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Executive Changes
Convex Group Promotes Deputy Chief Executive Officer to Group CEO

Allianz Holdings and Hiscox each welcomes a new COO and former Prudential plc CEO comes out of retirement to join Athora.
  • September 2022

Paul Brand

The board of Convex Group Ltd. named Paul Brand as group chief executive officer. Brand founded the business in 2019 with Stephen Catlin, executive chairman.

Brand has 40 years of insurance industry experience, including 31 years at Catlin and XL Catlin. He was chief underwriting officer at Catlin between 2003 and 2015 and CUO (Insurance) at XL Group following the Catlin takeover from 2015 until 2017.

He was also chairman of Accelerate, XL Catlin's in-house innovation team, from 2016 until 2018.

In 2018, he and Stephen Catlin began to work on the formation of Convex, which was launched in 2019. He became deputy CEO from its foundation, according to a company statement.

“I am truly delighted that Paul has been appointed CEO by the board,” said Catlin in a statement. “When we launched Convex in 2019, the plan was that Paul would become CEO in due course and his appointment has been fully endorsed by our shareholders.

“He has led the team which has built Convex into a superb business with a strong competitive advantage and hard-to-replicate intellectual property. This promotion is very well deserved.”

According to the company, Convex Group is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines. The company operates out of London, Bermuda, Luxembourg and New Jersey.

—Staff Report

Thomas Bradley

Argo Group International Holdings Names Successor to CEO

Argo Group International Holdings Ltd. appointed Thomas Bradley to succeed Kevin J. Rehnberg as chief executive officer.

Bradley served as Argo's chairman since 2020 and as interim chief executive officer since March 2022. This appointment is effective immediately. Bradley also will continue in his role as executive chairman of the board of directors.

In his new role, Bradley replaces Rehnberg, who has been out on leave for health reasons since March 2022, according to BestWire. Rehnberg also will resign from the company's board of directors, effective immediately, the company said.

Bradley is an industry veteran with extensive experience in the insurance industry. He previously served as the chief financial officer and executive vice president of Allied World Assurance Company Holdings AG, a global provider of insurance and reinsurance solutions, from 2012 until 2017.

Prior to that, Bradley served as executive vice president and CFO for two other public companies, Fair Isaac Corp. and the St. Paul Cos. He also held senior financial and operational positions at Zurich Insurance Group, including CFO for North America and CEO of the Universal Underwriters Group (now Zurich Direct Markets). He currently serves on the board of directors of Horace Mann Educators Corp. and previously served on the board of directors of Nuveen Investments Inc., according to a company statement.

Ashish Patel

Allianz Holdings Appoints Chief Operating Officer

Allianz Holdings promoted Ashish Patel to the position of chief operating officer. He also will join the Allianz Holdings executive committee.

In his new role, Patel will have responsibility for overseeing operations and technology, including Allianz's transformation program, the company said in a statement.

Patel has worked for the Allianz Group for nine years. He previously held the position of head of Allianz Technology India. Most recently, he led the global delivery network for Allianz Technology, where he was responsible for overseeing branches in India, Spain and Thailand. Prior to joining Allianz, Patel had a lengthy career in the banking sector, including six years as director at Barclays Bank India, according to a company statement.

Stéphane Flaquet

Hiscox Names Group Chief Operating Officer, CUO in US

Hiscox appointed Stéphane Flaquet as the group's chief operating officer, effective Sept. 1 and subject to regulatory approvals.

In his new role, Flaquet will oversee a number of critical central functions, including group claims, group information technology, property services, procurement and group marketing to ensure the continued effective and efficient delivery of core services. He will be a member of the group executive committee and report to Aki Hussain, chief executive officer, Hiscox Group, according to a company statement.

Flaquet has been with Hiscox since 2010 and has held a number of senior roles across the group. He initially joined Hiscox as COO for Hiscox Europe before moving on to become group IT Director in 2012 and then CEO for Hiscox Europe between 2016 and 2021. He is currently group chief transformation officer and interim CEO for Hiscox U.K.

In other company news, Hiscox named Steve Prymas as chief underwriting officer in the United States. He will be based in White Plains, New York.

Prymas has more than 25 years of specialty insurance experience. He joins Hiscox from Embroker, where he helped to grow the insurtech's business as chief insurance officer. Prymas also has held senior leadership roles at Gen Re and The Hartford, according to a company statement.

Hiscox USA provides a variety of specialty risk solutions, including a broad spectrum of errors & omissions, general liability, cyber and data security, media liability, management liability, crime, and terrorism insurance products.

Mike Wells

Athora Taps Former Prudential Plc Chief Executive as Group CEO

European retirement services group Athora Holding Ltd. has named Mike Wells as group chief executive officer, subject to regulatory approvals, and Michele Bareggi to the newly created role of president and deputy CEO.

Wells joins the company out of retirement from Prudential plc, where he worked for 26 years, including seven years as CEO. He retired from the company at the end of March 2022. As CEO, Wells delivered two strategic demergers, accelerating the development of an Asian shareholder base through a successful equity issuance on the Hong Kong Stock Exchange and transitioning the company into an Asian- and African-focused life and health insurer, according to a company statement.

Bareggi has been at Athora since its formation in 2018 and has successfully led the group and its significant growth over the last four years, the company said.

According to his company bio, Bareggi joined Athora in September 2017 as CEO and was responsible for the coordination and direction of the management executive committee and the Athora group subsidiaries. He was formerly managing director and head of Morgan Stanley's European insurance and pensions business as well as being responsible for Morgan Stanley's reinsurance operations globally. He joined Morgan Stanley in 2010 and also led the fixed income capital markets division in Italy.

