london’s leading underwriters 2018 · 3 tim prifti tokio marine kiln accident & health 4...

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LONDON’S LEADING UNDERWRITERS 2018THE GRACECHURCH REPORT

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LONDON’S LEADING UNDERWRITERS 2018

CONTENTS

4. INTRODUCTION: THE FUTURE OF UNDERWRITING

6. RANKING: TOP 10

7. RANKING: 11–25

8. RANKING: 26–50

9. RANKING: 51–75

10. RANKING: 76–100

11. RANKING: 101–125

12. RANKING: 126–157

13. LEADING UNDERWRITERS BY CLASS OF BUSINESS

14 UNDERWRITER NOMINATIONS BY CLASS OF BUSINESS

15. ACCIDENT & HEALTH

16. AVIATION & SPACE

17. CASUALTY/NON-MARINE LIABILITY

18. CYBER

19. ENERGY

20. MARINE

21. PROFESSIONAL INDEMNITY

22. PROPERTY

23. REINSURANCE

24. WAR & GEOPOLITICAL RISKS

25. THOUGHT PIECE: UNDERWRITING CULTURE LONDON’S UNDERWRITING CULTURE TODAY LONDON’S CULTURAL CHALLENGE

28. METHODOLOGY

29. PARTICIPATING ORGANISATIONS

30. ABOUT GRACECHURCH

It gives me great pleasure to publish the 2018 London’s Leading Underwriters Report. The idea for this Report started four years ago and I never imagined it would become so popular. That said, the very popularity of the Report proves just how important people still are in this industry and this is strongly supported in all the research we do, despite the hype about technology.

The industry is going through unprecedented change and this will inevitably impact the jobs that we do and the shape of the industry itself. Of course what we tend to notice is the big stuff: the mergers, catastrophes, takeovers, audacious deals, and tech developments. But what happens beneath is just as, if not more important. People and ideas still drive economic development, and despite the headlines, I believe it is culture that will be transformational. And when I talk about culture I don’t mean deep-seated fundamental shifts: I mean the myriad of small

changes in attitudes and conversations that make a big difference as they seep into and across every part of the market.

The change in the industry rhetoric is evident everywhere, but nowhere more so than in the underwriting community. Recently we organised a breakfast event to discuss new technology with a group of underwriters, mostly 40-somethings from a range of London Market businesses. What struck me, as we talked about technology, was not how impressed they were with the tech itself, but their excitement about how technology could enable them to do so much more. Once tech takes away the drudge, it seems, the conversation changes from pessimistic to optimistic; underwriters could see the future clearly... and it looked like fun.

To some extent, things will only ever change as far as the forces of resistance will allow them to – every claims, broking and underwriting team we work with bemoans the strangling effect of the legacy processes and systems, compliance and acquisition costs. But at the same time I also detect a new conversation, a new optimism in the market…as one underwriter put it: “I think that the whole context of the market is changing, even if there are still a few players out there who might refuse to believe that it is changing.”

THE FUTURE OF UNDERWRITING


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Progress is impossible without change, and those who cannot change their minds cannot change anything.GEORGE BERNARD SHAW

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This optimism is born in part from the emancipating potential that brilliant software offers, but it also comes from people talking about a ‘different future’ without it being seen as heresy. The conversation about this future is opening up and thankfully is less and less ‘owned’ by the Market institutions.

Analysing the data in the Report this year supports this change in the attitude and shows why leading underwriters are so valued.

• Great underwriters make good decisions, and no matter how much technology is available, this will always be done by human beings. Leaders are still hugely valued by brokers and peers, and all rail against the de-skilling of the underwriter or broker role.

• Our cultural analysis of the underwriters this year also shows how much innovation and creativity are valued, especially in classes like Energy which are challenged price-wise, but where time is still taken to understand clients and deliver solutions.

• Nuanced differences between underwriter skills and traits in different classes are evident and highlight the subtle but really important differences between the cultures of the different businesses, showing that the competition will be about ideas and people, with tech as the enabler.

My take-out from all of this is that all insurers should invest now in developing a cadre of innovative and technically strong leaders in all market-facing roles – people who can really sell the product and demonstrate its value to the customer. Freed from the drudge of manual admin and poor systems, these people will emerge to lead and grow the industry over the next 10–15 years.

The competitive forces at play right now will support this investment because great service and quality products create competitive edge. The surprise may be that customers will see the value and not begrudge paying for it.

I hope you enjoy reading this year’s Report and please do get in touch if you have questions or want to know more.

BEN BOLTON

The work we do will be more and more about decisions and persuading others to agree, changing minds, and less and less about implementation by hand. The reason so many intelligent economists have feared technological unemployment is that they do not put persuasion in the national product. But the economy does.

