IUA elects SCOR exec as chairman
The International Underwriting Association (IUA) has elected Malcolm Newman as its new chairman. Newman is managing director of SCOR’s London Hub. He takes over from Stephen Riley, executive director at Global Aerospace, who has led the association for the past seven years.
“The IUA plays a vital role representing the interests of the London company market,” said Newman. “In recent years it has facilitated major improvements in business processing and argued forcefully on the international stage to help open up opportunities in international markets for its members. On a day to day basis it also provides essential support for the underwriting and claims operations of its members.
“I am keen to build on these successes and utilise the association’s communal voice to further promote and enhance the business environment for re/insurance companies operating in London. The IUA’s own statistics project shows that the company market earned more than £22bn in premium during 2011 and is crucial part of the UK economy.”
Newman was elected as chairman at the IUA’s annual general meeting in the London Underwriting Centre on 26 June. He has been a member of the IUA Board for four years. Prior to joining SCOR his career in the London Market included time as chief financial officer, London, at Converium, director of risk and controls at XL Insurance and global head of finance at Winterthur International.
Riley said: “In my seven years as Chairman I believe the IUA has achieved an enormous amount on behalf of the London company market and it has now established a secure financial position through its investment in Xchanging Ins-sure Services.
“It has been a privilege to hold this post and I am very grateful for the support of all my fellow Board members and the professionalism of IUA staff led by chief executive Dave Matcham.”
The IUA’s annual meeting also saw publication of its annual review which details how much of the association’s current activity can be seen to have developed from the global financial crisis of 2008, resulting in a sustained focus on issues of business regulation. As a result, over the past year, the IUA has strengthened and expanded its government affairs team in response to a growing demand from member companies.
