Global insurance broker Howden has appointed Mary O’Connor as Chief Executive Officer (CEO) of its new capital, advisory and placement business for financial institutions and corporates, HowdenCAP.
The new proposition has been launched in response to the changing needs of financial institutions and corporate clients, and will for the first time at scale, combine the skills and experience of those with backgrounds in banking, law and ‘Big-Four’ consultancy with the breadth and depth of insurance specialisms.
O’Connor joins as CEO of the new division from KPMG, where she most recently served as Acting CEO. Earlier in her career, she held the role of Head of Clients and Markets, having joined the firm in 2018 as its Chief Risk Officer. Previously, she spent six years with broker WTW as Head of Client, Industry and Business Development, and Global Head of Financial Institutions.
In her new role with Howden, O’Connor will report to José Manuel González, CEO, Howden Broking.
It’s hoped that under O’Connor’s leadership, the new business will bring a fresh approach to solutions at the convergence of the insurance and capital markets arena to corporate clients and all non-re/insurance sector clients in the financial services sector.
The advisory arm will, explains Howden, house its Mergers & Acquisition practice, its Global Credit Solutions and Surety practices, and specialists in regulatory capital, risk weighted assets, private equity, insolvency, tax, credit and structured finance.
The new division, HowdenCAP, is creating a unique, next generation consultancy and by expanding the traditional insurance structures, Howden says it will help equip firms to meet the increasingly challenging macro-economic landscape.
O’Connor said: “The combination of the opportunity to build a unique business in a critical space for clients, the power of insurance as a part of the solution to complex and emergent problems, and the passion, energy and talent within Howden to actually deliver something that pushes beyond the traditional boundaries of insurance, presented an exciting opportunity I wanted to grasp.
“At a time when the corporate community is facing a unique set of operational, strategic and capital risks, it is absolutely the right moment for a new approach and set of capabilities that will create risk transfer solutions to unlock capital, and by partnering with clients to build resilience and fuel growth.”
González added: “It is at our heart to find people who bring different thinking to the table and challenge the way the insurance sector can help clients with long-term capital solutions to address the risks of the future. Mary is a natural leader in this field and we’re confident her cross sector expertise and experience will contribute significantly to the roll out and growth of HowdenCAP and enhance our leadership team. The teams that make up HowdenCAP are already recognised as leading experts in their respective areas and with the talent that will join us to build out the business, we will continue to break new ground.”
David Howden, CEO, Howden Group, said: “There has never been a more critical moment for us to remain relevant to clients by using the power of insurance to help provide answers to long-term capital risks. The fact that Mary has chosen to come back to insurance speaks loudly to this moment and is an exciting milestone for the industry and an incredibly special moment for all of us at Howden and our evolution. I am excited to see where she can take HowdenCAP in its journey to become a powerhouse of expertise and innovation which is primed to deliver more for clients.”
