Chubb announced on Friday that Philip Bancroft, executive vice president of Chubb Group and chief financial officer, plans to retire from the company on July 1 after 19 years of service.
Peter Enns, an investment bank who was most recently the Global Co-Head of Investment Banking Coverage in Hong Kong for HSBC, will join Chubb on or before April 1 as executive vice president, Finance, and will succeed Bancroft upon his retirement.
Enns has more than 30 years of finance and investment banking experience. He spent over 20 years with Goldman Sachs in various senior roles, including partner of the firm’s U.S. Financial Institutions Group based in New York, head of its Asia Financial Institutions Group based in Hong Kong, and chief executive of its business operations in Canada.
Enns will report to Evan G. Greenberg, chair and chief executive officer, and will become a member of Chubb’s executive committee. Bancroft is expected to remain with the company in an advisory capacity for the balance of the year and be available to support Mr. Enns.
In early 2016, Carrier Management profiled Bancroft as part of a feature focused on the CFO role in the property/casualty insurance industry. Just a few months after the Chubb-ACE combination was officially closed, Bancroft described the breadth to the company and the execution culture of executives and his finance team—integrating acquisitions worth billions, as well as partnerships and office openings that expanded Chubb’s reach into more than 20 additional countries during the course of his tenure. (Chubb CFO Bancroft: Getting It Done)
While Bancroft started his career in insurance as a public accountant, leading the insurance practice of Coopers & Lybrand before joining ACE, Enns is a chartered financial analyst who joined Goldman Sachs in 1996.
Enns served as chairman and CEO of Goldman Sachs Canada from 2014 to 2017; head of the Asia Financial Institutions Group from 2010 to 2014; and partner of the U.S. Financial Institutions Group from 2006 to 2010.
He joined HSBC in 2018 as Global Head, Financial Institutions Group and subsequently served as Global Co-Head of Corporate Finance Coverage and, most recently, as Global Co-Head of Investment Banking Coverage.
Separately, last week, Chubb announced the appointments of Jeremiah Konz as chief reinsurance officer and Michael Kessler as division president of the company’s global cyber risk insurance business.
Konz, executive vice president and reinsurance officer for Chubb Overseas General, the company’s international general insurance business, is succeeding Kessler, who moved from the chief reinsurance officer role to lead the cyber division.
In his new role, Konz has management responsibility for the design and purchase of reinsurance programs for Chubb and its business units globally, managing the company’s reinsurance recoverable asset and overseeing relationships with its reinsurers and reinsurance brokers. He will also serve as chairman of Chubb’s Reinsurance Security Committee and as a member of its Global Credit Committee.
Kessler, in his new role, is overseeing all facets of the cyber risk insurance business including strategy, product and business development, underwriting and service operations, and overall profit and loss perf Konz is now reporting to John Keogh, president and chief operating officer of Chubb. Kessler reports to Paul Krump, vice chairman, Chubb Group, Global Underwriting and Claims.
Kessler began his career in insurance as a consulting actuary. Before joining Chubb, Konz worked as an executive for reinsurance brokerage firm Aon Benfield, providing analytic expertise to large commercial property reinsurance placements over a 13-year period.