Marine insurer appoints Katy Shearer as Chief Risk Officer, adding new role to Board of Directors
Posted on: 16 July 2024
On 1 July, West promoted Katy Shearer to Chief Risk Officer and appointed her to the Management Board of Directors. This decision represents Shearer’s strong contributions to the business and the importance the Club places on the increasingly complex risk landscape across all sectors of the business.
The shipping industry continues to face significant uncertainty and volatility, including increasing geopolitical risks and ongoing regulatory and compliance challenges which places more scrutiny on all Clubs, as well as the wider marine insurance sector. The West has therefore acted to prioritise its risk management capability aligning it with the strategy of the business, ensuring its central to all management decisions at Board-level.
Katy Shearer took over the management of West’s risk function in 2022. Since joining the Club in 2016, she has served as Chief Actuary, and will continue in this role. Prior to joining West, she worked within the consultancy division of KPMG, working primarily with London Market insurers.
Katy Shearer, Chief Risk Officer, West commented: “It is a privilege to take this next step in my career at West, a Club whose purpose, culture and approach to change make it an exciting place to work. I look forward to continuing to develop the Club’s risk management practices, helping to ensure that the delivery of the Club’s strategy is undertaken in a manner to optimise its long-term stability and success.”
Tom Bowsher, Group CEO, West commented: “The Club wishes Katy all the very best in her new position. The elevation of this role to a Management Board position recognises the influence Katy has had in driving the Club’s strategy forward in a number of key areas. It also demonstrates our commitment in placing risk management at the centre of our decision-making as we continue to build on our recent successes and strengthen the capital position of West.”
West recently announced a strong technical performance for the 2023-24 financial year, achieving a capital position that re-affirmed AM Best’s decision to award the Club with an A-rating in the Autumn of 2023, a combined ratio of 94.5%, and an underwriting surplus of USD 15 million. The performance of West’s Members, as well as relatively benign pool claims, played an important part in last year’s results. West’s gross premium exceeded USD 300 million for the first time in the year-ending 20 February 2024 and with continued and targeted growth across its diversified product offering is expected to reach USD 350m in the current year.
West continues to support Members through the complexities of the regulatory, commercial and operational landscape, spanning sanctions and regulatory compliance, loss prevention support, and the evolving threats to shipping in the Red Sea and elsewhere, with tailored guidance, services and products. This includes West’s new piracy protection product which was launched earlier this year which has been designed to meet new patterns of piracy costs for owners.
