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Insurance is a maze. Don’t get lost. Mark Geoghegan asks directions from all the top people in the Global Insurance and Reinsurance Industry
Episodes
Wednesday Oct 14, 2020
Wednesday Oct 14, 2020
We all know about the protection gap and financial sustainability and resilience goals for the developing world set by global bodies such as the World Bank and the United Nations.
We also know about the massive growth potential of many emerging economies and the role the insurance industry can play in enabling and accelerating its development.
This episode goes into the detail of how to approach this major opportunity and answers some common questions and upends many common misconceptions.
How much is insurance understood in developing nations? Is it seen simply as aid? Also how well are its strengths understood by donor nations? Should this kind of insurance be aiming for profit from day one, or should it be more patient?
How do we overcome modelling gaps and potentially crippling distribution costs in some of these nations?
Will the realities of harder international markets and Covid 19 put development goals on the back burner?
To answer these questions it was a great privilege to be joined by Dame Inga Beale and Lesley NdLovu of the African Risk Capacity Group (ARC).
Both have pioneered work in this field and give a strong and practical flavour to this podcast. I highly recommend a listen.
It might convince you that far from being just corporate social responsibility and the right thing to do, this is actually one of the brightest long-term opportunities in the global insurance market.
Today’s special episode has been organised by the Commonwealth Insurance Forum – the CIF and kindly sponsored by the ARC.
Set up in September 2019 the Forum was co-founded and is chaired by London market veteran Francis de Zulueta of Alpine Risk
Alpine Risk currently manages the CIF.
Co founded with Robert Lyle, co-founder of specialist London broker BPL, this not-for-profit organisation is seeking to ignite and accelerate insurance collaboration at all levels between the members of the 54-nation Commonwealth with the added support of the Commonwealth Enterprise and Investment Council.
The Commonwealth Insurance Forum has been formed as the UK is deepening and rapidly accelerating global trade links within the Commonwealth after leaving the European Union and will seek to build insurance co-operation, education and networking based on the common legal and cultural ties that bind the global Commonwealth of Nations together for the mutual benefit of all members.
LINKS
African Risk Capacity:
https://www.africanriskcapacity.org
The Forum can be contacted on Cif@alpineriskservices.com or directly via Francis de Zulueta on LinkedIn:
Tuesday Oct 13, 2020
Tuesday Oct 13, 2020
Most Voice of Insurance episodes tend to be with industry CEOs.
This way you can get to know the real people behind the public persona and learn about how the industry really works by finding out what makes its leaders tick.
But of course it doesn’t give you a huge amount of class-specific detail.
Industry titans at public companies know a ton of detail about high finance and deal economics, but if I went too deep into detail on any given class of insurance or reinsurance, they would rightly refer me to an inhouse expert for a full briefing.
And that’s why I recorded this episode.
In this hard and Covid-affected market, the hardest segment seems to be the International Directors’ and Officers’ liability market or (D&O) as we all know it.
I wanted to get into hard detail about what is going on in this market.
To do this I began to set up interviews with D&O practitioners. My aim was to put together the views of multiple experts into an in-depth report.
But the first of these meetings turned out to be so strong that I have decided to put it out as an episode in its own right.
David Ritchie is Managing Director of Management Liability at Gallagher UK and is a very senior broker with his finger directly on the pulse of the sector.
In great detail David describes a market in a state of crisis and dislocation where cover is severely rationed and definitely not guaranteed at any price.
This is a world where the prices and terms that are being dictated by the few markets that remain open are almost secondary in importance. Customers have to take it or leave it and may be forced to hit the nuclear button of invoking sunset clauses on expiring cover and renewing on extremely restrictive retroactive date inception terms just to get by.
In short this is the hardest market of all time by a very, very long margin.
With only trickles of new capacity on the way and more market withdrawals possible I don’t envy David’s day job one bit, but I do commend this episode to anyone who wants to know where and how many of the underwriting fortunes and reputations of 2021 and beyond are going to be forged.
LINKS
Once again we thank Claims Direct Access (CDA) for their support today.
PS. Don't forget to ask Mark about advertising opportunities on the podcast. mark@thevoiceofinsurance.com
Tuesday Oct 06, 2020
Tuesday Oct 06, 2020
What is the greatest quality of the best business builders in our industry?
After putting together today’s episode, I’m now certain it must be the ability to get the best out of people.
Pat Ryan is a broking legend.
He’s the visionary who saw that globalisation was going to create the need for global brokers to serve the global companies that it would create.
But it’s one thing having a vision – it is completely another to be able to execute on it.
Today you get to find out how he did it. You meet Pat Ryan in a different context. Here he’s not standing at a lectern giving a keynote speech or being quoted in a press release, he’s in direct conversation with me.
We start by dissecting his latest major broking deal to merge RSG with All Risks and move through the art of buying and building broking businesses to consolidation and Marsh-JLT and Aon-Willis.
Spitzer makes an appearance and we go into business ethics and culture, his advice for anyone joining the insurance industry and finally what he would like his legacy to be.
Listening back what struck me was how much we laughed during our conversation.
Pat has bought and grown hundreds of businesses and this encounter proves beyond any doubt that he does this by putting people at ease and in a place of complete trust.
In short he knew how to get the best out of me and he did just that, in the same way he has been doing throughout his career.
The result is easily the best interview of the Voice of Insurance series so far and one that I think will stand the test of time for many years to come.
We thank Claims Direct Access (CDA) and Bolton Associates for their support today.
Don't forget to ask Mark about advertising opportunities on the podcast. mark@thevoiceofinsurance.com
Tuesday Sep 29, 2020
Tuesday Sep 29, 2020
When I book an interview guest in for the show it is usually at least few weeks and often a few months in advance.
When I open up my diary I can see them lined up ahead.
I build up expectations in my mind about what the interview is going to be like.
It never turns out the way I think.
Today is a case in point. I have got to know David Croom-Johnson of Aegis London over many years while covering the global insurance market.
I knew he was great company and was often outspoken in private.
But I didn’t know what he would be like with the microphone turned on. I had a fear that he might be a little more tame than he is when the recorder is not switched.
Well, I needn’t have worried.
