Norton recently joined Liberty Specialty Markets where she will oversee strategic partnerships and support the continued development of financial lines and transactional risk capabilities. Norton previously spent over 17 years at Chubb and recently returned to London from Singapore. She is a recognized insurance leader with an established London market foundation and extensive experience across specialty and financial lines, underwriting governance and complex risk leadership. Norton has a legal background and experience in claims and litigation and 20+ years of global insurance experience.

Winsee Cheung, Divisional Director of Delegated Authority Practice, Liberty Specialty Markets said: “I am delighted to welcome Tressie to the delegated authority team. Her extensive expertise across financial lines, coupled with her legal knowledge, means she will be a significant addition to our underwriting team as we continue to grow and develop and is evidence of our ability to attract industry talent to our organisation.

– ENDS –

ومع مرور العقود، لم تبقَ Bupa مجرد شركة تأمين. توسعت في تقديم الرعاية الصحية، وأطلقت Bupa International عام 1982، ثم دخلت أسواقًا دولية متعددة حتى أصبحت اليوم مجموعة صحية عالمية تخدم نحو 68 مليون عميل، وتجمع أعمالها بين التأمين الصحي والمستشفيات والعيادات ومراكز الأسنان والرعاية الصحية والخدمات الرقمية.

1997 | بداية الرحلة السعودية
بدأت قصة Bupa في المملكة عام 1997 من خلال شراكتها مع مجموعة ناظر، وهي الشراكة التي أصبحت الأساس لبناء بوبا العربية.

وبعد نحو 11 عامًا، جاءت المحطة الأهم.

2008 | الإدراج في السوق السعودية
تأسست بوبا العربية للتأمين التعاوني في مايو 2008 وأُدرجت في السوق المالية السعودية برأس مال قدره 400 مليون ريال.

وطرحت الشركة 40% من رأس مالها، أو 16 مليون سهم بسعر 10 ريالات للسهم. واستقطب الاكتتاب طلبات بقيمة 1.47 مليار ريال، بما يعادل تغطية بنحو 9.2 مرة للقيمة المطروحة.
ومن هنا بدأت مرحلة مختلفة تمامًا في بناء الشركة.

من 400 مليون إلى 1.5 مليار ريال
مع نمو الأعمال، ارتفع رأس مال بوبا العربية من 400 مليون ريال عند الإدراج إلى 800 مليون ريال في 2015، ثم إلى 1.2 مليار ريال في 2018، وصولًا إلى 1.5 مليار ريال في 2022.

وفي الوقت نفسه، عززت Bupa العالمية استثمارها في الشركة السعودية. فقد ارتفعت ملكيتها من 26.25% إلى 34.25% في 2017، ثم إلى 39.25% في 2018، ووصلت إلى 43.25% في 2020.

هذه الزيادات تحمل دلالة مهمة في بناء الشركات: الشريك العالمي لم يكتفِ بالدخول إلى السوق، بل زاد استثماره تدريجيًا مع تطور الشركة والسوق السعودي.

ماذا تخبرنا قصة بوبا؟
من منظور استثماري، قصة بوبا العربية ليست مجرد قصة نمو في الأقساط.
فالشركة انتقلت من مشروع مشترك بدأ في 1997 إلى شركة مدرجة في 2008، ثم توسعت رأسماليًا وتشغيليًا حتى أصبحت Bupa تصفها اليوم بأنها أكبر مزود للتأمين الصحي في السعودية.

لكن العنصر الأكثر أهمية في التجربة هو التخصص.
فبدل التوسع في جميع فروع التأمين، بنت بوبا العربية أعمالها حول التأمين الصحي، ثم توسعت داخل المنظومة نفسها من خلال تجربة العميل والخدمات الصحية والحلول الرقمية والارتباط بمقدمي الرعاية.

