Trust Re Appoints Yassir Albaharna as Chief Executive Officer
Bahrain based Trust International Insurance and Reinsurance Company B.S.C. (c) “Trust Re” today announced the appointment of Mr. Yassir Albaharna as Managing Director and Group Chief Executive Officer.
With a renowned international profile and wide marketing network, Mr. Albaharna has more than 34 years of in-depth experience in the reinsurance industry. He was previously Chief Executive Officer of one of the premier reinsurance organisations in the Arab world and served as Vice Chairman of Trust Re since 2019.
Commenting on the appointment, Trust Re Board Chairman Mr. Bakary Kamara said “As a Board, we are delighted to welcome Yassir to a new executive role within our board. We have full confidence in his ability to lead the execution of the Company’s strategic objectives”.
The SCOR Board of Directors chooses Laurent Rousseau to succeed D. Kessler as Chief Executive Officer following the General Meeting of June 30, 2021
The Board of Directors has acknowledged with regret Denis Kessler’s decision to relinquish, for personal reasons, his duties as Chief Executive Officer of SCOR at the end of his current term of office, which is due to expire at the General Meeting of June 30, 2021. Consequently, the Board of Directors has decided to separate the roles of Chairman of the Board and Chief Executive Officer at the end of this General Meeting, i.e., one year earlier than initially planned. The Board unanimously expressed the wish that Denis Kessler agree to remain as Chairman of the Board of Directors. Benoît Ribadeau-Dumas had been appointed Deputy Chief Executive Officer with effect from January 1, 2021, with a view to becoming Chief Executive Officer following the General Meeting in 2022. While recognizing and commending his strong commitment and successful integration during his first few months at SCOR, the Board of Directors has come to the conclusion that the conditions are not met for Benoît Ribadeau-Dumas, who had not worked in the insurance or reinsurance sector before joining the Group, to take up the position of Chief Executive Officer of SCOR in June 2021.
Therefore, on the recommendation of the Compensation and Nomination Committee, the Board of Directors has unanimously chosen Laurent Rousseau, Deputy Chief Executive Officer of SCOR Global P&C, Chairman of SCOR Europe and member of the Group Executive Committee, to be appointed Chief Executive Officer of SCOR following the General Meeting of June 30, 2021. The Board of Directors considers that Laurent Rousseau, who has held senior positions within the Group for the past eleven years and benefits from twenty years of experience in the (re)insurance sector in London and Paris, has all the skills and qualities necessary to become Chief Executive Officer of SCOR. Laurent Rousseau was one of three candidates selected by the Compensation and Nomination Committee as part of the Chairman and CEO succession planning conducted in 2019 and 2020. In addition to this appointment, the Board of Directors will propose to the 2021 General Assembly that Laurent Rousseau be appointed as a Director of the Group.
The Board’s appointment of Denis Kessler as non-executive Chairman following the General Meeting of June 30, 2021, will help to ensure the continuity of the Group’s strategy and to perpetuate its values.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “For nineteen years, I have devoted my life to reinsurance in general, and to SCOR in particular. This is a fascinating and demanding industry, extremely sophisticated and underpinned by science. SCOR has become a global Tier 1 company that is profitable, has a high level of solvency, and is growing continuously. I would like to sincerely thank the Group’s clients, shareholders and all its employees for their support and their trust over all these years. The succession announced in December 2020 by the Board on the recommendation of the Nomination Committee, cannot take place as planned. I would like to thank Benoit Ribadeau-Dumas for all the effort he has made to integrate into the company and the sector. I have every confidence in Laurent Rousseau, a seasoned and recognized (re)insurance professional with whom I have worked for more than eleven years, to ensure SCOR’s success and to guarantee its long-term development, with the twofold target of profitability and solvency. Laurent will stay true to the principles and values that make up the Group’s DNA, while giving it new momentum in the current health and economic crisis. All the members of the Executive Committee, highly experienced reinsurance professionals, along with the Group’s 3,000 employees throughout the world, will be united in helping him to take SCOR to the next level. Laurent can count on my full support as Chairman of the Board.”
