9 People on the Move

Aon's Lori Goltermann named APIW Woman of the Year, AXA XL forms a new leadership team and more in this edition of People on the Move.

By: Emily Spennato | April 25, 2020

Lori Goltermann Named APIW Woman of the Year

Lori Goltermann, CEO, Aon Risk Solutions

The Association of Professional Insurance Women announced Lori Goltermann, chief executive officer of Aon’s U.S. Commercial Risk Solutions and Health Solutions businesses, has been selected as this year’s recipient of the prestigious APIW Insurance Woman of the Year Award.

The reception is set to be held in the fall of 2020.

APIW president Barbara Bufkin said in an announcement of the award: “We are delighted to present the 2020 APIW Woman of the Year award, our highest honor, to Lori Goltermann, whose highly successful career progression, executive leadership within Aon and our industry overall, her philanthropic commitment and awareness and support of women in gender and pay equality make her an exemplary choice at this important time in history”.

“I am so grateful to receive this distinguished honor and to be recognized alongside such dynamic and influential women leaders who have received this award,” Goltermann said.

“Our industry is driving innovations to deliver more value for our clients and communities, and it is because of organizations like APIW, that we are able to continue to advance the next generation of women leaders to continue this mission.”

An active member of Aon’s global operating committee, Goltermann is a member of Aon’s global operating committee and is diversity & inclusion chair for the U.S. and leads Delivering Aon United, Aon’s firm-wide growth strategy focused on bringing the best of the firm to its clients.

Goltermann has played an active role on several boards and organizations that impact the communities in which she lives and works, including the Lincoln Park Zoo, The Special Olympics, and Aon’s Apprenticeship Program which is focused on employment of diverse candidates. She is a member of The Latin School of Chicago’s Enterprise Risk Management board.

Last year she was named one of Insurance Business America Magazine’s Insurance Business Global 100 Leaders and Elite Women.

Global Risk Solutions Appoints Multinational Senior VP and Chief Underwriting Officer

David B. Williams, multinational senior vice president and chief underwriting officer, Global Risk Solutions

Global Risk Solutions — Liberty Mutual’s commercial and specialty reinsurance operation — appointed David B. Williams to the newly created position of multinational senior vice president and chief underwriting officer.

Williams will develop and deliver enhanced data-driven and global risk-based solutions for mid-size and large customers and the brokers who support them. He will report to David Perez, GRS chief underwriting officer, North America.

Williams brings more than a decade of multinational experience. Most recently, he served as vice president of financial lines for Chubb North American. Prior to that, he was vice president of multinational solutions, Chubb North America.

“David will play a critical role in helping us grow the geographic footprint of the GRS portfolio by leading a strategic initiative to help improve our ability to seamlessly address multinational exposures for global clients,” said James Slaughter, GRS chief underwriting officer.

Ian Davis Joins People’s United Bank; Exits Public Sector

Ian Davis, senior vice president, captive insurance relationship manager, People’s United Bank

Ian Davis, Vermont’s chief marketing and business development professional for the captive insurance industry is leaving his position in state government to join the private sector.

He has accepted a position as senior vice president, captive insurance relationship manager with People’s United Bank.

Davis was previously the director of financial services at the Vermont Department of Economic Development, leading the marketing and business development activities in support of the state’s captive insurance industry.

“Ian has been a tremendous asset and important contributor to our state’s success in the captive insurance industry,” said Joan Goldstein, commissioner of the Department of Economic Development.

“I am extremely grateful for having had the opportunity to serve the State of Vermont and represent Vermont’s leading captive insurance industry,” said Davis.

“I feel immensely proud of all that has been accomplished together during my tenure and leave knowing that Vermont’s captive industry is in a very strong position for continued success.”

“Ian Davis epitomizes all the qualities that keep Vermont in the vanguard of the captive insurance industry,” said Rich Smith, president of the Vermont Captive Insurance Association.

“He has served the State of Vermont and the captive industry with high energy, intelligence and integrity.”

“We are excited to have Ian join the People’s United team and look forward to him driving our Captive Insurance business,” said Cris Sigovitch, senior vice president, head of treasury management, People’s United Bank.