وهذا يوضح فرقًا مهمًا بين النمو في الحجم وبناء شركة.
يمكن للشركة أن تزيد أقساطها بسرعة، لكن بناء شركة مستدامة يحتاج إلى سنوات من تراكم رأس المال، والخبرة الفنية، وقاعدة العملاء، والعلامة التجارية، والبيانات، والتقنية، وشبكة مقدمي الخدمة.

وبعد نحو 80 عامًا من تأسيس Bupa عالميًا، ونحو ثلاثة عقود من دخولها السعودية، تقدم تجربتها درسًا واضحًا في قطاع التأمين:
الشركات الكبيرة لا تُبنى بالأقساط وحدها؛ بل ببناء منظومة متكاملة تجعل النمو قابلًا للاستمرار، وتحوّل التأمين من مجرد وثيقة إلى علاقة طويلة الأجل مع العميل.

The report , conducted in partnership with Coleman Parkes Research, received responses from 380 senior decision makers at leading insurance companies across North America, Europe, Middle East, APAC and Latin America. 

The findings show that growth and global expansion are among insurers’ top priorities as they seek to deploy the large reserves of capital built up during the hard market. In addition, the survey shows that: 

• More than half (52%) of insurers identified capital management as a key reason for buying facultative reinsurance, up from 44% in 2024.
• 56% said global expansion was among their greatest opportunities in the next two years (up from 39%), indicating anincrease in insurers writing business overseas to drive growth.
• 52% named entering new markets and risk areas among their top strategic objectives over the next two years, up from 45% in our previous survey, while 55% named increasing capacity as a top objective, up from 48%.

The results confirm the trend identified in the 2024 survey that facultative insurance is no longer viewed only as a defensive position to protect against problem risks but also as a flexible tool to support business priorities such as expansion, while also managing risk and volatility.

• 60% of insurers expect to increase their use of facultative reinsurance over the next two years, compared with just 13% who plan to buy less, highlighting its growing importance across the market cycle.
• 82% saw facultative as a key part of their strategies for managing risk, capacity, capital and appetite, while only 22% said they used facultative as a last resort, down from 28% in the 2024 survey.

The report also highlights growing concern around emerging risks, including geopolitical tensions, cyber threats and climate-related exposures, which could begin to alter the current market dynamics. 

• 57% cited geopolitics among the emerging risks they are most concerned about, up from 52%, while 54% said cyber, up from 24%, and 40% climate, up from 30%. 

Garret Gaughan, Global Head of Direct and Facultative at Willis said: “While market conditions are creating significant opportunities for growth, insurers remain aware of the risks that could quickly present themselves. Our research shows that facultative reinsurance is increasingly being used as a strategic tool to help insurers expand their capacity, enter new markets and manage capital efficiently. At the same time, it provides valuable flexibility as organisations navigate uncertain times.”

The survey report can be downloaded here.

About the survey

The survey was conducted between February and March 2026 and included 380 senior decision makers from leading insurance companies, including C-suite executives, vice presidents, and heads of property and casualty (P&C). Company size was distributed as follows: 47% with GWP of $1 billion-$5 billion, 35% with GWP of $5 billion-$10 billion, and 19% with GWP of $10 billion or more.

Conduit Holdings, the ultimate parent company of Conduit Re, a Bermuda-based multi-line reinsurance business, today announces that Neil Eckert will step down as Chief Executive Officer (CEO) and Executive Director, effective 1 March 2027. The Board is pleased to announce the appointment of Christian Dunleavy as CEO, effective 1 March 2027. Christian will also join the Board of Conduit Holdings as an Executive Director on the same date.

Christian Dunleavy brings more than 25 years of reinsurance industry experience to Conduit, most recently as Director and Group President of Aspen Insurance Holdings and CEO of Aspen Bermuda Limited. Since joining Aspen in 2015 as Global Head of Property Catastrophe Reinsurance, he held a series of senior leadership roles, including Group Chief Underwriting Officer. During Christian’s time at Aspen, he and the leadership team executed a successful transformation of the business, generating strong growth, improved underwriting results and attractive returns on capital with a 2025 initial public offering (IPO) on the New York Stock Exchange.