Augustin de Romanet, Lead Independent Director of SCOR, comments: “On behalf of the Compensation and Nomination Committee, I would like to thank Denis Kessler most warmly for having successfully led SCOR’s development since 2002. Over the past nineteen years, Denis has shaped SCOR, turning it around in an outstanding way and subsequently establishing it as the world’s fourth largest reinsurer, with a rating of AA-. He has created a culture of expertise and integrity that will be carried on by the teams he has built. I would also like to commend the remarkable integration of Benoît Ribadeau-Dumas at SCOR, with regret that the conditions are not met to appoint him as CEO on July 1, 2021. Finally, I am confident that Laurent Rousseau has all the qualities necessary to succeed Denis as Chief Executive Officer of SCOR.”
Laurent Rousseau, Deputy Chief Executive Officer of SCOR Global P&C, Chairman of SCOR Europe and member of the Group Executive Committee, comments: “I am honored by the confidence the SCOR Board of Directors has placed in me by choosing me as the next Chief Executive Officer of the Group. The entire Executive Committee and I are determined to actively pursue the growth of the company for whose operations we will now be responsible. I firmly believe that SCOR is well positioned to meet the demands of our clients and to satisfy our shareholders in an increasingly risky world, with its extremely deep talent pool, mastery of the most advance technologies, proven agility to constantly adapt, sophisticated risk management, and exemplary ESG performance. Since 2002, the Group has aimed to be a Tier 1 global reinsurer. That goal remains intact. We will meet these challenges with dynamism and enthusiasm, bringing our teams together to serve all our stakeholders.”
Biography
Laurent Rousseau, 42, a French citizen, is a graduate of HEC (Ecole des Hautes Etudes Commerciales). He started his career in 2001 as an equity analyst at Credit Suisse First Boston in London covering European insurers and reinsurers. In 2005, he joined J.P. Morgan in the insurance Investment Banking team, executing M&A, capital raising and restructuring transactions for European insurers and reinsurers. He joined SCOR in 2010 as Advisor to the Chairman and became Head of SCOR Global P&C’s Strategy and Business Development in 2012. In July 2015, he became Chief Underwriting Officer of SCOR Global P&C’s treaty business in Europe, the Middle East and Africa. In April 2018, he was promoted to Deputy Chief Executive Officer of SCOR Global P&C and member of the Group’s Executive Committee. He is married and has four children.
Standard Life Aberdeen appoints Caroline Connellan as Chief Executive Officer of Personal Wealth
Standard Life Aberdeen (SLA) is pleased to announce the appointment of Caroline Connellan as Chief Executive Officer of Personal Wealth. Caroline will report directly to Stephen Bird, CEO of Standard Life Aberdeen plc, as a member of the Executive Leadership Team. She will be based in London.Caroline will join SLA from wealth manager Brooks Macdonald plc where she is CEO, having led that business since early 2017. She has overseen strong year on year growth in Funds Under Management, revenue and profit as well as executing key acquisitions and driving significant transformation to support the success of the business. Prior to this, Caroline held key senior roles at HSBC, including Head of UK Premier and Wealth, and has extensive consulting experience across the asset management and wealth sector with McKinsey. Her earlier career included roles with Standard Life and as a Private Client Fund Manager with Newton Investment Management. SLA’s Personal Wealth business includes 1825 Financial Planning and SLA’s direct-to-customer propositions including Digital Retirement Advice. Caroline’s appointment comes at a key juncture as SLA looks to significantly grow Personal Wealth under its recently announced unifying single brand Abrdn. Stephen Bird CEO, Standard Life Aberdeen commented:“I am delighted that Caroline will be joining us. She is an outstanding talent with clear and proven ability in building exceptional wealth management businesses, both organically and via acquisition. Critically, she has a deep customer-centric mindset and extensive experience in creating compelling and innovative offerings. Earlier this year, we outlined our strategy for growth encompassing three vectors; asset management, adviser and personal.“Alongside significant investment in asset management and our adviser support business, our intention is to build a market-leading wealth management proposition to capture value in the growing savings and pre-retirement market. The appointment of Caroline to lead our Personal Wealth business will be instrumental in delivering our objectives and I’m extremely pleased that she has shown strong confidence in our strategy and brand by joining us.”Caroline Connellan added:“It’s an exciting time to be joining SLA given its ambitions and commitment to the growing wealth market. Stephen’s vision for the business is dynamic and bold, and I’m delighted to have the opportunity to lead and shape the Personal Wealth business, building on its current quality offering. “There is an increasing need for individuals to save for the future, particularly for retirement, in a way that works for them – I believe we can play an important role in this, through a market-leading offering, digital innovation and strong customer relationships. I’m hugely looking forward to joining the leadership team at SLA and playing my part in leading the change over the coming years.”