Matt Scott Joins Willis Towers Watson Climate and Resilience Hub

Willis Towers Watson announced the appointment of Matt Scott as a senior director in its Climate and Resilience Hub.

Scott will spearhead advice on policy, financial regulation and green finance as part of a growing climate business, helping clients manage risk and seize opportunities of the transition to a low carbon, resilient economy. He has more than two decades of experience.

Following an MBA at Stanford Business School, Scott became a social entrepreneur, delivering solar lighting to off-grid villages in emerging markets. He also has experience in impact investing. He teaches at the University of Oxford.

Scott was a part of the Bank of England’s climate team under Governor Mark Carney and led the delivery of the United Kingdom’s landmark Green Finance Strategy in 2019.

“We are all delighted that Matt has joined Willis Towers Watson,” said chief executive officer John Haley. “His arrival underlines Willis Towers Watson’s commitment and leadership to support our clients’ evolving risk, investment and human capital needs under our Climate Quantified brand.”

“Having known Matt and respected his climate work and leadership since 2014, his arrival is a major step in building a comprehensive and diverse team across the company through the Climate and Resilience Hub (CRH),” said Rowan Douglas, head of the Climate and Resilience Hub.

“The CRH integrates expertise that clients require for the Climate Decade ahead and strengthens the company’s commitment to global initiatives including the Coalition for Climate Resilient Investment and Insurance Development Forum.”

“Willis Towers Watson’s global reach and role intermediating key markets provides an exciting platform to continue to drive change,” Scott said. “Our combination of people, risk, and capital means we are uniquely placed to help clients navigate a rapidly evolving policy landscape. I look forward to working with John, Rowan and the wider team to achieve these goals.”

Sam Stallard Joins MIAA Team

Sam Stallard, agency development field specialist, Midwest Insurance Agency

Midwest Insurance Agency Alliance announced Sam Stallard as an agency development field specialist.

Stallard will be directly responsible for agency development and consulting services of MIAA member agencies in Kansas and Missouri. He will focus on agency growth and development opportunities.

Stallard has 17 years of experience in the property & casualty insurance industry as a producer, agency owner and inside sales manager.

“I am thrilled to be part of the MIAA team. I look forward to applying my passion for coaching and mentoring to begin working one-on-one with member agents to achieve greater levels of success,” commented Stallard.

“We are very fortunate to have gained such a strong team player in Kansas and Missouri,” said Doug Meacham, president and chief operating officer.

“Sam understands how to drive organizational growth and knows the challenges and opportunities of operating an independent insurance agency.”

AXA XL Announces A New Leadership Team

AXA XL announced a new leadership team and proposed changes to the operating model of its insurance business. Key proposed changes to the operating model include the creation of a single global insurance underwriting function and the establishment of three geographical Business Units across the Americas, Eurasia, and the UK & Lloyd’s market.

The leadership team includes notable executives such as Nancy Bewlay, Joseph Tocco and Noel Richardson.

Nancy Bewlay has been appointed chief underwriting officer. Prior to her new role, she served as global chief underwriting officer for long tail property & casualty risks. In this role she was responsible for developing core underwriting strategies and optimizing product profitability for AXA XL’s long tail insurance lines, including casualty, cyber and professional liability.

Joseph Tocco will serve as chief executive officer, Americas. He previously held the role of head of North America property & casualty (P&C), which included professional insurance lines for AXA XL. In this role, Tocco was responsible for driving the development and effective delivery of innovative insurance and risk management solutions for AXA XL brokers and clients based in the US, Canada and Bermuda.

Tocco joined XL Group in 2011 from Zurich Financial Services, where he led the North America property group, Global Corporate Business Unit.

Noel Richardson will support the team by continuing to serve in his current role as chief risk officer. He was appointed to the position in 2018. He is responsible for defining and ensuring application of the risk strategy and associated framework, governance, processes and appetites across AXA XL.

Kelly Adams Joins Miniter Group

Kelly Adams, vice president, insurance operations and tracking, Miniter Group

Miniter Group, provider of collateral risk transfer solutions to the lending industry, announced that Kelly Adams has joined the company as the vice president, insurance operations and tracking. Adams will be responsible for the overall management of Miniter’s Borrower-CentricSM insurance tracking operations.

