LONDON – 6 May 2021 – After joining AkinovA’s Advisory Board a few months ago, industry veteran, Dennis Mahoney, is to transition to Non-Executive Chairman of AkinovA’s wholly owned regulated Bermuda business. During his career, Dennis served as Chairman of W.I.N. (World Insurance Network), President of the Insurance Institute of London and Troika for the UK government which was set up in the aftermath of the 9/11 New York terror attack to keep airports operational and airlines flying with a partnership between insurance and airlines, and backstop provided by the government. He also served for many years at ACORD, the insurance industry standards body. In addition, Dennis has enjoyed various senior roles at Aon including Chairman of Aon Global, RFIB and at Ironshore as an independent director.
Dennis Mahoney, commented: “AkinovA is squarely positioned on exponential trends, whilst much of the traditional insurance industry is not. The GDP-like linear growth trend line evidenced by most carriers is indicative of the current risk transfer cost chain from insured to capital. The often new and ever greater challenges such viral, cyber and climate 'pandemics' require far more financial and intellectual capital than ever. Social inflation, ultra-low interest rates and inadequate reserves have all affected insurers’ balance sheets. Society increasingly appears to see the industry as the safety net for all ills. Insureds have been faced with dramatically increased premium, reduced limits, reduced coverage and reduced choice engendered by consolidation. It is time to reconfigure the linear approach into a more focused, concentric and inclusive electronic marketplace.”
“AkinovA can be the marketplace to foster growth of an ecosystem of insureds, brokers, insurers, investors, analytics, data and service providers. This will then create the opportunities for true sustainable industry growth. Society's expectations can be best met by a reconfigured model that is able to anticipate and face challenges at scale. I am delighted to have been given the opportunity to assist in delivering AkinovA’s vision.”
Henri Winand, AkinovA CEO, commented: “There is a galaxy of opportunities for AkinovA to address. AkinovA is able to serve small and large brokers alike and the insureds they represent to deliver deals they cannot find investors for. We are also able to provide capacity providers and investors with deal-flow they do not see today. I share Dennis’ view that reconfiguring the risk transfer cost chain will lead to a rapid industry growth as well as new services and products alongside AkinovA’s marketplace.”
“That’s why I am thrilled to have Dennis as part of the core team: he is a deep thinker who has an incredibly long track record of delivery with obsessive focus on the end clients and an incredible global network to draw from. As evidenced by his Chairmanship of the W.I.N., post 9/11 Troika and leadership position at ACORD, Dennis understands the value of neutral industry venues. He will Chair our regulated business based in Bermuda just after it was granted its full global insurance ‘risks-meet-capital’ licence. He will provide focus on key client-facing programs and new products as well as ensuring AkinovA remains neutral with the right governance structure and industry representation. He will be based in Bermuda and joins Tom Heise on the Board of AkinovA Bermuda.”
AkinovA is an independent electronic marketplace for the transfer and trading of re/insurance risk which is regulated in Bermuda. The marketplace is a regulated electronic environment where insurance and reinsurance risks can access new sources of capacity as well as increase the efficiency of transferring and trading re/insurance risks in the primary and secondary markets. AkinovA also offers re/insurance service providers an additional channel to share their models, data and expertise with market participants. AkinovA is working with the existing re/insurance value chain to grow the overall market.
AkinovA operates as an Insurance Marketplace Provider under the Bermudan Insurance Act (1978) and subject to the regulatory oversight of the Bermuda Monetary Authority.
For more information, please go to: www.AkinovA.com, email Enquiries@AkinovA.com or phone +44 (0)20 8012 8172