WTW has appointed Tony Simm as head of facultative for Great Britain.
Simm has more than 15 years of experience in the industry, with a focus on the direct and facultative reinsurance sector. Based in London, he rejoins the company after a tenure at Guy Carpenter and Gallagher Re.
Garret Gaughan, global head of direct and facultative at WTW, said Simm will lead the focus on delivering the solutions cedants need to meet their objectives.
“Tony’s extensive industry knowledge, experience and relationships made him our top choice for this important role,” Gaughan added.
Simm also shared his excitement in rejoining the company, adding that he expects the experience he will bring will help bring benefit to the company’s cedants and markets.
Commenting on the appointment, he said: “I look forward to progressing WTW’s specialised industry focused approach and driving our commitment to meeting cedant needs in the Facultative reinsurance space.”
Earlier this month, WTW released a report that showed that facultative reinsurance is becoming a commonly used strategic risk management tool but insurers are still facing hurdles in accessing enough capacity amid the market volatility.
According to the survey, which gathered responses from 300 senior decision-makers at various property and casualty insurers across the globe, the findings reflect a shift in the perception of facultative reinsurance - from a transactional solution to a strategic tool for addressing gaps in treaty coverage and managing risk.
The report showed that 86% of respondents agreed or strongly agreed that facultative reinsurance plays a key role in strategic risk management, while 68% said they intend to increase their use of the tool over the next couple of years.
“The results of our survey indicate that insurers are increasingly leveraging facultative reinsurance as a tool to manage these challenges. We are seeing facultative reinsurance increasingly used by carriers to enable expansion into new riskier product areas, for example,” Gaughan said.
