Insurance Investor - news round-up 19/5/23

A guide for all the news you may have missed in the investment space for insurers featuring Great-West Lifeco, Howden, Chaucer, China Life Pension Company, and Arthur J. Gallagher Co.

Insurance Investor Editorposted on Friday, May 19, 2023

@Shutterstock. Weekly comings and goings and portfolio management news for the investment community in insurance.

Comings and Goings

Great-West Lifeco

Canadian life insurer Great-West Lifeco Inc. has announced its succession plan for its Chief Financial Officer (CFO).

Jon Nielsen will be joining the company as CFO Designate on 5 September 2023, and will be appointed Chief Financial Officer in Q1 2024. Garry MacNicholas has made the decision to retire in Q2 2024 and will work with Nielsen during the transition.

After a successful 40-year career with the company that included leadership roles in Operations, Actuarial, Risk, and Finance, MacNicholas has chosen to retire.

Nielsen joins Lifeco from Asian-based insurer, FWD, where he was CFO. He has had senior finance and risk roles in the US, Asia, and Europe.

FWD said it is currently in the process of hiring a new CFO. Nielsen had been with the company since 2019, and prior to that had been with AIA, where he was Regional CFO and Group Chief Risk Officer (CRO).


Howden will unify its structure under a single global executive with insurance broking, reinsurance broking, and underwriting reporting directly to CEO David Howden. 

The restructure will be effective 1 October 2023 and the holding company and broking operations will rebrand under the Howden name and a single identity in October 2023.

The UK and Ireland (UK&I) broking operations will be chaired by Barnaby Rugge-Price, currently Deputy Chair, Howden Broking Group. He will be supported by Deputy Chairs Paul Redgate, currently CEO Global Specialty, and Mark Wood, currently Head of Global Practices.

Sarah Hughes, currently CEO UK Specialty, will lead Howden Specialty, which will bring together the current UK Specialty, Global Specialty, and Howden CAP businesses. Carl Shuker will lead the UK&I retail broking operations.

Andy Bragoli, currently Executive Chair of Global Specialty will become Global Head of Placement.

Luigi Sturani will continue to lead the broking operations in Europe, supported by Salvador Marin as CEO Northern Europe and Danny Sever as Chairman. Howden’s operations in Turkey will become part of its Europe region.

The Asia Pacific area will be chaired by Mark Wood with Goh Chye Huat and Matt Bacon leading Asia and Pacific respectively.

India, Middle East & Africa, and Latin America will be led by Sonia Caamaño, currently CEO International Growth Markets, and chaired by Paul Redgate, with Richard Mockett as CEO MEA, and Pablo Bores as CEO Latam.

Rob Bredahl leads Howden Tiger as CEO (the company’s Reinsurance broking arm), supported by Rod Fox as Executive Chairman, Tim Ronda as President, and Elliot Richardson as Vice Chair.

Richard Clapham, CEO, and Kieran Sweeney, Executive Chairman, continue to lead DUAL.

Olaf Jonda, Damien Coates, and John Johnson continue to lead Europe, Asia Pacific, and the US respectively.

José Manuel González, CEO Howden Broking Group, will retire from executive positions and remain with the Group as Special Adviser, CEO Office, as well as becoming Chair of Howden Iberia, which he founded. González took over as CEO of the broking group in 2018 and the business has grown from £500m to £2bn revenue in the five-year period.


Specialty re/insurance group Chaucer has promoted Simon Tighe to become its Group Head of ESG, in addition to his role as Group Head of Investments & Treasury within the company.

Tighe has worked on the development of Chaucer’s major ESG initiative which it developed in partnership with Moody’s. The ESG Balanced Scorecard enables businesses to measure their ESG performance, across up to 158 distinct metrics, enabling them to evaluate business risks and opportunities.

“Being a genuine force for good is at the heart of our approach to ESG,” said Tighe. “I’m excited to lead the impact we can make in the way that our clients and counterparties manage and mitigate their ESG risk.”

Tighe has been at Chaucer in a variety of roles since 2017. Before that, he was at Liberty Mutual and Liberty Specialty Markets for nine years.

China Life Pension Company

Wang Junhui has been appointed as the new Party Secretary and Chairman of China Life Pension Company, the subsidiary of China Life Insurance Group.

Wang will replace Cui Yong, who recently retired.

Headquartered in Beijing, China Life Pensions is a state-owned financial services company offering insurance and insurance advisory services. The Company provides retail insurance, pension fund management, and related reinsurance services.

Its predecessor, PICC was founded in 1949 and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. In 1999, it was renamed China Life Insurance Company.

Prior to this role, Wang was the Party Secretary and President of China Life Asset Management Company, one of China’s largest, which had over $720 billion in assets under management.

Wang spent twenty years at China Life in roles including Group Chief Investment Officer (CIO) and president of China Life Asset Management Company in 2016.


Arthur J. Gallagher Co.

Arthur J. Gallagher Co. (AJG) has been on an acquisition spree. It announced that its subsidiary, Risk Placement Services, Inc. (RPS), has acquired Houston-based RHP General Agency, Inc.

Terms of the transaction were not disclosed.

RHP is a managing general agency specialising in residential property insurance for clients throughout Texas. RHP’s CEO Greg Vanek and his team will remain in their current location under the direction of Russell Duffey, head of RPS's program administration division.

"RHP is a highly regarded agency that enhances our capabilities in the residential property space and provides strong cross-selling opportunities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am delighted to welcome Greg and his associates to our growing, global team."

AJG also announced the acquisition of Western Australia-based Mavco Insurance Group. Terms of the transaction were also not disclosed.

Mavco is a general insurance broker and risk management firm serving corporate clients throughout Australia and internationally. Mavco's areas of expertise include construction, health, engineering, mining, and financial services. Jonathan Winter, Daniel Waters, Stephen Hughes, Rodney Aylmore and their team will relocate to Gallagher's Perth and Adelaide offices under the direction of Sarah Lyons, head of retail property/casualty brokerage operations for Gallagher in Australia.

"Mavco has an excellent record of growth and client-focused service, and their market expertise will expand our capabilities in the region," said Gallagher, Jr. "I am very pleased to welcome Jonathan, Daniel, Stephen, Rodney and their associates to our growing, global team."

Elsewhere, Gallagher’s captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions, Inc., has acquired Dublin-based Allied Risk Management. Terms of the transaction were not disclosed.

Allied Risk provides insurance and reinsurance management services as well as actuarial services to clients globally. Owner, Frank Coyle, and his team will remain in their current location under the direction of Paul Eaton, head of Artex International.


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