the gracechurch report | leading 100 › files › 5213 › 9056 › ... · 2014-01-24 · beazley...

© Copyright. Gracechurch Consulting Ltd. 2013. All rights reserved

THE GRACECHURCH REPORT | LEADING 100

2

CONTENTS

1. CONTENTS

2. INTRODUCTION

3. TOP 10

4. NEXT 15

5. NEXT 25

6. NEXT 50

8. BUSINESS CLASSES

10. ACCIDENT & HEALTH

11. AVIATION & SPACE

12. CASUALTy/NON MARINE

13. ENERGy

14. MARINE

15. PROPERTy

16. REINSURANCE

17. WAR & GEOPOLITICAL

18. METHODOLOGY

19. BROKING HOUSES

20. WHY GRACECHURCH?

London’s Leading Underwriters 2013 is the second publication of the market ranking of underwriters and comes after a year of unprecedented change in the London Market.

The ranking this year is based on a blend of broker and underwriter nominations. This gives a market balance to the overall ranking, and deeper analysis shows some interesting differences between what brokers and underwriters see as important.

In 2013, client focus is the attribute that sets leading underwriters apart from the pack according to brokers, with a significant increase in the number talking about a shift towards commercial acumen and a movement away from risk trading model.

Underwriters by comparison, tend to nominate leading peers on the basis of leadership qualities and the ‘respect’ that they command. They also cite experience and achieving a balance between technical capability and commercial acumen.

It’s early days but these trends suggest that the role of the underwriter is evolving quickly, with a greater demand for business development skills and client understanding. This trend, if it continues, could spark changes in how the market has traditionally operated. It is definitely moving away from the passing trade model and this may even be the beginnings of a fundamental shift in how the underwriter-broker model operates.

For sure, some might question the value of the underwriter in the 21st Century, but our research shows that face-to-face dealing is still highly valued and that the underwriter role is evolving to meet changing market needs. In my view this represents an exciting opportunity for those businesses prepared to take on the challenge.

Finally, I would like to extend my sincere thanks to all the brokers and underwriters who took the time to answer our questions. We do not take this privileged access for granted and we are delighted that in 2013 over 90% of those who responded were happy to be interviewed again. For our part, we work closely with our clients to ensure that the research helps them to take action that will improve service quality.

AC

E

ASC

OT

XL

KIL

N

HIS

CO

X

CAT

LIN

BR

IT

BEA

ZLEY

QB

E AM

LIN

OvERALL INsURERNOmINATIONs

2=BeazleyClive Washbourn

2=WatkinsDominick Hoare

2=MAPRichard Trubshaw

5KilnChris Jones

6Argo InternationalNeil Chapman

7Liberty Specialty Markets Nigel Tatlock

8=CathedralRichard Williams

8=BeazleyPhilip Sandle

8=CatlinRichard Golder

1 Mark PepperAscot

3

He is a very approachable

person; clients like him.

He is also very supportive

of us - he will always offer

something to help us and

find a solution for problems

we have.

TOP 10

REfERRING TO:NIGEL TATLOCK

LIBERTY sPECIALTY mARKETs

QBE

Catlin

Amlin

Aegis

Ascot

XL

Amlin

Watkins

Chaucer

Aspen

Beazley

Atrium

QBE

Catlin

Catlin

Liberty Specialty Markets

Alistair Marriott

Andrew Turton

Bob Mellor

Chris Terry

Gary Tredgett

Graham Hawkins

Howard Burnell

James Flude

James Mecham

John Henderson

Jonathan Gray

Mark Hiller

Matt Langmead

Richard Power

Stephen Hawkins

William Halligan

NAME COMPANY Business class

Marine

Marine

Reinsurance

Casualty/Non Marine

Marine

Property

Marine

Energy

Casualty/Non Marine

Marine

Property

Reinsurance

Aviation & Space

Aviation & Space

Energy

Aviation & Space

4

THE NEXT 15...

