26 May 2023Insurance

Industry veteran Michael Wade appointed at Lloyd’s Helios and Mitsui Sumitomo

Industry veteran Michael Wade (pictured) has been appointed to a senior advisory post at Mitsui Sumitomo, and as director and chairman at Lloyd’s investment vehicle  Helios.

Wade has over 40 years of experience in the Lloyd’s Market, during which he has established notable ventures such as Holman Wade Group, CLM Insurance Fund (one of the first Lloyd’s corporate capital vehicles in 1993' and Rostrum Group. He has served on the Council and Committee of Lloyd’s.

In 2013 he served as the Crown Representative for Insurance at the Cabinet Office, advising the UK Government on reinsurance risks including Pool Re and Flood Re.

Wade served as a senior advisor to the Cabinet Office and then Department of Housing, Communities and Local Government from 2015 to 2022. He is currently also non-executive chairman of Howden Tiger Capital Markets & Advisory UK.

Wade will become a director and take over as chairman of Helios Underwriting at the end of its annual general meeting in June. He will replace Michael Cunningham who has decided to retire. Cunningham has been a board member since Helios was founded in 2007 when it was listed on AIM and has latterly served as chairman.

Joining Wade at Mitsui Sumitomo Insurance Company as independent senior advisor is Lord (Philip) Hammond of Runnymede, the former Chancellor of the Exchequer. Lord Hammond, who was awarded a life peerage by Her Majesty Queen Elizabeth II in July 2020, has resumed his business career.

Lord Hammond has enjoyed a distinguished career in British politics as a Member of Parliament, serving as Chancellor of the Exchequer (2016-2019), Foreign Secretary (2014-16), Defence Secretary (2011-2014) and Transport Secretary (2010-11). He stepped down as the Member of Parliament for Runnymede and Weybridge in November 2019.

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