I am happy to report that the David who showed up for the interview was the exact same David that I know from all my meetings and encounters with him in and around the London market over the past decade.
He is someone who has to be true to himself in all situations.
And because he runs a consistently top-performing Lloyd’s business which is in a very select group of managing agents that Lloyd’s has allowed to be regulated on a light touch basis this makes for a fascinating and valuable interview.
The market and David’s view of what to do about Lloyd’s mediocre and major underperformers may surprise and shock you as being extraordinarily tough.
But his long experience, wisdom and foresight are what shine through in this encounter.
From how to behave in a hard market to lean underwriting models.
From the short termism of private equity to the casualty crisis and the eventual Uberisation of the specialty market, chances are David has thought about it deeply and has a strong and unequivocal view.
Once again we thank Claims Direct Access (CDA) for their support today.
Don't forget to ask Mark about advertising opportunities on the podcast. mark@thevoiceofinsurance.com
Tuesday Sep 22, 2020
Tuesday Sep 22, 2020
Here at the Voice of Insurance we look at an extremely broad cross-section of the global insurance and reinsurance markets, form fascinating niches right to the top, to the giants of the sector.
Today’s guest is right at the top.
He has the biggest underwriting job in the world, with the size and scale to be able to move global markets.
That means knowing how he is thinking is required knowledge for anyone who wants to get a feel for what is happening in the marketplace.
In this interview I encountered someone cautiously optimistic of continued rate rises and new growth opportunities.
But perhaps more importantly I met someone confident that his organisation has the financial strength and risk appetite to make the most of those new opportunities as they present themselves.
In this podcast we examine the reinsurance market from end to end.
As 1.1 begins to loom in the diary, I can highly recommend this episode to you.
Once again we thank Claims Direct Access (CDA) for their support today.
Don't forget to ask Mark about advertising opportunities on the podcast. mark@thevoiceofinsurance.com
Tuesday Sep 15, 2020
Tuesday Sep 15, 2020
Today’s guest is a bit of a coup for the Voice of Insurance. He is the CEO of a $13bn top 10 reinsurance and specialty insurance group that spans the full length of the insurance value chain.
Yet despite being a public company of great scale, until now it hasn’t had much of a public profile.
It’s previous CEOs were notoriously publicity-shy but that’s about to change.
Juan Andrade has been in post since January and is starting to give Everest Re a public profile that befits its size and relevance to our market.
Here we have a full discussion of the state of the industry, changes in what investor appetite and how this is driving what Juan describes as an underwriter’s market.
We talk about the class of 2020 and its prospects and of course the immediate and potential effects of Covid-19 and how Everest is positioning itself within all of this to take full advantage of market conditions.
Juan is a concise and precise communicator and the next 20 or so minutes are packed with valuable information and insight. I highly recommend a listen.
LINK:
https://www.everestre.com
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Sep 08, 2020
Tuesday Sep 08, 2020
Today’s episode is a real cracker and part of a series of great episodes we’ve got lined up for you in the month of September.
Laurent Rousseau is the Deputy CEO of Scor Global P&C and is a rising star in this top-tier global reinsurer.
In this podcast we talk about the dilemma facing Lloyd’s of London, Covid effects, the Insurtech phenomenon in the era of the now publicly quoted Lemonade, the intimate details of what is driving the hardening global insurance and reinsurance markets, the class of 2020 and the boom conditions for specialty insurance.
If you want to know what is going on in the world you need to have access to smart and well-informed people like Laurent.
And that’s what the Voice of Insurance is all about – I’ve known Laurent for a few years now and I very much want you to meet him.
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
https://www.claimsdirectaccess.com/
Friday Sep 04, 2020
Friday Sep 04, 2020
Today’s episode is all about another syndicate in a box.
Back in episode 16 I interviewed Stuart Newcombe, the active underwriter of the Munich Re innovation Syndicate 1840 and the discussion was all about technology and the implementation of pioneering concepts such as parametric products.
This episode is also about the application of technology but this time it is being applied to one of the most traditional elements of underwriting at Lloyd’s - delegated authority.
This route accounts for 40% of Lloyd’s premiums and so any plan to revolutionise this method of distribution will have repercussions that reverberate across the London market and beyond.
Stephen Card is the Founding partner and CEO of Carbon Underwriting which has founded syndicate 4747.
A London market broking veteran, I first met Stephen 13 years ago when he was running PWS, the London broker that was acquired by THB in 2008.
Stephen knows the Lloyd’s market inside and out and this show and tell on what Carbon Underwriting is doing is a very useful primer of what the future might look like for anyone involved in the $18bn plus global Lloyd’s coverholder supply chain.
Abbreviations:
DA= Delegated Authority
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
https://www.claimsdirectaccess.com/
Tuesday Sep 01, 2020
Tuesday Sep 01, 2020
Today’s guest is an executive with a big job to do.
The broad market turn, driving improved performance, tidying up back years and dealing Covid-19 are enough for most executives, but on top of all that this new leader’s company has had the fallout from an acrimonious public dispute with an activist investor to deal with.
As part of Argo Group’s new management team, Chief Underwriting Officer Tim Carter has a lot on his plate.
Yet he is unfazed. In this encounter I found someone really calm, easygoing, and infectiously optimistic.
He’s also a rare combination – an actuary who is an excellent communicator and someone who comes across as a strong people person.
The next 20 minutes should leave you in little doubt that Argo is going to re-focus on its core niches in specialty where it can produce the best growth and underwriting results.
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Aug 25, 2020
Tuesday Aug 25, 2020
This episode’s guest is a journalist’s dream. He has deep, long and broad industry experience, he is very intelligent, he has very strong and clear opinions about how insurance works and why he is doing what he is doing.
More importantly he is never afraid of expressing those opinions and he does so with great enthusiasm and charisma.
Even better for us is that he has a new role heading a company that plays in one of the most interesting hard markets anywhere in the world.
He is Andrew Robinson, the company is Houston International Insurance Group (HIIG) and the market is US specialty lines.
HIIG is the business founded by maverick industry entrepreneur Stephen Way in 2006 after leaving HCC, so Andrew has some big shoes to fill.
