Specialty international reinsurance company Chaucer has announced the promotion of James Wright (pictured above) to chief risk officer, effective April 01. In his new role, Wright will be responsible for the direction, performance and management of Chaucer’s enterprise-wide risk management framework, including underwriting risk management and exposure management.
Wright has been with Chaucer for 13 years. He joined the company’s capital modeling team in 2006. In 2013, Wright was promoted to head of capital modelling, before becoming head of risk and capital in 2019. Wright is responsible for Chaucer’s Solvency II internal model and its strategic deployment across the business, along with implementation of the company’s risk management framework.
“I would like to congratulate James on his well-earned promotion, and I am delighted that he has accepted this new challenge,” said Chaucer CEO John Fowle. “James’ deep understanding of our business and risk appetite will be critical to our ongoing development as a leading global underwriting group.”
Wright succeeds Penny Shaw, who will step down as chief risk officer on March 31 after completing her role in Chaucer’s transition to its new parent company, China Re. Shaw joined Chaucer in 2014 as board risk director, and in 2016 was promoted to group chief risk officer for Chaucer and The Hanover Insurance Group, Chaucer’s previous owner.
“During her time at Chaucer, Penny has brought great insight, an invaluable strategic clarity, functional excellence and results-driven focus to Chaucer, while also being approachable, collaborative, and an invaluable mentor to many here.” Fowle said. “We will miss her contribution. Penny leaves with our sincere thanks and best wishes for the future.”