U.S. headquartered global insurer Chubb has announced the promotion of Jeremiah Konz to a role that sees him taking on responsibility for the firms ceded reinsurance program buying across all territories outside of North America.
Konz had previously been responsible for North American operations ceded reinsurance at Chubb, as Senior Vice President, Ceded Reinsurance.
Now, Konz has been promoted to Executive Vice President, Reinsurance Officer for Chubb Overseas General, the international general insurance business of Chubb that operates in more than 50 countries and territories. He will take on this new role from January 1st.
In the new role, Konz will have overall responsibility for managing and procuring Chubb’s ceded reinsurance programs for all markets outside North America.
The role had previously been held by Neil Bennett, who will retire at the end of 2018.
“Reinsurance is a critical part of how we manage risk, and Jeremiah brings deep expertise, as well as strong analytical and technical skills. I am pleased to welcome him to his new role,” Juan Andrade, Executive Vice President, Chubb Group and President, Overseas General Insurance, commented on the appointment. “I also want to thank Neil for his two decades of contributions to Chubb. We will wish him the best when he retires at year end.”
“Jeremiah ‘s experience and understanding of insurance and reinsurance markets will add real value to our business,” added Timothy O’Donnell, Vice President, Chubb Group and Division President, Commercial Property and Casualty, Overseas General Insurance. “I am confident that his leadership will help us to further develop and implement our reinsurance strategy. We also look forward to continuing to work with Neil in the coming months as he approaches his well-earned retirement.”
In the new role Konz will report to O’Donnell and to Michael Kessler, Vice President, Chubb Group and Chief Reinsurance Officer.
Konz has almost 20 years of insurance industry experience. He joined Chubb (Ace) back in 2012 and has worked in specialty catastrophe insurance underwriting and reinsurance program buying since then. Before joining Chubb Konz worked at reinsurance broker Aon Benfield, providing analytic expertise to large commercial property reinsurance placements.
Chubb uses collateralized reinsurance within its program and also has the self-reinsurance and third-party capitalised total-return vehicle ABR Re as well.
Hence Konz’s work is expected to touch on the ILS market and the fact he will have broad relationships with ILS funds and investors established in his time buying the Chubb North American reinsurance program may help the firm tap more ILS capacity to protect its overseas portfolios in future.