He knows what he wants and he knows how to price it. He will actively work

with the broker to get it. He will travel with them and talk to the client in a very

positive fashion and help us sell it. His ability to make a decision quickly and

very clearly with a Yes or a No.

REfERRING TO:CLIvE WAsHBOURN

BEAZLEY

Aegis

Chaucer

Ace

Atrium


Ascot

Amlin

Talbot

Ace

Kiln

Talbot

Catlin

QBE

Hiscox

XL

Catlin

Catlin


Hiscox

QBE

Axis

Catlin

Ascot

Kiln

Alex Powell

Andrew Bauckham

Andrew Williamson

David Wade

Dieter Winkel

Gavin Wall

Iain Henstridge

James Bamford

Jason Roe

Jeff Bright

John Cutts

Julius Wilson

Matt Lacy

Michael Jedraszak

Mike Talbot

Nigel Guillaume-Smith

Rhys Thomas

Richard Costain

Russell Merrett

Sam Harrison

Simon Morgan

Simon Shrimpton

Theo Butt

Tim Prifti


Property

War & Geopolitical Risks

Marine

Aviation & Space

Reinsurance

Marine

Marine


Marine

Property

Reinsurance

Marine

Casualty/Non Marine

Reinsurance

Marine

Accident & Health

Property

Marine

Reinsurance

Energy

Property

Marine

Property

Accident & Health

5

THE NEXT 25...

6

Catlin

Navigators

Amlin

Pembroke

Swiss Re

XL

Novae

Novae

Beazley

Chaucer

Kiln

Brit

Kiln

Amlin

QBE

Catlin

Faraday

Hiscox

Cathedral

Ace

Brit

Amlin

Amlin

Atrium

Hardy

Alex Barker

Alex Wilmot

Alistair Maurice

Andrew Corton

Andrew Gladwin

Anthony Frankel

Bill Bevan

Brian Alexander

Chris Warrior

David Barber

David Huckstepp

David Knight

Des Keane

Dominic Peters

Grant Clemence

Huw Jones

Ian Bridge

Ian King

John Hamblin

Julian Edwards

Kevin Foley

Mark Clements

Martin Boreham

Matt Thomas

Matt Town


Aviation & Space

Energy

Property

Marine

Reinsurance

Aviation & Space

Property

Casualty/Non Marine

Casualty/Non Marine

Casualty/Non Marine

Reinsurance

Contingency

Marine

Reinsurance

Marine

Marine

Property

Reinsurance

Reinsurance


Property

Accident & Health

Casualty/Non Marine


Property

THE NEXT 50...

7

Aegis

Aspen Re

Hiscox

Brit

QBE

Argo International

CV Starr

Beazley

Hardy

Aspen

Hiscox

Global Aerospace

Travelers

Atrium

Catlin

Hiscox

Novae

Argo International

Brit

Brit


Amlin

Hardy

QBE

Beazley

Brit

HCC

AIG

Matthew Yeldman

Mike Clifton

Mike Krefta

Nick Forti

Nicky Ablett

Nigel Dorning

Nigel Griffiths

Patrick Hartigan

Paul Dawson

Paul Fry

Peter Gower

Reece Vowles

Richard Heather

Richard Tomlin

Rob Littlemore

Robert Reas

Ross Louden

Rupert Taylor

Sara Valentine

Simon Bird

Simon Clapham

Stephen Price

Steve Cross

Tim Butcher

Tim Turner

Tom Rowley

Tony O’Connor

Trevor Church

Casualty/Non Marine

Reinsurance

Reinsurance

Casualty/Non Marine


Casualty/Non Marine

Aviation & Space

Reinsurance

Energy

Marine

Marine

Aviation & Space

Marine

Marine

Reinsurance

Marine

Casualty/Non Marine

Casualty/Non Marine

Energy

Reinsurance

Marine

Reinsurance

Property

Casualty/Non Marine

Marine

Property

Reinsurance

Aviation & Space

BUSINESS CLASSES

REINSURANCE

MARINE

CASUALTY/NON MARINE LIABILITY

PROPERTY

ENERGY

AVIATION & SPACE

WAR & GEOPOLITICAL RISKS

ACCIDENT & HEALTH

9

UNDERWRITER NOmINATIONs BYCLAss Of BUsINEss

He is highly respected in that if he agrees to something then the rest of the

market will follow. He is not in it for the money; he wants to do what is fair.