DEIRDRE MCCLOSKEYBOURGEOIS EQUALITY: HOW IDEAS, NOT CAPITAL OR INSTITUTIONS CHANGED THE WORLD

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He has a consistent approach to all of his renewals and he will defend his following markets as much as himself. He won’t cave; he will give his best pricing from the outset or second negotiation, rather than me having to go back ten times.

REFERRING TO:

RHYS THOMAS XL CATLIN

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RANKING: TOP 10

1 RICHARD TRUBSHAW MAP REINSURANCE

2 RHYS THOMAS XL CATLIN PROPERTY

3 TIM PRIFTI TOKIO MARINE KILN ACCIDENT & HEALTH

4 STEPHEN HAWKINS XL CATLIN ENERGY

5 BEN MAIDMENT BRIT GLOBAL SPECIALTY CYBER

6 JAMES GRAINGER MUNICH RE ENERGY

7 NICK KILHAMS CHAUCER WAR & GEOPOLITICAL RISKS

8 PHILIP SANDLE BEAZLEY MARINE

9 CHARLIE BOYD ARK UNDERWRITING ACCIDENT & HEALTH, REINSURANCE

10 JAMES MECHAM CHAUCER CASUALTY/NON-MARINE LIABILITY

OVERALL INSURER NOMINATIONS

INSURER BENCH STRENGTH

Chubb

Brit Global Specialty

QBE

MS Amlin

Tokio Marine Kiln

Beazley

XL Catlin

Liberty Specialty Markets

Chaucer

Hiscox


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NAME COMPANY BUSINESS CLASS

Mark Pepper Ascot Reinsurance

Clive Washbourn Beazley Marine

Daniel O'Connell XL Catlin War & Geopolitical Risks

Mike Clifton Chaucer Reinsurance

Andrew Winyard Atrium Reinsurance

Peter Sprent Liberty Specialty Markets War & Geopolitical Risks

Simon Jackson Beazley Property

Jerome Swinscoe Tokio Marine HCC War & Geopolitical Risks

Murray Ross Chubb War & Geopolitical Risks

Andrew Prendergast CFC Cyber

Michael Jordan Hiscox War & Geopolitical Risks

Andrew Bauckham Chaucer War & Geopolitical Risks

Michael Davern XL Catlin Property

Howard Burnell Apollo Energy, Marine

Tim Garrett Beazley Casualty/Non-Marine Liability, Marine

RANKING: 11–25

Mike is innovative and produces good underwriting. He knows what the client wants. He’s commercial and has a decent line, so he can write a proper size share.

REFERRING TO:

MIKE CLIFTONCHAUCER

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Nigel Tatlock Liberty Specialty Markets Property

Chris Baker Chaucer Marine, Reinsurance

Colin Panzetta XL Catlin Property

Scott Harris Munich Re Energy, Marine

Simon Bird Brit Global Specialty Casualty/Non-Marine Liability, Reinsurance

James Bamford Talbot War & Geopolitical Risks

Bob Mellor MS Amlin Property, Reinsurance

Des Keane Tokio Marine Kiln Marine

David White Pembroke Professional Indemnity

Iain Henstridge Apollo Marine

Steve Douglas Ark Underwriting Marine, Property

Ian Sawyer XL Catlin Casualty/Non-Marine Liability, Reinsurance

Mark Bodkin Beazley Property

Richard Tomlin Atrium Marine

Mark Vaughan Beazley Property, Reinsurance

John Wadhams Chubb Aviation & Space

Chris Terry Aegis Casualty/Non-Marine Liability

John Pilkington Ascot Casualty/Non-Marine Liability, Reinsurance

Richard Golder Hiscox Marine

Chris Warrior Hiscox Casualty/Non-Marine Liability

David Dale Syndicate 2525 Casualty/Non-Marine Liability, Professional Indemnity

Simon Mason Apollo Energy

Harriet Sharp Chaucer War & Geopolitical Risks

Rod Little MS Amlin Marine

Dominick Hoare Munich Re Energy

RANKING: 26–50


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Matthew Yeldham Aegis Casualty/Non-Marine Liability

