Towers Watson names new European captive head
WILLIS TOWERS WATSON has appointed
Ciarán Healy as head of international
development and consulting for its global
captive insurance practice, where he will
be leading the European captives team.
Healy is responsible for the stewardship
and execution of captive consulting
projects, which covers feasibility studies,
captive strategic reviews, and risk finance,
retention and captive optimisation reviews.
He also has responsibility for the
development of new captive initiatives,
innovations and thought leadership.
Healy joined Willis in 2013 and
had previously held the role of senior
manager for Willis Management (Dublin).
He has also worked as a consultant at
EY and at Aon Global Risk Consulting. l
AM Best gives ‘Excellent’ rating to Pfizer captive
RATINGS AGENCY AM Best has
affirmed the financial strength rating
of A (Excellent) of Blue Whale Re, the
Vermont-based captive of international
pharmaceutical company Pfizer.
The outlook is stable, and the ratings
reflect Blue Whale’s balance sheet
strength—which AM Best categorises
as very strong—as well as its strong
operating performance, neutral
business profile and appropriate
enterprise risk management (ERM).
As Blue Whale insures or reinsures
Pfizer’s global property exposures, AM
Best said it plays an important role
in Pfizer’s overall ERM and assumes
a critical role in protecting the Pfizer
AM Best noted that Blue Whale’s
capitalisation is very strong, albeit
reliant on the parent.
“It operates at conservative
underwriting leverage levels; however,
it provides coverages with extremely
large limits, and its gross exposures
per loss occurrence are elevated,”
explained AM Best.
“Although Blue Whale benefits
from reinsurance protection, its net
retentions remain very substantial.
Reinsurance is provided by a large
panel of reinsurers, and Blue Whale
relies on significant capacity to support
its obligations. Therefore, it is heavily
dependent on reinsurance.
“Nevertheless, AM Best recognises
the quality of the reinsurers, and the
substantial financial resources and
support available to the captive as part
of the Pfizer group.”
The ratings agency continued: “Due to
the nature of the relationship between
Blue Whale and Pfizer, changes in
integral component of Pfizer’s risk
management platform. AM Best’s
view of third-party credit ratings and
market-based credit risk measures of
Pfizer indicates stability, resulting in
Blue Whale’s outlooks being stable.” l
Pfizer’s credit risk can have certain
impact on Blue Whale’s ratings as it is
dependent on Pfizer’s ability to support
its credit risk profile, competitiveness
and risk management.
“The captive continues to be an
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