He’s also very knowledgeable. He’s just a class act and he knows so much

about the whole industry. Steve is well-read and well informed.

He travels a lot so he is very good with client relationships from our perspective.

He understands their needs and the importance of a long term relationship. He visits the

client which helps him to be more commercial and flexible if needs be. Internally they have

a pretty well defined path for expansion so there isn’t a lot of room for grey areas. We

know where they want to expand so it is mutually beneficial information to have

REfERRING TO:sTEPHEN HAWKINs

CATLIN

REfERRING TO:sImON sTONEHOUsE

BRIT

ACCIDENT & HEALTH

10

‘Enthusiastic’ and ‘flexible’ are typical descriptions of many of the leading underwriters in this business class, particularly because of their development of diverse portfolios of risk and willingness to work with brokers. Catlin and Kiln underwriters take centre stage in the Accident & Health line, providing market-leading service through their ‘responsiveness’ and ‘versatile attitude’.

TOP TEN

“Very keen to help brokers and build relationships, a good understanding of the business.”

REFERRING TO TOM ING, HISCOX

“Enthusiasm, you'll present a risk to him and he'll be enthusiastic about it and will try to present a solution and flexibility.” REFERRING TO PAUL BEGGY, CANOPIUS

TIM PRIFTI Kiln

NIGEL GUILLAUME-SMITH Catlin

MARK CLEMENTS Amlin

JONATHAN THOMAS Watkins

ANDREW BOWERS Brit

NEIL WHITBREAD Channel

TOM ING Hiscox

STUART LIDDELL Sirius

CHARLIE BOYD Ark

PETER LAIDLAW Atrium

PETER WILKINS QBE

ROLAND FOX MAP

Kiln

Catlin

Amlin

Ark

Brit

Canoplus

W R Berkley

Watkins

Arch

Others

INsURER BENCH sTRENGTH

AVIATION & SPACE

RICHARD WILLIAMS CATHEDRAL

MATT LANGMEAD QBE

WILLIAM HALLIGAN LIU

RICHARD POWER Catlin

DAVID WADE Atrium

SIMON CLAPHAM Liberty Specialty Markets

TREVOR CHURCH AIG

NIGEL GRIFFITHS CV Starr

ALEX BARKER Catlin

ANTHONY FRANKEL XL

MATT THOMAS Atrium

REECE VOWLES Global Aerospace

“He is very proactive in terms of overall accounts throughout the world. He tries to find the right politics to work with.”

REFERRING TO GARY O’SULLIVAN, ASPEN

“He identifies the risk, does his research and then comes up with a very attractive solution with several alternatives for the client to see. He will visit them as well.”

REFERRING TO ALEX BARKER, CATLIN

TOP TEN

11

Stand-out underwriters in Aviation & Space are defined by their commerciality, client focus and a desire to proactively work with brokers to develop new business – “He has got a huge appetite for new and existing business; he’s always there and he always wants more.” This line is dominated by Atrium, closely followed by Catlin, whose underwriters are seen to be very willing to engage and negotiate with brokers and clients.

Atrium

Catlin

QBE

CV Starr

Cathedral

Global Aerospace

Amlin


AIG

Others


ENERGY

TOP TEN

12

Energy underwriters know how to get things done and take an aggressive approach to doing business: “Growth, he is being aggressive. He is growing.” The leading Energy underwriters are seen as a technical group of individuals but remain highly commercial and have a strong understanding of client needs. The Energy line is also replete with emerging underwriting talent - “He knows where he wants to sit, has a clear idea of where they want to go, and I think he’s quite a good up and coming underwriter.”