Adams brings 20 years of experience.

“We are so pleased that Kelly has joined the management team here at Miniter Group,” commented Julianne Donley, president & chief executive officer of Miniter Group.

“Kelly’s past industry experience and proven leadership skills will lead the way as we provide excellent customer service to our lending clients and continue to gain market share in our industry.” &

Emily Spennato is a former staff writer with Risk & Insurance.

Principles of Corporate Resilience

How an accelerating risk environment is raising the stakes for risk managers — and how carriers are responding.

The nature of risk is evolving. It has become more volatile, interconnected, and intense, as reflected in the heightened frequency and severity of losses experienced by businesses and their insurance carrier partners.

2023 was the warmest year on record. Cybercrime is escalating at the same time that generative A.I. has begun transforming our economy. All this amidst two kinetic wars, persistent economic inflation, and rising legal system abuse.

“We’re all facing a future that is more uncertain than we have previously faced,” said Wesley Hyatt, Chief Client Officer, Global Risk Solutions, Liberty Mutual. “What I continuously learn from our clients is that they are equally focused on protecting their businesses today, and building partnerships, programs and a risk-taking culture that will endure,”.

Geopolitical, economic, and legal systems are being challenged at a rate most risk professionals haven’t seen in their lifetimes, all while we’re experiencing the impacts of climate change.

Against this backdrop, the role of today’s risk managers has shifted significantly, and it has prompted a reimagining of the way insurance carriers provide value to clients and brokers, according to Hyatt and Elizabeth Geary, President, Insurance Solutions, Global Risk Solutions, Liberty Mutual.

“Today’s risk environment demands resilience. That means anticipating, responding to, and adapting amidst rapid change,” explained Geary. “The concept of building resilience is central to the way we’re supporting clients and brokers, but it’s also foundational to how we think about evolving our own solutions and how we deliver them,” she added.

The Changing Role of Today’s Risk Managers

Wesley Hyatt, Chief Client Officer, Global Risk Solutions, Liberty Mutual

When considering today’s accelerating risk environment, organizations’ senior business leaders are looking to risk managers to take a more proactive role in shaping a resilient strategy. In this way, the practice of risk management today differs from what it has been in the past, according to Geary and Hyatt, making the role of risk managers:

More visible. The increased cost of insurance is being reflected in premiums and losses. As a result, business leaders want to know the contingency plans, projected costs, and impact on an organization’s long-term goals.

More strategic. Risk managers increasingly have a seat at the table as part of the strategic decision-making process. Their insight into the breadth of challenges a business could face, beyond traditional risk assessment and mitigation, is critical in assessing the viability and sustainability of any initiative.

More urgent. As risks evolve, the pace at which risk managers need to work has increased, partly due to the globalized nature of business and the speed of communication. The impact of shifts in trade policy or geopolitical factors demand a swift response from companies with global operations or supply chains, which comprise a vast share of contemporary businesses.

More complex. Evolving and emerging risks, along with rising costs, have prompted businesses to transform how they structure their risk management programs. This includes making trade-offs in risk retention, implementing complex tower structures, and placing a greater emphasis on business continuity, cybersecurity, quality assurance, and safety programs.

More tech driven. As the field of risk management continues to evolve, technology has become a critical tool for risk managers wanting to better understand, quantify, and monitor risk. However, as organizations expand their use of technology, cyber risks rise in tandem, further emphasizing the tech-savviness required of risk managers today.

Insurers as a Source of Support

Elizabeth Geary, President, Insurance Solutions, Global Risk Solutions, Liberty Mutual

While the role of the risk manager has changed, so has the role of the insurer — or at least it should, according to Hyatt and Geary.

“The feedback loop that allows us to make continuous improvements or adjustments to products and services has become more sensitive to the changing needs of risk managers and reflective of emerging risks. As a carrier, we need to move at a much faster pace, providing that perspective to clients and collaborating more closely than we have in the past,” explains Geary.

Echoing that sentiment, Hyatt added that “to do this effectively, we must closely understand our clients and their businesses. This means showing up and listening to their priorities and learning their tolerance for risk and the role it plays in meeting their goals.”