“Athora has made significant progress since its creation in January 2018. The growth achieved in just over four years reflects the business' strong foundations and ambition to become a leading provider of retirement products and solutions in Europe. With Mike and Michele and their combined skills and experience, we have the ideal leadership team for this next stage of Athora's development,” said Nikolaus von Bomhard, chairman of Athora's board of directors.

Serena Lee

Canopius USA Names General Counsel-Chief Risk Officer

Canopius Group, a global specialty insurer/reinsurer, hired Serena Lee in the newly created role as general counsel and chief risk officer, Canopius USA. This role is in response to the company's significant U.S. expansion.

Lee has 15 years of corporate governance, transactional, compliance and litigation experience in the insurance industry. Prior to joining Canopius, Lee held various senior legal positions, most recently as vice president, senior counsel - corporate and litigation with Ambridge Partners LLC, formerly Brit Global Specialty USA, and senior counsel for Allianz Global Corporate & Specialty, according to a company statement.

Brent Hoffman

Axa XL Exec Joins Everest Reinsurance as Head of Claims and COO

Everest Reinsurance, the reinsurance division of Everest Re Group Ltd., named Brent Hoffman as senior vice president, head of claims and chief operations officer.

Hoffman will have dual responsibility for overseeing key aspects of business operations and leading the global reinsurance claims function. He will help to drive operational efficiencies and best practices consistently across the organization, according to a company statement.

Hoffman joins the company with more than 25 years of industry and legal experience and a proven track record for managing high-performing teams. Most recently, he was Axa XL's chief claims officer, responsible for leading its global claims strategy and operations to support claims excellence across multiple business lines and geographies. Prior to joining Axa XL, Hoffman held several leadership positions at Hartford Financial Services Group Inc., where he led teams responsible for claims, litigation, and settlement strategies, according to the company.

Antoine Bavandi

Former World Bank Exec Appointed to Newly Created Role at Gallagher Re

Global reinsurance broker Gallagher Re named Antoine Bavandi to the newly created role of global head of public sector, parametric and climate resilience solutions.

Bavandi will lead Gallagher Re's newly established public sector and climate resilience solutions global practice, with responsibility for developing Gallagher Re's core offering globally and driving profitability as well as developmental impact. The new practice will work closely with the global climate and environmental, social and governance analytics and advisory function led by Ed Messer. Bavandi will be based in London and he will report to Printhan Sothinathan, chief executive officer, global analytics and advisory, Gallagher Re, according to a company statement.

Bavandi has more than 17 years of experience and joins Gallagher Re from his most recent position as senior climate and disaster risk finance specialist at The World Bank. In his previous role, he was responsible for advising governments and insurance and banking sector clients on the financial risk management of climate and catastrophe events through an analytics-driven approach to risk transfer strategies and derivative products, according to the company.

Prior to this, Bavandi worked at ArgoGlobal and Allianz Global Corporate & Specialty as a catastrophe risk portfolio manager and class underwriter. He has extensive experience with working across both public and private sectors with a focus on transactions, strategic and analytical advisory, the company said.

David Lockton
(Photo: Business Wire)

At-Bay Names Insurance Industry Veterans to Board

Cyber insurance provider At-Bay has appointed Scott Carmilani and David Lockton to its board of directors.

With nearly 60 years of experience between them, Carmilani and Lockton bring a strong track record of innovation and insurance expertise to At-Bay's board, the company said.

Carmilani currently serves as executive chairman of Vault Insurance Services. The former chairman and chief executive officer of Allied World Assurance Company Holdings, he spent 20 years building the company from a small Bermuda operation into a worldwide reinsurance operation which was acquired by Fairfax in 2017. Prior to this, Carmilani held numerous executive positions at American International Group, including as the president and vice president of two major insurance divisions, according to a company statement.

Lockton recently stepped down as executive chairman at Lockton Cos. after serving for almost 30 years as president, CEO and then chairman. He remains with Lockton as its lead director. For nearly 40 years, he led the firm's strategic vision and grew the company into the world's largest privately owned brokerage. A highly sought-after thought leader within the industry, Lockton is known for his transformational leadership and fostering a strong culture of entrepreneurship and commitment to service excellence, according to the company.

Katherine Spenner

Mosaic Insurance Names Head of Americas, Global Chief Legal Officer

Mosaic Insurance promoted Stavan Desai to head of Americas, and Katherine Spenner to global chief legal officer.

Desai joined the company from American International Group, where he was a senior underwriter, with a focus on transitional risk insurance for complex mergers and acquisitions and secondary transactions. Prior to AIG, he served as a senior attorney at Schulte Roth & Zabel, where he concentrated his domestic and cross-border practice on private equity, M&A, leveraged buyouts, and alternative asset management transactions, according to his company bio.

Spenner has played an integral role in leading innovative and consistent underwriting execution across the M&A insurance portfolio at Mosaic. She previously served as a senior transactional risk insurance underwriter at Everest Insurance. Spenner also brings nearly a decade of experience representing public and private-equity clients in a wide range of complex domestic and cross-border M&A transactions at White & Case and Torys, according to her company bio.

Bertrand Heugues

Lloyd's Europe Appoints CUO

Lloyd's Europe hired Bertrand Heugues as chief underwriting officer. He is responsible for overseeing the strategic direction for underwriting, delegated authority management, claims and reinsurance business.

Heugues has more than 18 years of experience in the insurance industry as a nonlife actuary with a wide range and depth of experience in underwriting, pricing, and risk and portfolio management, the company said in a statement. He joins Lloyd's Europe from Ageas in Brussels, where he was global head of pricing and underwriting.

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