enterprise risk management (ERM) News

Everest Re Restructures Risk Management Function, Naming Mango CRO, Chief Actuary

Everest Re Group Ltd. announced the promotion of Don Mango to Everest Group chief risk officer and chief actuary, effective March 30th. In this new role, Mango will report to Everest Re Group President and CEO Juan C. Andrade. He …

FERMA Criticizes Cyber Insurance Guidelines Proposed by Int’l Standards Organization

The Federation of European Risk Management Associations (FERMA) is concerned about proposed cyber insurance guidelines being developed by the International Organization for Standardization (ISO), calling them “premature” and “inappropriate.” The proposed standard, ISO/IEC 27102, encompasses information security management guidelines for …

Tokio Marine Kiln Taps Jomaa from CFC as Cyber Underwriter

Tokio Marine Kiln (TMK), the London-based provider of specialist and corporate insurance, has appointed Alex Jomaa as cyber underwriter. He takes up the role immediately and will report to Laila Khudairi, head of enterprise risk in London. Jomaa joins from …

Rosengarten Retires as XL Group’s Enterprise Risk Officer; Norton Named Successor

XL Group Ltd. announced that Jacob Rosengarten, group chief enterprise risk officer, retired effective Dec. 31, 2017. Fielding (Fid) Norton, who previously held the position of deputy chief enterprise risk officer, has been appointed as his successor, subject to Bermuda …

Caribbean Cat Facility CCRIF & Caribbean Development Bank Launch Regional Risk Management Project

The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) have launched a Caribbean risk management project. Formally known as “Integrated Sovereign Risk Management in the Caribbean,” the project aims to enable Caribbean countries to take …

Willis Towers Watson Launches Cyber Aviation Cover with AIG Collaboration

Willis Towers Watson has introduced CyFly, an insurance solution specifically tailored to cover cyber exposure affecting the airline industry. The recent Willis Towers Watson Industry Risk Index identified failure of critical IT systems as the most significant risk facing the …

Reinsurers’ Strong Enterprise Risk Management Key to Success – and Survival: S&P

The reinsurance sector’s focus on strong enterprise risk management (ERM) frameworks is helping them weather the many headwinds hitting both the asset and liability sides of their balance sheets, according to a report issued by S&P Global Ratings. These headwinds …

Survey of Global Executives Reveals Business Threat of Poor Risk Oversight

Businesses are putting themselves in danger by neglecting or avoiding formal risk management processes, according to a new study by the Enterprise Risk Management Initiative at North Carolina State University on behalf of the London-based Chartered Institute of Management Accountants …

Arthur J. Gallagher Completes Leadership Team with 4 Executive Appointments

Arthur J. Gallagher – the international division of Arthur J. Gallagher & Co. – has appointed Michael Rea as chief operating officer and Carol Richmond as chief risk officer, subject to regulatory approvals. Both recruits will join the organization’s international …

A.M. Best: New UAE Regulations Should Improve Risk Profile of Insurers

The Insurance Authority (IA) of the United Arab Emirates recently issued new financial regulations, which are well placed to improve the risk profile and policyholder security of UAE insurers, according to A.M. Best in a special report titled “A.M. Best …