Belmond Copacabana Palace Hotel, Rio de Janeiro
Tuesday June 11 2019
Are the “winds of change” blowing through the Oil & Gas insurance markets?
Just as the industry is recovering from its mid-decade slump in oil prices and consequent reduction in activity, we are now seeing a change in insurance market dynamics.
Insurers’ focus has switched from maximizing premium income to underwriting strictly for profitability and this has led to more challenging terms and conditions for risk transference in both markets. How should risk managers respond?
Belmond Copacabana Palace
Av. Atlântica, 1702 - Copacabana, Rio de Janeiro - RJ, 22021-001, Brazil
Tel. +55 21 2548-7070
Carlos Vinicius is the Energy Product Leader in Latin America for Upstream, Downstream and Liability since 2018. Having accumulated more than 16 years’ experience in the Insurance/Reinsurace industry, he has been coordinating the service and broking teams for various major complex Oil Companies and contractors at Willis Towers Watson since 2012, when he joined the company as the Energy Practice Leader for Brazil. Before joining WTW, Carlos worked for 7 years at IRB Re, where he led the Energy Underwriting team. He also has a Degree in Economics at Universidade Federal does Rio de Janeiro –UFRJ and Post-Graduation in Business Management at COPPEAD - UFRJ.
Jose Otavio has 27 years’ experience of the insurance industry. He joined the York insurance brokerage firm in 1989, which was finally bought by Willis in 1997. As CEO Brazil for the last seven years he has led the company's progress, acquiring extensive experience in risk assessment, insurance placement programs, operational risk management, and global insurance programs. Since joining Willis Towers Watson thirty years ago, he has worked in several positions, including as an engineer, taking over the management of the sector and being responsible for inspections of major risk assessments. He has a degree in Structural Civil Engineering from the Pontifical Catholic University of Rio de Janeiro (PUC RJ). In 2016, Ihe was named Head of Willis Towers Watson in Brazil.
Lucas Mello has 28 years of experience in the financial arena, having spent 19 years at Petrobras, notably in Investors Relationship, Funding and Insurance. He is a graduate in Economics, with post-graduation in Corporate Finance from IAG-PUC and Specialization in Gas and Energy Business from USP. Has also participated in executive programs at the University of Michigan Business School and Harvard Business School, such as the Focused Financial Management Series.
Alex has worked within the insurance industry in the London market for over 20 years. She joined Beazley in 2003 and has led the Energy team since 2016. Alex is also part of the Exposure Management team at Beazley responsible for monitoring & assessing the aggregation of exposures across the group and a member of the Joint Rig Committee in London. Alex began her career at Catlin in the Energy team where she spent 5 years before joining JLT as a political risk broker for 12 months prior to joining Beazley. Alex gained a Bachelor of Commerce from Birmingham University and is an Associate of Chartered Insurance Institute.
Louis’ time at Hiscox began by providing analysis on upcoming and existing reinsurance. This gave him an in depth knowledge of not only the Reinsurance purchased, but also an oversight into most classes of business throughout the group. Louis moved from Reinsurance into Simon Williams' Marine & Energy Division in June 2011. His initial role began with managing the energy aggregates alongside the catastrophe modelling team, then expanding into further analysis for the energy underwriters on the overall portfolio. In early 2013 Louis was given authority to begin underwriting the offshore energy account.
Alan joined Willis in 1997 and is involved in a variety of accounts in refineries, petrochemicals, power, and fertilisers, on a worldwide basis. He has conducted many risk surveys both for operations and projects giving him a comprehensive understanding of the energy sector. He is responsible for coordinating risk assessment meetings, training and providing extensive technical assistance with the objective of improving the risk profile of clients’ operating facilities. In the course of this work, in addition to the core service provision, Alan has assisted clients to understand their business exposure such as contingent business interruption.
Delfin is the leader of the Latin America hub for Risk and Analytics at Willis Towers Watson. He has seventeen years of experience in the insurance industry in a number of areas including Pricing, Risk-based Capital and Performance Management. His primary responsibilities include overseeing risk consulting engagements for WTW’s major clients across all industry sectors for Latin America; the result of Actuarial models are used to help the clients in risk financing strategy and decision making.
Having established and run the Brazilian Operation of MatthewsDaniel since 2007, since 2018 Manuel has been relocated to our Houston Operation to manage MatthewsDaniel Loss Adjusting Services for the Americas. His career started in the loss adjusting department of the largest insurance company in Brazil, followed by an experience in the international broking sector as the Brazilian market expanded. This extensive insurance background is key to his handling of high profile claims in the oil and gas sector, both upstream and downstream, operating and construction.
