Insurance Investor - news round-up 12/5/23
A guide for all the news you may have missed in the investment space for insurers featuring Talanx, AXIS Capital, IAG, and Farmers Insurance.
Insurance Investor Editorposted on Friday, May 12, 2023
Comings and Goings
Christian Vink has been named new Chief Risk Officer (CRO) at Farmers Insurance.
The California-based company has more than 10 million households with 19 million policies.
Previous to his role at Farmers, Vink was Head of Business Performance Management at Zurich Insurance for four years and other roles stretching back to 2011. He was also Regional Chief Financial Officer (CFO) for Zurich Santander, a joint venture between Zurich and Santander bank.
Other roles included CRO at ING Luxembourg and Dutch giant NN.
Simone Auer has been appointed as Talanx’s Chief Risk Officer (CRO) with effect from 1 May 2023. She will succeed Gerhard Stahl, the Group’s former Head of Group Risk Management, who will stay on as a Research Advisor.
A mathematician by training, Auer moved from Group subsidiary Hannover Rück SE to Talanx’s Group Risk Management in October 2022 to become Deputy CRO.
Before that, she spent 17 years in the Dynamic Financial Analysis unit at Hannover Re, becoming Head in 2016, where she was responsible for the Hannover Re Group’s internal model.
Going forward, Stahl will focus on his university research. His plans include European research projects in the areas of climate risks and cyber risks. He will also work as a mentor at Talanx.
AXIS Capital Holdings Limited has appointed Mark Gregory as Head of Global Markets and Michael J. McKenna as Head of North America. The newly created leadership positions will report directly to Vince Tizzio, President and CEO of AXIS, within its specialty insurance business.
As Head of Global Markets, Gregory – who was previously CEO, International Division – will oversee underwriting and business growth for the Company’s International Retail business lines (EMEA/APAC/LatAm), as well as its Global Practices including Cyber and A&H insurance.
McKenna will have oversight of underwriting and business growth strategies for the Company’s North America Wholesale and Retail businesses. Global Distribution (Insurance) and Digital will also report to him. Prior to joining AXIS, he held Chief Underwriting Officer roles with Falvey Insurance Group, The Hartford (Global Specialty Division), and Navigators (US Insurance Segment), and served as SVP of the Specialty Reinsurance Division at Aon Benfield.
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has locations in Bermuda, the US, Europe, Singapore, and Canada.
Insurance Australia Group Limited (IAG) announced that its Chief Financial Officer (CFO) Michelle McPherson will retire by the end of 2023.
IAG is the largest general insurance company in Australia and New Zealand. The Group’s businesses underwrite over A$13 billion (£7 billion) of premium per annum and sells insurance under many brands.
McPherson joined IAG as Acting Group CFO in April 2020 and was appointed CFO in November 2020. Previous to that she was at nib Group for 17 years with roles including CFO and Deputy CEO.
She will continue in her role as CFO while an internal and external search to identify her replacement is conducted.
IAG also announced that its Chief Insurance & Strategy Officer Tim Plant will be leaving IAG on 30 June 2023 as the company consolidates its group functions to better support its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand.
Plant heads up the company’s Strategy, Innovation, and Underwriting division. Strategy and Innovation will sit within Finance and Underwriting will be transferred to Risk.