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Thursday, September 24, 2015

Department of Treasury Names Nine to Panel on Private Insurance Market for Terrorism Risk

Today, the United States Department of Treasury appointed nine people to serve two year terms as members of the Advisory Committee on Risk-Sharing Mechanisms (ACRSM). The ACRSM, authorized by the Terrorism Risk Insurance Program Reauthorization Act of 2015, is supposed to offer advice and recommendations to the Treasury’s Federal Insurance Office (FIO) on ways to develop non-governmental, private market risk-sharing mechanisms for protection against losses arising from acts of terrorism. “These nine individuals have a broad cross-section of insurance experience and expertise and bring a diverse set of perspectives to the ACRSM,” said Michael McRaith, director of the FIO.

The committee members (listed below) include property insurers, reinsurers, and brokers.
  • Wendy Peters, Executive Vice President Terrorism Practice Group, Willis North America
  • John Seo, Co-Founder and Managing Principal, Fermat Capital Management LLC
  • Jonathan Clark, Property Treaty Reinsurance Broker, Guy Carpenter & Co. LLC
  • Sean McGovern, Chief Risk Officer, Lloyd’s of London
  • William Donnell, President U.S. P&C, Swiss Re
  • Erik Nikodem, Property Executive, AIG
  • Gregory Hendrick, Chief Executive of Reinsurance Operations, XL Catlin
  • Kean Driscoll, Chief Executive Officer, Validus Reinsurance, LimitedMichael Sapnar, President and Chief Executive Officer, Transatlantic Holdings, Inc