8 June 2021Insurance

Tokio Marine HCC restructures contingency unit after ‘volatile’ year

Tokio Marine HCC (TMHCC) has boosted its presence in the international contingency market with the appointment of a new lead for its London Market and European operations.

Neil Paddon, head of Contingency who has been with Tokio Marine HCC – Specialty Group for over a decade, assumes responsibility for the London Market and Europe, including product distribution for Tokio Marine Group to South Africa, Asia and the Middle East.

Paddon joined Specialty Group in 2010 as contingency underwriter and has over 20 years’ experience in the class.

As part of the team’s restructure, Caspar Prestidge has been promoted to senior contingency underwriter, and Martha Crowhurst to underwriter, both operating in the London Market.

Paddon reports to Philip Hall, managing director of Specialty Group, based in London. His remit includes responsibility for Tokio Marine HCC’s growing European operations based in Paris and Munich. The team will be able to offer access to market-leading capacity, providing an event cancellation line of more than €50 million.

The London Market and European teams will work closely with Anthony Osterrieth who, as head of international business development for its Specialty Group, is a key part of Tokio Marine HCC’s post-Brexit strategy, the company said.

Following a turbulent year for contingency risks, Hall said that the development of the team and the refreshed capacity underline the company’s commitment to the market and belief in its long-term viability.

“The Covid pandemic has created a huge amount of volatility in this market, but we believe that fundamentally it is a sound, profitable market, and we are investing to grow,” he said.

“Neil has been instrumental in growing our Contingency business over the last decade, and it remains a key element of our wider Specialty portfolio. This is a well-deserved promotion. He is an innovative and market-leading underwriter in this space, and when it comes to coordinating our international strategy, he is the clear and obvious choice to take the business forward in the coming years.”

Paddon said: “I am delighted to take on this new and exciting role and to be joined by such experienced colleagues in the London Market and across Europe. I’m confident that with the combined expertise of Caspar and Martha, we will continue to have the right platform for success. We are committed to this sector and believe there is a huge amount of opportunity here despite what has happened over the last 18 months. This is reflected in the new capacity we are able to provide, and this, combined with the expertise within the team, gives me huge confidence that we will go on to make the most of those opportunities.”

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