Derek Eales MSF Pritchard Property, Reinsurance

Paul Dawson NOA Energy

Graeme Newman CFC Cyber

Murray Walker Talbot Aviation & Space

Michael MacColl XL Catlin Marine

Guillaume Watkins MS Amlin War & Geopolitical Risks

Steve Sykes Talbot Energy

Luis Prato XL Catlin Energy

Martin Zetter Munich Re Marine

David Morris Talbot Property

Tim Turner Beazley Marine, War & Geopolitical Risks

Mark Edmondson Chubb Marine

Peter Laidlaw Atrium Accident & Health, Reinsurance

Matthew Woollam Endurance/Sompo International War & Geopolitical Risks

Richard Panter XL Catlin Marine

Russell Newell AmTrust Professional Indemnity

Edward Winter Markel International War & Geopolitical Risks

Mike Lay Arch Casualty/Non-Marine Liability

David Morris Liberty Specialty Markets Accident & Health

Paul Beattie Liberty Specialty Markets War & Geopolitical Risks

Matthew Waghorn Vibe Professional Indemnity

Julius Wilson XL Catlin Energy, Marine

Stuart Harmer Atrium War & Geopolitical Risks

Simon King Blenheim Property

RANKING: 51–75

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Jim Lye Antares Energy

Adam Zawia ArgoGlobal Accident & Health

David Wade Atrium Aviation & Space

Chris Jones Global Aerospace Aviation & Space

Nicholas Robinson Neon War & Geopolitical Risks

Alan Norris Talbot Contingency/Pecuniary, Professional Indemnity

Neil Edwards Chaucer Financial Guarantee, War & Geopolitical Risks

Rachel Turk Beazley Casualty/Non-Marine Liability, Professional Indemnity

Brian Randall Brit Global Specialty Energy

Robert Read Hiscox Casualty/Non-Marine Liability

James Grimshaw XL Catlin Property

Nick Leighton Aegis Professional Indemnity

Gary Tredgett Ascot Marine

Nick Kirkham Ascot Reinsurance

Peter Wakefield Chaucer Aviation & Space

Malcolm Smart Hiscox Accident & Health

Duncan Wilson QBE Energy

Michel Krenzer SCOR Energy

Mark Mortlock Tokio Marine Kiln Property

Chris Goddard Travelers Marine

Andrew Moulton Ascot Marine

Andrew Brazill Talbot Casualty/Non-Marine Liability, Professional Indemnity

Richard Halstead Hiscox War & Geopolitical Risks

Daniel Byrne Aspen Insurance War & Geopolitical Risks

Huw Owen Liberty Specialty Markets War & Geopolitical Risks

RANKING: 76–100

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Roland Fox MAP Accident & Health

Tom Allen Channel Cyber

Richard Lamb AXIS/Novae War & Geopolitical Risks

Tom Dilley Berkshire Hathaway Casualty/Non-Marine Liability, Professional Indemnity

Mark Wilson Blenheim Property, Reinsurance

Nick Hodges AIG Energy, Reinsurance

Robert Ashton Fidelis Reinsurance

Josh Brett Tokio Marine Kiln Property

Dan Trueman AXIS/Novae Cyber

Daniel Johnson AIG Cyber

Neil Russell ArgoGlobal Property, Reinsurance

Paul Sankey Liberty Specialty Markets Energy

Simon Mantell QBE Casualty/Non-Marine Liability, Professional Indemnity

Steve Driscoll Chubb Professional Indemnity

Bhavik Desai Markel International Professional Indemnity

Rachel Sabbarton Beazley Energy

Richard Wood Cathedral Property, Reinsurance

Michael Meacock S A Meacock Casualty/Non-Marine Liability, Property, Reinsurance

Joshua Crabb Starr Aviation & Space

Paul Bromley Beazley Property

Kevin Lumiste Starstone Property

Simon Murray XL Catlin Aviation & Space

Nigel Guillaume-Smith XL Catlin Accident & Health

Craig Bennett CNA Hardy Casualty/Non-Marine Liability

James Wilson Chubb War & Geopolitical Risks

RANKING: 101–125

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NAME COMPANY BUSINESS CLASSHaydn Costin QBE Marine

John Moffatt ArgoGlobal Accident & Health

Robert Korzinek W. R. Berkley Casualty/Non-Marine Liability, Property

Neil Ross AXIS Casualty/Non-Marine Liability, Professional Indemnity

Alistair Maurice MS Amlin Property

Matt Lacy QBE Casualty/Non-Marine Liability

Laila Khudairi Tokio Marine Kiln Cyber

Adam Wright Aviva Property

Bill Halligan Liberty Specialty Markets Aviation & Space

Emma Lisi Allied World Accident & Health, Professional Indemnity

Jon Tay Chubb Property

Caroline Hairsine CNA Hardy Property

Clive Magnus CNA Hardy Energy

James Flude Lancashire Energy

John Henderson Liberty Specialty Markets Casualty/Non-Marine Liability, Energy

John Roberts-West MS Amlin Property

Pascal Lecointe Hiscox Aviation & Space

Simon Shrimpton Tokio Marine HCC Marine

James Murray MS Amlin Casualty/Non-Marine Liability

Grant Smith QBE Marine

Tom Wallace Tokio Marine Kiln Property

Chris Jenkins XL Catlin Energy, Reinsurance

Roy Foster XL Catlin Property, Reinsurance

Chris Rudd Liberty Specialty Markets Aviation & Space, Reinsurance

Michael Shen AXIS/Novae Cyber

Ryan Ward Chaucer Reinsurance

Bill Katesmark MAP Marine

Andrew Maher Markel International Cyber

Kevin Ritchie Liberty Specialty Markets Casualty/Non-Marine Liability, Reinsurance

Meghan Walker Liberty Specialty Markets Aviation & Space

Steve Anderson MSF Pritchard Property

Andrew Lewis QBE Cyber

RANKING: 126–157

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LEADING UNDERWRITERS BY CLASS OF BUSINESS

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His industry knowledge and his understanding of the dynamics between different wholesale brokers. He understands the dynamics between the client and the market. He just gets it!