Earlier in his career, Christian held senior reinsurance underwriting roles at AXIS Capital after beginning his career at RenaissanceRe. He currently serves as Chair of the Association of Bermuda International Companies and an Independent Non-Executive Director of Coralisle Group and HSBC Bank Bermuda Ltd.

Nicholas Shott, Chair of Conduit Holdings, said: “Leadership succession has been a key priority for the Board, and we are delighted that we have been able to identify a high-quality candidate in Christian Dunleavy. He is a highly experienced reinsurance executive with a proven track record of underwriting excellence, leadership and strategic execution. The Board is confident that he is the right person to lead Conduit through the next stage of its development.

“On behalf of the Board, I would like to thank Neil for his outstanding leadership and commitment to Conduit. As a founder, former Executive Chairman and CEO, he has made an enduring contribution to the business. Under his leadership, Conduit has strengthened its market position and established a strong platform for future success. We wish him every success in his next venture.”

Christian Dunleavy commented: “It’s an honour to be appointed CEO of Conduit. I am excited to join the talented team supporting Conduit’s customers with their complex risk solutions. I would like to thank Neil for his leadership in founding and building the company and wish him well in the future. Neil has established a strongly capitalised underwriting platform that is well positioned to thrive in today’s rapidly evolving insurance, reinsurance and capital markets. I look forward to building on that success.”

Neil Eckert was a founder of Conduit in 2020 and served as Executive Chairman before being appointed CEO in May 2025. He has played a central role in Conduit’s development, helping to guide the business through a significant period of growth and leadership transition while strengthening its market profile.

Neil Eckert commented: “It has been an absolute privilege to serve as CEO of Conduit, and I am deeply proud of the organisation we have built. In just five years, Conduit has evolved from a start-up into a respected reinsurance business. I believe Christian is an excellent choice to succeed me as CEO, and I am confident in Conduit’s people, strategy and long-term prospects to deliver value for stakeholders. I look forward to working closely with the team over the next six months and welcoming Christian on board next March.”

Trading Update

Conduit also confirms that trading has continued in line with expectations since the publication of its 2026 interim results presentation in July 2026.

• ENDS –

Their appointments follow a period of unprecedented growth for HWF’s tax and insurance practice, which over the past 18 months has significantly extended its geographic reach, appointing dedicated tax leads in Italy, Central and Eastern Europe and Spain.

Cook brings more than 30 years of experience in tax, structured finance and transaction origination, including advising on the tax aspects of acquisitions, disposals and complex cross-border transactions. In addition to senior roles at Chase Manhattan, BNP Paribas and Citigroup, Cook spent 15 years as managing director, global co-head of structured solutions at Societe Generale. At HWF, he will be responsible for business origination and the structuring and development of solutions for tax liability and related risks. 

Burquier will lead the tax insurance solutions business in the Middle East, Türkiye and Africa region bringing more than 15 years of experience in M&A tax from Deloitte, Gibson Dunn and CMS. She has a strong track record advising on high value M&A transactions, joint ventures, and the tax structuring of investment funds, with a particular focus on cross border deals. She will support clients and advisers in navigating complex tax risks with commercial insight and technical rigour.

Tim Dobbing, Head of Tax at HWF, said: “I am delighted to welcome Stuart and Panayiota, both exceptionally high-calibre specialists, to HWF. Panayiota’s experience, network and entrepreneurial approach make her ideally suited to build our tax insurance proposition across the Middle East, Türkiye and Africa region – a major contributor to HWF’s recent expansion. Stuart’s extensive global finance sector experience will also be invaluable, supporting growth by raising awareness among the structured finance community, which has historically been underserved by the transactional risk market. Investing in specialist leadership across key jurisdictions signifies our confidence in both the product’s growth potential and our own.”

