Executives from AIG, Swiss Re, XL Catlin and Lloyd’s of London are among the insurance industry executives who will serve on a new government advisory committee that will help shape private market risk-sharing mechanisms protecting against losses in the wake of terrorist attacks.
The committee also includes broker representatives from Guy Carpenter and Willis, among other members.
The U.S. Department of the Treasury announced the appointments on Sept. 23. Treasury officials established the Advisory Committee on Risk-Sharing Mechanisms (ACRSM) following its authorization by the Terrorism Risk Insurance Program Reauthorization Act of 2015.=
ACRSM members will offer advice and recommendations to Treasury officials, via the Federal Insurance Office, involving the development and creation of private market risk-sharing mechanisms to protect against losses stemming from terrorist attacks. The Treasury Department sought applications for the committee back in April, and members will serve up to two years.
Here are the committee members:
Eric Smith, president and CEO of Swiss Re Americas, said in a statement issued to promote Donnell’s appointment that the reinsurer was eager to proceed with its work on the U.S. terrorism reinsurance issue.
“Swiss Re looks forward to continuing our work on TRIA that lead to the successful long-term reauthorization of the program,” Smith said. “As we learned in the years leading up to reauthorization [in January], it is important to consistently maintain our advocacy on this issue.”
Sources: U.S. Dept of the Treasury, Swiss Re