REFERRING TO:

MICHAEL DAVERN XL CATLIN (PROPERTY)

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Richard has excellent results for the syndicate. He’s very knowledgeable and doesn’t move with the market. He has his own views and sticks to his guns.

REFERRING TO:

RICHARD TRUBSHAWMAP (REINSURANCE)

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Scott has a very good knowledge of Marine and Offshore Energy. He’s also extremely knowledgeable in regards to the various contracts within the market and has a reasonably flexible approach. He has a rational methodology on how to process a risk.

REFERRING TO:

SCOTT HARRISMUNICH RE (MARINE)

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UNDERWRITER NOMINATIONS BY

CLASS OF BUSINESS

PRO

PERT

Y

CAS

UAL

TY/N

ON

MAR

INE

LIAB

ILIT

Y

REIN

SURA

NC

E

MAR

INE

WAR

& G

EOPO

LITI

CAL

RIS

KS

ENER

GY

ACC

IDEN

T &

HEA

LTH

PRO

FESS

ION

AL IN

DEM

NIT

Y

AVIA

TIO

N &

SPA

CE

CYB

ER

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He is commercial when it is right and defensive when it is not. He is a very senior member, so he has a lot of clout and is good with clients.

REFERRING TO:

TIM PRIFTITOKIO MARINE KILN

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ACCIDENT & HEALTH

London’s Leading Underwriters in Accident & Health stand out from their peers on the strength of their long-standing experience in the market, expertise and knowledge of risk, as well as their ability to take

a commercial approach. These individuals are recognised as reputed leaders in the class who have the respect of brokers, underwriters, and clients alike.


AmTrust


Atrium

Arch

MAP

ArgoGlobal

Ark Underwriting

Tokio Marine Kiln

XL Catlin


Hiscox

TOP TEN

TIM PRIFTI Tokio Marine Kiln

CHARLIE BOYD Ark Underwriting

PETER LAIDLAW Atrium

DAVID MORRIS Liberty Specialty Markets

ADAM ZAWIA ArgoGlobal

MALCOLM SMART Hiscox

ROLAND FOX MAP

NIGEL GUILLAUME-SMITH XL Catlin

JOHN MOFFATT ArgoGlobal

EMMA LISI Allied World

Charles is a senior member and has a good grasp of all areas. He processes correctly. He isn’t danger or risk averse.

REFERRING TO:

CHARLIE BOYDARK UNDERWRITING

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He has got the underwriting acumen to be a respected leader.

REFERRING TO:

JOHN WADHAMSCHUBB

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Murray is a disciplined underwriter, who is equally respected by brokers, clients and underwriters.

REFERRING TO:

MURRAY WALKERTALBOT

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AVIATION & SPACE

The Top 10 leading Aviation & Space underwriters are distinguished by their depth of knowledge and expertise in the class, combined with their years of market experience and client-focused approach.

These underwriters know how to take a commercial approach to risk and cover; they are reputed for proactively assisting customers and building strong relationships with brokers.


MS Amlin

XL Catlin

Starr

Chaucer


Talbot


Atrium

Global Aerospace

Chubb

TOP TEN

JOHN WADHAMS Chubb

MURRAY WALKER Talbot

DAVID WADE Atrium

CHRIS JONES Global Aerospace

PETER WAKEFIELD Chaucer

JOSHUA CRABB Starr

SIMON MURRAY XL Catlin

BILL HALLIGAN Liberty Specialty Markets

PASCAL LECOINTE Hiscox

CHRIS RUDD Liberty Specialty Markets

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He has recently moved into a managerial position. He is polite, professional, innovative and creative.

REFERRING TO:

JAMES MECHAMCHAUCER

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Simon is a market leader in a weird and wonderful business. He’s ready to underwrite anything in which he sees a potentially profitable margin. He’s a good critical thinker regarding unusual risks.

REFERRING TO:

SIMON BIRDBRIT GLOBAL SPECIALTY

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CASUALTY/NON-MARINE LIABILITY

London’s Leading Underwriters in Casualty/Non- Marine Liability are respected for the breadth and depth of their underwriting expertise, backed by their market experience and commercial outlook.

These are entrepreneurial underwriters who know how to innovate by finding creative solutions to complex or unique risks.


