+44 (0)20 3535 8150
Email Channel

News

1st September 2016 - Channel promotions in Property D&F Division

Channel Syndicate 2015 at Lloyd’s (“Channel”) today announces that Claudia Adkins is promoted to Head of the Property D&F Division. Within the Division are two lines: International and North American. Henry Sturge has been promoted to Head of North American and will be supported by Natalie Gibb, Underwriter. Within International there are two further promotions:

  • Lauren Pitts promoted to Senior Underwriter

Claudia Adkins has over 14 years’ experience in the Lloyd’s market and joined Channel shortly after its inception to develop the International Property book. She started her career as an actuarial analyst with Arthur J. Gallagher before joining Brit Syndicates in 2004 in the North American Property and International Property divisions. In 2009 she joined Zurich as an Underwriter in the International Property division.

Henry Sturge has over 20 years’ experience in the Lloyd’s market and joined Channel in August 2013 to establish the US D&F book. He started his career as a North American Property broker before joining SVB Syndicates in 1999 as a Class Underwriter. Prior to joining Channel Henry held roles with Markel International and Talbot Underwriting, where he focused on North American and International Property business.

David Reed, CEO at Channel, said: “We enjoy a strong reputation in both the US and International D&F markets as a favoured and reliable provider of coverage around the globe. These promotions follow the departure of David Leathem, one of the Syndicate’s founding partners and formerly Head of Property, and my thanks and best wishes go to David for leading our launch in this class.

The depth of expertise within Channel is highlighted by these recent promotions and I am delighted that we are attracting and retaining such talented and experienced underwriters.


15th August 2016 - Channel appoints John Taylor as Head of International Binders

Channel Syndicate 2015 at Lloyd’s (“Channel”) today announces the appointment of John Taylor as Head of International Binders. He reports to Phil Lawson, Divisional Head of Delegated Authority. This is a newly created position and is part of Channel’s strategy to broaden its binder offering.

John is well known in the market and will bring over a decade of underwriting experience to Channel. He started his career with La Playa Ltd and Home & Legacy Insurance Services, before joining Catlin in 2007. He was appointed as class underwriter for the UK and International binding authorities book in January 2014.

Tom Corfield, Active Underwriter at Channel said: “Binding Authority business is a key part of Channel’s development and we see significant opportunities in this area of the market. Our offering to date has been predominantly US focused but John has considerable experience in writing UK and global delegated authority business, which will enhance our geographical scope.”


23rd June 2016 - The Channel Syndicate launches its Innovation Division - Tom Allen joins as Head of Technology and Cyber Insurance

Channel Syndicate 2015 at Lloyd’s (“Channel”) is launching today its Innovation Division, which will further structure Channel’s activities and organization to explore new classes and opportunities outside its traditional portfolio. The Innovation Division will support Channel’s commitment to new technologies and its ambition to target opportunities arising from emerging risks, including cyber. The division will operate in synergy with SCOR Group’s global approaches to these operational R&D fields. Channel is also announcing today the arrival of Tom Allen, who has joined as Head of Technology and Cyber Insurance. Tom’s portfolio will be part of the new Innovation Division. Tom is a lawyer by training and was admitted to the New York State Bar in 1992. In 1996 he joined AIG as an underwriter in its Professional Liability Division before moving to Marsh, where he spent eight years in California and in London where he was Senior Vice President for the FINPRO practice. Tom was most recently Head of Technology Liability & Data Protection Indemnity at Aspen Syndicate 4711 and is a recognised leader in the Lloyd’s market for tech E&O and cyber.

Also within this division, Will Thorne is responsible for Channel’s wider innovation initiatives, including new product and distribution development. Will joined the Channel Syndicate in 2012 following three years spent at Omega Insurance and has already been instrumental in getting Channel actively involved in a range of new business developments. Both Tom and Will report to Tom Corfield. Tom Corfield, Active Underwriter at Channel: “Technological advances and the digitalisation of business will be game changers bringing new challenges to underwriters. The launch of this division and Tom’s appointment will take Channel to the cutting edge of the innovation needed to adapt the offer to changing demands. I am very pleased to have high calibre individuals like Tom and Will on board to drive this initiative.”


