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Final_Ad_220x280mm.pdf 1 2/19/19 3:04 PM Our team takes care of the risk so you can take care of business. As an innovative global provider of specialty insurance and reinsurance products, we are focused and committed to helping our clients achieve success. C M Y CM MY CY CMY K Learn more: argolimited.com Bolder together XL is now part of the AXA family. A bold new force of expertise and leading technology to reinvent solutions for even your most complex risks. So if you’re moving your business and the world forward, we’re the partner to help you do it. Find out more on axaxl.com AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting. AXA, the AXA and XL logos are trademarks of AXA SA or its affiliates. © 2018 AXA SA or its affiliates. Brand campaign 2018_Print-220x280mm.indd 1 2/7/2019 5:07:26 PM AFF_22816_003_TM_residencial Cooperativismo_220x280mm_Ingles.indd 1 2/4/19 5:37 PM Editor’s letter he famous song “When I’m 64”, released in 1967 by the Beatles, that went like “will you still need me, will you still feed me, when I’m sixty four?”, stated that by that time people were old. Not anymore. Now, at 64, people are still at their prime, working hard, with teenage children, beginning new relationships, avidly learning and most of all enjoying life. This is but one of the many issues we will tackle in our Technical dossier about “Health Management”. With people living longer – much longer – and a decreasing number of births, we ask ourselves about the sustainability of Health systems around the world; questions to which our panel of experts from Europe, Asia and Latin America have tried to answer. But we have gone further: we will tell you how telemedicine is changing the access to medical care; how insurers and reinsurers are facing these challenges; how the Internet of Things and Artificial Intelligence are changing the Health Management landscape and how during this millennium humankind may well achieve its most sought out desire – immortality. But you will find so much more in fullcover 12. I had the opportunity, along with Jamie Crystal, to meet and talk to Brian Duperreault, AIG TPresident and CEO about his 40 plus years in the insurance industry, his long history in the company, the centennial anniversary and AIG and Brokerslink long term relationship. Talking about experience and leadership, we’ll share with you a preview of our second “Faces of Insurance” book, on Jayme Garfinkel. You will get to know the chairman of the board of directors of Porto Seguro, one of Brazil’s leading insurers. From Brazil we take you to Africa, to meet Pathé Dione, founder and Chairman of SUNU Group, and learn more on his contribution to change the African insurance landscape; and to the Philippines, to tell you the story of Trinity and its founder and CEO Sid Garcia, a dear friend and great ambassador of Brokerslink. Finally, we bring you a dossier on José Manuel Fonseca Unit-Linked, still a bit unknown but very interesting savings tool MDS Group CEO within life insurance solutions. In a world where disruption has become the norm, knowledge is key more than ever. That’s why we bring you the latest news, the best practices and the opinions of renowned experts. Understanding problems is halfway to tackling and solving them. This has always been and will continue to be our mission – to share knowledge about risk and insurance and in doing so contribute to a better mastering of our world and the risks that surround us. 5 42 05 32 Is cyber insurance Editor's letter IRB Brazil RE relevant for my client yet? Interview with José Carlos Cardoso by David Dickson 08 37 UNA Seguros Brian Attracting foreign investment 46 Duperreault Jayme Interview with AIG President & CEO Garfinkel 38 in conversation with Jorge Luzzi Fidelidade Portuguese insurance leader 24 invests in Peru Combining 53 Forces Interview with Claudio Sonder 40 Dossier Health Cyber risks within supply chains Management by Mauro Signorelli “No” Country for Old Men 28 Healthcare and the Ageing Population The Longevity Challenge Argo Group Cutting Edge Research with Matt Harris Telemedicine at a Tipping Point Artificial Intelligence Immortality: Fact or Fiction? The Internet of Things Ageing – a Challenge or Threat? Is there any future to Health insurance? Director José Manuel Fonseca • Editor in Chief Paula Rios • Associate Editors Liliana Baptista • Susana Neiva • Editorial Committee Aline Casemiro • Beatriz Cabral Luciana Gonçalves • Contributors Alex Wise • Ana Mota • Angélica Carlini • Benedetta Cossarini • Brian Duperreault • Carlos Nueno • César Rodriguez • César Silvestre Claudio Sonder • David Dickson • Déborah Gnagne • Fabio Oliveira • Fátima Carneiro • Francesca Breeze • Guilherme Salgado • Gustavo Quintão • Inge De Wolf • Jamie Crystal Jayme Garfinkel • Jean-Louis Davet • João de Macedo • João Espanha • Jorge Luzzi • José Carlos Cardoso • Josef Brem • Julie Lim • Leonor