Brit Insurance has appointed Baldeep Johal to the newly-created position of group chief risk officer. Johal will join the executive management committee and report directly to group CEO Dane Douetil.
Johal joined Brit Insurance in 2001 and was subsequently promoted to group chief actuary where he created a strong actuarial and modeling team.
Johal has led the group in implementing an approach to reserving, introduced sophisticated pricing models, overseen the building of the group’s capital models and enhanced its exposure monitoring capabilities.
Brit Insurance has said that Shane Kingston will be promoted to replace Johal as the group chief actuary. Shane joined Brit Insurance in 2004 as pricing actuary and his recent responsibilities include actuary for the group’s global markets and reinsurance businesses.
However, both appointments are subject to regulatory approval.
Brit Insurance CEO Dane Douetil said, with the advent of Solvency II the company has taken the opportunity to move all the risk management activities within the responsibility of this newly-created role.
“Baldeep will lead the group in assessing the entire risk landscape whilst ensuring the appropriate business balance between risk and reward,” Douetil said.