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London digest

Mitsui Sumitomo hires senior franchise exec

Eamon Brown, a key member of the Lloyd’s Franchise performance team that oversaw Lloyd’s underwriting standards, is to leave the Society at the year-end. Brown, together with Bob Stevenson, was a key lieutenant of Rolf Tolle, the Lloyd’s franchise performance director who formally steps down at the end of the year to be replaced by former Berkshire Hathaway executive Tom Bolt.

Brown will join London market (re)insurer Mitsui Sumitomo to become underwriting director of Syndicate 3210.

 

Wildnet investors sell stakes

Investors who backed the 2004 MBO in Wildnet, the London-based distribution technology firm, have sold their holdings to Alpine Risk Partners, the venture capitalist firm headed by Francis de Zulueta.

It is the first investment for Alpine, which was established this year by the former BP Marsh director with support from the private equity fund Alcuin Partners. Alpine/Alcuin will also commit development capital to Wildnet to fund its expansion. West Hill Corporate Finance advised Wildnet.

 

Corfield leaves Liberty

Tom Corfield, director of underwriting at Lloyd’s integrated vehicle Liberty Syndicates, is leaving the (re)insurer, the company confirmed.

In a statement, the company said the parties had mutually agreed that Corfield will leave “to pursue new challenges and interests”. After an 11-year stint as active underwriter, Corfield took on the newly created position of director of underwriting during a reshuffle back in March.

 

AEGIS London enters A&H

AEGIS London has entered accident and health insurance with the hire of a new underwriting team from Lloyd’s Broadgate Syndicate 1301. The team is lead by Nick Waymark as class underwriter, with Paul Fillbrook also joining as deputy class underwriter.

 

Brit parts company with PI execs

Brit Insurance parted company with two senior professional indemnity underwriters in a shake-up of the division. Kevin Huttly, Professional Risks underwriting director, and Professional Indemnity divisional underwriting director Jenny Martin, left the company last month.

Pamplona finally builds Chaucer stake

Russian-backed private equity firm Pamplona Capital Management finally upped its Chaucer shareholding to 16.27 percent – more than five months after announcing its intention to eventually build a 29.9 percent stake in the Lloyd’s insurer. The London-based investment firm had been awaiting approval from the FSA to increase its holding from 9.99 percent, after agreeing purchase deals with existing Chaucer shareholders.

 

Chaucer CEO to join Shelbourne and Hampden

Outgoing Chaucer Holdings CEO Ewen Gilmour is joining Lloyd’s m embers’ agent Hampden Agencies as non-executive chairman at the start of next year, replacing Nigel Hanbury. Gilmour is leaving Chaucer after 11 years.

On page 8 we reveal that Gilmour is also poised to join Lloyd’s RITC underwriter Shelbourne.

 

AHJ forms new specialty unit with Aon Benfield hires

London market broker Alwen Hough Johnson has hired a team from Aon Benfield and formed a new specialty treaty unit.

David Sibree, Stephen Gerken, Richard Hall and Deena Sullivan joined last month.

 

TigerRisk looks to London

Hot on the heels of announcing that Jeffrey Greenberg’s private equity firm Aquiline Capital Partners made an undisclosed investment in the firm, US reinsurance broker TigerRisk is thought to be spying acquisition opportunities in London.

Sources suggest that privately held TigerRisk – set up last year by founding RenRe CEO Jim Stanard and former Benfield US CEO Rod Fox – may be looking closely at independent London market (re)insurance broker BMS Group, with which it already has a partnership to access the London market.

 

Beazley hires Mitsui marine team

Lloyd’s insurer Beazley has hired a team from rival Mitsui Sumitomo to bolster its marine liability offering.

The specialist underwriting team, headed by Zareena Hussain, also includes underwriter Vincent Egon and assistant underwriter Sharon Duffy, and joins from the Japanese insurer’s Lloyd’s managing agency.

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