21st March 2016 - Gavin Watson appointed to lead The Channel Syndicate’s Accident & Health unit

The Channel Syndicate today announces that Gavin Watson will be joining later this year as head of its Accident & Health (“A&H”) unit. He will be based in London and will report to Tom Corfield, active underwriter.

Gavin is currently head of international A&H at Sompo Canopius, having joined the firm following the sale of his former employer Creechurch Underwriting to Canopius in 2006. He oversaw the integration of Creechurch before being appointed as an underwriter for A&H business for Canopius Syndicate 4444. Gavin spent eight years with Creechurch underwriting as deputy underwriter and reinsurance manager and prior to this, he spent 14 years as a broker with Crawley Warren, Willis Faber and Alwen Hough Johnson.

David Reed, CEO of The Channel Syndicate, said: “Gavin is highly regarded within Lloyd’s of London and has extensive experience in this class. His track record of successfully growing A&H accounts in challenging market conditions will be key as we look to expand our product offering in this class.”


1st February 2016 - Stephen Pennington joins The Channel Managing Agency as Chief Information Officer

We are delighted to announce Stephen Pennington’s arrival at The Channel Managing Agency (“TCMA”) as Chief Information Officer. Steve started his Insurance career 30 years ago, spending the last 15 years at Asta Managing Agency Ltd holding the CIO position since 2013.

He joins us bringing a wealth of expertise in many IT fields having introduced and strengthened a variety of key platforms and systems. Steve holds a degree and is a fellow of the Chartered Insurance Institution. Within TCMA Steve will be responsible for overseeing, developing and operating the Syndicate’s Information Systems..


1st January 2016 - Claims handling transitions to Channel

With effect from the 1st January 2016 Claims Handling for The Channel Syndicate has transferred from Asta Managing Agency Ltd to The Channel Managing Agency. All ECF submissions will automatically be directed to The Channel Managing Agency from 1st January 2016.

Emails should be sent to the appropriate person at The Channel Syndicate or if you are unsure of who to contact then please send to Claims@Channel2015.com. Please contact one of the claims team if you need to present a paper file and we will confirm a time for you to visit. If you have any questions about future arrangements please contact us and we will be pleased to assist you.


7th September 2015 - SCOR achieves a major milestone with Standard & Poor's upgrade to “AA-”

Standard & Poor’s (S&P) has upgraded SCOR’s Insurer Financial Strength rating to ‘AA- stable outlook’ from ‘A+ positive outlook’ and raised the Group counterparty credit ratings to 'AA-/A-1+' from 'A+/A-1'.

S&P notably mentions having taken into account the fact that “the Group has demonstrated its very strong competitive position through resilience in pricing and technical profitability in its P&C book and has reinforced its leading position in the U.S. Life reinsurance market.

In addition, the rating agency also highlights the fact that “SCOR continues to exhibit strong and stable earnings that should sustain extremely strong capital adequacy through 2017.”

In the current reinsurance market environment, S&P emphasises that the Group “has successfully withstood pricing pressures in the buyer's market in the P&C reinsurance industry”, adding that SCOR “has also been able to defend its market share in the consolidating reinsurance sector thanks to prudent risk management and pricing discipline.”

With regard to SCOR’s franchise, S&P considers that “the Group's very strong business risk profile is further supported by a leading market share in significant markets in both the P&C and Life markets.”

Denis Kessler, Chairman and CEO of SCOR, comments: “We are absolutely delighted with this decision by S&P. The upgrade of our rating to AA- demonstrates the pertinence of SCOR’s business strategy, which continues to withstand the current macroeconomic and market environment. This upgrade confirms SCOR as a Tier 1 global reinsurer. We are thus approaching the renewal period starting with the Monte-Carlo rendez-vous under very good conditions, with our teams more motivated than ever to provide our clients worldwide with first-class P&C and Life reinsurance services”.


20th July 2015 - Vinay Mistry to join The Channel Managing Agency as Chief Risk Officer

The Channel Managing Agency (“TCMA”), responsible for managing The Channel Syndicate, today announces that Vinay Mistry will become Chief Risk Officer and a board member. He will join later this year, subject to regulatory approval. Reporting to David Reed, CEO, Vinay will be responsible for overseeing and developing the Syndicate’s risk management and actuarial function.