I don’t need to pre-empt what we talk about here – the market and how Andrew wants to position HIIG within it are plenty to be getting on with and he won’t leave you with any doubt about what he thinks about all the issues of the day.
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Aug 18, 2020
Tuesday Aug 18, 2020
Today’s episode is all about legacy. Legacy used to be called run-off and run-off conjured up slightly negative connotations of difficult old greyhairs in dusty out of the way offices eking out a dwindling pot of claims until retirement.
I used to think that its keenness to rename itself was a sign that it wanted to rehabilitate itself in some way and that the change was merely cosmetic or aesthetic.
But over the years it has become obvious that the words run-off had themselves to be put into run-off.
This is because legacy has developed into a sophisticated capital management tool and is far more about adding value and operational efficiency than the handling of intractable old claims.
Today’s guest is the embodiment of that leap in sophistication over the past two decades.
Tom Booth is the CEO of Darag, a legacy player with access to capital and global growth ambitions.
His background is high finance and I think it really shows through in this encounter.
Legacy is becoming a very useful long-term partner of the industry and people like Tom are only going to make it more relevant in the future.
We slay a lot of myths in this episode, so stay tuned.
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Aug 11, 2020
Tuesday Aug 11, 2020
I always think one of the main missions of the Voice of Insurance is to give you access to industry leaders so you can find out how they think and what they think about the big issues of the day.
These are people that you’ve almost certainly heard of but not necessarily heard from.
But there is a second mission which is to introduce you to people who you almost certainly don’t know but who I think have got some very interesting things to say.
In my line of work I get to meet lots of fascinating and very talented people and it’s nice to be able to introduce some of the less well known ones to you.
Todays’ guest is one of these.
We have heard an awful lot about the Insurtech phenomenon over the last 4 years. A whole industry has grown up around it. Frankly some of it has been very poorly explained and executed.
Stephen Brittain’s job is to provide a link between the insurance folk and the tech people who often seem to inhabit completely different planets.
I always enjoy talking to Stephen because he is incredibly smart and is buzzing with big and challenging ideas. The conversation always takes an unexpected turn or two.
But unlike so many bright sparks he is really good at explaining himself to people less intelligent than he is.
So if you’re not a techy here is someone I can highly recommend you listen to – I’m pretty sure it will make you think differently about insurance.
And if it does that that is another one of my missions complete.
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Aug 04, 2020
Tuesday Aug 04, 2020
Today’s guest is a broker right at the top of her profession.
She is someone industry leaders turn to for advice and assistance around the most fundamental commodity in our industry – capital.
Her contacts are superb and if you need support her insight and connections could be the difference between getting what you need and coming up short.
Vicky Carter is Guy Carpenter’s Chairman of Global Capital Solutions, International and is also a member of the Council of Lloyd’s.
In our discussion we examine every facet of capital and the industry’s financial health, investor appetite for the insurance sector and the prospects for the emerging class of 2020. It’s why I’ve called this episode a capital masterclass.
We also look at the work she is doing on Lloyd’s ReStart SME pandemic solution and examine diversity and inclusion from the perspective of one of the most senior women in the industry.
NOTES:
Abbreviations.
LPT = Loss portfolio transfer
FAL (pronounced as a word rhyming with 'pal') = Funds at Lloyd's
LINK:
We thank Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Jul 28, 2020
Tuesday Jul 28, 2020
I have been watching the development of the intermediary whose executives you’ll meet in this episode since before it was founded back in 1994.
Now over a quarter of a century later, a lot of organic growth and a lot of M&A, this business is many thousands of times larger than it was then.
It spans much of the globe and is one of the best poised to make the most of the opportunities thrown up by the latest round of mega-consolidation in the broking space.
It is just about to merge its Howden retail and RKH wholesale and reinsurance arms together under the Howden name.
This will be under the leadership of Chairman Barnaby Rugge-Price and CEO José Manuel González.
This is a very frank interview and one that I think reveals a lot about the passion, culture and enduring ambition at the broking business that bears the name of its founder and parent Group Hyperion’s CEO David Howden.
NOTES:
Abbreviation glossary: I’m sure you knew this already but in case you don’t, EB stands for Employee Benefits. (José Manuel mentions this in the context of a recent acquisition in Spain).
LINK:
We thank our supporter, Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Jul 21, 2020
Tuesday Jul 21, 2020
The Aspen story is one that in many ways mirrors the global wholesale specialty insurance and reinsurance markets that we know and love so much.
After a few years of relative underperformance – nothing catastrophic or life-threatening but underperformance nonetheless – Aspen now finds itself in the hands of private equity in the form of serial industry investor Apollo.
Mark Cloutier is in post to turn Aspen around for its new owner just at the time that much of the market is taking similar remedial action to improve performance.
Mark and Apollo have done this successfully before and that’s why this is such a good episode to get wrapped up in.
After all If you are openly turning something around for a sale you have to be building the sort of long-term value that a new owner is going to be looking to acquire.
Finding out how Mark plans to do this gives a lot of insight into how one of the smartest investors in our sector thinks.
LINK:
We thank our supporter, Claims Direct Access (CDA) for their support today.
Here is a link to their website:
Tuesday Jul 14, 2020
Tuesday Jul 14, 2020
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.
NOTE:
Mike mentions a Jonathan. He is of course referring to Jonathan Palmer-Brown, the Chairman of Oneglobal Broking
LINK:
We thank our supporter, Claims Direct Access (CDA) for their support today. Here is a link to their website:
Tuesday Jul 07, 2020
Tuesday Jul 07, 2020
In the wholesale specialty and reinsurance end of the global P&C market we can easily make the mistake of focusing too exclusively on the North American and European markets that make up the lion's share of worldwide premiums.
We can easily fall into the error of thinking that hard markets are universal and that whenever the US sneezes the rest of the world catches a cold.
That’s why It’s great to get a different perspective with a CEO who has been building a business in the world’s fastest growing markets in Asia for the last seven and a half years.
I learnt a lot from my chat with Franz Hahn of Peak Re.
For instance, the Covid-19 crisis means that credit markets are a great opportunity as are product liability covers for exporters, particularly high added value ones such as pharmaceuticals
Asia’s prior experience of Sars, bird and swine flu and Mers mean that insurance wordings here are crystal clear and the Covid-19 disputes that are littering Western courtrooms are simply not an issue.
