According to a statement from third-party managing agent Asta, active underwriter Megan McConnell will be departing the Paraline Group in 2018 and as a result giving up her active underwriter role for Lloyd’s syndicate 4242.
McConnell has a new opportunity in the London insurance and reinsurance market lined up and is expected to leave Paraline in March 2018, the company said.
Up until that point in time, McConnell will retain full underwriting responsibility, Asta said.
Asta’s director of underwriting Simon Norton is set to act as interim active underwriter until a permanent replacement is found, subject to regulatory approval.
Bruce Schnitzer, chairman of Paraline, commented, “Megan has played a significant part in Paraline’s success and we are sad to see her go. I would like to wish her the very best in her next role and offer our sincere thanks for her time at syndicate 4242.”
The syndicate for which McConnell underwrites only became Paraline syndicate in September, after the acquisition of International Catastrophe Insurance Managers, LLC (ICAT) by the Schinnerer Group.
McConnell had been with ICAT in a range of underwriting roles since 2005, working her way up to become the lead underwriter and head executive for the syndicate and the associated Lloyd’s special purpose arrangement.