“It's her personality and her interest in the clients.She really understands clients. And her ability to think differently and strategically.”

REFERRING TO SARAH VALENTINE, BRIT

“He's flexible. He's aggressive. He's flexible in terms of having conversations with you and will listen to arguments.” REFERRING TO JAMES BROWN, CHAUCER

DOMINICK HOARE Watkins

STEPHEN HAWKINS Catlin

JAMES FLUDE Watkins

SAM HARRISON QBE

SARA VALENTINE Brit

PAUL DAWSON Hardy

HUW JONES Catlin

ALEX WILMOT Navigators

MATTHEW HOLMES Beazley

DUNCAN WILSON QBE

Watkins

Catlin

QBE

AIG

Brit

Others


CASUALTY/NON-MARINE

TOP TEN

13

This is a strong and varied class for overall talent spread across a wide range of insurers. Casualty/Non Marine underwriters are regarded as highly entrepreneurial and eager for new opportunities. “He’s very personable and just a nice guy. People like him. He’s very proactive and he’s pretty hungry for business.” They are also always looking for new ideas to support their business and the broker’s – “He has ideas for programmes, he comes to us and says “here is the plan, can we go and develop it?”

“I think he is keen to listen to the problems, if any, we have and to be as flexible as possible in terms of providing the client with what he needs. Instead of just being in a box saying ''this is what we have'' he is more entrepreneurial, fairly keen to do business and think outside the box.”

REFERRING TO DAVE LITTLE, ZURICH

“He is active, helpful; he likes to see things which are unusual, and is actively looking to expand.” REFERRING TO NIGEL DORNING, ARGO

CHRIS JONES Kiln

JAMES MECHAM Chaucer

CHRIS TERRY Aegis

MATT LACY QBE

CHRIS WARRIOR Beazley

GRANT CLEMENCE QBE

BRIAN ALEXANDER Novae

RUPERT TAYLOR Argo International

TIM BUTCHER QBE

QBE

Chaucer

Ace

Kiln

Beazley

Brit

Others


MARINE

“He is proactively trying to come up with new products, which is something nobody else I can think of is doing”.

REFERRING TO PETE TOWNSEND, SWISS RE

He is one of the leaders in the market at what he does and he is highly respected.”

REFERRING TO PHILIP SANDLE, BEAZLEY

TOP TEN

14

The marine market is characterised by highly knowledgeable and experienced underwriters. Leading Marine underwriters are extremely client friendly and are always willing to travel and meet with clients. They have a keen eye for seeking out opportunities and will work with brokers to achieve the right deal – “He is always trying to find a way to make an account opportunity work, even if it’s not quite his cup of tea. He is always looking to help - he engages with brokers and proactively tries to identify opportunities.”

Catlin

Beazley

Amlin

Ascot

Ace

Aspen

QBE

XL

Others


CLIVE WASHBOURN Beazley

PHILIP SANDLE Beazley

RICHARD GOLDER Catlin

HOWARD BURNELL Amlin

JOHN HENDERSON Aspen

ALISTAIR MARRIOTT QBE

ANDREW TURTON Catlin

GARY TREDGETT Ascot

IAIN HENSTRIDGE Amlin

GAVIN WALL Ascot

PROPERTY

TOP TEN

15

Leading Property underwriters are solution driven and keen to listen and work with brokers to achieve mutually beneficial outcomes, “He is also very supportive of us - he will always offer something to help us and find a solution for problems we have.” They are highly responsive and are able provide quick responses through their empowered and independent positions. No insurer really stands out in terms of underwriting talent highlighting a clear opportunity for underwriting teams to make their mark in this business class.