I also learned that the market conditions are stratified between its developed and emerging markets
There’s a lot of really useful information packed into this interview – I think you will enjoy it.
LINK:
We thank our supporter Claims Direct Access (CDA) for their support today. Here is a link to their website:
Friday Jul 03, 2020
Friday Jul 03, 2020
Reinsurance is in a particularly interesting state at the moment.
Industry capital has recovered as capital markets have bounced back after decisive actions from central banks around the world and incumbents and a few start-ups have raised or plan to raise new capital.
But at the same time the industry has shown stronger underwriting discipline as it seeks to correct a poor run of results and tries to get ahead of likely unsatisfactory back year development in casualty classes.
Retro is expensive as the ILS market retrenches and traditional buyers are looking to alternative capital solutions.
Differentiation is everywhere as sellers identify their best clients for support and reduce involvement with lesser performers.
At the same time uncertainty is at an all-time high and this means demand for reinsurance from cedants is very healthy.
Throw Covid-19 into this and you have an outlook full of very big, very difficult to answer and highly correlated questions.
Here to answer them armed with Willis Re’s 1st View mid-year renewals report is James Vickers Chair of Willis Re International.
Links to Willis Re’s latest report and Covid-19 assessment are below – I heartily recommend that you read them.
LINKS
Willis Re's latest 1st View reinsurance market report:
https://www.willistowerswatson.com/en-GB/Insights/2020/07/prudence-during-unforeseen-times
Willis Re's latest view on Covid-19:
https://www.willistowerswatson.com/en-GB/Insights/2020/07/covid-19-and-re-insurers-financial-health
And our supporter Claims Direct Access (CDA)'s website:
Tuesday Jun 30, 2020
Tuesday Jun 30, 2020
This episode's guest is the CEO of one of Lloyd’s standout performers of the past two decades.
Beazley is a blue-chip Lloyd’s business that has consistently maintained top quartile performance while growing fast and continuing to innovate.
Because of this any time in the presence of Andrew Horton is time well spent.
In this episode we talk about the hardening market, the world that awaits the Class of 2020, Lloyd’s reforms, including syndicate in a box, lead-follow and the use of automation to remove costs from the syndicated market.
We also discuss, the prospect of the big three brokers becoming the big two, Andrew’s total aversion to bold transformational M&A – except when it doesn’t involve Beazley and of course, Covid-19 and how long a tail it is likely to be.
It’s a great way of getting a feel for what is front of mind at one of the specialty insurance and reinsurance world’s top outfits.
Today’s episode is very kindly supported by Claims Direct Access (CDA)
https://www.claimsdirectaccess.com/
and Bolton Associates
https://www.bolton-associates.co.uk/
Tuesday Jun 23, 2020
Tuesday Jun 23, 2020
Not many people have ever been entrusted with hundreds of millions of dollars and the promise of more to come if it is needed with instructions to go an create a brand new broker from scratch.
But today’s guest has persuaded blue chip investors to do just that.
These investors have also given him the multi-year time horizon he needs to achieve his goals.
With a glittering career right at the top of global intermediaries, he could have stayed where he was and continued to do extremely well for himself. That’s what most people would have done.
But Steve McGill clearly isn’t like you and me.
In this podcast we dissect his vision for a new type of intermediary, we check in on his progress just over a year into his business plan and look at the transformed broking landscape in the wake of the MMC-JLT and Aon-Willis mega M&A deals.
We also talk about building the right culture and get this broking veteran’s take on the extraordinary situation we find ourselves in with Covid-19, the hard global insurance market and the class of 2020.
With thanks to our sponsor Claims Direct Access (CDA)
https://www.primeis.com/services/claims-management/
CDA is part of Prime Insurance Company:
Tuesday Jun 16, 2020
Tuesday Jun 16, 2020
Today’s guest brings with him a difficult message for our industry in this Covid 19 crisis
Quite simply we’re not doing well enough.
We’re not being consistent enough, we are inflexible and some of our decisions are being driven purely by cost and profit considerations.
We are too distant from the customer, we are letting small businesses down and are restricting cover going forwards where we shouldn’t be.
Listening to me say this you would think he was a radical plaintiff lawyer looking to whip up publicity for a class action – but As CEO of the UK risk manager’s trade body AIRMIC John Ludlow is anything but a firebrand.
His members are the global corporations that are the biggest buyers of insurance in the UK and pay billions in premiums. They are sophisticated professionals who rarely raise their voices.
In this podcast John describes AIRMIC as a critical friend of the insurance industry.
This may be painful listening, but IN the next 20 minutes, wherever you are I recommend you take detailed notes of what our friend has to say.
NOTES:
Link to Airmic position paper on Covid-19:
https://www.airmic.com/news/press/airmic-calls-change-approach-insurers%E2%80%99-pandemic-response
Tuesday Jun 09, 2020
Tuesday Jun 09, 2020
Julian Tighe is the CEO of Asta, the Lloyd’s market’s biggest and best-known turnkey managing agency.
Turnkeys are firms that incubate fledgling Lloyd’s businesses, helping them learn the ropes before they stand in their own right
Because of that anyone looking to enter the Lloyd’s market is very likely to have met with him or people from his organisation before taking their idea any further.
That means he gets an unparalleled view of what ventures are vying to become part of lloyd’s future as well as some of the ideas out there that might not make the cut.
That in turn means he is someone you really must get to know if you want to have you finger on the pulse of what is going on in Lloyd’s
Julian is excellent company and in this discussion we look at the Lloyd’s pipeline of new entrants and the syndicate in a box concept which Asta has just got involved in with the Launch of Carbon underwriting’s Syndicate forty seven forty seven.
We also discuss the likelihood of Lloyd’s getting a bigger share of the upcoming class of 2020 -2021 new carrier formations than it did in 2001 and 2005, Lloyd’s reforms, its reputation under covid-19 and staff moral and management during a pandemic.
It’s a discussion that I can highly recommend
Tuesday Jun 02, 2020
Tuesday Jun 02, 2020
One of the main aims of this podcast is to introduce you to some of the exceptional people I have been lucky enough to meet during the course of my work as an insurance journalist.