Vinay joins from AEGIS London where he was Head of Operations. He was responsible for a number of functions, including underwriting risk management, IT and compliance and for managing the delivery and implementation of its IT infrastructure programme. Prior to this Vinay held senior roles at Lloyd’s, most recently as Manager of Ratings and Investor Relations, where he managed external relationships with Syndicate boards, rating agencies and debt security holders. Vinay holds a degree from Oxford University and began his career as a financial analyst at Merrill Lynch Europe, before joining Aviva in 2003 as a risk and exposure analyst.

David Reed, CEO of TCMA, commented: “Robust risk management has been key to our success to date and therefore recruiting a CRO with the appropriate skillset and experience is a vital part of our growth strategy. Vinay is an excellent example of the talent within our industry and I am delighted he is joining us. He has an outstanding reputation and will play a crucial role in developing our risk and compliance functions to ensure we have a market leading approach.”


18th June 2015 - David Barr joins The Channel Syndicate’s growing Environmental Impairment Liability team

The Channel Syndicate announces it has appointed David Barr as Class Underwriter of its Environmental Impairment Liability (“EIL”) division. He will report to Jim Finnamore, Head of EIL.

David has over 25 years’ experience in environmental insurance and risk management and joins from Chubb Insurance, where he was European Manager for EIL business. Prior to this he spent the last decade in senior positions within Marsh and Willis’ Environmental Practices. A geologist by background, he has also worked in the environmental consultancy and oil & gas sectors

Jim Finnamore, Head of EIL at The Channel Syndicate, commented: “We are seeing an increased demand for EIL  products and the number of complex risks means it is imperative that our team comprises experienced and knowledgeable underwriters like David. He is highly regarded in the market and his expertise in EIL across Europe and the Middle East brings additional territorial capabilities which enhance our existing offering. With David on board, we have one of the most experienced underwriting teams of EIL in the market and I look forward to working with him.”


3rd February 2015 - The Channel Managing Agency and SCOR announce Senior Management changes at The Channel Managing Agency Ltd (TCMA)

The Channel Managing Agency and its parent company SCOR announce the appointment of David Reed as Chief Executive Officer of The Channel Managing Agency Ltd (TCMA), with effect from 3 April 2015. David, currently CEO of SCOR Underwriting Ltd (SUL), has extensive experience within the Lloyd’s market having held a number of senior positions.

TCMA also announces the appointment of Paul Koslover as interim Chief Risk Officer , on a secondment basis, with effect from 3 April 2015. Paul has extensive actuarial and risk experience within the Lloyd’s and Company markets and has been Chief Risk Officer of the UK platform of a multijurisdictional based business. A permanent appointment will be made in due course. Paul currently performs the role of Senior Actuary at TCMA on a secondment basis.

These senior management appointments are subject to regulatory approval.

Richard Harris and John Byrne, currently Chief Executive Officer and Chief Risk Officer respectively of TCMA, have decided to leave the Agency as of 3 April 2015.

The Board of TCMA would very much like to thank Richard and John for their work and achievements over the past four years, and wishes them well for the future. Richard and John, with Tom Corfield who continues as Active Underwriter, founded Channel and with the financial and executive support from SCOR, built it up to its present successful level. The rest of the executive team remains unchanged. The Board looks forward to further success under the newly composed team.

As members of the Board, Victor Peignet and Benjamin Gentsch emphasise SCOR’s ongoing financial and executive commitment to TCMA.

Victor Peignet, Chief Executive Officer of SCOR Global P&C, comments:

"We are very proud of what has been achieved during the first four years of the Channel 2015 venture. Over this initial phase, the combination of SCOR’s strength and expertise and the talent of Richard, John, Tom and the team have enabled us to build solid foundations, based on which we are confident in the future of the syndicate’s operations. The second phase of Channel 2015 is starting out on the right track."

About David Reed
David began his career in the Lloyd’s insurance market in 1977 and has had over 37 years’ experience in the market. David has spent the majority of his career in underwriting. He is currently CEO of SCOR Underwriting Ltd (SUL), a position he has held since January 2013. Prior to joining SCOR David held a number of senior leadership positions, as Managing Director of Omega Group, COO of R K Harrison Group, CEO of St Paul at Lloyd’s. David is a Fellow of the Chartered Insurance Institute.


