Compass Insurance appoints new Managing Director

Paul Carragher will take his position as MD of Compass Insurance in January 2011

October 2010 marks the official appointment of Compass Insurances’ new Managing Director, Paul Carragher. Paul comes with a wealth of experience in external and internal audit, risk management and corporate governance - having consulted to a number of large organisations, including Hannover Re – Compass Insurances’ holding company.

Paul Carragher has worked in the South African business sector for 13 years. Paul is a Partner in the Risk Advisory Business Unit at Deloitte, one of the large private professional services firms in the world, and was responsible for the Risk Management and Contract Risk & Compliance Service Offerings in the Deloitte Risk Advisory business unit in South Africa. Through this role he specialised in Risk and Control based internal audits, financial, operational, compliance, and performance audits including performing risk assessments in the insurance, re-insurance, manufacturing, mining, leisure and motor industries in the private sector, as well as to clients in the public sector. Furthermore, Paul has also undertaken extensive work in the Enterprise Risk Management and Corporate Governance space. He is a highly qualified individual, with a Bcompt Accounting, Bcompt (Hons) Accounting, Certificate in Theory of Accounting (CTA), and is a Chartered Accountant (CA (SA)).

“Compass Insurance is a specialist insurer, underwriting a number of agencies across industries. As a result Risk Management and Corporate Governance is a business critical requirement for any management position within the organisation. I believe that with Paul’s strong skill set and extensive experience, he brings strong business acumen and experience to the Compass brand. I am pleased to welcome him to Compass and I have no doubt that that the Compass staff and agencies will respond strongly to his experience and management approach,” says Achim Klennert, Group MD of Hannover Re.

“In all our previous business interactions with Paul, as a consultant to Hannover Re, he has displayed impeccable business ethics, a strong personality and a dedication to transparency – attributes that are core to Compass Insurances culture and business value system,” continues Klennert.

Says Paul Carragher, “I am proud and excited with the opportunity afforded to me. Compass Insurance is a strong, but growing brand, and I believe I can truly add value and support the business and team to continue to grow and capitalise on relevant market opportunities. While this is a new challenge for me, it is not a territory I am unfamiliar with by any means and I look forward to the positive interaction between myself and all relevant Compass Insurance stakeholders going forward”.

Paul will assume the position as Managing Director of Compass Insurance in January 2011.