Marcela has seven years’ experience in the management, analysis and placement of liability and financial lines policies, especially in the cyber risks in the insurance and reinsurance market. She is currently responsible for the development of the cyber product in Latin America, working closely with the offices of Willis Towers Watson in London and New York to ensure that the solution of the Cyber Risk product offered in the region is fully integrated with an emphasis on people, capital and technology. Marcela is a Lawyer form Pontificia Universidad Javeriana, with a postgraduate degree in Insurance Law from the same university in Colombia.
Paul is Chief Underwriting Officer, Speciality for Allianz Global Corporate & Specialty and has been a member of the AGCS Board of Management since October 2016. He has responsibility for the Energy, Marine, Aviation and Entertainment lines of business alongside Alternative Risk Transfer, the AGCS Underwriting Academy, Portfolio Management and Underwriting Integrity & Solutions. A chemical engineer by training, Paul initially worked in the energy industry prior to moving into the insurance sector. He was appointed as Global Head of Energy in 2005 while still in Singapore and moved back to London in 2007. He held that position until 2014 when he was announced as Global Head of Marine Europe/Asia-Pacific alongside his existing Global Energy Role, soon followed by his appointment as overall Global Head of Marine and Energy later that year.
For the past 17 years Michael has specialized in liability business. Today, Michael heads up the International Onshore Energy Liability team in London, which has portfolio of over 70 international energy and utility accounts. He has overall responsibility for the strategic design and marketing of liability programmes for major energy clients.
Roberto joined McLarens in 2018 to lead the Natural Resources Unit in Latin America. He has worked in LatAm for over 25 years, starting as an offshore energy adjuster during Hurricane Andrew (1992) and developed his knowledge and career into more senior roles by advancing through many prominent energy adjusting firms. He has been actively involved in large loss offshore claims in the USGOM (Construction, Operational, Hurricanes), and managing large loss cats and onshore / offshore incidents in Latin America. Roberto has worked in many large-loss claims for most major National Oil Companies in Latin America.
Ron’s career spans nearly 60 years, beginning in 1964 with IRI where during his last 10 years he ran its international division. He then spent 14 years in the broking sector before joining XL Insurance where he managed energy clients across all product lines. After a period of semi-retirement, Ron joined Starr Companies in 2010 as producer, manager and referral underwriter for all Property and Tech engineered risks.
Isabel is the International Underwriting Director of IRB Brasil RE, the leading reinsurer in Latin America and one of the 10 largest in the world at market value. She has more than 10 years' experience as a subscriber in the reinsurance market and leads the teams not only in oil and gas risks, but also in International Property & Casualty and Retrocession. She has also worked in Spain and Germany, at Mapfre Re. Since 2013 in Brazil, she joined IRB in the same year to contribute to the expansion of business in Latin America. She is a graduate in Economics and Business Administration from Universidad Pontificia Comillas, Spain and also holds a postgraduate degree in International Management from IE Business School, Spain.
Heloisa Borges Esteves holds a PhD in Economics from the Federal University of Rio de Janeiro, a Master Degree in Economics from the Federal University of Rio de Janeiro, a post-graduate degree in Public Law from the State University of Rio de Janeiro, a Law Degree from the State University of Rio de Janeiro and a bachelor degree in Economics from the Federal University of Rio de Janeiro.
Heloisa Esteves has served in various positions in the Brazilian Public Administration (as a teacher, a researcher and a federal employee), and is currently Superintendent in the Bidding Rounds Superintendency at the National Petroleum, Natural Gas and Biofuels Agency. Heloisa has lectured at many different levels, in several institutions (both private and public) and to different audiences (Brazilians and foreigners) both in Brazil and abroad.
Mark joined Willis Towers Watson in 2018 as Energy Industry leader for the Latin America region. Prior to joining us, he worked for Swiss Re Corporate Solutions in a number of underwriting and client management roles, including Regional Specialties leader and Chief Underwriting Officer for the Mexican operation. He has underwritten or managed relationships for most Latin American Oil Corporations and other important companies involved in some segment of the natural resources space. Mark holds a degree in Mechanical Engineering from Universidad de Los Andes in Bogota, Colombia.