“She enables us to find solutions for our clients. She can look at things from different angles to find a solution. She is very commercial and has made a commitment to wanting to write our book.”

REFERRING TO ANNE PLUMB, MITSUI

“He passes the message on in a unique way - he can adapt to circumstances, adjust his message accordingly and even if it's a difficult message he can get it across to clients.” REFERRING TO THEO BUTT, ASCOT

NEIL CHAPMAN Argo International

NIGEL TATLOCK Liberty Speciality Markets

GRAHAM HAWKINS XL

JONATHAN GRAY Beazley

ROBERT READ Hiscox

SIMON MORGAN Hiscox

RHYS THOMAS Catlin

JEFF BRIGHT Kiln

ALEX POWELL Aegis

THEO BUTT Ascot

Catlin

Hiscox

Brit


Amlin

Kiln

Beazley

Others


REINSURANCE

“He doesn't worry about what others think - he will put up the price that works for him. He is the go-to underwriter as a leader in Cat business, you can't ignore him.”

REFERRING TO RICHARD TRUBSHAW, MAP

“He's very technical but coupled with that he is also commercial and flexible. In terms of pricing and where he is able todeploy capacity.” REFERRING TO BOB MELLOR, AMLIN

TOP TEN

16

The leading reinsurance underwriters strike a balance between being ‘commercial’ and maintaining a ‘technical’ and ‘analytical’ reinsurance approach. Mark Pepper, Ascot, is the clear individual leader of service in this class and like many is not afraid to challenge “He is very determined in what he wants to do; he doesn’t get too influenced by the rest of the market.” Amlin receives the largest number of mentions for their ‘technical’ and ‘flexible’ underwriters.

Amlin

Hiscox

Ascot


MAP

Others


MARK PEPPER Ascot

RICHARD TRUBSHAW MAP

BOB MELLOR Amlin

MARK HILLER Atrium

RUSSELL MERRETT Hiscox

JOHN CUTTS Talbot

DIETER WINKEL Liberty Specialty Markets

MICHAEL JEDRASZAK Hiscox

ANDREW GLADWIN Swiss Re

MICHAEL MEACOCK Meacock

MIKE KREFTA Hiscox

WAR & GEOPOLITICAL RISKS

“He sees the risk and is a risk-taker. He can analyse the underlying risk quickly and purposefully and then respond quickly. He is also client-focussed.”

REFERRING TO NICK KILHAMS, CHAUCER

“His personality, He’s friendly. If somebody is friendly, you're going to walk in more often than if they are a grouchy old so-and-so. His market relationships.His commercial view.” REFERRING TO JONATHAN POWELL, TALBOT

ANDREW BAUCKHAM Chaucer

JAMES BAMFORD Talbot

NICKY ABLETT QBE

JULIAN EDWARDS Ace

JOHN OWEN Novae

JAMES NEVITT Brit

MATTHEW EVE Ascot

JONATHAN POWELL Talbot

PAUL DOBSON QBE

WILL FARMER Catlin

TOP TEN

17

War & Geopolitical risks underwriters like to innovate and try out new ideas – “He is not afraid to try something completely new. He is innovative and he looks to develop new markets and new territories rather than just concentrating on old ones.”They are highly approachable and endeavour to provide a service that is commercial and responsive to their brokers and clients. Chaucer and Talbot receive the most mentions for their underwriting talent.

Talbot

Chaucer

QBE

Catlin


Hiscox

Others


METHODOLOGY

London’s Leading Underwriters 2013 is a ranking of London Market underwriters based on two

independent and representative surveys:

• Over 500 senior and middle ranking London Market producing and placing brokers

• Over 200 London Market underwriters

THE REsEARCH DETAILs The interviewing was conducted mid-year 2013, for the third year 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 from over 70 global, international and

national broking houses.

