Insurer CROs Form North American Council

NU Online News Service, Sept. 9, 3:11 p.m. EDT

A group of chief risk officers (CROs) from 23 leading North American property & casualty and life insurers announced the formation of the North American CRO Council.

The group is a professional association of CROs of leading insurers headquartered in the United States, Bermuda and Canada.

Member CROs represent 12 of the 15 largest P&C insurers and 11 of the 15 largest life insurers in North America. The Council says it seeks to develop and promote leading practices in risk management throughout the insurance industry.

The Council says it has established an active agenda that includes:

• Participating in global developments associated with the harmonization of regulatory-capital requirements across jurisdictions.
• Providing guidance to North American regulatory bodies on effective methods for evaluating risk management and solvency monitoring standards.
• Promoting development and assessment of capital requirements leveraging company-developed risk models.
• Producing industry-leading research on emerging risks.

Founding members include CROs from: ACE Group, American International Group, Chubb Group of Insurance Companies, CNA Financial Corporation, Genworth Financial, Great-West Lifeco Inc., Lincoln Financial Group, Manulife Financial Corporation, MassMutual Financial Group, Nationwide Mutual Insurance Company, New York Life Insurance Company, Northwestern Mutual Life Insurance Company, Pacific Life Insurance Company, Principal Financial Group, Prudential Financial, Inc., Reinsurance Group of America, Incorporated, State Farm Mutual Automobile Insurance Company, The Allstate Corporation, The Guardian Life Insurance Company of America, The Hartford Financial Services Group, Inc., The Progressive Corporation, TIAA-CREF, United Services Automobile Association, Unum Group and XL Group plc.