Chubb appoints new buyer ahead of critical renewals season
Chubb, that has been acquired by ACE earlier this year and has had a significant presence in Bermuda, has appointed a new reinsurance buyer – just as the run in to the January 1 renewals season gets into full swing.
Michael Kessler, the chief actuary of Chubb Overseas General, the company’s international general insurance business, replaces William O’Farrell, who has served as the company’s chief reinsurance officer since 2005.
Kessler will have management responsibility for the design and purchase of reinsurance programs for Chubb and its business units worldwide, while managing the company’s reinsurance recoverable asset and overseeing relationships with its reinsurers and reinsurance brokers.
He will also serve as chairman of the company’s reinsurance security committee and as a member of its global credit committee.
Kessler will report to John Keogh, executive vice chairman and chief operating officer of Chubb and the appointment will be effective as of today.
“We thank Bill O'Farrell for more than a decade of strong, effective leadership as chief reinsurance officer. We wish him the best in his new endeavors," said Keogh.
"We are particularly pleased to appoint Mike Kessler to this important leadership role for our company. Mike is an experienced actuarial executive with a long tenure at ACE and Chubb.
“He has impressive technical capabilities and experience, both US and international actuarial experience, and deep first-hand insight into our businesses around the globe.
“He is also a proven partner to our company's insurance businesses and has actively supported our business unit leadership on the analysis of their reinsurance needs and reinsurance purchasing decisions.”
Kessler joined ACE in 2003 (ACE acquired Chubb in 2016) as senior vice president and chief actuary for the specialty group of ACE Westchester, the company’s commercial property and casualty excess and surplus lines business.
Prior to the previous decade, he held senior manager and consulting actuary positions at Ernst & Young and PricewaterhouseCoopers and his career started at Aetna Life and Casualty.