Some are not the CEOs and public-facing executives, but the strategic visionaries and innovators who work behind the scenes doing extraordinary things.
Today’s guest is just one such character. Oliver Schofield has had over 30 years in insurance working at brokers Alexander Howden and Aon and then RKH and RFIB.
He is now an independent consultant working in the captive space at a business called RISCS.
https://www.riscs.org/
As you’ll soon find out Olly is as bright an insurance brain as you will find working in the sector.
And because captives are vehicles that can insure almost anything they allow all his creativity to shine through.
Listen on and you’ll find out how they are an excellent way of covering systemic risk - including pandemics - as well as all sorts of uninsurable enterprise risk that the traditional market would run a mile from because of the problem of moral hazard.
One of the other aims of the Voice of Insurance is to give us all a chance to learn about parts of the market that we don’t often get to interact with.
I think captives fall into that category – we all know what they are but there are a lot of things we think we know about them that just don’t stand up to close scrutiny so we will be doing a bit of myth-busting in this session.
It soon became obvious that I should get back to Olly to talk about Covid-19 and how captives might play a role in filling in the large gaps in pandemic cover that have since emerged.
Tuesday May 26, 2020
Tuesday May 26, 2020
Dennis Mahoney is a broking industry legend.
A consummate intermediary and negotiator he rose to be a trusted councillor at the top of the global broking world and right at the peak of the Aon chain of command.
Since relocating to Bermuda he has taken on a wider range of executive and non-executive roles.
The latest of these saw him steady the ship at independent London -based wholesale and reinsurance broker RFIB ahead of its eventual sale to Integro/Tysers.
Dennis is always honest and forthright in his opinions and has never been afraid to rock the establishment boat in his career – particularly in his zeal for market modernisation.
He doesn’t duck questions and he always tells you exactly what he thinks, warts and all.
But Despite a fearsome reputation he is actually incredibly easy to get on with and is very happy and comfortable in his own skin as I think this interview shows.
I found Dennis on excellent form and buzzing with ideas about the world in which insurance finds itself and the prospects for its future.
Do enjoy the listen
Wednesday May 20, 2020
Wednesday May 20, 2020
Tim Gardner is the relatively new CEO of Lockton Re and has been tasked by the Lockton group with building up a challenger reinsurance broking operation of significant scale.
The MMC-JLT and now Aon-Willis M&A activity has given this venture a significant timing boost and there is a palpable sense of a once in a generation opportunity for independents to stake their claim on a share of this lucrative global market.
I quizzed Tim on every aspect of his strategy to make Lockton Re a credible new player in the reinsurance broking space.
He was clear and forthright in all his answers, so I commend this episode to anyone looking to get an inside view of the current reinsurance intermediary landscape.
Friday May 15, 2020
Friday May 15, 2020
I spoke to Managing Director of QBE Re Stephen Postlewhite about hardening rates at the mid-year renewals, capital crunches, squeezes in ILS and retro and the long-term insurability of pandemic risk.
I also asked him about what might change at QBE Re now that the former actuary and Aspen executive has taken the reins.
I found someone freshly reloaded with capital and risk appetite and full of expansion plans.
Watch this space – QBE Re is keen to engage with this global hard market.
It was refreshing – have a listen.
Tuesday May 12, 2020
Tuesday May 12, 2020
We live in incredibly uncertain times and its at times like this that we value clarity above all else.
My interviewee in this episode makes himself crystal clear.
Julian Enoizi is the CEO of the UK’s government backed terrorism insurance mutual Pool Re.
Born hastily as a response to the successful mainland UK bombing campaign of the IRA 27 years ago, it has since evolved into a far more sophisticated entity managing a substantial surplus, opening a commercial relationship with global reinsurers and liaising with similar global terror pools and mechanisms around the world.
In recent years it has immeasurably improved its modelling and underwriting capabilities and also developed new covers in the form of non-damage business interruption.
Julian has in the past made no secret about wanting to broaden the scope of Pool Re to new perils such as cyber and made it clear he would have preferred UK flood to also have come under his remit.
In this chat he sets out his vision clearly and succinctly. I commend the next 20 minutes to you
Tuesday May 05, 2020
Tuesday May 05, 2020
I first met this episode’s interviewee in the queue for a Latin American treaty underwriter back in 1993 and have been interviewing him as an insurance journalist since 2005.
It probably shows in this encounter. Jason Howard, CEO of Beach & Associates is a great person to talk to.
He has had a long career as a business leader and more importantly he is a big personality who always says exactly what he thinks, even if this occasionally gets him into hot water.
Here of course we talk about covid-19 and how the June renewals are going to be crucial, but we have a long discussion about the crunch in the casualty market, the future for independent distribution in the post MMC-JLT, Aon-Willis environment and the best parts of the future at Lloyd’s reform programme.
If you want strong, direct views on the state of the market, look no further!
Thursday Apr 30, 2020
Thursday Apr 30, 2020
In this wide-ranging debate we cover the the economic, asset-side, risk-side, pricing dynamics and psychological effects of Covid-19 on the reinsurance market, guided by Willis Re's recent report.
Andrew Newman, President, and Printhan Sothinathan, Co-Head of Global Analytics, at
Willis Re are two very smart, very senior and very engaging figures.
The report is the most comprehensive and far-sighted produced by any market participant to date and if you like this podcast (which I think you will) I recommend you take time to read its 70 pages for a rounder experience:
https://www.willistowerswatson.com/en-GB/Insights/2020/04/covid-19-willis-re-impact-report
Tuesday Apr 28, 2020
Tuesday Apr 28, 2020
The second in our series of special Covid 19 episodes brings together a trio of trade body Chief Executives: Steve White of the British Insurance Brokers Association (Biba), Clare Lebecq of the London Market Group (LMG) and Christopher Croft of the London and International Insurance Brokers Association (Liiba).
These heavyweight trade body leaders debated the UK insurance industry’s Public relations performance, its relationship with regulators and the UK and international body politic, the insurability of pandemics and even Brexit, whose negotiations are approaching a crunch point behind the scenes.
