Munich Re confirms Wallace as property E&S head

Munich Re Specialty Insurance has announced former Navigators executive Jim Wallace as head of property, excess and surplus lines, a move first revealed by The Insurer in November.

Wallace has more than 30 years of industry experience. He most recently served as president of the US property E&S division at The Hartford-owned Navigators, which he joined in 2015 after seven years at Aspen Specialty Insurance.

The hire comes as Munich Re Specialty Insurance looks to build out a platform with a focus on the wholesale distribution channel. The Mike Kerner-led unit has a target of becoming a leading North American commercial insurer with premium of $3bn by 2025 and a strong wholesale distribution focus.

Sources told this publication last month that Wallace’s appointment was one of a number of anticipated hires by Munich Re Specialty Insurance. It follows former Swiss Re Corporate Solutions executive Diane Link joining as head of E&S casualty in April this year.

Both Wallace and Link report to Jill Beggs, president of E&S at Munich Re Specialty Insurance.

“I am thrilled to have Jim and Diane as part of our team and look forward to working closely with them,” said Beggs.

“They bring a wealth of experience to their respective areas including a deep expertise and understanding of the specialty lines business which makes them well-positioned to help Munich Re Specialty Insurance take advantage of profitable growth opportunities in the market.”