Category: Press Release

McGill and Partners has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln (TMK) and Convex, offering limits of $95M, led by TMK. This unique offering harnesses the power of AI enabled technology provided by Altana, to support the understanding and underwriting of trade disruption risk.  

This will enable substantial coverage and limits for clients navigating interruptions and fluctuations of trade between specified locations. Altana’s AI platform enhances the client and underwriter experience by improving service speed and accuracy, while streamlining the preparation and review of Trade Disruption Insurance (TDI) submissions. The increased visibility this gives underwriters, enables them to offer broader coverage and higher limits, across all sectors and geographies. It also provides clients and underwriters with a dynamic, comprehensive view of the world’s interconnected supply chains.  

Nicky Payne, Partner of Capital Solutions and Treaty Reinsurance at McGill and Partners said, “Given the current geopolitical climate, the launch of our groundbreaking trade disruption facility is exceptionally timely, as incidents of this nature are on the rise. From the start, McGill and Partners has been built on digital-first principles. We understand the importance of capitalising on this technology, which allows us to pioneer unique and innovative solutions for our clients. This product is a clear demonstration of those principles.  

Working with TMK and Convex, both recognised leaders in the market for trade disruption risk, was an obvious choice. I am proud that, together, we have brought this facility to the market for our clients.” 

Ed Parker, Head of Special Risks at TMK said, “Tokio Marine Kiln has been at the forefront of innovation in this class since we launched the world’s first trade disruption cover over thirty years ago. Driving and supporting new solutions which can address the challenges which our clients are facing is core to our offering and central to TMK’s business philosophy. Supply chains, globally, have become increasingly complex and their fragility has been underscored by a series of geopolitical shocks in recent years. AI offers the potential for us to better understand our clients, to track the movement of goods and the aggregation of exposures in real time. These new tools can enhance our offering, allow us to broaden our terms due to a greater insight into our clients’ businesses and enable us to further extend our support across supply chains. We are pleased to lead this new facility and look forward to working with our partners to continue to enhance the service we offer to the global trade sector.”  

Evan Smith, co-founder and CEO of Altana said, “Managing supply chain disruptions is a key priority for risk managers. This TDI (trade disruption insurance) facility represents an important step toward the delivery of AI-powered insurance solutions. We’re excited to join forces with McGill and Partners, TMK and Convex, to support businesses in managing through increasing global supply chain dislocations.” 

McGill and Partners announces that it will be expanding into the Nordics with the opening of a new branch office in Sweden subject to applicable approvals.  

This expansion into the Nordics will strengthen McGill and Partners’ extensive broking expertise across its key specialties and further enable the firm to deliver cutting-edge solutions to their global clients and trading partners. The new branch will be part of the firm’s European entity. Initial hires to the Swedish branch will include Jon Petursson and Wilhelm Westerstad. 

 Jon and Wilhelm will each join from WTW, where they have spent over two decades, and have been instrumental in developing a diverse portfolio of specialty- focussed business in the Nordics and beyond. They will join McGill and Partners once their existing contractual obligations are fulfilled. 

 Stephen Cross, CEO of McGill and Partners Europe, said: “We are laser-focused on attracting incredible talent in markets where there is untapped potential, and we’re excited to be expanding our presence and capabilities in Europe with the opening of a Swedish office. With Jon and Wilhelm joining the team we will be able to draw on their deep expertise to provide market-leading solutions for our clients and trading partners in the region, whilst we continue to attract like-minded individuals to our rapidly expanding firm.”

McGill and Partners is delighted to announce the appointment of Nick Williams-Walker as Group Chief Operating Officer, with effect from 23 September 2024.  

Nick joins McGill and Partners from Gallagher where he has been COO of Alesco and Gallagher Specialty for five years. Prior to this Nick was at JLT for almost eight years as COO of JLT Specialty and was formerly at Aon for over 13 years in a series of senior operationally focussed leadership roles including an extended period in India overseeing the establishment of the Aon operations in the country. Nick also serves as the Chair of the Technical Group of the London Market Group’s Data Council.  

