New Sirius CEO unveils strategic changes to streamline underwriting and global operating structure
Bermuda-based Sirius Group has unveiled key strategic changes, including forming a new management committee, to streamline its global operating structure and enhance focus on its core underwriting business.
As part of the initiatives, the insurer has elevated a number of key leaders who will be responsible for supporting long-term business objectives, coordinating global client relationships and exposures, and driving key employee recruitment for their business segments.
Furthermore, a new global management committee has been formed, comprising of business leaders and executive officers of Sirius Group, to focus on the underwriting business.
Kip Oberting, president and chief executive officer, who took over from Allan Waters earlier this year, highlighted the company's renewed focus on one of its core business principles "underwriting comes first". The Bermuda insurer's net income plummeted by 93 percent in the second quarter of 2019 due to Typhoon Jebi loss creep.
Oberting said: "Sirius Group's franchise is unique because of our local relationships with clients, which span the globe. The changes we are announcing today are a key part of our push to unify our global operating structure, and enable our teams to more cohesively serve our clients and build partnerships under the global Sirius Group brand. This supports our growth. I am as excited as ever about the future of our company."
Monica Cramér Manhem - president of global reinsurance; Jan Onselius - chief underwriting officer of global reinsurance; Warren Trace - president of North America reinsurance and deputy chief underwriting officer Americas; Patrick Chamberland – EVP international reinsurance; Dan Wilson – president of US specialty insurance; Neal Wasserman – president of global runoff solutions; and Stuart Liddell – global head of life, accident & health, are among the leaders promoted to drive growth in their business segments.
The business leaders joining the new management committee include Tom Leonardo – head of US accident & health; Ian Sawyer – head of casualty reinsurance; Robert Harman – managing director of Sirius International Managing Agency (Lloyd's Syndicate 1945); Simon Acland – chief underwriting officer of Sirius International Managing Agency (Syndicate 1945); Martin Hamrin – manager and group underwriting analytics and chief portfolio officer, reinsurance; and Lars Andersson – financial reporting, global reinsurance.
The executive officers who will also be joining the committee are - Gene Boxer – EVP, chief strategy officer & group general counsel; Ralph Salamone – EVP, chief financial officer; Jeffrey Davis – EVP, chief actuary & chief risk officer; and Beth Boucher – Sirius Group's incoming chief information officer.
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