Slabbert Succeeds Clementi as Chief Executive Officer of MS Amlin Underwriting Ltd.
MS Amlin Underwriting Ltd. (MS AUL), the Lloyd’s re/insurer, announced the appointment of Johan Slabbert as chief executive officer. Slabbert will take up the role on Nov. 1, 2020, subject to regulatory approval.
Johan Slabbert
Slabbert succeeds Tom Clementi, who will step down from his position as CEO on 31 October 2020 after 4 years in the role to pursue other opportunities outside of MS Amlin. Clementi will remain with the business until the end of the year to support a smooth transition and regulatory handover. Clementi has led MS AUL since late 2016 having originally joined MS Amlin in 2007 and held a number of leadership roles across the MS Amlin group of companies over the last decade.
As part of his transition to the role of CEO, Slabbert will step down from his position as chairman of the MS AUL board. Martin Hudson, currently a non-executive director for MS AUL and chair of the Underwriting Oversight Committee, will act as interim chairman, subject to regulatory approval.
Slabbert brings more than two decades of leadership experience in the international re/insurance market, having held several CEO and CFO roles. He first joined MS AUL in May when he was appointed as a non-executive director and chairman of the board.
Slabbert began his career at AIG before joining Chaucer Ltd. as CFO, where he was also CEO for two years, and served as Operating Partner and CEO of Augustus Specialty LLC. While at AIG, Slabbert spent six years in Japan and has been working within the MSI group for some time in his role as Chairman of Mitsui Sumitomo Insurance Company (Europe) Ltd, a position he has held since 2017.
“We would like to take this opportunity to express our sincere thanks to Tom, who has played a vital role as CEO in transforming and reshaping the business in challenging circumstances and laying the foundations for MS AUL’s future success,” commented Tamaki Kawate, director & senior executive officer at Mitsui Sumitomo Insurance Co. Ltd.
“Since joining MS Amlin in 2007, Tom has undertaken a number of leadership roles, latterly for MS AUL, which he leaves well positioned for the next phase of its strategic development as well as for future growth. We are immensely grateful for the dedication, expertise and leadership he has demonstrated throughout the years and wish Tom every success in his next endeavour,” Kawate continued.
“With the foundations in place for us to build a world-class re/insurance business in MS AUL, we are pleased that Johan has agreed to become CEO. Johan is a recognised leader in the insurance sector with rich international experience and a strong track record of successfully managing and delivering growth for high-profile businesses, including Mitsui Sumitomo Insurance Co. (Europe) Ltd. His industry experience, expertise and strong leadership capabilities will be integral to supporting the business as it builds a modern, relevant, profitable and client-focused business specialising in complex specialty and reinsurance risks,” he went on to say.
Part of the global top-10 insurance group MS&AD, MS Amlin operates with three main legal entities’ operating in the Lloyd’s, Continental European and Bermudian markets. Approximately 1,800 employees operate in more than 20 locations worldwide.
Nicholas Georgiou Promoted To Lomar Chief Executive Officer
The Libra Group Friday confirmed the promotion of Nicholas Georgiou to Chief Executive Officer of its Lomar ship owning and management business. Mr Georgiou, 47, has been the company’s Chief Operating Officer since 2010 and succeeds Achim Boehme, who tragically lost a brave year-long battle with cancer in July.
George Logothetis, Chairman and CEO of the Libra Group, says: “This announcement has long been in our succession planning, with Achim due to have become Chairman of Lomar. Achim’s tragic passing left us with a huge void but also a tremendous legacy, in which Nicholas has played a pivotal role – helping to consolidate and lead our business during an incredibly challenging few years for the shipping industry. He has shown the determination, strength and leadership qualities necessary to take our business forward and we celebrate a promotion of Nicholas Georgiou that is richly deserved.”