Ascot

Aegis

MS Amlin

Chubb

Tokio Marine Kiln

Beazley

Hiscox

QBE


Chaucer

XL Catlin

TOP TEN

JAMES MECHAM Chaucer

TIM GARRETT Beazley

SIMON BIRD Brit Global Specialty

IAN SAWYER XL Catlin

CHRIS TERRY Aegis

JOHN PILKINGTON Ascot

CHRIS WARRIOR Hiscox

DAVID DALE Syndicate 2525

MATTHEW YELDHAM Aegis

MIKE LAY Arch

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He’s led the team at Brit for a long time now and has built a really strong team. He’s very confident and recognised by pretty much every other market. I don’t think you’d ever get a quote from him that wouldn’t be followed.

REFERRING TO:

BEN MAIDMENTBRIT GLOBAL SPECIALTY

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He is technical, yet very client-focused. Andrew has a diverse set of skills which he taps into depending on the challenge. He is a great role model for the new underwriters who are joining our industry.

REFERRING TO:

ANDREW PRENDERGASTCFC

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CYBER

The leading underwriters in Cyber are experienced individuals who have the expertise and commerciality to navigate the increasingly complex landscape of Cyber cover. These underwriters are recognised leaders in

their class, particularly for their adept approach to assisting clients and understanding their needs, while also building valuable, sustainable relationships with brokers.


AIG

Markel International

QBE

Tokio Marine Kiln

CNA Hardy

CFC


Axis (includes Novae/Axis)

Beazley

Channel

TOP TEN

BEN MAIDMENT Brit Global Specialty

ANDREW PRENDERGAST CFC

GRAEME NEWMAN CFC

TOM ALLEN Channel

DANIEL JOHNSON AIG

DAN TRUEMAN AXIS/Novae

LAILA KHUDAIRI Tokio Marine Kiln

MICHAEL SHEN AXIS/Novae

ANDREW MAHER Markel International

ANDREW LEWIS QBE

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Stephen has first class technical knowledge. He has excellent client and broker relationships. He’s a genuine, market leading underwriter.

REFERRING TO:

STEPHEN HAWKINSXL CATLIN

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James is a big leader of business and a driving force in the market. He’s well-respected and client-focused.

REFERRING TO:

JAMES GRAINGERMUNICH RE

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ENERGY

London’s Leading Underwriters in Energy are individuals who are sought after for the breadth and depth of their expertise, combined with their long-standing knowledge of the market. These are highly

commercial individuals who prioritise service to clients and have gained market-wide respect for their capabilities. They are adept at maintaining a disciplined approach to risk in an increasingly soft market.


AIG


Talbot

NOA

Beazley

Munich Re

XL Catlin

Apollo


CNA Hardy

TOP TEN

STEPHEN HAWKINS XL Catlin

JAMES GRAINGER Munich Re

HOWARD BURNELL Apollo

SCOTT HARRIS Munich Re

SIMON MASON Apollo

DOMINICK HOARE Munich Re

PAUL DAWSON NOA

STEVE SYKES Talbot

LUIS PRATO XL Catlin

JULIUS WILSON XL Catlin

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TOP TEN

PHILIP SANDLE Beazley

CLIVE WASHBOURN Beazley

HOWARD BURNELL Apollo

TIM GARRETT Beazley

CHRIS BAKER Chaucer

SCOTT HARRIS Munich Re

DES KEANE Tokio Marine Kiln

IAIN HENSTRIDGE Apollo

STEVE DOUGLAS Ark Underwriting

RICHARD TOMLIN Atrium


Apollo Tokio Marine Kiln

XL Catlin Chaucer

Beazley Chubb

Hiscox QBE

Munich Re Ark Underwriting

Ascot Atrium

MS Amlin

Philip is experienced and knowledgeable. He’s willing to look at unconventional risks, but he’s still cautious and technical in a soft market.

REFERRING TO:

PHILIP SANDLEBEAZLEY

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He writes big lines. He is choosy, but when he likes something he writes incredibly well. He is a very respected leader.

REFERRING TO:

CLIVE WASHBOURNBEAZLEY

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MARINE

London’s Leading Underwriters in Marine have expansive knowledge and expertise backed by a decidedly commercial, consistent approach to risk. These are highly approachable individuals whose

long-standing relationships with brokers are made robust by their years of experience and broad, flexible risk appetite.

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David is very intelligent, pragmatic, and innovative. He’s good to work with – he comes up with solutions on challenging problems.

REFERRING TO:

DAVID WHITEPEMBROKE

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He has long-term involvement and a strong knowledge base.

