Insurance Investor - news round-up 5/5/23
A guide for all the news you may have missed in the investment space for insurers featuring MLC Life Insurance, HFDC, Generali, Berkshire Hathaway, FBD, and the Washington Office of the Insurance Commissioner.
Insurance Investor Editorposted on Friday, May 05, 2023
Comings and Goings
MLC Life Insurance
Australian insurer MLC Life Insurance has appointed Nippon Life Insurance Officer Hiroyuki Endo as Chief Investment Officer (CIO) and Deputy Chief Financial Officer (CFO). Endo's appointment will also see him join the MLC Life Insurance Leadership Team and take on responsibility for finance and related management functions.
MLC Life Insurance is a part of the Nippon Life Insurance Group and its largest international insurance business.
Endo joins MLC Life Insurance from Nippon Life’s Tokyo office, where has most recently held the position of General Manager, Separate Account Investment Department. He began his career with Nippon Life Insurance in 1995 and since then has held several senior roles within the company, including Chief Manager, Cash Management Department and Deputy General Manager, Investment Risk Management Department.
Endo is a chartered member of the Security Analysis Association of Japan and a Certified International Investment Analyst.
“I am delighted to welcome Hiroyuki Endo to MLC Life Insurance and to the Insurance Leadership Team and I know the broader business joins me in welcoming Endo-san,” said Kent Griffin, MLC Life Insurance CEO. “This is a sign of the critical, close working relationship between Nippon Life Insurance and MLC Life Insurance, and the commitment Nippon Life has to the success of our business. I look forward to working with Endo-san.”
Endo succeeds Yosuke Nakano, who will be leaving MLC Life Insurance to take up the role of General Manager, Head of Indian Business, Global Business Planning Department role at Nippon Life based in Mumbai. There, his responsibilities will include overseeing the Indian business for both Life Assurance and Asset Management.
HDFC Life, one of India’s largest life insurers, has promoted its CFO Niraj Shah to Executive Director, effective 26 April 26 2023, for a term of three years, subject to approval of the Shareholders.
Shah has been the CFO of HDFC Life since February 2019. He oversees Finance, Product Development, and Process Excellence.
Prior to joining HDFC Life, he was at with PNB MetLife, ICICI Prudential Life, EY, and BNP Paribas. He is also a non-executive Director of HDFC Pension Management Company Limited.
Washington State Office of the Insurance Commissioner
Washington State Insurance Commissioner Mike Kreidler has confirmed that he will not seek re-election for the office.
Kreidler was first elected as the Insurance Commissioner in 2000. He was re-elected to his sixth term in 2020, as one of the US’s 11 elected insurance commissioners.
A former member of Congress and a Doctor of Optometry, Kreidler spent 16 years in the Washington State Legislature. In addition, he was the regional director for the U.S. Department of Health and Human Services and a member of the Northwest Power Planning Council. He also retired as a lieutenant colonel from the Army Reserves after 20 years of service.
He has also earned the "Excellence in Consumer Advocacy Award" from consumer advisors to the National Association of Insurance Commissioners (NAIC).
Dublin-based insurer FBD Holdings has named Kate Tobin as its new CFO and Executive Director, effective 1 January 2024. Tobin will take over from current CFO, John O'Grady, who, last December, announced his intention to retire at the end of 2023.
Tobin is currently Chief Underwriting Officer (CUO) at FBD as well as a member of the Executive Management Team. Prior to her current role, she held a number of senior management roles with Zurich Insurance Group, both in Ireland and at group level, including CUO for Zurich's general insurance business.
She is a Fellow of the Society of Actuaries in Ireland.
FBD Insurance the largest Irish-owned insurer with nearly 500,000 customers and was founded over 50 years ago.
"Kate is a high calibre new appointment to the board,” said Chair Liam Herlihy. “She has played a valuable role as Chief Underwriting Officer of FBD, and I very much look forward to what she will bring in this new role."
Berkshire Hathaway Specialty Insurance (BHSI) has appointed two BHSI senior figures to regional leadership positions.
Alessandro Cerase has been appointed President & Head of Europe Region, and Neeraj Yadvendu is now Head of Middle East and, subject to regulatory approval, will concurrently take on the role of Senior Executive Officer of the Dubai International Financial Centre Branch.
Cerase joined BHSI in 2018 as Senior Executive Officer (SEO) for BHSI Middle East and led the launch of BHSI’s business in the region. In 2020 he was named to the additional position of Global Property Underwriter Officer for Construction & Energy. He has more than 25 years of global insurance industry experience and has lived and worked in the UK, the US, and the Middle East.
He will continue to be based in Dubai and report to Peter Eastwood, President and CEO, BHSI.
Yadvendu joined BHSI in 2018 as Deputy Senior Executive Officer and Head of Third Party Lines in the Middle East and has played a pivotal role in BHSI’s growth in the region. He has more than 26 years of global insurance industry experience and has lived and worked in the UK, Asia, and the Middle East. Neeraj will continue to be based in Dubai and will report to Marc Breuil, Head of Asia Middle East, BHSI.
Generali has appointed Arsh Kaumi as Generali Thailand’s Country Manager and CEO of Generali Life Assurance (Thailand) Plc. Their statement said Kaumi “has extensive global experience in turning around companies and building strong collaborative teams”.
In his previous role, he was Regional Head of Distribution for Generali International – Asia, responsible for growth in China, Hong Kong, India, Indonesia, Malaysia, Thailand, The Philippines, and Vietnam.
Prior to that, he was Interim CEO for Generali Hong Kong and CFO & CIO in enhancing value, change management, and delivering sustainable results for Generali’s businesses in Hong Kong & India.
“Asia is one of the key markets for Generali, representing a future engine of growth and profitability for our Group,” said Jaime Anchustegui Melgarejo, CEO, Generali International. “Under Arsh’s leadership we are confident our businesses in Thailand is well placed to deliver on this thanks to his extensive experience in the region and leading his role in delivering sustainable growth. The appointment is also testament to Generali’s ongoing commitment to developing our talent.”
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