Nicholas Georgiou, who becomes CEO with immediate effect, says: “For the past decade I had the great pleasure of working alongside a first class business leader and am now honoured to follow in Achim’s inspiring footsteps. Together with our CFO, Manos Kouligkas, we have streamlined our fleet to focus predominantly on container shipping and are currently seeing a very positive upswing in container charter markets following many difficult years. With a modern, eco-efficient fleet of vessels, Lomar is well positioned to benefit in the decade ahead and together with our talented management team, we look forward to reinforcing our position as a leading ship owning and management business.”
Nicholas Georgiou began his career in shipping in 1995 with Golden Union Shipping in Greece, a specialist in dry bulk carriers. He gained a breadth of experience in every aspect of ship ownership and management during his 15 years with the company. Having initially joined the operations department, he led the implementation of the International Safety Management (ISM) Code across the company – driving extensive compliance training among both land-based and shipboard personnel. Nicholas joined Golden Union’s chartering division in 2001, where he was engaged in all aspects of chartering including interaction with the company’s legal division regarding claims handling.
As COO at Lomar for the past decade, he has been responsible for all of the company’s day-to-day commercial, technical and operational activities. Nicholas is a Fellow of the Institute of Chartered Shipbrokers and holds an economics-based degree from UCL in London.
Lomar is a leading ship-owning and management group with a diversified mixed sector fleet of mainly container vessels, plus bulk carriers, and chemical and product tankers. With nearly 45 years of industry expertise as a leading ship owner and operator, Lomar works globally with major first class organisations, from charterers to shipping professionals, regulatory authorities and governments.
Lomar is a subsidiary of the Libra Group, a diverse international business group that is active in 35 countries across six continents. It focuses on six business areas: aviation, energy, hospitality, real estate, shipping and diversified investments.
Performance Shipping Inc. Announces Appointment Of New Chief Executive Officer And Chief Financial Officer
Performance Shipping Inc., a global shipping company specializing in the ownership of tankers, today announced that its Board of Directors has appointed Mr. Andreas Michalopoulos to the position of Chief Executive Officer following the retirement of Mr. Symeon Palios from that position. The Board also has appointed Mr. Anthony Argyropoulos to the position of Chief Financial Officer of the Company, succeeding Mr. Michalopoulos in that capacity. Mr. Palios will remain Chairman of the Board of Directors.
Mr. Michalopoulos has served as the Company’s Deputy Chief Executive Officer since 2019 and as its Chief Financial Officer since the Company’s formation in 2010. Mr. Argyropoulos’ biography is set forth below.
Commenting on the appointments, Mr. Palios stated:
“Today’s announcement of changes to the Company’s senior management reflects the continuation of our process of establishing a fully independent tanker company. Over the past ten years, Mr. Michalopoulos has demonstrated his leadership capabilities as a member of senior management. Mr. Argyropoulos brings decades of experience in global shipping finance and capital markets that is well known within the industry. I have every confidence that together, Mr. Michalopoulos and Mr. Argyropoulos are uniquely qualified to work side by side with this Board to continue to grow Performance Shipping and create shareholder value.”
Mr. Michalopoulos further commented:
“On behalf of the entire Board I express our gratitude to Mr. Palios for his instrumental role in the formation of this Company and its leadership over the past ten years. Despite the challenging global economic conditions, the Company’s strong financial position today, marked by low net leverage and a strong balance sheet, is owed largely to Mr. Palios’s disciplined approach to growth over the past decade. I look forward to continuing to work with him as Chairman of the Board in the years to come.”
Anthony Argyropoulos is the founder of Oceanaut Capital MIKE (dba Seaborne Capital Advisors), an Athens Greece based financial advisory firm focused on the shipping and maritime industries. Prior to Seaborne Capital Advisors, Mr. Argyropoulos was a Partner at Cantor Fitzgerald & Co. until September 2011, where he was responsible for the investment banking group’s activities in the maritime sector. Through early 2004, he was a Senior Vice President with Jefferies & Company, Inc. where he was instrumental in developing their maritime investment banking practice. Mr. Argyropoulos graduated from Deree College, Athens, with a B.A. in Economics and from Bentley College, Waltham, Mass. with an M.B.A. in Finance. He is a member of the Beta Gamma Sigma honor society of collegiate schools of business. He is a frequent speaker in global shipping events, contributor to several publications and recipient of a number of awards…
AIG Appoints James Nash President and Chief Executive Officer of Japan
American International Group, Inc. (NYSE: AIG) announced that James Nash has been appointed President and Chief Executive Officer, AIG Japan Holdings KK. Mr. Nash will report to Jon Hancock, Chief Executive Officer of International General Insurance and will be based in Tokyo. He is expected to join the company by early 2021.