Nick will succeed Stephen Cross in this role, who has been the firm’s acting Group COO since January 2022. Stephen Cross, one of the co-founders of McGill and Partners, will continue his role of Head of Strategy and Innovation, focussing on strategy, innovation, talent acquisition, and brand and marketing. He will also continue to maintain responsibility for Europe. 

Nick has a long history in the specialty intermediary space and his experience of optimising client service, innovation and leveraging gains and efficiencies from technology over many years will be a huge asset to a digital-first business such as McGill and Partners, which takes a cutting-edge approach to technology.  

Steve McGill, CEO and founder of McGill and Partners, said: “As we continue to pursue exceptional talent, we are delighted to welcome Nick as Group Chief Operating Officer of McGill and Partners. Nick brings extensive experience to an already strong and talented team, and we look forward to Nick joining the firm later this month.” 

Crypto crime hit a new all-time high in 2023, accounting for a record-setting $20.6 billion worth of blockchain transactions last year, with the number of blockchain transactions affected by criminal activity doubling compared to 2022.  

But for victims of crypto asset investment fraud, the cost of trying to recover stolen assets can quickly escalate. It can cost upwards of £250,000 to investigate and recover lost crypto assets, and if it is possible to find a litigation funder willing to act purely on a contingency basis, they will likely require a significant cut of the value of any recovery.  

To combat this, M2 Recovery has launched its pioneering crypto legal expenses policy – the world’s first insurance policy for recovery of crypto assets valued at more than £250,000, addressing the pressing need for protection against the rising tide of crypto fraud. M2  

Recovery founder Neil Holloway says: “Our insurance policy is the first of its type globally, which provides policyholders with legal expenses following crypto fraud. We can insure legal expenses relating to crypto assets collectively worth tens of millions for investors, neobanks and in-play betting companies. “This includes digital assets invested through the metaverse, utility tokens such as Freeway Tokens, and crypto assets appropriated through man-in-the-middle attacks. And with more investment scams in play than ever before, reducing your exposure to risk on large crypto investments has never been more important.” Crypto investors buying a policy have access to M2 Recovery’s market leading in-house legal team to recover the lost assets. The costs of recovery are also covered by the policy. It’s the only insurance product in the marketplace that covers up to £250,000 of legal expenses and disbursements associated with recovering assets lost as a result of any type of theft or fraud.  

McGill and Partners, the global boutique specialist (re)insurance broker, has assisted M2 Recovery in the design and placement of the policy with Lloyd’s of London insurers to allow M2 Recovery to launch this product. 

Paul Morgan, Partner in the Financial Lines team at McGill and Partners said: “The issue of fraud and loss of assets is a growing problem in the crypto world, and we’re delighted to be working with M2 Recovery on this pioneering solution, offering pre-incident crypto legal expenses insurance. That we’ve been able to work in partnership to develop a solution that responds to a pressing need, emphasises the agility we have as a business to respond quickly and in a way that meets the pressing needs of the marketplace more widely.” 

M2 Recovery’s director of legal services Louise Abbott said: “The threat to crypto assets has never been greater, with cyber criminals becoming increasingly sophisticated in how they act. We have built a team of cyber intelligence specialists, recovery agents, forensic investigators and expert lawyers, all working under one roof with our proprietary technology to combat this fraud. “In what is an incredibly complicated market, we are incredibly proud to have a 100% success rate, and this new policy means more victims will be able to use our exceptional skill set to recover their crypto assets” 

McGill and Partners has expanded its ports and terminals offering with the appointment of Julien Horn as a Partner. Julien joins the team headed up by Julien Hubbard, adding expertise in logistics and transportation. Julien joins McGill and Partners from TT Club, an independent provider of mutual insurance to the international transport and logistics industry.  

He worked at TT Club since 2006 and spent the last four years as a Senior Underwriter in the marine division. At TT Club his work focussed on the Middle East, Africa, Eastern Mediterranean and Turkey. Prior to that Julien spent six years as Business Development Director in Dubai for TT Club, with responsibilities for the Middle East, India and Africa. Over the past decade, Julien has cultivated significant relationships across the Middle East and the broader MENA region.  

