In the insurance media we talk about classes of new carriers being formed in mass flowerings of capitalism after the bursting of prolonged soft markets, but we never apply this term to the birth of intermediaries.
This is because the distribution side of our industry tends to renew itself more organically and less in dramatic waves.
Except that right now the conditions are perfect for a mass expansion in this space.
The consolidation of Marsh & McLennan and JLT and the prospect of Aon and Willis coming together are providing a once in a lifetime strategic backdrop for independents that can attract the right talent.
A sustained hard market has taken hold in core lines of business, giving a second boost and market reforms in hubs such as London are giving a chance for operational efficiencies and competitive advantages to be built into new businesses from day one.
Add to this record low borrowing costs, high valuations and a growing view from the investor community that broking houses have more in common with annuities than venture capital investments and you have a heady cocktail.
Into this mix I welcome Mike Reynolds the new CEO of Oneglobal Broking, a London wholesaler born of the merger between SSL and Endeavour and fueled by an investment from JC Flowers.
Mike has had a very long career in the insurance business and most recently ran reinsurance broker JLT Re.
In this interview we learn about Oneglobal’s major worldwide plans and Mike’s vision of how to build a global challenger in the wholesale specialty and reinsurance space.
Mike is good company so I think you will enjoy spending the next half hour or so with him.
Mike mentions a Jonathan. He is of course referring to Jonathan Palmer-Brown, the Chairman of Oneglobal Broking
We thank our supporter, Claims Direct Access (CDA) for their support today. Here is a link to their website: