HSB, a specialist engineering and technology insurer and part of Munich Re, has announced the appointment of Niraj Shah as Chief Underwriting Officer (CUO) for the UK and Ireland.
He will succeed outgoing CUO Stephen Morris who is set to retire in 2023.
Based in London and reporting to HSB CEO Stephen Worrall, Shah will be responsible for underwriting standards and strategy across HSB UK and Ireland, and leadership of the Underwriting Standards and Strategy (USS) team.
He joins HSB with a experience across Personal and Commercial Lines, having worked in Chief Actuary and Chief Underwriting Officer roles at companies including Co-op Insurance, Ageas UK and Groupama Insurance Company Limited.
Shah also has experience of the tech insurance start-up sector working as Managing Director at commercial motor insurance provider Zego, where he helped scale-up the business including the set-up of its own insurance carrier in Gibraltar.
“We are delighted to welcome Niraj to HSB,” said Worral. “As data insights and analysis, together with pricing strategies become more critical across all our UK and Ireland businesses, Niraj’s background and experience will further complement our leadership team.”
“His substantial experience and strong track record in the sector make him an excellent fit for HSB to help drive our ambitious plans for the business forward.”
Following the transition of his Underwriting Director responsibilities to Shah, Stephen Morris will continue to support HSB’s strategic business priorities until his retirement later in 2023.
Morris started at HSB in 2008 as part of the London and International team before becoming Chief Underwriting Officer and Underwriting Director in 2014.
“I want to thank Stephen for his outstanding contribution to HSB over the last 15 years; he’s been instrumental in revising our underwriting strategy, supporting our growth ambitions, and implementing new technologies and underwriting development,” Worral added. “After 40 years in the insurance industry we will miss his experience, but wish him all the best in his retirement.”