It is a lively and unusually frank discussion and shows the huge range of work that your trade bodies are getting up to at this difficult time.
This second SRG Voice of Insurance Covid-19 special episode comes highly recommended.
Here are links to the original news stories mentioned in the introduction:
https://insuranceinsider.com/articles/132927/bill-to-mandate-future-bi-coveage-proposed-in-congress
https://insuranceinsider.com/articles/132906/aon-execs-take-50-salary-cut-with-broader-staff-also-set-for-curbs
https://www.postonline.co.uk/claims/7529391/admiral-commits-ps110m-towards-refunds-for-motor-customers
https://insuranceinsider.com/articles/132698/reinsurers-on-notice-for-c-400mn-c-800mn-aviva-loss
Wednesday Apr 22, 2020
Wednesday Apr 22, 2020
This episode is all about the state of play in Bermuda and what is happening on the island.
Two weeks ago I had a Zoom call with Chris Bonard, CEO and John Turner, Chairman of Ed Broking Bermuda.
As independent intermediaries looking to capitalise on what the island’s insurance and reinsurance markets have to offer, their view is really interesting.
Each decade has seen a relative USP that Bermuda has been able to bring to the global insurance market.
In the seventies it was captives and in the eighties it was excess casualty.
In the 90s and noughties it was property cat and in the 20-teens it was ILS and alternative capital.
After the erosion of many of Bermuda’s offshore tax advantages I wanted to find out where the growth is most likely to come from on the island in the twenties.
Chris and John’s answers will probably surprise you.
As well as getting to grips with Bermuda’s likely future role in the global insurance sector, we inevitably looked at initial reactions to and likely long-term consequences of the Covid-19 crisis and went deep into the role that Bermuda is playing in the hardening global insurance and reinsurance markets.
Enjoy the listen!
Wednesday Apr 15, 2020
Wednesday Apr 15, 2020
How is the UK insurance industry really responding to the Covid-19 crisis?
The Voice of Insurance teamed up with Specialist Risk Group (SRG) and brought together three hugely experienced broking CEOs to find out.
Brendan McManus of PIB, Peter Blanc of Aston Lark and Warren Downey of SRG have traded through many crises in their careers, but probably nothing quite like this.
What's working? What's not? Who's showing their true colours, good or bad?
In this essential debate, the trio rated the sector’s own operational response to the crisis and discussed the UK insurance industry leadership’s public relations performance, political risks and whether pandemics are insurable.
They didn't hold back.
They also assessed the performance and financial strength of insurance carriers, the resilience of intermediaries exposed to premium finance credit risk and how the hit to the capital markets might affect debt and consequently the world of Broker M&A.
There was plenty of insight and no small amount of disagreement. You must listen to this now.
Many thanks to Specialist Risk Group (SRG) for making this happen
Links to news articles mentioned:
https://www.theinsurer.com/news/qbe-to-raise-a13bn-for-coronavirus-buffer/7997.article
https://insuranceinsider.com/articles/132599/california-regulator-orders-insurers-to-return-premiums
https://www.theinsurer.com/news/abi-responds-to-criticism-with-covid-19-charity-fund/7986.article
Thursday Apr 09, 2020
Thursday Apr 09, 2020
As a journalist one of the best things about my job is being allowed into the far flung and most fascinating corners of our industry to find out how things work.
Protection and Indemnity - P&I - is exactly one of those places.
And it would be easy to ignore were it not the source of so many of the biggest insurance stories of the past decade.
For example a mega claim like the Costa Concordia was a P&I event that captured the attention of the whole world over many months.
But most of us know almost nothing about this ultra specialist part of the insurance world and the 13 global marine liability mutuals that inhabit it.
In fact we are actually more ignorant - because most of what we think we know about P&I is probably wrong.
So that’s why I decided to record this episode with Dorothea Ioannou who is the Chief Commercial officer of the American Club.
If you don’t know Dorothea she is extremely well regarded and a strong character and I had a great time talking to her.
As well as mythbusting much of what the non marine world thinks it knows about P&I, we discuss the ongoing impact of Covid-19 and other major trends affecting the marine sector and the wider insurance world.
Tuesday Mar 31, 2020
Tuesday Mar 31, 2020
One of the most eye-catching parts of the Lloyd’s of London Blueprint reforms has been the Syndicate in a box initiative.
The idea of a fast-track, light-touch, low-cost, fast-fail Syndicate has gone down very well with the market.
This is because over the past two decades many players have bemoaned the steadily increasing cost of starting a new Lloyd’s business and have wondered where the next generation of new Hiscoxes, Kilns, Catlins and Beazleys might come from given that barriers to entry are now prohibitively high.
The received wisdom over that time has been that MGAs had become to the go-to place for entrepreneurial underwriters to prove their mettle.
But while the Syndicate in a box initiative was well received as an idea, the only trouble was that many in the market were a little confused about what the new structures can and cannot do in practice.
And that is why I tracked down this episode’s guest.
As the active underwriter of the first and currently only Syndicate in a box, Stuart Newcombe of Munich Re innovation Syndicate 1840 is uniquely positioned to enlighten us all on this exciting new departure for the Lloyd’s community.
Stuart is an engaging and personable character with over thirty years experience in the market.
I really enjoyed chatting with him and exploding some of the myths around the new structures.
But what I liked more was hearing all about what the syndicate is up to.
This includes guarantee products for solar panels and energy saving schemes, ideas to insure the gig economy and autonomous vehicles, as well as lots of interesting angles on the use of parametric insurance to fill in the gaps left by traditional indemnity cover.
I think you’ll enjoy it too...
Tuesday Mar 24, 2020
Tuesday Mar 24, 2020
This podcast is a new feature - I’m calling it Voice of Insurance Solo.
It is really an editorial in podcast form – let me know what you think.
Is insurance going to get unfairly punished by governments and judiciaries for the systemic global failures exposed by the Covid 19 pandemic?
And if so might state-backed Pandemic Reinsurance vehicles be the logical result of the new deal that will follow any government raids on our coffers?
Listen on for thoughts and opinion...
Monday Mar 23, 2020
Monday Mar 23, 2020
How well prepared is the 2020 global insurance industry for the challenge of the Covid-19 coronavirus pandemic?