In this role, Mr. Nash will oversee AIG’s operations and subsidiary companies in Japan, which comprise the largest foreign general insurance company in the country. Mr. Nash succeeds Robert L. Noddin, who will assume the role of non-executive Chairman, AIG Japan, until his retirement in 2021.
“I am pleased to welcome James to AIG as we build on our compelling value proposition and commitment to individual and commercial customers in Japan,” said Mr. Hancock. “His deep industry expertise in Japan and decades of experience growing profitable businesses across international markets will be a tremendous asset as we continue to innovate and deliver enhanced value to our clients and partners.”
“AIG has a long, pioneering history in Japan that I am proud to lead as the company continues its remarkable journey as an industry leader,” said Mr. Nash. “I look forward to returning to Japan and working with the talented team at AIG to build on the impressive tradition of innovation and superior customer service in this critical market.”
Mr. Nash joins AIG from Guy Carpenter, where he was most recently CEO of the International Division with responsibility for Asia Pacific, EMEA and Latin America. Mr. Nash joined Guy Carpenter in 1985 and has nearly 35 years’ experience in the industry, including 15 years in leadership roles in Japan. In 2008, he assumed the role of CEO, Asia Pacific, serving on the firm’s Global Executive Committee.
Standard Life Aberdeen: Stephen Bird appointed as Chief Executive Officer
Following the announcement of 30 June 2020, the Board of Standard Life Aberdeen plc confirms that the relevant regulatory approvals have been received for the appointment of Stephen Bird.
Accordingly, Keith Skeoch has resigned from the Board as Chief Executive and Executive Director and Stephen Bird has taken up the role of Chief Executive Officer, both effective from 1 September 2020.
Stephen brings an established track record of delivering exceptional value to clients and customers, creating high quality revenue and earnings growth in complex and competitive financial markets, as well as deep experience of business transformation during periods of technological disruption and competitive change. Most recently, Stephen served as CEO of Global Consumer Banking at Citigroup, a role he held since 2015, retiring in November last year. Prior to that, Stephen was Chief Executive for all of Citigroup’s Asia Pacific business lines across 17 markets in the region, including India and China, in a 21 year career with Citigroup in which he held various leadership roles in banking, operations and technology across Citigroup’s Asian and Latin American businesses.
Keith stands down from the Board after some five years as Group Chief Executive and 14 years as a Director, and will serve out the remainder of his contract as non-executive Chairman of the Aberdeen Standard Investments Research Institute (‘ASIRI’).
Sir Douglas Flint, Chairman of SLA said: “The transition from Keith Skeoch was always going to be a challenge to deliver, given the incredible scale and range of his contributions to the success of the company over many years. I am however extremely pleased to say we have found a truly worthy successor. I am delighted to welcome Stephen to Standard Life Aberdeen and am looking forward to working with him. He is an inspiring leader with a great track record and experience in leading businesses to harness digital technology to improve both productivity and the client and customer experience. This, coupled with his ability to create valuable partnerships and guide businesses through periods of major change, means that he is well placed to build on the strong foundations we have at SLA.”
Stephen Bird said: “I am delighted to be joining Standard Life Aberdeen as its next Chief Executive. This is a company with a great history, a strong brand and an exciting future. The current crisis has highlighted the importance of active asset management as well as building greater resilience into personal financial planning. SLA’s leading asset management, platforms and wealth capabilities give great scope to help clients and customers navigate these challenges; this is what attracted me to the company. I am looking forward to working with my new colleagues to create a better future for all our stakeholders.”
AIG Appoints David McElroy Chief Executive Officer, General Insurance, and Executive Vice President, AIG
American International Group, Inc. (NYSE:AIG) announced that David McElroy, currently President and Chief Executive Officer of the North American operations of General Insurance, has been promoted to Chief Executive Officer, General Insurance, and Executive Vice President, AIG, effective immediately.