This, combined with his abilities to solve issues for large clients, means that Julien is well-placed to take on this role at McGill and Partners. As ports and terminals operators pivot their business models into logistics, Julien brings a wealth of knowledge to support both existing and new clients in this increasingly complex area of transportation business. 

 Julien Hubbard, Partner and Head of Ports and Terminals at McGill and Partners said: “It is fantastic to welcome someone of Julien’s calibre to the team. His business development skills, whether it be nurturing current relationships or exploring new opportunities, will be a tremendous asset to the firm. However, Julien will also bring a new dynamic to the team and his skillset will undoubtedly enhance our ports and terminals offering.” 

The Facility has been established by insurance and reinsurance broker McGill and Partners with extensive support from the Association of British Insurers (ABI) and also through working in partnership with the British Insurance Brokers’ Association (BIBA) which will ensure brokers are made aware of the Facility. It has two key intentions – to expand capacity for insurers already writing business for affected buildings and to encourage competition across the market so that more firms will provide cover. The ultimate solution remains the urgent need for works to take place to make buildings safe and resilient.  

The Facility is expected to run for three to five years whilst this happens. The first step will be for the participating insurers – Allianz, Aviva, Axa, RSA and Zurich – to enter higher-risk buildings they currently insure, and which are awaiting remediation works, into the Facility at the point of their annual renewal. These firms have continued to be active in the market and are the top five firms providing insurance cover for commercial and residential buildings.  

The Grenfell tragedy and Dame Judith Hackitt Review exposed significant construction and fire-risk issues related to these buildings. As a result, insurers have to consider the heightened risk of an entire building sadly being destroyed in the event of a fire and have had to limit the amount of cover they could provide because the risk is too high for one firm to cover on its own.  

Brokers, Freeholders and Managing Agents have instead had to source insurance cover from multiple firms, meaning that several insurers are involved in covering one building, creating a ‘layered’ effect and adding to the cost. It is these buildings which will likely benefit most from the Facility.  

Through a reinsurance panel led by Swiss Re, the Facility will enable insurers to expand the capacity they have for writing insurance for affected buildings and take on new business. Over the course of the following 12 months, the insurers will consider which additional buildings can be entered into the Facility as and when their insurance policies are due for renewal.  

We have long recognised the emotional and financial strain that is being placed on leaseholders in England, Wales and Northern Ireland and flat owners in Scotland, and we support the FCA’s rules on providing greater protection and transparency. While the launch of the Facility is an important milestone, we have always said that there will be no single insurance intervention that will help all leaseholders equally. It is the buildings that will see the costly ‘layered’ insurance replaced with cover through the Facility that will likely see the biggest impact on their premium. 

 For buildings where one insurer already provides 100% of the cover, they may not see an impact on their premium when entered into the Facility. In the longer term, it is hoped that the Facility will reinvigorate competition in the market and encourage other firms to write more business for affected buildings. There are options available to government that could have a more immediate impact for leaseholders. This includes providing financial support to the Facility which may increase market confidence and encourage even more firms to join, and cutting Insurance Premium Tax which would provide a 12% reduction in costs.  

Leaseholders should contact the person or company responsible for arranging their insurance cover, who can then discuss the Facility with their broker or insurer. More information on how the Facility will work is available here. Information for brokers representing the affected buildings is available from the British Insurance Brokers’ Association. Buildings insurance premiums will continue to be based on a variety of risk factors, such as the type and age of the building, previous claims history and other property risks such as storm/flooding or escape of water. External factors such as construction costs and supply shortages will also have an impact.  

Steve McGill CBE, Founder & CEO, McGill and Partners said: “Insuring cladded, multi-occupancy buildings that pose a fire safety risk has challenged our industry for some time. However, this unique facility aims to present a competitive market solution that will address this important issue and I am incredibly proud that McGill and Partners has played such a pivotal role. “Contributing to the expansion of insurance availability for buildings with combustible cladding and other fire safety issues has been a significant priority for us. We are known for our innovative thinking and thrive on creating solutions for complex and challenging risks, and it has been possible to develop this transformative and much needed facility with the support of our reinsurer and insurer partners.” 

