The Litmus Team
Peter Hughes
Peter worked for 20 years in the London insurance market before joining S&P in 1998. His career in reinsurance included roles in International, European and Retro, including as Senior Partner in charge of Europe for Sedgwick Re.
Over a 12 year period Peter held numerous roles at S&P, working largely with the insurance analytical practice and was latterly Vice President managing many of the commercial operations of the ratings business in Europe.
Peter launched Litmus Analysis in August 2010.
Stuart Shipperlee
Stuart has worked in ratings and credit analysis for over 25 years, most recently as global head of S&P’s insurance products.
He ran A.M. Best in EMEA for 5 years and was a permanent member of their global Corporate Rating Committee.
Stuart also spent time as a sell-side analyst with Morgan Stanley covering Financial Institutions.
Stuart began his analytical career with Insurance Solvency International (ISI), then a unit of Fox-Pitt Kelton. He has a degree in Biochemistry and an MBA from Cass Business School.
Directors
Analysts
Rowena Potter
Rowena spent more than 20 years as an analyst at S&P, latterly as Managing Director responsible for all ratings on UK/Irish Insurers, the Lloyd’s market, re/insurers based in the Middle East/Gulf, and the Marine market. Prior to joining S&P, Rowena was an analyst at Insurance Solvency International, involved in rating insurance companies, and worked at the ABI.
Rowena joined Litmus in 2011.
She has a BSc. in Statistics from University College London.
Alison Cheal
Alison worked as an analyst at S&P for nearly 12 years, rating insurance companies in the UK including Lloyd’s syndicates, Europe and the Middle East.
Prior to S&P, Alison worked at Amlin plc and has a number of years’ experience working within the Lloyd’s insurance market. Alison has a degree in Mathematics & its Applications from Cardiff University.
Lucy Stupples
Lucy was an analyst for 8 years at S&P, extensively involved in the analysis of insurer financial strength ratings including capital adequacy models. She was also heavily involved in the training and management of junior analysts.
Prior to S&P Lucy worked as an analyst within the Thomson Financial Insurance Solutions team (since acquired by Fitch) and in the Willis Insurer Market Security team.
Paul Galpin
Paul started his career at Chase before joining S&P in 1989, where he was a Director, an analyst and a member of the senior management team.
He went on to work in senior positions for BBL Securities, ING and ABN Amro.
Paul holds a degree in Banking & International Finance from the University of London.
Michael Zboron
A senior consultant at Litmus, he also lectures on Insurance, Risk Management, Banking & Finance.
After 2 years at S&P, he spent 8 years at A.M. Best as team head for European non-life including Swiss Re, Zurich, Scor, and Munich Re.
At the UK PRA, he was a member of the EIOPA Financial Stability Committee.
He has a degree from FH Münster, an MSc in Insurance & Risk Management from Bayes Business School and a PhD from Southampton University
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Aneela Mather-Kahn
Aneela joined Litmus as senior consultant in 2025.
As a Chartered Accountant she held consulting, auditing, analytical and product strategy roles at Deloitte, EY, Marsh, and Fitch Solutions.
During 5 years at A.M Best she was the lead analyst for the Middle East and Africa and for Best’s ERM methodology.
Aneela has a degree in Economics from Birmingham University and a Masters in International Development from the School of Oriental and African Studies.
SUPPORT
Deb Johnson
Deb provides support to the Litmus management team in the areas of accounting, administration and logistics.
Deb has many years of experience in Finance, trained in AAT and also holds a Business Manager Certificate with Anglia Ruskin University.
Yvonne Murray
Yvonne is a Data Professional & Coaching Advocate.
As Director for Data Strategy and Operations at S&P, she led global, multi-cultural teams across the ratings business.
Rachel Wooldrige
Rachel supports the analytical team, focusing on data storage, governance, operations, and output. Rachel also manages our digital marketing and ratings monitoring.
Rachel holds a BA from Surrey University and has experience in data governance, operations, and marketing in the publishing industry.