Mr. McElroy will lead the General Insurance Executive Leadership Team and join the AIG Executive Leadership Team, reporting to Peter S. Zaffino, AIG’s President and Global Chief Operating Officer.
Mr. Zaffino said, “Dave has played an instrumental role in the turnaround of our General Insurance business and the positioning of AIG as a market leader. I am pleased to announce this well-deserved promotion and look forward to continuing to work closely with Dave and our world-class General Insurance leadership team as we continue to build momentum and deliver on our strategy to achieve underwriting excellence and profitable growth.”
Mr. McElroy said, “I am proud to lead our global colleagues in General Insurance and build on our strong foundation. We remain laser focused on underwriting discipline and operational excellence, which allow us to solve complex risk issues and deliver value to our clients, distribution partners and other stakeholders.”
Brian Duperreault, Chief Executive Officer of AIG, said, “We are fortunate to have a deep bench of industry veterans at AIG and I know that with Dave at the helm, General Insurance will continue to be in excellent hands. I want to congratulate Dave and thank Peter for his tremendous contributions to the turnaround of General Insurance. I know that Peter will continue to apply the same level of discipline and rigor as he has in General Insurance and with AIG 200 as he pivots more fully to his enterprise-wide role as President and Global Chief Operating Officer of AIG.”
Mr. McElroy joined AIG as President and Chief Executive Officer of Lexington Insurance Company in October 2018 and was promoted to President and Chief Executive Officer of North America, General Insurance in June 2019. Before joining AIG, Mr. McElroy held numerous leadership roles within the insurance industry, including Executive Chairman of Arch Insurance Group Inc. and Vice Chairman of Arch Worldwide Insurance Group.
Aviva appoints Amanda Blanc as Chief Executive Officer
Aviva plc (‘Aviva’ or the ‘Company’) announces today the appointment of Amanda Blanc as Chief Executive Officer with immediate effect.
Amanda is currently an Independent Non-Executive Director at Aviva plc. She was appointed to the Aviva Board in January 2020 and chairs the Customer, Conduct and Reputation Board Committee. She was previously CEO, EMEA & Global Banking Partnerships at Zurich Insurance Group. Prior to that she was Group CEO, AXA UK, PPP and Ireland and has served as Chair of the Association of British Insurers and President of the Chartered Insurance Institute.
For family health reasons Maurice Tulloch, the previous Chief Executive, has today stepped down from the role and retired from his position on the Aviva plc Board. Maurice joined Aviva in 1992 and held a number of senior positions in the business during his time with the Company. He joined the Aviva plc Board in 2017 and was appointed as Chief Executive in March 2019.
George Culmer, Chairman of Aviva, said:
“I would like to thank Maurice for his valuable contribution over many years with Aviva. The Board and I were saddened to hear of the personal reasons behind his desire to step down and we wish him and his family the very best for the future.
“We are delighted that Amanda will be our new CEO. The Board was unanimous in endorsing her appointment. I know she will bring real dynamism to Aviva and re-establish our credentials as a high-performing, innovative and customer-centric business.”
Amanda Blanc, Chief Executive Officer of Aviva, said:
“Aviva is a great company, full of great people, and I’m honoured to be given the opportunity to help shape its future. I want Aviva to be the leader in our industry again and the first choice for our customers and partners. My focus will be on achieving that for the benefit of all of our stakeholders.
“We will look at all our strategic opportunities, and at pace. I have been on the Aviva Board since the start of this year and have a good understanding of where the business has its strengths and what actions we should take across our portfolio.”
In addition to her previous roles at AXA and Zurich, Amanda has held senior positions at Towergate Insurance Brokers and Groupama Insurance Company. She started her career with Commercial Union, which subsequently became part of Aviva.
Following her appointment, Amanda will step down from all of her current Non-Executive commitments. She will continue in her voluntary role as Chair of the Welsh Professional Rugby Board.
Remuneration details can be found at the end of this announcement.
This announcement contains inside information. The person responsible for making this announcement on behalf of the Company is Kirstine Cooper (Group Company Secretary).