 Mervyn Skeet, ABI Director of General Insurance said: “Supporting leaseholders and making insurance more widely available for higher-risk buildings with fire safety issues has been one of the ABI’s top priorities. I’m grateful to McGill and Partners and all the firms involved for their help in establishing this commercial intervention and hope it will encourage more insurers to enter the market and offer cover for these buildings. “The industry has been determined in its efforts to support leaseholders, but it cannot solve the issue alone. Establishing the Facility is a significant step forward, but Government intervention and swifter remediation is still the only long-term solution. We strongly encourage Government to consider how it can support the Facility to boost confidence in the market or remove Insurance Premium Tax for affected buildings, to offer more immediate relief to leaseholders.”  

Tim Bailey, President of the ABI, said: “The Fire Safety Reinsurance Facility has been a priority cross-industry project to expand capacity in the market and boost competition. We’re pleased to have made the Facility a reality in order to support leaseholders and as ABI President, I’m grateful to all those involved.” Aidan Kerr, UK&I Lead at Swiss Re Public Sector Solutions, said: “Swiss Re is delighted to be acting as lead reinsurer for this facility, which is a great demonstration of how the insurance industry can work together to help support leaseholders. This facility will help to improve availability of insurance for people living in affected buildings, whilst the vital remediation work to rectify their fire safety issues is completed.”  

Graeme Trudgill, Chief Executive at the British Insurance Brokers’ Association (Biba), said: “We are delighted with this new facility, which is the culmination of two years of constructive collaboration between BIBA, McGill and Partners, the ABI, expert real-estate brokers and Government. Launching the facility was a key BIBA commitment in our 2024 Manifesto and aims to create a more affordable insurance solution for medium and high-rise residential buildings that have fire safety issues. We hope that in the longer term this will have positive affect on leaseholders.” 

Reinsurance support is now in place to launch the Fire Safety Reinsurance Facility (the Facility) from 1 April 2024, in an industry intervention to help improve the availability of insurance for certain buildings with combustible cladding and other fire safety issues.  

The Facility has been established by insurance and reinsurance broker McGill and Partners with extensive support from the Association of British Insurers (ABI) and also through working in partnership with the British Insurance Brokers’ Association (BIBA) which will ensure brokers are made aware of the Facility. It has two key intentions – to expand capacity for insurers already writing business for affected buildings and to encourage competition across the market so that more firms will provide cover. The ultimate solution remains the urgent need for works to take place to make buildings safe and resilient.  

The Facility is expected to run for three to five years whilst this happens. The first step will be for the participating insurers – Allianz, Aviva, Axa, RSA and Zurich – to enter higher-risk buildings they currently insure, and which are awaiting remediation works, into the Facility at the point of their annual renewal. These firms have continued to be active in the market and are the top five firms providing insurance cover for commercial and residential buildings.  

The Grenfell tragedy and Dame Judith Hackitt Review exposed significant construction and fire-risk issues related to these buildings. As a result, insurers have to consider the heightened risk of an entire building sadly being destroyed in the event of a fire and have had to limit the amount of cover they could provide because the risk is too high for one firm to cover on its own.  

Brokers, Freeholders and Managing Agents have instead had to source insurance cover from multiple firms, meaning that several insurers are involved in covering one building, creating a ‘layered’ effect and adding to the cost. It is these buildings which will likely benefit most from the Facility.  

Through a reinsurance panel led by Swiss Re, the Facility will enable insurers to expand the capacity they have for writing insurance for affected buildings and take on new business. Over the course of the following 12 months, the insurers will consider which additional buildings can be entered into the Facility as and when their insurance policies are due for renewal.  

We have long recognised the emotional and financial strain that is being placed on leaseholders in England, Wales and Northern Ireland and flat owners in Scotland, and we support the FCA’s rules on providing greater protection and transparency. While the launch of the Facility is an important milestone, we have always said that there will be no single insurance intervention that will help all leaseholders equally. It is the buildings that will see the costly ‘layered’ insurance replaced with cover through the Facility that will likely see the biggest impact on their premium. 