The best thing about being a journalist is about being able to access the top minds and experts to make sense of the world.
So today with economies and our clients being forcibly shut down, events cancelled, sovereign and corporate bonds undergoing spectacular gyrations and share prices tumbling globally, (with insurers stock falling more than the market average), I wanted to talk to someone smart to help ordinary people like me and you to understand a little bit of what is happening and what might be at stake.
So that is why I’m delighted that this episode’s guest is David Flandro Managing Director, Analytics at Hyperion X.
Longstanding listeners will remember David from Episode 3 where he was talking about the 1st of January renewals.
I originally had this interview with David slated to be about the fourth quarter and full- year 2019 results season that has just past. But given the circumstances I thought that that would be inappropriate.
Listen on for a state of David’s thinking about how the industry is likely cope with the covid-19 crisis on the risk and the asset side of its balance sheet.
There are plenty of caveats of course but David gives us a lot to think about, somethings to worry about and some measure of assurance.
in times of crisis I always seek out the brightest and most eloquent and David is certainly both...
Tuesday Mar 17, 2020
Tuesday Mar 17, 2020
The hardening market and the upcoming renewals, ILS, the vexing casualty question and of course the mega-brokers getting bigger - this interview doesn't miss anything out.
Jonathan Parry is a highly experienced and well-regarded underwriter with many decades of experience. He knows the insurance and reinsurance markets inside and out. If you don’t know him already I think you’ll like him – and you will learn a lot from him
He’s also quite a rare character in that he spent the first half of his career as a broker.
This gives him a really well rounded perspective on how insurance and reinsurance works and what clients really want from their underwriters.
He is always polite and good humoured but he is firm and has strong convictions and he doesn’t pull any punches. Jonathan is handing over the QBE Re underwriting mantle at the beginning of April and plans to retire next year.
This candid interview gives a career long perspective on what is happening in reinsurance today and what is right and what is wrong...
Tuesday Mar 10, 2020
Tuesday Mar 10, 2020
This episode’s guest is Toby Esser, chairman of independent London wholesale broker AFL.
Toby is a veteran of the London market broking scene and is the former CEO of Cooper Gay which grew manyfold under his ambitious and energetic leadership both organically and by high-profile M&A.
I have interviewed Toby many times over the years and it shows in this interview.
Toby is not shy and his personality shines through.
We have a really wide ranging discussion from growing an independent business and handling the precocious prima-donna-like talent without which no broker could function, AON-Willis and MMC-JLT as well as the coronavirus, insurtech, market reform and culture change in insurance!
I really enjoyed this one and I think you will too!
Friday Feb 28, 2020
Friday Feb 28, 2020
In this episode I’m talking to Nicolas Aubert, Head of Great Britain at Willis Towers Watson and CEO of Willis Limited.
As a Frenchman who has forged a successful career in London, in many ways he is a personal embodiment of the kind of global, multi-faceted and diverse marketplace that London would like to present to the world.
The insurance market has been through a lot of soul searching in the past 12 months as every aspect of its culture has been examined in minute detail .
Stories of bad behaviour and discrimination have filled the mainstream media and been broadcast all around the world.
But starting quite a few years before the scandals started to break, the insurance sector has embarked on a huge programme of education, self-examination and change around the subject of diversity and inclusion.
Nicolas has been right at the heart of that major shift for many years and that is the topic of our discussion today.
He is also currently in charge of 4500 people, so he is pretty well qualified.
If you’re the sort of person who would rather not engage with this topic I would urge you to tune in.
That’s because you are actually exactly the sort of person who really must listen the most!
Tuesday Feb 18, 2020
Tuesday Feb 18, 2020
Dan Trueman is global Head of Cyber at Axis Insurance and is one of the true cyber market pioneers with a 20 year career centred on insuring unconventional enterprise risks.
He has developed into an industry spokeperson and an ambassador for the cyber class globally.
In our wide-ranging discussion we got to the heart of what has triggered the explosion in cyber growth and the latest in price, demand and loss trends.
Listen and discover why Dan thinks that cyber cover will never again be as cheap as it is today.
We also dissected all the innovations around cyber modelling and the work going on to maximise the reinsurance and alternative capital that can be brought to bear on this potentially systemic global risk so that its growth story can continue.
We also looked at regulation and the thorny issue of silent or non affirmative cyber cover.
I really enjoyed our talk and I’m sure you will too.
Wednesday Feb 12, 2020
Wednesday Feb 12, 2020
If you are not a techie but want to be properly informed about what is coming down the Insurtech track and want to know how analogue insurance folk should be reacting, this podcast is 100% designed for you.
I caught up with Matthew Grant and fellow Instech London founder Robin Merttens earlier in the month.
Matthew and Robin are decades-long veterans of what we now call Insurtech and have spent careers bridging the often sizeable gap between insurance and technology.
They do it so we don't have to.
Back in 2015 they founded Instech London which hosts a regular monthly get-together for entrepreneurs, venture capitalists service providers, early adopters and people working in the incumbent insurance industry who are curious about new technologies and how they will affect insurance.
In this episode we have a wide-ranging discussion that includes a debate about the difference between merely digitising and going fully digital, as well as an examination of insurance’s often difficult relationship with technological change.
I think it's a really useful listen...
NOTES:
Start-up companies mentioned:
Concirrus: https://www.concirrus.com
Exante: https://www.exante.io/
Blink: https://blinkblink.io/
Riskbook: https://riskbook.com/
Friday Feb 07, 2020
Friday Feb 07, 2020
There is a lot to play for in 2020
The reinsurance market has a lot invested in the major 2020 renewals and has high expectations of re-pricing in April, June and mid-year.
Japanese Typhoon has been active in the last couple of seasons and loss development has re-written the models and taken everybody by surprise.
Florida has been busy developing its losses of 2017 and 2018 in new and surprising ways.
And of course tension has been building in the US casualty world which renews in mid-year. Original rates have moved sharply upwards and loss trends and reserving have been coming under a bright spotlight.
That’s why I was really lucky to catch up with Steve Arora the CEO of Axis Re at Axis’s fantastic London offices in the shiny and angular new skyscraper in the building opposite Lloyd’s known colloquially as the Scalpel.