Led by reinsurance specialist Ari Chatterjee, Cipher has been created to address the increasing demand for specialty cyber treaty reinsurance capabilities as cyber risk continues to evolve across businesses, economies and critical infrastructure worldwide. Mr. Chatterjee has more than 20 years of industry experience with over a decade of cyber reinsurance experience including setting market standards on data and policy wordings.

The launch of Cipher represents an important milestone in IGI’s strategy to expand its specialty reinsurance capabilities through the development of focused underwriting platforms in attractive and growing markets.

IGI owns a 60% interest in Cipher through its wholly owned subsidiary IGI Managing Agencies Holdings Ltd. (“IGI Managing Agencies”), providing the artificial intelligence (AI)-integrated MGA platform the ability to deploy capital into a diversified worldwide portfolio of specialty reinsurance business. The initial focus of Cipher is to develop a portfolio of cyber treaty business with lead capabilities, targeting high-growth emerging risks within an MGA structure. This platform can be utilized for future growth and diversification opportunities.

IGI President & CEO Waleed Jabsheh said, “This is a significant and exciting development for IGI as we continue to strengthen our specialty reinsurance capabilities and invest in areas of the market where we see strong long-term growth potential. By embedding Cipher within the IGI framework, we achieve immediate product and geographic diversification into non-correlated classes of business.”

“Cyber treaty reinsurance is a highly specialized class requiring deep technical expertise, disciplined underwriting and a thorough understanding of an evolving risk landscape,” Mr. Jabsheh continued. “Ari brings significant experience and leadership within the cyber reinsurance market, and Cipher provides a strong platform from which to build a differentiated and sustainable specialty treaty reinsurance business.”

Mr. Chatterjee added, “We are privileged to partner with IGI in launching Cipher. IGI brings institutional credibility, excellent financial security, strong governance, and an experienced, stable leadership team that will help us capitalize on attractive opportunities and deliver sustainable, risk-adjusted profitability.”

Cipher marks the first venture under the newly formed IGI Managing Agencies, which was established to provide a dedicated platform for strategic partnerships in developing new product lines and incubating teams within an MGA structure.

“At IGI, we are always evaluating opportunities to facilitate profitability driven portfolio diversification in a measured and disciplined manner,” said Mr. Jabsheh. “Our strategy has always been to enter new markets thoughtfully, with the right talent and structure in place. This partnership embodies that approach, giving us access to new opportunities while maintaining the underwriting discipline that has defined IGI for almost 25 years.”

— ENDS —

Conduit Holdings, the ultimate parent company of Conduit Re, a Bermuda-based multi-line reinsurance business, is pleased to announce the appointment of Mark Pickering as Chief Financial Officer (CFO) with effect from 30 November 2026. Mark will join the Board of Conduit Holdings as an Executive Director.

Mark brings nearly 25 years of experience in the reinsurance industry to Conduit. In his role as CFO, Mark will be responsible for collaborating on Conduit’s strategy, leading Conduit’s capital management activities, and financial reporting, as well as overseeing Conduit’s investment portfolio.

Mark joins Conduit from Aspen Insurance Holdings Limited, where he served as Group CFO and Treasurer. He spent eleven years at Aspen, where he held roles of increasing responsibility. Mark joined Aspen in 2015 as Group Treasurer and later became CFO and CEO of Aspen Bermuda Limited, and Group Chief Capital Management Officer. Following his appointment as Group CFO, Mark played a leading role in Aspen’s initial public offering on the New York Stock Exchange in May 2025 and its subsequent acquisition by Sompo, completed in February 2026.

Prior to joining Aspen, Mark held senior roles at Platinum Underwriters and Marsh McLennan. Mark is a Chartered Financial Analyst (CFA), Chartered Professional Accountant (CPA) and Associate in Reinsurance (ARe).

