Price Forbes hires 3 in expansion of global financial offerings

Brokerage Price Forbes Ltd. on Friday said it has hired seasoned directors and officers specialist and former Hiscox Ltd. executive Suresh Ellawala and former Markel Corp. executive Mark Warrilow to grow its financial products business globally.

Based in London, Mr. Ellawala will serve as executive director, U.S. financial products, while Mr. Warrilow will serve as director, financial products, the company said in a statement.

Chris Butler has also joined the team as business manager from Texel Finance, where he was a trade credit and political risk broker, Price Forbes said.

In his new role, Mr. Ellawala will develop U.S. produced business and support international growth, and will report to Richard Peers, managing director of the non-marine U.S. team, the company said in the statement.

As director, financial products, Mr. Warrilow will focus on financial fraud for banking and commercial risks, Price Forbes said.

Mr. Warrilow and Mr. Butler will report to Colin Plumb, executive director for D&O and financial products, Price Forbes said.

Mr. Ellawala previously worked as directors and officers and transactional liability line underwriter at Hiscox and prior to that as product leader for directors and officers and securities insurance at QBE London, and as head of a financial lines team at American International Group Inc. in London, the company said.

Broking and underwriting veteran Mr. Warrilow joins from Markel International, where he was previously chief underwriting officer, Singapore, the statement said.

“There is a significant opportunity for a well-resourced and experienced independent broker to grow in this space, Mr. Ellawala said in the statement.

“We are in a very tough market with a real lack of carrier capacity; our clients really need brokers that have an in-depth understanding of the insurance sector, specific products, the loss environment and so can talk comprehensively about risk with both them and underwriters,” he said.