 For buildings where one insurer already provides 100% of the cover, they may not see an impact on their premium when entered into the Facility. In the longer term, it is hoped that the Facility will reinvigorate competition in the market and encourage other firms to write more business for affected buildings. There are options available to government that could have a more immediate impact for leaseholders. This includes providing financial support to the Facility which may increase market confidence and encourage even more firms to join, and cutting Insurance Premium Tax which would provide a 12% reduction in costs.  

Leaseholders should contact the person or company responsible for arranging their insurance cover, who can then discuss the Facility with their broker or insurer. More information on how the Facility will work is available here. Information for brokers representing the affected buildings is available from the British Insurance Brokers’ Association. Buildings insurance premiums will continue to be based on a variety of risk factors, such as the type and age of the building, previous claims history and other property risks such as storm/flooding or escape of water. External factors such as construction costs and supply shortages will also have an impact.  

Steve McGill CBE, Founder & CEO, McGill and Partners said: “Insuring cladded, multi-occupancy buildings that pose a fire safety risk has challenged our industry for some time. However, this unique facility aims to present a competitive market solution that will address this important issue and I am incredibly proud that McGill and Partners has played such a pivotal role. “Contributing to the expansion of insurance availability for buildings with combustible cladding and other fire safety issues has been a significant priority for us. We are known for our innovative thinking and thrive on creating solutions for complex and challenging risks, and it has been possible to develop this transformative and much needed facility with the support of our reinsurer and insurer partners.” 

 Mervyn Skeet, ABI Director of General Insurance said: “Supporting leaseholders and making insurance more widely available for higher-risk buildings with fire safety issues has been one of the ABI’s top priorities. I’m grateful to McGill and Partners and all the firms involved for their help in establishing this commercial intervention and hope it will encourage more insurers to enter the market and offer cover for these buildings. “The industry has been determined in its efforts to support leaseholders, but it cannot solve the issue alone. Establishing the Facility is a significant step forward, but Government intervention and swifter remediation is still the only long-term solution. We strongly encourage Government to consider how it can support the Facility to boost confidence in the market or remove Insurance Premium Tax for affected buildings, to offer more immediate relief to leaseholders.”  

Tim Bailey, President of the ABI, said: “The Fire Safety Reinsurance Facility has been a priority cross-industry project to expand capacity in the market and boost competition. We’re pleased to have made the Facility a reality in order to support leaseholders and as ABI President, I’m grateful to all those involved.” Aidan Kerr, UK&I Lead at Swiss Re Public Sector Solutions, said: “Swiss Re is delighted to be acting as lead reinsurer for this facility, which is a great demonstration of how the insurance industry can work together to help support leaseholders. This facility will help to improve availability of insurance for people living in affected buildings, whilst the vital remediation work to rectify their fire safety issues is completed.”  

Graeme Trudgill, Chief Executive at the British Insurance Brokers’ Association (Biba), said: “We are delighted with this new facility, which is the culmination of two years of constructive collaboration between BIBA, McGill and Partners, the ABI, expert real-estate brokers and Government. Launching the facility was a key BIBA commitment in our 2024 Manifesto and aims to create a more affordable insurance solution for medium and high-rise residential buildings that have fire safety issues. We hope that in the longer term this will have positive affect on leaseholders.” 

Reinsurance support is now in place to launch the Fire Safety Reinsurance Facility (the Facility) from 1 April 2024, in an industry intervention to help improve the availability of insurance for certain buildings with combustible cladding and other fire safety issues.  

The Facility has been established by insurance and reinsurance broker McGill and Partners with extensive support from the Association of British Insurers (ABI) and also through working in partnership with the British Insurance Brokers’ Association (BIBA) which will ensure brokers are made aware of the Facility. It has two key intentions – to expand capacity for insurers already writing business for affected buildings and to encourage competition across the market so that more firms will provide cover. The ultimate solution remains the urgent need for works to take place to make buildings safe and resilient.  

The Facility is expected to run for three to five years whilst this happens. The first step will be for the participating insurers – Allianz, Aviva, Axa, RSA and Zurich – to enter higher-risk buildings they currently insure, and which are awaiting remediation works, into the Facility at the point of their annual renewal. These firms have continued to be active in the market and are the top five firms providing insurance cover for commercial and residential buildings.  