Neil Eckert, Chief Executive Officer, commented: “We are delighted to welcome Mark to Conduit. He brings extensive experience across the global reinsurance market and a strong track record of financial leadership. His expertise will be invaluable as we continue to develop the business and execute our long-term strategy. We look forward to the contribution he will make as a member of our Executive team and Board.”

Mark Pickering added: “I am thrilled to join Conduit and look forward to working with my new colleagues across the business. Conduit has established a strong reputation in the market, and I am excited by the opportunity to contribute to the company’s continued growth and success.”

Mark’s appointment follows Elaine Whelan’s decision to retire as CFO and Executive Director with effect from 30 September 2026. Since joining Conduit as CFO in January 2021, Elaine has made a substantial contribution to the company’s development and success.

Neil Eckert commented further: “Elaine has made an exceptional contribution to Conduit during her tenure as Chief Financial Officer and Executive Director. She has helped guide the company through its formative years, playing a central role in establishing its financial and operational foundations and supporting its growth and success.”

“Throughout her time with Conduit, Elaine has been a trusted colleague and a valuable partner to the Board, Executive team and colleagues across the organisation. Elaine’s professionalism, judgement and dedication have helped shape Conduit’s culture and reputation, while her positive influence has extended well beyond the finance function and has left a lasting mark on the business.”

“On behalf of the Board and all our colleagues, I would like to thank Elaine for her many contributions to Conduit. We are grateful for all that she has done and wish her well in her retirement.”

Elaine Whelan added: “It has been a privilege to serve as CFO of Conduit and to work alongside such talented colleagues during an important period in the company’s development. As with any start-up venture, there have been challenges along the way, but I have enjoyed working through them with the team. I am proud of what we have achieved together and, in particular, of my fantastic finance team. I am grateful for the support, friendship and commitment of colleagues across the business, and I leave Conduit with great confidence in its future. I wish Mark and everyone at Conduit every success in the years ahead.”

ENDS –

These appointments underscore LSM’s commitment to providing deep technical expertise and risk mitigation solutions to clients navigating increasingly complex risks in these vital sectors.

Richard Mundy, Principal Risk Engineer- Energy

Based in London, Mundy brings more than 19 years of deep industry and insurance expertise. He will manage an expanding global client portfolio in the energy sector, with a specific focus on complex upstream, downstream, and construction energy risks, while driving strategic portfolio growth across the UK and MENA. He reports to Paddy Lisulo, UK & MENA Risk Engineering Manager.

Taz Chowdhury, Risk Engineer – Power

Based in London, Chowdhury will support the power line of business across UK and MENA, performing risk appraisals, risk engineering surveys and providing technical input on claims. Reporting to Paddy Lisulo (UK & MENA Risk Engineering Manager), Chowdhury joins LSM with close to seven years of industry engineering experience across UK, MENA, APAC and Europe.

Sam McLachlan, Risk Engineer – Construction

Based in Dubai, McLachlan will provide technical risk engineering support to the MENA construction team, bringing hands-on delivery experience on complex international construction projects to support profitable underwriting of the MENA construction portfolio.

Reporting to Sean Pearson (Underwriting Manager and Construction Regional Product Leader), McLachlan is a chartered civil engineer with more than 12 years of experience across insurance and industry spanning infrastructure, energy, transport, nuclear and commercial sectors.

Paddy Lisulo, UK & MENA Risk Engineering Manager at Liberty Specialty Markets, said:

“We are thrilled to welcome Richard, Taz and Sam to our team. Their strategic appointments reflect our unwavering commitment to delivering top-tier technical risk engineering expertise. By bringing in deep, hands-on industry experience, we not only power our underwriting teams but also elevate the collaborative risk-partnership model we offer our clients. As the energy, power, and construction sectors navigate rapid transitions and increasingly complex risk environments, their technical insights will be vital in helping our clients build resilience and manage risk effectively”

ENDS