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Jerome Upton, formerly senior vice president, deputy

CFO and controller (principal accounting officer) for

Genworth, was appointed EVP and CFO. Kelly Saltzgaber,

who had served as SVP, head of portfolio management,

was appointed EVP and CIO, the company said.

According to Tom McInerney, president and chief

executive officer of Genworth, Upton has been an

exemplary finance leader in both mortgage insurance

and corporate contexts over the past 24 years. He also

has played a key role in several significant strategic

transactions the company has completed.

Saltzgaber joined Genworth 10 years ago and

has more than 30 years of experience in investment

management with both investment firms and large

financial institutions, including Cambridge International

Securities, Barclays and Goldman Sachs, according to

her LinkedIn profile.

Saltzgaber has taken on roles with increasing scope

and responsibility, while also designing and implementing

Genworth’s investments sustainability program.

Travelers Europe Names New Chief

Financial Officer

P

eter McConnell has succeeded Mike Gent as chief

financial officer of Travelers Europe, the company said.

Gent worked for the

company for 25 years.

McConnell will oversee

the financial management

of Travelers’ European

operations. He also will

assume a position on the

U.K. subsidiary’s board

of directors, subject

to regulatory approval.

McConnell will report

to Matthew Wilson,

chief executive officer

of Travelers Europe,

according to a company statement.

McConnell has more than 20 years of industry

experience, including serving for the past 16 years

in a variety of senior finance roles at WTW. Most

recently, he was the global director of finance for

the risk and broking segment. Before that, he held

senior roles supporting the company’s strategic

growth priorities in specialty and retail businesses

across the international and European geographies.

McConnell began his career in the insurance and

investment management assurance division of PwC,

the company said.

Peter McConnell

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BEST’S REVIEW • APRIL 2023

9

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o actual policy language.

clubhouse when the golfer comes in to celebrate

their ace.

But what do owners of golf courses (public,

private, semi-private and exclusive) really need

for insurance? The obvious answers would be

the standard property/CAT, business interruption,

workers’ compensation, auto and general liability

insurance.

Golf courses have real and present exposures

and have had many claims. And in some cases, golf

litigation has even reached the U.S. Supreme Court.

For liability, the owner or operator of most golf

courses may be held liable for injuries to a person

or persons who are struck by a golf ball. This would

apply if the owner or operator failed to exercise

due care in safely protecting from the risk.

Side note: Yelling “fore”—a tradition used to warn

anyone in the path of a golf shot, first documented

in the 1881 British Golf Museum—is not considered

a defense for liability in most courts.

There also are some not-so-readily-thought-of

insurance coverages, such as course construction

for renovations, pollution or environmental,

fiduciary, event cancellation, E&O for course

redesign, active assailant, and dram or liquor

liability. Some additional considerations in the

harder market may include parametric bonds,

weather derivatives, group captive, and risk transfer

to a golf course property management company.

Golf courses have multifaceted and complex

risks that carriers, agents and brokers face, and

not all approaches to safety and risk management

are alike. Keeping your head up is good advice

for underwriters who provide coverage for these

places of frustration and, occasionally, happiness.

Ah, the golf course.

BEST’S REVIEW • APRIL 2023

15

committed to attracting and nurturing the best and

brightest young leaders,” said Maurice R. “Hank”

Greenberg, chairman and CEO of Starr Insurance

Cos., chairman of The Starr Foundation and former

chairman and CEO of American International

Group, in a statement. “Helping Georgia State

continue to build one of the nation’s best

insurance programs will ensure that happens.”

Georgia State is often cited as having one of

the top risk management and insurance programs

in the country by participants in

Best’s Review

’s

biennial survey on the topic. In the magazine’s

February 2022 edition, the Atlanta school was

ranked in the Top 20, based on feedback from

readers and subscribers.

“We are deeply grateful to The Starr Foundation

for investing in one of the university’s top-

performing and most-prestigious departments,”

Georgia State University President Brian M. Blake

said in a statement, adding that the gift will help

continue the department’s tradition of excellence

and honor “a legendary insurance executive.”

The $15 million gift, the largest in the college’s

history, will be used to recruit and support “the

most-promising scholars from across the nation”

pursuing risk management, insurance or actuarial

science; expose students in other majors to the

insurance industry; and create a new physical

space to provide a modern learning environment,

the university said in a statement.

“It’s not just connecting [the department] to

the Greenberg name—which has an extraordinary

history and legacy and will continue to have

extraordinary history over the next generations in

the insurance industry with Mr. Greenberg’s sons,”

Phillips said. “It’s also the idea of connecting this to

risk science and the continued elevation of what

this industry can do, and how it’s changing and

morphing in the 21st century as new technologies

come along and influence how this business is

evolving over time and how it’s being influenced

in its practice. We get a chance to define what that

is through this gift.”

The Starr Foundation was established in 1955

by insurance entrepreneur Cornelius Vander Starr,

according to the foundation’s website. American

International Group was incorporated in 1967,

and a year later Greenberg succeeded Starr as

company leader. He served as AIG’s chairman and

CEO until March 2005, and in his nearly 40 years of

leadership, AIG grew from an initial market value of

$300 million to $180 billion.

Greenberg’s friendship with department

founder Kenneth Black Jr. dates to the 1970s,

Phillips said, and Starr Insurance Cos. has helped

the university in a variety of areas, including the

launch of its data science and analytics education

unit called Institute for Insight.

The school’s Department of Insurance was

founded in the 1950s and renamed in the 1980s to

reflect its growth and alignment with the insurance

industry, which itself was growing to include risk

management, the university said. It is now ranked

second among all North American schools for

actuarial science research productivity, according

to

U.S. News & World Report

.

Phillips said the college’s focus on technology

has made it a national leader in risk, and The Starr

Foundation gift allows that to continue. The gift

also will fund a cross-disciplinary program, to be

launched by the start of the 2023-2024 academic

year, that will include endowed scholarships to

attract new students who are studying in other

areas and wouldn’t be interested in dedicating

their entire degree program to actuarial science or

risk analytics, Phillips said.

“Something we hear from industry partners all

the time is that they have huge needs for talent

across a wide variety of skills,” said Stephen Shore,

chair of the Department of Risk Management &

Insurance. “This certificate provides a route for

people with all kinds of skills, from English majors

to chemical engineering majors, to learn enough

about the ideas and institutions of insurance that

they can easily move into this industry after they

graduate.

“We’ll be giving out approximately a quarter of

a million dollars a year in scholarship money as a

result of this gift,” he added, “including both very

large awards to a smaller number of students and

more modest awards of a few thousand dollars as

part of a broad-based program to support students

from other majors who are engaged with our

programs.”

The design work on the new physical space was

set to begin in the spring, with the architectural

phase to begin in the fall, Phillips said. The start of

construction is targeted for the beginning of 2024,

with the final structure to be built no later than the

beginning of 2025.

BR

BEST’S REVIEW • APRIL 2023

17