Futscher de Deus • Mafalda Moreira Marc Subirats • Maria do Carmo Fonseca • Maria Inês Martins • Mario Saddy • Mário Xicato • Matt Harris • Mauro Signorelli • Miguel C Reis • Nuno Leitão • Pathé Dione Pedro Carvalho • Ralph Mucerino • Ricardo Sales • Sid Garcia • Stefano Bellandi • Taiza Ferreira • Thiago Tristão • Title THE FULLCOVER • Edition Number 1st edition (FULLCOVER 12) Publisher MDS Group • Place of Publication Porto • Date of Publication April 2019 • Circulation 4500 • Design Dobra • Printing & Finishing Lidergraf Sustainable Printing Legal Deposit 374241/14 • ISSN 2184-1136 86 100 133 White Labelling Environmental Expertise and Liability in Angola Dossier Speed to Market By Mário Xicato by César Silvestre Unit-Linked An overview A flexible and transparent solution A wealth structuring solution 88 An efficient investment The new distribution regime Thriving in the digital age 102 by Stefano Bellandi SUNU Group Interview with Pathé Dione 146 90 MDS News Nazaré's Big Waves 152 with João de Macedo 110 Diversity in the Brokerslink corporate world Philippines Trinity's Epic Journey Philippines Insurance Market Kumain Ka Na Ba? 156 94 FULLCOVER Risk Legal Corner Consulting 124 Group 160 with Jorge Luzzi Brokerslink 10th Global Conference Readings New chairman & vice chairman New Europe's regional manager Agora Interview with AIG President & CEO Brian Duperreault One of the most respected leaders in global insurance shares insights from over four decades in the industry with José Manuel Fonseca and Jamie Crystal MDS MAGAZINE — FULLCOVER Brian Duperreault A forty-year career in insurance Brian Duperreault is President, Chief Executive Officer and a member of the Board of Directors of American International Group, Inc. (AIG). Prior to assuming this role, he served as Chairman and Chief Executive Officer of Hamilton Insurance Group (Hamilton) from 2013 to 2017. Hamilton is a Bermuda-based holding company of property and casualty insurance and reinsurance operations in Bermuda, the U.S. and the UK. Mr. Duperreault served as President and Chief Executive Officer of Marsh & McLennan Companies (MMC) from 2008 to 2012. Before joining MMC, he served for two years as non-executive Chairman of ACE Limited, an insurance and reinsurance company, and as CEO of ACE from 1994 through 2004. Prior to joining ACE, Mr. Duperreault held various senior executive positions with AIG Jamie Crystal (Alliant), Brian Duperreault (AIG), José Manuel Fonseca (MDS Group), and its affiliates from 1973, when he first joined Ralph Mucerino (AIG) @ AIG New York Headquarters the business, to 1994. Mr. Duperreault is a member of the Boards of the Bermuda Institute of Ocean Sciences (BIOS), Johnson Controls, Partnership for In May 2017, AIG announced the appointment New York City, the Geneva Association and of its new President and Chief Executive Officer. Saint Joseph's University. He is the former Chairman of the Board of The role is probably one of the most prestigious, Overseers of the School of Risk Management demanding and rewarding there is in the global of St. John’s University, New York and Chairman insurance industry, so it would need an exceptional Emeritus of Blue Marble Microinsurance. Mr. Duperreault holds a bachelor’s degree talent to take it on. The new incumbent already in Mathematics from St. Joseph’s University. had a long history with the company, although he He was born in Bermuda and is married with three sons. had spent two decades away from it. In fact, it had given him his first break in insurance. When Brian Duperreault was revealed as the firm’s new leader, there was a positive response right across the insurance industry. The rest, as they say, is history. In AIG’s centennial year, Mr. Duperreault spoke to José Manuel Fonseca, Chairman of Brokerslink and MDS Group CEO, and Jamie Crystal, Executive Vice President of Alliant Insurance Services, about getting the right mix of people and structure to secure AIG’s future, the importance of the broker relationship and putting AIG’s regional businesses back on track. He also shared some of the lessons he has learned from 40 plus years in the insurance industry. 10 BRIAN DUPERREAULT — AIG AIG’s historically wholly-owned global important to AIG. During that period, Argentina network was legendary. This has been kept this company alive and when the war impacted by recent divestitures, in particular ended, it remained a very strong country for in Latin America (in 2016 AIG agreed to us. Perhaps our name should have been sell some of its Latin American and European the International American Group instead! property-and-casualty insurance operations The global network remains a strong to Fairfax Financial). Do you plan to rebuild and important part of who we are and what we the network with wholly-owned subsidiaries do, and if this could be made up of more or will you also consider MGA representatives? wholly-owned businesses, I’d do it in a heartbeat.