Axis Re wrote $3.2bn of gross premium in 2019 and has an ambition to break into the top 10 global reinsurers.
Steve took up his post at Axis Re just over 2 years ago.
In our talk we dissect all the dynamics of the big 2020 renewal seasons in a lot of detail - and much more besides...
Monday Feb 03, 2020
Monday Feb 03, 2020
The Voice of Insurance was lucky enough to catch up with Phil Smaje the CEO and Marcel Chad the President of newly-launched London-based aviation challenger broker Piiq Risk Partners.
Piiq is part of BGC Partners, which is also the owner of wholesale brokers Ed Broking and Besso.
It is an interesting new addition to the line-up of London specialty intermediaries because Phil and Marcel are both aviation veterans with long careers at the major brokers.
The timing is also fascinating because whilst other segments of the global market are merely hardening, there is no doubt that all parts of the aviation insurance and reinsurance market are in full correction-mode and are experiencing the kind of genuine hard market that doesn’t come along very often.
Do enjoy the listen.
Phil and Marcel tell a really interesting story about their plans for Piiq at a pivotal time for the aviation market.
My first question was to Phil, asking him to tell the story behind the formation of Piiq and explain what it was all about.
The word disprupt is overused in our industry but Phil got straight to the point with his first answer...
Notes and links:
www.piiqrp.com
Wednesday Jan 22, 2020
Wednesday Jan 22, 2020
Following Gallagher's deal to buy out 100% ownership of Capsicum Re - the reinsurance broker it founded as a joint venture with former Benfield boss Graeme Chilton and colleagues back in 2013 - The Voice of Insurance caught up with Capsicum Re CEO Rupert Swallow and Simon Matson, the CEO of Gallagher’s UK Broking & Underwriting division.
What were Gallagher's plans now that it had finally broken successfully into reinsurance after decades of trying?
What would Capsicum do with major human and financial resources at its disposal?
Would it stay specialist or have a go at the big three brokers? What would happen to the Capsicum name?
With new owner Gallagher such an accomplished serial acquirer, was more dealmaking a likelihood?
How would the executives keep the Capsicum founding entrepreneurs motivated after the deal?
Tune in for the answers.
This was a relaxed and friendly discussion.
As you’d imagine there’s plenty of talk about what the plans are for Gallagher’s new reinsurance intermediary but there are a lot of other market insights blended in...
Wednesday Jan 15, 2020
Wednesday Jan 15, 2020
This week saw the launch of the World Economic Forum’s Global Risks Report 2020 at a big set piece media event in London ahead of the major annual summit in Davos, Switzerland.
MMC has been one of the risk report’s longstanding sponsors and I was lucky enough to grab a brief catch up with John Drzik Chairman of Marsh & Mclennan Insights for a dive into the report and what it means for the world of insurance in 2020.
Long-term environmental risks of many forms had moved right to the top of the agenda and the cyber threat was still business leaders’ top risk.
The full World Economic Forum’s Global Risks Report is available here:
https://www.weforum.org/reports/the-global-risks-report-2020
Tuesday Jan 07, 2020
Tuesday Jan 07, 2020
Rick Lindsey is the CEO of US E&S insurer Prime Insurance Company.
The US E&S market has the most interesting dynamics anywhere in the insurance world.
Contrasting heavily with the soft global market of the past few years, some of its more stressed classes have experienced capacity withdrawal and consistent compound rate rises.
That is why I was delighted to catch up with Rick in London. Rick has been in the E&S market all his working life and knows everything there is to know about the ups and downs in this specialist field
Prime is a fast-growing, and very well performing E&S player and writes in all 50 US states
Being an owner of part of his own balance sheet gives Rick huge credibility.
He also has strong views and doesn’t pull any punches!
That’s why I can highly recommend the interview that follows:
Friday Jan 03, 2020
Friday Jan 03, 2020
David Flandro is Managing Director, Analytics at Hyperion X.
I caught up with him following the publication of Hyperion-X's 1.1 2020 renewal report.
He is one of the smartest people I have ever met in insurance. He is also good at explaining complicated ideas.
If you don't already know David I would highly recommend listening to him on any insurance topic that you want to master.
So if you want to know more about the big trends behind the most interesting 1.1 reinsurance renewal for many years, this podcast is essential listening.
The Hyperion X 1.1 renewal report can be accessed here
Background:
David started as an analyst at Merrill Lynch and for the past 15 years has worked for many of the major (re)insurance broking groups.
Over that period he has produced many of the most insightful reports on the global insurance and reinsurance sectors.
He has since joined Hyperion's exciting new Hyperion-X venture where he is building new data products and engaging heavily with the world of Insurtech.
Happy Listening!
Thursday Jan 02, 2020
Thursday Jan 02, 2020
Willis Re is the big 3 global reinsurance broker behind the excellent and timely 1st View reinsurance renewals reports.
Given the shifting global market, the 1.1 2020 1st View has been the most keenly awaited such report for over a decade.
From a first read the key words this year are Divergent, Judicious, Discerning and Client-centric to describe reinsurance markets and reinsurer behaviour.
The Voice of Insurance caught up with James Vickers, Chair of Willis Re International to dig a little deeper.
As sellers found backbone and walked away from unattractive business and strong long-term trading relationships became more important, did aggressive cedants finally get their comeuppance?
Listen here to find out and put some colour into the excellent report
The report can be downloaded here:
Friday Dec 06, 2019
Friday Dec 06, 2019
Mark Geoghegan talks to Sheila Cameron to dig into the detail of the much-discussed Lead-Follow reforms proposed in the Lloyd’s Blueprint One plan.
Myths are busted and misconceptions set straight as the CEO of the Lloyd's Market Association and one of the principle architects of this process, explains what the new proposals concerning the future of Syndication of Risk at Lloyd’s are, as well as what they are not.
For instance those that worry the reforms are just going to give bigger managing agents even more influence are in for a pleasant surprise.
Confused about what Lead-Follow is all about and what it might mean for the future of the market?
Anyone who works in Lloyd’s or places business there will benefit from a listen to this concise interview.
Recorded 6th December 2019.