The Grenfell tragedy and Dame Judith Hackitt Review exposed significant construction and fire-risk issues related to these buildings. As a result, insurers have to consider the heightened risk of an entire building sadly being destroyed in the event of a fire and have had to limit the amount of cover they could provide because the risk is too high for one firm to cover on its own.  

Brokers, Freeholders and Managing Agents have instead had to source insurance cover from multiple firms, meaning that several insurers are involved in covering one building, creating a ‘layered’ effect and adding to the cost. It is these buildings which will likely benefit most from the Facility.  

Through a reinsurance panel led by Swiss Re, the Facility will enable insurers to expand the capacity they have for writing insurance for affected buildings and take on new business. Over the course of the following 12 months, the insurers will consider which additional buildings can be entered into the Facility as and when their insurance policies are due for renewal.  

We have long recognised the emotional and financial strain that is being placed on leaseholders in England, Wales and Northern Ireland and flat owners in Scotland, and we support the FCA’s rules on providing greater protection and transparency. While the launch of the Facility is an important milestone, we have always said that there will be no single insurance intervention that will help all leaseholders equally. It is the buildings that will see the costly ‘layered’ insurance replaced with cover through the Facility that will likely see the biggest impact on their premium. 

For buildings where one insurer already provides 100% of the cover, they may not see an impact on their premium when entered into the Facility. In the longer term, it is hoped that the Facility will reinvigorate competition in the market and encourage other firms to write more business for affected buildings. There are options available to government that could have a more immediate impact for leaseholders. This includes providing financial support to the Facility which may increase market confidence and encourage even more firms to join, and cutting Insurance Premium Tax which would provide a 12% reduction in costs.  

Leaseholders should contact the person or company responsible for arranging their insurance cover, who can then discuss the Facility with their broker or insurer. More information on how the Facility will work is available here. Information for brokers representing the affected buildings is available from the British Insurance Brokers’ Association. Buildings insurance premiums will continue to be based on a variety of risk factors, such as the type and age of the building, previous claims history and other property risks such as storm/flooding or escape of water. External factors such as construction costs and supply shortages will also have an impact.  

Steve McGill CBE, Founder & CEO, McGill and Partners said: “Insuring cladded, multi-occupancy buildings that pose a fire safety risk has challenged our industry for some time. However, this unique facility aims to present a competitive market solution that will address this important issue and I am incredibly proud that McGill and Partners has played such a pivotal role. “Contributing to the expansion of insurance availability for buildings with combustible cladding and other fire safety issues has been a significant priority for us. We are known for our innovative thinking and thrive on creating solutions for complex and challenging risks, and it has been possible to develop this transformative and much needed facility with the support of our reinsurer and insurer partners.” 

Mervyn Skeet, ABI Director of General Insurance said: “Supporting leaseholders and making insurance more widely available for higher-risk buildings with fire safety issues has been one of the ABI’s top priorities. I’m grateful to McGill and Partners and all the firms involved for their help in establishing this commercial intervention and hope it will encourage more insurers to enter the market and offer cover for these buildings. “The industry has been determined in its efforts to support leaseholders, but it cannot solve the issue alone. Establishing the Facility is a significant step forward, but Government intervention and swifter remediation is still the only long-term solution. We strongly encourage Government to consider how it can support the Facility to boost confidence in the market or remove Insurance Premium Tax for affected buildings, to offer more immediate relief to leaseholders.”  

Tim Bailey, President of the ABI, said: “The Fire Safety Reinsurance Facility has been a priority cross-industry project to expand capacity in the market and boost competition. We’re pleased to have made the Facility a reality in order to support leaseholders and as ABI President, I’m grateful to all those involved.” Aidan Kerr, UK&I Lead at Swiss Re Public Sector Solutions, said: “Swiss Re is delighted to be acting as lead reinsurer for this facility, which is a great demonstration of how the insurance industry can work together to help support leaseholders. This facility will help to improve availability of insurance for people living in affected buildings, whilst the vital remediation work to rectify their fire safety issues is completed.”  

