Rolf Tolle, currently the Chief Underwriting Officer of Faraday Group, General Re’s Lloyd’s and London Market insurance and reinsurance operation, has been appointed as the first Performance Director of the newly formed Lloyd’s Franchise Board.
His appointment completes the selection of the 11 member Board which will take over the direction of Lloyd’s operations from the its Market Board and Regulatory Board beginning next month. The creation of the Franchise Board is one of the major changes approved by Lloyd’s members last September in a package of reforms designed to modernize the Lloyd’s market and improve its financial performance.
Prior to his current position with Faraday, Tolle spent 10 years as CEO of Europa Re, based in Cologne. He’s been in the insurance industry for 27 years, and previously held management positions at Norwegian insurer Polaris and other Scandinavian insurers. Commenting on his appointment, Tolle stated, “Lloyd’s has begun a programme of reform that will ensure it remains a world leader in the insurance industry. I am looking forward to playing a key role in implementing those reforms and modernising the market during this exciting time and hope to help it to capitalize on today’s strong performance. This should ensure Lloyd’s is better prepared for any future down turn in the insurance cycle.”
Lloyd’s Chief Executive Nick Prettejohn indicated that “We are delighted that Rolf is joining Lloyd’s at a time when the market is in such a strong position and driving forward with its programme of modernisation. His extensive experience of underwriting and management will bring a critical set of skills to the implementation of the reforms.”
Lloyd’s bulletin described the Franchise Performance Director’s role as being responsible “for working with individual Lloyd’s businesses – the franchisees – to improve the commercial performance of the market. This will include monitoring each franchisee’s performance against its business plan and ensuring that the new underwriting and service guidelines for franchisees are adhered to.”
Joseph P. Brandon, Chairman and CEO of Berkshire Hathaway’s General Re noted Tolle’s “significant contribution” to the company, particularly as Faraday’s Chief Underwriting Officer. “Our loss is Lloyd’s gain,” Brandon stated. “While we are sorry to lose Rolf’s services, we are delighted that he has been chosen to undertake such a critical role within Lloyd’s. It is a huge compliment to Faraday and its culture of underwriting discipline that Rolf has been selected for this prestigious position. We are sure that he will do a tremendous job for the Lloyd’s market as a whole.”
Milan Vukelic, Faraday Group’s CEO, commented that, “The role of Performance Director will be pivotal to the future profitability and, thus, viability of the Lloyd’s market. Consequently, Faraday has a significant vested and ongoing interest in ensuring that the position is filled by an experienced, knowledgeable and respected underwriter. Rolf meets all these criteria. Rolf leaves behind a talented underwriting organization which will miss his day-to-day involvement, but looks forward to working with him in his new capacity. We all wish him every success.”
If Warren Buffett doesn’t want to buy ERC, maybe he’s interested in Lloyd’s. Berkshire’s investments and its position in the London market have been expanding rapidly of late.