REFERRING TO:

RUSSELL NEWELLAMTRUST

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PROFESSIONAL INDEMNITY

London’s Leading PI Underwriters are overwhelmingly recognised for their long-standing market experience and breadth of knowledge. These are individuals who are unmatched at finding solutions to niche, complex

risks. They are well-regarded for their service to clients and for their ability to take a commercial, yet measured approach to risks.




Talbot

AmTrust

Aegis


Beazley


Pembroke

QBE

XL Catlin

TOP TEN

DAVID WHITE Pembroke

RUSSELL NEWELL AmTrust

MATTHEW WAGHORN Vibe

ALAN NORRIS Talbot

RACHEL TURK Beazley

NICK LEIGHTON Aegis

ANDREW BRAZILL Talbot

TOM DILLEY Berkshire Hathaway

STEVE DRISCOLL Chubb

BHAVIK DESAI Markel International

SIMON MANTELL QBE

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He’s a client-focused underwriter, but still pays attention to the bottom line. He’s principled in his approach.

REFERRING TO:

RHYS THOMASXL CATLIN

“

Simon is a respected lead underwriter in a difficult market.

REFERRING TO:

SIMON JACKSONBEAZLEY

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PROPERTY

London’s Leading Underwriters in Property are reputed leaders for combining their exceptional understanding of risk with commercial decision-making. They are distinguished by the consistency of their decision-

making, while balancing client needs and market pressures. Their years of market experience have made them highly respected individuals with strong, long-standing broker relationships.


Aviva

Blenheim


MSF Pritchard

W.R. Berkley

MS Amlin

Beazley

XL Catlin

Hiscox

Tokio Marine Kiln

Chubb

TOP TEN

RHYS THOMAS XL Catlin

SIMON JACKSON Beazley

MICHAEL DAVERN XL Catlin

NIGEL TATLOCK Liberty Specialty Markets

COLIN PANZETTA XL Catlin

BOB MELLOR MS Amlin

STEVE DOUGLAS Ark Underwriting

MARK BODKIN Beazley

MARK VAUGHAN Beazley

DEREK EALES MSF Pritchard

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Richard has his own view of risk and sticks to it. He’s a true credit to the London market.

REFERRING TO:

RICHARD TRUBSHAWMAP

“

Mark is a true ‘hands-on’ underwriter.

REFERRING TO:

MARK PEPPERASCOT

“

REINSURANCE

London’s Leading Reinsurance Underwriters are recognised as veterans of the trade. These are individuals who bring the depth of their expertise and experience to commercial decision-making.

They are not easily swayed by market pressures. Respected for their consistent and thorough underwriting, their decisive stance is backed by astute market knowledge.


MS Amlin

Ark Underwriting

Brit Global SpecialtyLiberty Specialty Markets

Hiscox

Chaucer

MAP

Ascot

XL Catlin

Atrium

TOP TEN

RICHARD TRUBSHAW MAP

CHARLIE BOYD Ark Underwriting

ANDREW WINYARD Atrium

MIKE CLIFTON Chaucer

CHRIS BAKER Chaucer

SIMON BIRD Brit Global Specialty

BOB MELLOR MS Amlin

IAN SAWYER XL Catlin

JOHN PILKINGTON Ascot

MARK VAUGHAN Beazley

MARK PEPPER Ascot

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He is experienced and commercial (on wordings and pricing). He is very supportive of clients’ claims.

REFERRING TO:

NICK KILHAMSCHAUCER

“

Daniel maintains a good balance of discipline, detail-oriented work, market knowledge, and credibility with clients.

REFERRING TO:

DANIEL O’CONNELLXL CATLIN

“

WAR & GEOPOLITICAL RISKS

London’s Leading Underwriters in War & Geopolitical Risks are hard-working, highly technical individuals reputed for their accurate and thorough approach to risks. They combine their expertise with a

commercial outlook, being adept at finding innovative solutions to complex client needs. Their broad knowledge of the market and their dedicated client-focus has brought them market-wide respect.



Talbot

Tokio Marine HCC

MS Amlin



Chaucer

Chubb

XL Catlin

Hiscox

TOP TEN

NICK KILHAMS Chaucer

DANIEL O’CONNELL XL Catlin

PETER SPRENT Liberty Specialty Markets

JEROME SWINSCOE Tokio Marine HCC

MURRAY ROSS Chubb

MICHAEL JORDAN Hiscox

ANDREW BAUCKHAM Chaucer

JAMES BAMFORD Talbot

HARRIET SHARP Chaucer

GUILLAUME WATKINS MS Amlin

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THOUGHT PIECE: UNDERWRITING CULTURE

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LONDON’S UNDERWRITING CULTURE TODAY

As part of our research for London’s Leading Underwriters 2018 we conducted a scientific assessment of the cultural values of a cross-section of London Market underwriters. The main finding is that underwriting culture is strongly individualistic, revolving around the notion of the ‘Leading Underwriter’; a respected individual who leads business with Professionalism and Excellence, delivering Financial Results, while upholding the integrity of the market.

