Hiscox boosts energy underwriting unit with key hire from Chubb
Specialist global insurer Hiscox has hired a Chubb underwriter to develop its product offering for the energy sector as the company transitions towards more sustainable business models.
Riaz Thanduparakkal has been appointed as line underwriter for energy to lead its underwriting team, which includes Lorraine Mackey and Louis Cozon as upstream energy underwriters.
He will be based in Hiscox’s London office, reporting to Mike Southgate, the company's divisional director for marine, energy and specialty.
Thanduparakkal joins after more than a decade at Chubb Group where he recently held roles including product head, energy within its London market specialty wholesale division and head of multinational and network development, energy. Prior to that, he was an account manager for Marsh UK’s energy practice and has also held roles with Lloyd’s broker Crispin Speers & Partners and Oman Insurance in Dubai.
Southgate said: “Our energy clients’ businesses are rapidly evolving as the sector pivots towards more sustainable business models in line with their ESG commitments and we must also evolve and innovate with them.
“We have long been a lead market in the energy space and Riaz’s arrival will further broaden our skillset and product offering so that we continue to be a relevant partner to our clients. His appointment – the latest in a number of exciting new underwriting appointments for Hiscox London Market – firmly underlines our commitment to the energy sector for the long term.”
Thanduparakkal commented: “I’m excited to lead Hiscox’s Energy team at a time of huge disruption for the energy industry. Lloyd’s recent launch of its Sustainable Markets Initiative Insurance Task Force underlined the market’s commitment to help businesses ‘accelerate their transition to a sustainable future’. We want to play our part in that transition, by supporting our clients with the risk products and services they need as their business models adapt, in line with our own ESG ambitions.”
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