Graeme Trudgill, Chief Executive at the British Insurance Brokers’ Association (Biba), said: “We are delighted with this new facility, which is the culmination of two years of constructive collaboration between BIBA, McGill and Partners, the ABI, expert real-estate brokers and Government. Launching the facility was a key BIBA commitment in our 2024 Manifesto and aims to create a more affordable insurance solution for medium and high-rise residential buildings that have fire safety issues. We hope that in the longer term this will have positive affect on leaseholders.” 

McGill and Partners has appointed Josef Heiler as a Partner in the Facultative Reinsurance team in Hannover, Germany. 

 Josef, an industrial engineer by background, joins McGill and Partners from Marsh where for the last 15 years he was responsible for large global clients across all lines, most recently as a Client Director and previously as Head of Global Risk Management for Marsh GmbH. 

Prior to Marsh, Josef worked as a property underwriter at AIG, working in Frankfurt and New York. In his new role Josef will be working with the McGill and Partners facultative colleagues globally, as well as the firm’s partners and clients in the region, focusing on third party reinsurance, in-house brokers and captives in EMEA.  

He has multi-line experience and a subsequent breadth of knowledge that will further enhance the team’s specialist reinsurance broking proposition in the region. 

Paul Summers, Partner and Head of Facultative Reinsurance at McGill and Partners said: “Josef is an outstanding and seasoned market practitioner and will be an excellent addition to the firm. With a track record of bringing tangible value to clients, Josef will undoubtedly enhance our specialist reinsurance proposition. We’re delighted to have him working with us as we continue to build out our platform.”  

McGill and Partners has launched SAIFElimits, a ready-made and self-contained coverage solution for corporate insolvency. The scheme is designed to be incorporated into any primary directors’ and officers’ (“D&O”) policy and is triggered automatically by an insolvency event.  

This extension allows protection to remain in place for directors and officers for up to six years during the insolvency process. The risk of looming insolvency, even for large companies, can emerge from a seemingly clear blue sky as experienced by the directors of Carillion, British Steel, Silicon Valley Bank, Greensill Capital and others. Corporate insolvency can create or expose significant D&O coverage issues including policy expiry (leading to the inability to notify claims), limit erosion and other defects and shortcomings in the protection available to directors and officers.  

D&O policies are typically purchased by a company on behalf of its directors and officers and are therefore structured on the basis that the company and the insurers are the principal contracting parties. This, together with the assumption that the company will not become insolvent, and that the policy will be renewed annually, can give rise to serious potential stumbling blocks unique to corporate insolvency confronting directors and officers when they seek access to policy proceeds.  

SAIFElimits combines a unique set of claims handling, control provisions, and extensions designed both to improve coverage and to facilitate the collection of insurance proceeds by directors and officers of insolvent companies. The endorsement operates as a self-contained suite of cover whilst maintaining more favourable provisions in the base form for the benefit of directors and officers.  

Karl Hennessy, Head of Specialty Broking at McGill and Partners said: “The launch of SAIFElimits addresses some of the widely recognised gaps and challenges that can occur as a consequence of a corporate insolvency. That we have been able to provide a solution further demonstrates not only the deep expertise and technical risk knowledge within the team, but the agility we have at McGill and Partners as a firm to respond with innovative, pro-active solutions for our clients.” 

 McGill and Partners has appointed Steve Postlewhite as a Partner in its Reinsurance team. Based in London, he will be responsible for developing the portfolio solutions specialty, whilst also leveraging his extensive knowledge and network to help grow McGill and Partner’s Reinsurance business on a broader scale.  

Steve has been in the industry for over 20 years, in a variety of roles across analytics, capital, risk and underwriting. A qualified actuary, he also brings leadership experience in global insurance and reinsurance businesses to his new role. Having previously served as the Managing Director and Chief Underwriting Officer (‘CUO’) at QBE RE, he has been responsible for all aspects of the global inwards reinsurance portfolio including strategy development and its implementation.  

Prior to this Stephen held the position of CEO at Aspen Insurance. Steve will be bringing his extensive experience across P&C global insurance and reinsurance to deliver bespoke portfolio solutions tailored to individual client’s needs.