In London the way that brokers and underwriters trade risks has changed very little in its 300 or so years of history, but now the whole environment is changing. Over past two years the pace of technological and competitive change has ratcheted sharply and there is now a push to create a market that trades electronically. While these changes are necessary to reduce high expenses, ‘transformation’ is not is a state that the market is accustomed to and therefore a culture which embraces innovation and adaptability is vital for survival.

Thankfully, London’s Underwriters also describe their culture in terms of Accountability, Empowerment, and Innovation, seeing themselves as both lynchpins and creative developers.

In assessing the current versus desired culture, London underwriters want to see a shift, highlighting the desire for a future market culture that is responsive and adaptable, factors that they see as being somewhat absent in the current culture.

The most frustrating aspect of the current culture for underwriters is, without doubt, the heavy load of Compliance – easily the most significant ‘blocker’ to getting the job done well.ver.

PENELOPE MANTZARIS

All is connected ... no one thing can change by itself.PAUL HAWKEN

“LONDON’S LEADING UNDERWRITERS 2018

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LONDON’S CULTURAL CHALLENGE

In a recent project that we conducted with Barbican Insurance, London’s culture was cited as the most significant obstacle to innovation and market modernisation, significantly ahead of issues like collaboration, compliance, or regulation.

It is probably no surprise that London Market Underwriters want to work in an environment that is characterised by Efficiency. Over two-thirds of those surveyed also believe that technology will enable operational efficiency in future.

Encouragingly, our culture research also showed that Underwriter’s strong future focus is on Innovation, Continuous Improvement, and Adaptability. That said, Empowerment and Accountability still come out on top, showing that Underwriters believe that the role of ‘Underwriter as Leader’ will continue, enabled, rather than replaced by technology. These ideas (and words) are also picked up in the TOM programme where the trading platform is described as being “about (replacing) paper, not people”.

So, if efficiency is the key to a successful future, and the current culture is a barrier to achieving that, London’s challenge is to transform its own culture before someone else comes in and takes it over.

PENELOPE MANTZARIS

Three quarters of all London Market insurance practitioners feel that market-changing disruption is very likely or inevitable in the next decade.

FROM RESEARCH CONDUCTED BY GRACECHURCH ON BEHALF OF

BARBICAN INSURANCENOVEMBER 2017

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You can have all the right strategy in the world; if you don’t have the right culture, you’re dead.PATRICK WHITESELL

“LONDON’S LEADING UNDERWRITERS 2018

London’s Leading Underwriters 2017 is a ranking of London Market underwriters based on two independent and representative surveys:

• Over 400 senior and middle ranking London Market producing and placing brokers

• Over 250 London Market underwriters

THE RESEARCH DETAILSThe interviewing was conducted mid-year 2017, for the seventh consecutive year. Broker interviews were conducted via telephone and underwriter interviews were conducted online. In both cases the highest level of quality, coverage and representativeness was achieved. Interviews cover a cross-section of business classes with brokers and underwriters from over 150 global, international and national businesses.

THE RATINGSFrom these surveys we received over 1,500 underwriter nominations, covering c. 800 individual underwriters. Underwriters are ranked according to the number of mentions within a particular business class, based on the extent to which they are ‘respected for being market leaders’. Nominators are asked to select any underwriter ‘regardless of seniority’. Underwriter names are not prompted so that respondents can freely name any underwriters from any London Market insurer, other than their own.

VALIDATIONA vital aspect of achieving the highest quality data is to gain validation from the businesses who employ the Underwriters who were nominated. We requested all (re)insurers (CEO or CUO) to validate the long-lists of underwriters who had been nominated and confirm their lines of business. In 2017–18 the proportion of underwriters directly validated by their respective employers was 71%. This represented c. £31bn or 60% of the total London Market published capacity. In terms of Lloyd’s businesses, the equivalent number was £21bn or 68% of the total Lloyd’s total capacity in 2017.

PLEASE NOTE:Where an underwriter covers multiple lines and has been validated as such, they have been included in all relevant lines.

Underwriters may have changed employers between the research being conducted and the publication of this report.

The studies are conducted according to Market Research Society professional guidelines and quality standards.

