims management specialist, Crawford & Company, has revealed its new international management structure, with a fully aligned ‘G6’ executive team and shared services leadership in place.
The G6 team reports to Ian Muress, executive vice president and chief executive officer (CEO), International, and comprises regional and country CEOs from the Atlanta-based organization’s largest collective operations around the world.
Aligned with the G6 team are five heads of the international operation’s shared services functions in client management, general counsel, technology, human resources and commercial operations.
Crawford International’s new management structure is as follows:
G6-Andrew Bart, CEO, Asia Pacific; John Jenner, commercial director, International; Clive Nicholls, CEO, UK & Ireland; Stephen Pearsall, finance director, International; Kieran Rigby, CEO, Europe & Latin America; and Pat Van Bakel, CEO, Canada.
International Shared Services-Benedict Burke, chief client officer, International; Phil Churchman, chief information officer, International; Pauline Holroyd, vice president of human resources, International; Mike Jones, chief operating officer, UK & Ireland; and Chris Pinney, general counsel, International.
The Hartford has entered into a definitive agreement to purchase Northern Homelands Company, the holding company of Maxum Specialty Insurance Group, for $170 million in cash.
Maxum will maintain its brand and limited wholesale distribution model and will be managed as a separate unit within The Hartford’s Small Commercial business. All Maxum employees will be offered continued employment at close and Maxum will remain headquartered in Alpharetta, Georgia.
The transaction is expected to close in the third quarter of 2016, subject to obtaining regulatory approvals and other customary closing conditions.
General Star Management Company announced the creation of “Encore!”, a trio of specialized product liability coverages, designed to protect manufacturers, importers and distributors from product liability exposures arising out of discontinued products, mergers, acquisitions or other past product exposures.
Discontinued Products coverage is available on both occurrence and claims-made forms, depending on individual risk characteristics. A three year policy term is standard and can be increased to five years where eligible. With premiums that are fully earned at inception and non-adjustable, the policy offers a single aggregate for the policy term. Additional insured status for the purchasing company is an option, subject to eligibility requirements. General Star provides primary limits of up to $2,000,000; excess limits are available depending on the applicant’s risk profile.
Retroactive Limits of Liability provides protection for a merger or acquisition scenario in which the seller has no or inadequate product liability coverage. General Star provides claims-made coverage with limits of up to $1,000,000, with a one day policy term and a customized reporting period designed to meet the requirements of the merger/acquisition. Retro dates of up to five years are available, subject to eligibility.
Liability Trigger Conversion provides”Nose” coverage under a variety of scenarios when a business converts its liability insurance from a claims-made to an occurrence form. Protection is provided on an occurrence basis, with a Liability Trigger Conversion endorsement. Nose coverage is provided on a one year term and is renewable annually. Limits of up to $2,000,000 per occurrence are available for eligible applicants. Excess coverage will be considered on a case-by-case basis.