People Moves: CNA Hardy Taps Zurich’s Crew, Chubb’s Devenish for Mgmt Liability; Aon Strengthens Capital Advisory Unit to Drive Legacy Reinsurance Growth

CNA Hardy Taps Zurich’s Crew, Chubb’s Devenish for Management Liability Team

CNA Hardy has appointed Edward Crew as senior technical underwriter, and Oliver Devenish, as underwriter, to the London/Lloyd’s Management Liability team.

Based in London and working across both Lloyd’s and Company platforms, Crew and Devenish are the latest additions to the company’s now five-strong underwriter Management Liability team.

Crew has nine years’ experience in management liability, covering a variety of roles in both broking and underwriting. He joins CNA Hardy from Zurich where he was a senior underwriter and spent the last five years.

Devenish has six years’ experience in management liability including underwriting a variety of medium sized/large risks across the ML product suite and managing multinational accounts with the inclusion of local policy programs. He joins CNA Hardy from Chubb.

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Aon Strengthens Capital Advisory Unit to Drive Growth in Legacy Reinsurance

Aon plc, the global professional services firm, announced new leadership roles within the ReSolutions structured finance team of its Capital Advisory unit in Reinsurance Solutions to augment global legacy capabilities and attract more capital to the legacy and structured casualty marketplace.

Over the past several years, new capital has come to the legacy market in line with strong demand for legacy products, said Aon, noting that capital supporting dedicated legacy specialists has exceeded $21 billion in 2022 – an increase from $6 billion in 2016.

To better leverage the opportunities available in legacy business for clients, Aon has announced the following changes to its ReSolutions structured finance leadership team:

• Sherman Power has been named global head of innovation for ReSolutions, while retaining his role as head of ReSolutions U.S.
• Barry Gale has been named global head of legacy for ReSolutions. Gale was formerly head of legacy for London Capital Advisory.
• Steve Wallace has been named head of business development for ReSolutions and will continue to lead business development for the wider Capital Advisory function.
• Dustin Loeffler has been named U.S. head of legacy for ReSolutions, and will also drive legacy deal execution in the U.S.

In recent years, Aon said it has seen an increase in demand for legacy reserve transfers due to motivated sellers, an experienced marketplace, growth in available capital to buy legacy liabilities and increased competition.

Legacy reserve transfers can represent an efficient capital management tool that re/insurer clients use for transfers for many reasons, including to help transition a change in leadership, succession planning, driving operational efficiency and reducing volatility of results, Aon explained.

Aon described further benefits of legacy reserve transfers as:

• Optimization of capital – reducing capital requirements and/or release trapped capital to take advantage of new business priced at attractive rates;
• Realignment of asset and liability valuations – taking advantage of rising discount rates to compress liability valuations;
• Support new business strategy – discontinuing business deemed non-core, underperforming, and/or too volatile;
• Facilitate M&A – transferring business no longer required by the buyer, generally for older underwriting years; and
• Prioritize Environmental, Social and Governance (ESG) strategy – discontinuing business that does not meet ESG guidelines.

Eric Paire, international head of Capital Advisory, commented: “Enhancing our focus and capabilities around legacy business in this way demonstrates Capital Advisory’s ability to bring together a global team to support our clients and their global portfolios in an area of need and opportunity. We are excited to help grow this sector while at the same time helping clients to rethink their access to legacy capital.”

Topics Reinsurance Aon Chubb