23 September 2020
IUA ANNOUNCES NEW CHAIRMAN
Patrick Tiernan, Managing Director UK Commercial Lines & Global Corporate & Specialty at Aviva, has been elected as the new Chairman of the International Underwriting Association. He takes over from Malcolm Newman, Managing Director of the SCOR EMEA Hub. In addition, the association has announced two new Deputy Chairmen: Rob Kuchinski, Head of Commercial Insurance, Zurich UK and Phil Hobbs, Deputy Managing Director, Liberty Specialty Markets.
Mr Tiernan has been a member of the IUA Board since 2017 and accepted his new role as Chairman at the association’s annual general meeting on Wednesday 23 September.
He said: “I am delighted to be leading an organisation that plays a key role in maintaining London’s position as the world’s leading insurance centre. The IUA enables us to respond more effectively as a market to many different underwriting, claims, processing and regulatory challenges.
“Under the dedicated chairmanship of Malcolm Newman the association has thrived and membership has grown to record levels. I now look forward to working with companies to re-establish our strategic priorities in the months ahead and cooperating with other organisations across the market to cement London as the world’s preeminent underwriting centre for the risks and customers of the future.”
Mr Newman is stepping down after seven years in the role of IUA Chairman, but will remain a member of the association’s Board.
He said: “During my time as Chairman the London company market’s response to issues such as Brexit and Covid-19 has been all the more effective because of our ability to speak with a unified voice to government and regulators. Cooperation has also allowed us to modernise our market, introduce electronic trading, put in place a framework to support UK Insurance-Linked Securities activity and many other enhancements. I would like to thank my fellow Board members for their support and the IUA’s Chief Executive Dave Matcham.”
The IUA’s annual meeting also saw publication of its annual review which this year focusses on five key themes: culture, climate risk, cyber risk, Covid-19 and Brexit. It is available to view online here:
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International Underwriting Association
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Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2018 was £28.437bn. Gross premium written in London totalled £19.559bn while a further £8.877bn was identified as written in other locations but overseen by London operations.