METHODOLOGY


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PARTICIPATING ORGANISATIONS BROKERS AND UNDERWRITERS FROM THESE COMPANIES TOOK PART IN THIS SURVEY

Acappella CBC Insurance Heritage Group Pioneer Underwriters

Advent Chaucer Hiscox Price Forbes

AEGIS Chesterfield Group Howden Prospect Insurance Brokers

AFL Chubb HR Owen Insurance Services QBE

AG Churchill Insurance Consultants ICB R K H Specialty

AHJ Broking Circle Insurance Integro Insurance Brokers RFIB

AIG Citynet International Risk Solutions Ltd Robertson McIsaac

Alan & Thomas Insurance Group CJ Coleman Ironshore Safeonline

Ambris Clear Insurance Management James Hallam Sanctuary Insurance Brokers

AmTrust International ClearRisk JB Boda SCR

AON CLP Jelf Group Stackhouse Poland

APG CNA Hardy JLT Staple Hall Underwriting Services

Apollo Syndicate Management Cobra London Markets Kay International PLC Stonebridge International Insurance

Arch Compass Kerry London Sutcliffe & Co

Argenta Contractsure KMD Synergy Insurance Group

ArgoGlobal CSP Lancashire Group Talbot Underwriting

Ark Dale Underwriting Partners Lark Group Limited Talisman Insurance

Ascot Dashwood Brewer & Phipps Liberty Specialty Markets Tamesis

Ashley Page David Codling and Associates Lloyd & Partners Texel Finance

Aspen Insurance Doodson Broking Group Locktons The Channel Syndicate

Aston Scott E&L London Special Risks The Underwriting Exchange

Atlantic EC3 Brokers LPL Financial Thompson Heath & Bond Ltd

Atrium Ed Broking Mar Risk Services Tokio Marine HCC

Avid Edge Markel Tokio Marine Kiln

AXIS/Novae Ellis Clowes Integro Marsh Tysers

Bannerman Rendell Endeavour Insurance Services MCD Insurance UIB Group

Barbican ES Risks MFL Vibe Syndicate Management

Beach Everest Re Miles Smith Insurance Group Willis Towers Watson

Beazley Faraday Miller insurance Services WRB Underwriting

Bellwood Prestbury Flightcrew risk solutions MNK Re XL Catlin

Besso Gallagher MRIB Zurich

Bircroft GCube MS Amlin

BMG Insurance Generali Munich Re

BMS Godiva Insurance Nacora

BPL Global Griffiths & Armour Naturesave Insurance

Brit Global Specialty Guest Krieger Navigators

Canopius Guy Carpenter Nexus EBA

Capiscum Re H W Wood Oval

Carroll Insurance Harman Kemp North America Ltd Paragon

Cavendish Munro Heath Lambert Pinner Risk Solutions


Gracechurch challenges and inspires businesses to perform to their true potential: we find that many organisations don’t know just how good they are, or could be.

Gracechurch advises the (re)insurance sector’s ambitious people. We are independent specialists in providing insights and direction for leaders who want to transform and grow their businesses. We are precise in our analysis, honest in our interpretation, and inspire confidence in clients who want to make ambitious changes. Our clients make better strategic decisions because of the knowledge we bring them, and because of the confidence that inspires.

Gracechurch was set up in London in 2000 as a unique research business: to provide actionable insights to the (re)insurance sector, committed to helping clients improve. The Gracechurch Underwriting, Claims, and Insurance Law Reports “The Gracechurch Reports” are now recognised as industry standards, with many clients quoting our data in their own plans and Annual Reports.

Our industry-wide reputation now extends beyond our London base, with our Reports and advice being provided to clients around the World.

CORPORATE REPUTATION AND MARKET POSITIONINGA clear market proposition and strong reputation has always been vital to business success. Developing brand strength becomes even more vital when markets become more competitive, because it represents the real value of the business.

SERVICE QUALITY ADVANTAGEDelivery is everything, and great businesses are built on great service. Our studies measure the difference between words and actions, and the commercial impact of one not living up to the other. Service quality is a strong lead indicator of future performance relative to competitors.

GROWING THROUGH INNOVATION AND ENTREPRENEURSHIPInnovation doesn’t have to be radical: simple, incremental improvements can inject pace and interest into any business. Our research shows that creative, entrepreneurial businesses who make things easier, quicker, more flexible, more possible for their clients, always beat the competition, especially in commoditised markets.

FOCUSING THE POWER OF YOUR PEOPLEFinancial and professional services, despite all their technology and process, are still people businesses. But the culture has to be right to enable talent to thrive and getting it right is the most challenging and most rewarding area of performance enhancement. When we measure relative brand strength, we are in reality measuring the strength of the corporate culture. As well as measuring the external view, we also conduct matching internal surveys, as it is the gap between the external and internal that needs to be aligned.

ABOUT GRACECHURCH

We are acting on the findings and building these measures into our business development functions to support continued growth in a highly competitive market.

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WANT TO KNOW MORE?We’d be delighted to meet up to see if there are ways in which we can help.

Contact: Penelope Mantzaris E: [email protected]

GRACECHURCH CONSULTING1 FORE STREET | LONDON | EC2Y 9DTT: +44 (0)203 3865 1578 www.gracechurchconsulting.co.uk

http://www.gracechurchconsulting.co.uk

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