Michael joined Willis Towers Watson in January 2019 as Head of Claims for the company’s Latin American Corporate Risk & Broking (CRB) business. He has 16 years of complex claims management experience having worked previously as an international loss adjuster, a complex claims manager for a leading international (re)insurer and now as a broker. Michael has maintained a strong bias throughout his career towards managing claims in Latin America and has worked throughout the region, as well as having lived in Mexico City. He holds an Honours Bachelor’s Degree in Spanish & Management from the University of Leeds (UK), is a qualified member of the Chartered Insurance Institute (CII) and is an Associate of the Chartered Institute of Arbitrators (CIArb).
Alan brings over 25 years’ experience of handling energy losses involving International offshore, onshore, energy and operational claims. From first advice to final settlement he uses his technical knowledge to evaluate and understand complex policy wordings and interpret Loss Adjusters’ reports to effectively manage disputed claims to support favourable settlement. Alan is now responsible for handling losses for clients of the Energy, International and North American Divisions of Willis Towers Watson.
Carlitos started his career at the Puerto Rico Sun Oil Refining company as a process engineer and moved to NY in early 1990s to work as a Loss Control Engineer. For a period of 13 years he looked after the international book of Oil & Gas business of AIU - a member company of AIG and in 2001 moved to Arch Insurance initially as a loss control engineer assuming soon the additional role of Business Developer for Latin America which in turn facilitated his career transformation into a fully dedicated underwriter for all Energy segments including Oil & Gas, Power, Chemical and Mining. After 8 years he moved to Zurich for a brief period and in 2011 he joined ACE (now Chubb) as VP of Global Energy for Latin America.
Alberto is an Industrial Engineer from the Universidad Politecnica de Madrid, Spain. He joined Mapfre Global Risks in 2004. After some years as Power Underwriter, he became Head of Power in 2012. In 2018 he was appointed Energy & Construction Manager, being responsible for the scope, development, organization and management of the underwriting policy for risks in connection to the Oil &Gas, Power and Construction sectors worldwide in Mapfre Global.
Wagner is a qualified naval architect and marine engineer. He has over 25 years’ experience working on ship repair (Enavi Shiprepairs Brazil), shipbuilding (IHI Brazil and IHI Japan) and certification & Classification (Lloyds Register of Shipping: Brazil, London & South). He set up London Offshore Consultants Brazil from inception in 2009 and since then LOC Brazil has evolved to became a major/leading player as a marine technical consultancy firm acting in Brazil and across South America.
Elias is Head of Facultative at Austral Re. With 12 years of experience in Reinsurance, he is responsible for the strategic planning and underwriting of Aviation, Marine, Energy and Power lines of business across Latin America Region. Before joining Austral Re he worked at IRB Brasil Re as Head of Energy Upstream, besides his previous experience in Property and Marine underwriting. He holds three different Masters Degrees, being Business Management, Oil & Gas and Insurance & Reinsurance.
Robin has over 35 years’ experience of working in the Natural Resources insurance market. Since 1996, his focus has been on marketing and communications, and as Global Communications Director for Willis Towers Watson’s Natural Resources Industry group, he now specialises in promoting our thought leadership.
This is reflected in his editorship of our Energy, Mining and Power Market Reviews, blogs and other publications as well as managing and facilitating natural resources industry conferences and seminars around the world.
Davi has 15 years’ experience in the areas of HSSE (Health, Safety, Security and Environment) and Sustainable Development, currently holding a position of Downstream HSSE Manager at Raízen, a joint-venture between Shell and Cosan. He is an Electrical and Safety Engineer with an MBA in Sustainable Development, with a large experience in the Oil and Gas Industry, mainly focused in Logistics, Distribution and Trading.
Philippe has more than 20 years’ experience in Reinsurance within Oil and Gas department of SCOR Business Solutions. He spent three years in Singapore for SCOR Asia-Pacific in charge of Energy activities (upstream & downstream). He holds a MBA specialised in Insurance from Ecole Nationale d’Assurance in Paris and was trained at IFP (French Institute of Petrol) on various Upstream and Downstream modules (refining and petrochemicals process, reservoirs engineering, drilling completion-well control, inspection & maintenance of oil & gas units)
Mike is Head of Energy – Lat Am region for Liberty Specialty Markets. He has 25 years of industry experience, 12 of which have been at LSM. He is based in Miami and is responsible for underwriting LSMs downstream energy portfolio in Latin America and the Caribbean. Mike manages a team of underwriters and Risk Engineers which are based throughout Latin America in Sao Paolo, Santiago, Mexico City, Bogota and Lima. Before moving into underwriting Mike worked as executive general adjuster handling major global energy claims and loss control segments. He has travelled extensively throughout Latin America and is experienced in on-shore oil and gas, petrochemical, chemical and power generation risks.
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