11 July 2013 News

Hiscox Re appoints four; Merrett’s return delayed

Hiscox Re has made several senior appointments, which the reinsurer says will allow it to provide better underwriting decisions with bigger lines to key brokers and clients.

The company also revealed that Russell Merrett, the head of London Market Reinsurance currently on sabbatical but expected to return in August as chief underwriting officer for Hiscox Re, will now not return until May 2014.

As such, Hiscox Re will recruit a replacement and Merrett will return to a different role. Richard Watson, group chief underwriting officer, will provide support while the recruitment process for a permanent Hiscox Re CUO gets underway.

Hiscox Re now comprises the newly combined reinsurance business operating from London, Paris and Bermuda.

In London, the reinsurer has named four executives who will join Hiscox Re CEO, Jeremy Pinchin, on the Hiscox Re management team.

Damian Smith becomes director of non-marine underwriting for Bermuda, and will retain his role as director of underwriting for Hiscox Bermuda. Mike Krefta becomes director of non-marine underwriting for London while also taking the role of head of North American Underwriting and chairing client strategy for larger North American partner clients.

Ben Love becomes head of client and broker strategy, managing broker and client strategies and operating models. He will chair client strategy for global clients and continue to manage quota share relationships.

Michael Jedraszak becomes director of ILS, overseeing Hiscox's strategy and planning around ILS. He will retain key strategic influence in its international business until a new head of international in London is recruited.

“These appointments are an important step on our journey to consolidate and then grow our reinsurance operations, which have been a mainstay of the group for many years,” said Bronek Masojada, chief executive of Hiscox. “Russell has been the cornerstone of this reinsurance business for over a decade, so I am happy to be able to support him in taking time out to chase some personal dreams and recharge his batteries."

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