Validus announces senior management changes

19-11-2015

Bermuda-based Validus Holdings has made a series of senior management appointments at Talbot Underwriting, its wholly owned subsidiary.

Rupert Atkin will retire as chief executive officer (CEO) of Talbot on February 29, 2016.

Peter Bilsby, currently managing director of Talbot, will succeed Atkin as CEO on March 1, 2016. Michael Carpenter will step down as chairman of Talbot on March 1, 2016, at which point Atkin will succeed him in the role. Carpenter will remain a non-executive director of Talbot and a member of the Validus board of directors.

Bilsby has almost 30 years’ experience of the insurance market. He joined Talbot as head of global aerospace from XL London Market in September 2009 and served as director of underwriting until his appointment as managing director in November 2013. Bilsby was appointed to the board of Talbot in April 2010.

Atkin has worked in the insurance market for 35 years. He launched Syndicate 1183 in 1991 and was appointed director of underwriting at Talbot in 2001. He became CEO following the sale of Talbot to Validus in 2007. Atkin was appointed to the council of Lloyd's in 2007, became chairman of the Lloyd's Market Association in 2012 and deputy chairman of Lloyd's in 2014.

Carpenter joined Talbot in June 2001 as CEO and was appointed chairman following the sale of the business to Validus in 2007. He joined the board of Validus in 2012 and is the chairman of the Validus Group audit committee.

 “Rupert Atkin has overseen Syndicate 1183’s progression since inception and Talbot’s growth for the past eight years, building it into an important part of the Validus Group,” said Ed Noonan, chairman and CEO of Validus.

“Through Rupert, we have been able to expand our services and global presence, and we have a fantastic platform for continued growth and success. The board and staff of Validus thank him for his exceptional contribution and years of service, and we are delighted that he will take on the role of Chairman of Talbot so that the company will continue to benefit from his expertise.

“I would also like to thank Michael Carpenter for his notable input at Talbot. As chief executive pfficer and then chairman, working closely with Rupert throughout, Michael has guided the company through a significant period of development within the underwriting market. We are fortunate to continue to draw on his expert advice and guidance on the Board of Validus.

Noonan also said he had “no doubt” Bilsby will build on Atkin’s achievements.

Atkin added: “Having launched Syndicate 1183 in 1991 with two employees and a £6 million capacity and overseen its growth to 349 employees and a £625 milion capacity in 2015, I look back on this transformation with great pride and satisfaction.

“Talbot has generated in excess of $850m of profit for Validus since being acquired in 2007 and I am confident the business will continue to flourish under Peter Bilsby's leadership. I would like to thank my colleagues who have contributed so much to this success.”

Bilsby said: “I am honoured and privileged to be appointed to the role of chief executive officer of Talbot. Since joining the company six years ago, I have been very impressed by the strength and depth of talent within our organization. I am excited to be assuming the leadership of the business and building upon its recent success under Rupert Atkin's outstanding direction. I look forward to working with the management team as we continue to drive profitable growth and performance across Talbot's global offices.”

Validus Holdings, Talbot Underwriting, Rupert Atkin, Peter Bilsby, Ed Noonan, Michael Carpenter, Bermuda

Bermuda Re