Together, Hyatt and Geary are prioritizing three components of what they’re calling “Corporate Resilience” to help risk managers navigate the complexities of the market: information, innovation, and collaboration.

Knowledge is power. According to Hyatt and Geary, building resilience begins with understanding the risks a business may be facing. They believe Liberty Mutual plays a foundational role in helping clients stay abreast of changing risk trends and unlocking the power of advanced data analytics to mutually benefit their businesses.

“Today’s risk managers aren’t just looking for products, services, and risk transfer, they’re looking for expertise and problem-solving. They’re seeking support in thinking through their value chain to identify risks, see around corners, and prepare,” said Hyatt.

“Clients benefit from our ability to understand their businesses at a granular level while also bringing the context of what we’re seeing from a high-level, external perspective across similar companies, in addition to the macro trends, globally,” she added.

Product innovation — a two-way street. At Liberty Mutual, client-centricity remains at the heart of its innovation strategy by cocreating solutions with its clients.

“As partners, we have a responsibility to move along with the risk and respond in a way that helps our clients and brokers, whether that’s creating new solutions or changing our existing products and services,” says Geary. Her team’s priorities in the Global Office of Underwriting include cyber, climate, energy transition, and alternative risk solutions, among others, all with a focus on offering fit-for-purpose solutions, stable capacity, and taking a long-term view.

“It’s not an ‘if we build it, they will come philosophy,’ and it doesn’t happen overnight,” explained Hyatt. Rather, she describes meaningful product innovation as the result of close and enduring partnership and deep understanding on both sides.

“It’s mutually beneficial,” said Hyatt, “and our mutual structure is a strength because it allows us to take a long-term view and affords us flexibility,” she added. “We provide the expertise and security clients need to innovate and grow their businesses. Our mutuality also means we succeed when our clients succeed.”

Partnerships that Extend Beyond RiskTransfer. With the demands on risk managers not relenting anytime soon, clients are increasingly seeking more support.

“As the way we help clients manage risk changes, our business has become less transactional. Our clients are not just transferring risk, they’re building a partnership,” explained Geary.

While industry-leading risk control capabilities, best-in-class service and superior claims handling have always differentiated Liberty Mutual, Hyatt sees clients increasingly seeking the benefits of a robust support network of other risk professionals.

In her role as Chief Client Officer, she’s deliberately incorporating community-building elements into Liberty’s programs to leverage some of those opportunities. The firm’s Corporate Resilience thought leadership series, for example, brings the risk management community together for expert panel discussions to help clients network and learn from each other. Hyatt is also helping support the firm’s public affairs initiatives, which assist clients in understanding legal system abuse and the pivotal role they play in collectively pushing for tort reform.

“Forums like these complement our client engagement strategy, which also includes local and national events, as well as relationship leads who help our largest clients access the expansive, global capabilities of Liberty Mutual that may bring value to the strategic relationship,” Hyatt explained.

These dialogues and the philosophy of continuous improvement through the power of collaboration are increasingly helping the firm drive preference with clients.

Better Together

In reflecting on her focus on building Corporate Resilience, Hyatt shared, “it’s important to keep in mind that we’re all in this together. One of the mantra’s of our leader, Neeti Bhalla Johnson, is ‘our clients’ future is our future’ and we very much believe that.” Geary and Hyatt’s hope is that their commitment to Corporate Resilience pioneers new ways to ensure that the future is bright for Liberty’s clients.

“We’re taking the current unrelenting pace and intensity of today’s industry challenges and using them as triggers for how we can home in on building success for our clients amid uncertainty and providing them with greater security,” says Geary. “All this ties directly to our mission of helping clients embrace today and confidently pursue tomorrow.”

To learn more, visit: lmi.co/corporateresilience

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Liberty Mutual Insurance. The editorial staff of Risk & Insurance had no role in its preparation.

Liberty Mutual Insurance offers a wide range of insurance products and services, including general liability, property, commercial automobile, excess casualty and workers compensation.

9 People on the Move

Lori Goltermann Named APIW Woman of the Year

Global Risk Solutions Appoints Multinational Senior VP and Chief Underwriting Officer

Ian Davis Joins People’s United Bank; Exits Public Sector