11th April 2014 - Jim Finnamore appointed Head of Environmental Insurance

The Channel Syndicate is pleased to announce the appointment of Jim Finnamore as Head of Environmental Insurance. Jim commenced underwriting on 7th April 2014 and is offering a broad suite of traditional and new environmental insurance products to clients across Europe, the Middle East, South America, Canada and Asia Pacific.

Jim has 22 years’ experience in environmental risk and (re)insurance, having held senior underwriting, broking and engineering positions in London, Melbourne, Singapore and Bermuda.

Jim joins the Financial Lines Division headed by Martin Campbell. Commenting on the appointment, Richard Harris, CEO, said: “The Channel Syndicate’s success is built on the quality of our underwriters and we are therefore delighted to announce Jim’s appointment. With over 20 years’ experience, Jim is a highly skilled underwriter with significant global experience and is a great addition to our team.”


5th April 2014 - Channel Announces Approval of a new Managing Agency at Lloyd's

The Channel Managing Agency Limited has obtained approval from Lloyd’s, the Financial Conduct Authority and the Prudential Regulatory Authority to act as a Managing Agency at Lloyd’s. The new agency will manage Lloyd’s syndicate 2015 with effect from 1st April 2014. Syndicate 2015 is 100% backed by SCOR Group corporate capital through SCOR Underwriting Limited, one of the largest capital providers to the Lloyd’s market. It started-up on 1st January 2011, underwriting a diverse range of Property, Casualty and Marine insurance classes. The syndicate now has five divisions and its capacity has increased from £75m in 2011 to £155m in 2014. The syndicate was previously managed by ASTA Managing Agency Ltd.

The Channel Managing Agency Board is led by Chairman Brian Hilton. Mr Hilton said “The Board is very excited that we now have the opportunity to develop our business, in conjunction with the SCOR Group, as a fully fledged managing agency. I congratulate the whole Syndicate team under the able leadership of Richard Harris, CEO of Channel syndicate 2015, for all that has been achieved to date. The Board’s thanks also go to ASTA for all their support.

Other members of the agency board are John Byrne, Chief Risk Officer, Tom Corfield, the Active Underwriter and Paul Chubb, Chief Financial Officer. Victor Peignet, Benjamin Gentsch and David Reed from SCOR, Terry Hayday and David Hindley are also directors.


5th March 2014 - ‘Channel Launch Political & Credit Risk Division’

The Channel Syndicate are proud to announce it’s new product offering for Political & Credit Risk, headed up by Kade Spears.

Kade Spears joined the Channel Syndicate in October 2013 to head up the Political and Credit Risks team and has worked in this field since graduating with a Bachelor of Science from Washington & Lee University. Kade was previously the head of a team in the Lloyd’s & London markets and has worked in Bermuda, Houston and Singapore during his career.

Contract Frustration
Contract frustration cover protects a client against non-payment or non-performance on an underlying contract or transaction by a specified counterparty that is state owned. The cover can be extended to cover losses during the pre-shipment phase due to political risk perils. In addition, we provide a form of cover called currency inconvertibility that falls under this area. This protects a client not against currency devaluation, but against inability to exchange a local currency for a specified hard currency such as the US dollar and remit that hard currency offshore. The policies can be structured on a losses occurring or a risks attaching basis and are not typically repeat or renewable.

Credit
Trade credit cover protects a client against non-payment or nonperformance on an underlying contract or transaction by a specified counterparty that is privately or non-state owned. The policies can be structured on a losses occurring or a risks attaching basis and are not typically repeat or renewable.

Political Risk
Political risk cover protects a client against loss due to confiscation, expropriation or nationalisation of their physical assets and/or investments in an emerging market. Please note that the cover can be extended to include physical damage and/or business interruption due to political violence, but in many cases this coverage is difference in conditions to an underlying property or standalone terrorism/political violence policy. Our key clients for credit and contract frustration insurance are exporters, financial institutions, and trading companies. On the political risk side, the main client base is blue-chip corporates with direct investments in emerging markets.