Launch of the Global Insurance CCO Forum

Launch of the Global Insurance CCO Forum

Thomas Loesler, Allianz, appointed first Chairman of the new Global Insurance Chief Compliance Officers Forum

Lee Augsburger of U.S.-based Prudential Financial, Inc., appointed Vice Chairman

Dr. Thomas Loesler, Allianz Group Chief Compliance Officer, has been appointed the first Chairman of the newly founded Global Insurance Chief Compliance Officers Forum (CCO Forum).  Loesler will serve for an initial period of two years supported by Lee Augsburger, Chief Compliance & Ethics Officer of Prudential Financial, Inc.* who has been appointed Vice Chairman.

Founded in January 2015, the CCO Forum has been created by 14 founding members who collectively represent some of the largest insurance and reinsurance groups in the world with members headquartered in the European Union (8), Switzerland (3) and the United States of America (3).

Thomas Loesler, said: “I am honoured to serve the CCO Forum as Chairman. This is the first time a Chief Compliance Officers group has been formed with a truly global foot-print. We will work together to share global best practices on a range of topics critical to the Compliance Function, engage with policymakers and stakeholders and participate in the future development of compliance and the Compliance Function in our industry”.

Lee Augsburger, Chief Ethics & Compliance Officer of Prudential Financial, Inc. said: “There are still six places available in the CCO Forum. We’re looking for additional organizations that meet the qualifying criteria and can make the Group even stronger, covering even more of the globe”.

PwC is supporting the creation and running of the CCO Forum. Paul Clarke, PwC’s Global Insurance Regulatory Leader, said: “We’re thrilled to have been part of this forum from its inception as an informal grouping two years ago. We have brought together some of the leading compliance people in the world and together this Group can contribute to the ongoing development of the Compliance Function for this industry”.

The CCO Forum consists of Chief Compliance Officers representing international insurance and/or re-insurance groups with operations in at least 10 countries and on two continents and at least €10bn (or equivalent) in annualised (re)insurance net earned premium.

The success of similar groups such as the European Chief Financial Officers Forum and the Chief Risk Officers Forum spurred the creation of the CCO Forum. These groups have a strong reputation in the market with external stakeholders and have been effective at influencing sector developments.