Global: Lloyd’s CEO to step down
Lloyd’s of London CEO Inga Beale will be stepping down next year after five years at the helm.
Ms Beale is the only woman to have led Lloyd’s during its 330-year history. During her tenure, she introduced a number of measures aimed at modernising the market and making it more efficient and inclusive.
Ms Beale said in an email statement that the decision to leave had been a tough one, and that she would “miss the energy, innovative spirit and expertise that I come across in the Lloyd’s market every working day”.
The search for her successor is now underway.
Alesco hires new partner to expand in the Middle East and Africa
Alesco Management Service (Alesco) has appointed Mr Nadim Semaan as partner effective July 2018. He will report to managing partner Simon Clarkson.
The newly created role will see Mr Semaan work closely with the company’s multi-disciplinary and specialist teams across all business lines to further develop its business and presence in the Middle East and Africa, while enhancing its client proposition in the region.
Mr Semaan joins Alesco from London-based insurers UIB, where he moved from an initial focus on energy to multi-line business development and complex programme structuring, including parametric covers, trade credit and political risks.
Commenting on the appointment, Mr Clarkson said, “Alesco has always focused on investing in the best talent available in order to continually improve its client proposition in an expanding range of specialist risk areas and geographies.
“Bringing Nadim into our team is a fantastic example of that investment, as we look to expand in the Middle East and Africa. His deep experience and knowledge of those markets, multi-lingual skill set and track record for developing and delivering complex risk transfer programmes to support clients’ businesses, all set him apart.”
ABI appoints first woman as chair
Ms Amanda Blanc, the incoming CEO EMEA of Zurich, will become the chair of the Association of British Insurers (ABI) effective October 2018. She is the first woman to chair the trade association since it started more than 100 years ago.
Ms Blanc succeeds CEO of Aviva UK Andy Briggs, who will remain on the board as the senior independent director. She is due to begin her role at Zurich in 4Q18.
She was formerly the group chief executive of AXA UK & Ireland and a board member of the ABI and chair of its General Insurance Committee. Ms Blanc is a past chair of the Insurance Fraud Bureau and a past president of the Chartered Insurance Institute.
Bahrain: Leadership reorganisation in Arig
Arab Insurance Group (Arig) announced the end of services of its CEO Yassir Albaharna effective 5 June 2018.
Mr Samuel Verghese has been appointed acting CEO until further notice. Mr Firas El Azem continues to lead the reinsurance operations.
Mr Verghese joined Arig in 1997 in the finance department and assumed the role of director of finance in 2008. He was appointed deputy general manager, finance & administration in 2017, where he has been closely involved in the formulation and implementation of the company’s strategies. Additionally, he represents Arig in a number of boards.
Mr El Azem joined Arig in 2017 as general manager of reinsurance and brings with him over 25 years of experience in insurance and reinsurance. He started his professional career with Munich Re (Munich) in 1991 and later became the CEO of its Kuala Lumpur branch before moving to the Middle East in 2006 as general manager of a number of insurance/takaful companies, and Arig’s subsidiary, Takaful Re in the UAE. He is currently a board member of Arig Insurance Management DIFC (Dubai).
Commenting on the leadership reorganisation, Mr Verghese said, “Based on Arig’s stable ownership, strong financial position, market knowledge, expertise and long-term vision, we remain committed to support our clients, as well as the whole industry. We are thankful to Mr Albaharna for his dedication to the company over the length of more than 30 years of his tenure and his immense contribution to the insurance and reinsurance industry.”
Saudi Arabia: Deputy chairman of Al Rajhi Takaful steps down
Mr Ahmed bin Sulaiman Al-Rajhi has resigned from his position as deputy of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful). He is now the minister of labour and social development appointed by King Salman in a royal decree.
UAE: New CEO for Emirates Islamic
Emirates Islamic, which is part of Emirates NBD, has appointed Mr Salah Amin as its new CEO. He brings with him 30 years of experience in the banking industry, having worked in various positions, including head of branches and head of corporate banking unit before taking on his most recent role as executive vice-president, head of corporate banking group, Emirates NBD.
Mr Amin succeeds Mr Jamal Bin Ghalaita, who has retired after 28 years with Emirates NBD Group. Mr Jamal will serve as advisor to Emirates Islamic’s chairman until the end of 2018.