Munich Re’s HSB nabs new leader who pivoted tech start-up to launch its own carrier

Munich Re-owned specialist engineering and technology insurer HSB has found a new chief underwriting officer in a former Ageas leader with a vast general insurance market and technology experience, having recently led a motor insurtech in London and Gibraltar. He will replace the company's current underwriting director who is set to retire after over 40 years in the insurance industry.

Niraj Shah (Pictured left) will join HSB as chief underwriting officer for the UK and Ireland, taking over from Stephen Morris (pictured right).

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. Following the transition of his underwriting director responsibilities to Shah, 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 CUO and underwriting director in 2014. Prior to joining HSB, he held senior positions at RSA and worked as a lead underwriter for Gerling Insurance on some major construction projects, including the London Eye and the Millennium Bridge.

Shah brings underwriting, actuarial, finance and transformation expertise. He joins HSB with a wealth of 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.

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.

Stephen Worrall, CEO at HSB, said: “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. After 40 years in the insurance industry we will miss his experience, but wish him all the best in his retirement.”

“We are delighted to welcome Niraj to HSB. 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.”

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