THE RATINGsFrom these surveys we received over 2000 underwriter nominations, which amounted to

c. 800 individual underwriters. Underwriters are ranked according to the number of mentions

from brokers within a particular business class, based on whether they are perceived to offer

‘outstanding delivery of high quality service’. Underwriters may appear in more than one

business class, according the classification of the broker(s) who nominated them. Brokers are

asked to select any underwriter ‘regardless of seniority’. Underwriter names are not prompted

so that brokers can freely name any underwriters from any London Market insurer.

PLEAsE NOTE:Underwriters may have changed employers between the research being conducted and the

publication of this report. Insurers are also ranked according to Bench Strength in business

classs: i.e. the proportion of mentions received for the insurers’ whole team, relative to the

competition. The study is run according to Market Research Society professional guidelines

and quality standards.

18

AJ Gallagher

ARB International

Alesco Risk Management Services

Alston Gaylor & Co

Alwen Hough Johnson

Aon Benfield

Arch Intermediaries

BDB

Beach & Associates

Bell & Clements

Bennett Gould & Partners

Besso Group

Besso Re

Ballantyne McKean & Sullivan

BPL

CBC UK

CJ Coleman

Cooper Gay

Croton Stokes Wilson

CRS Yachts

Dashwood Brewer & Phipps

Decus Insurance Brokers

Denis M Clayton & Co

Endeavour Insurance Services

F P Marine Risks

HSBC Insurance Brokers

Gibbs Hartley Cooper

Glencairn

Grosvenor Brokers

Guest Krieger

Guy Carpenter & Co

BMS – Harries & Dixon Marine

Hayward Aviation

Heath Lambert

Heritage Group

Houlder Insurance Services

Howden Insurance Brokers

H W Wood

Integro Insurance Brokers James

Hampden Insurance Brokers

Jardine Lloyd Thompson Group

JLT Insurance Brokers

Lockton Companies International

Lloyd & Partners

London Special Risks

Lonmar Global Risks

Lonsdale Insurance brokers

Marine Aviation & General (London)

Mar Risk Services

Marsh Broker

Merdian Risk Solutions

Miller Insurance Group

Nausch Hogan & Murray

NCG Professional Risks Newman

Martin & Buchan

Oval International

Price Forbes

Prime Professions

R K Harrison Insurance Brokers

Robert Fleming Insurance Brokers

Ropner Insurance Services

Safeonline

Smith Bilbrough & Co

Seascope Insurance Services

Senior Wright

SSL Insurance Brokers

Swinglehurst

Texel Group

Thompson Heath & Bond Towergate

Towers Perrin Claytons

Tyser & Co

United Insurance Brokers

Willis

Windsor Insurance Brokers

19

BROKING HOUSESTHAT PARTICIPATED IN THIs sTUDY INCLUDED:

WHY GRACECHURCH?

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 provides a range of research and advice services to professional and financial services organisations. We start with high quality research and follow through with practical advice, helping businesses to provide great service and build strong reputations. We currently work with over 25 Lloyd’s insurers, Lloyd’s itself and a selection of companies market players

and insurance professional bodies, such as the LMA.

INsIGHTOur substantial research base, going back ten years, gives us unparalleled insight into London Market performance

trends. In the London Market we run a number market-leading independent benchmarking studies, including:

• Claims Performance Monitor (CPM): service performance of London Market claims’ teams

• Underwriter Performance & Reputation (UP&R): service performance of London Market underwriting teams

We are expanding our claims and underwriting benchmarking reports into the global insurance community which

will cover 6 of the main hubs

INsPIRATIONOur Align consulting programmes help insurance clients to realise and capitalise on the true potential of their

business. We start with an assessment of how you really perform against the competition, identify the gaps

between performance and potential and then help you to articulate and develop that potential in the business.

Projects might include:

• Helping businesses to position for merger or sale

• Helping businesses to position for growth or develop in new markets

• Helping businesses to develop strong (employer) brands

ExPERTIsEOur team of senior consultants has specialist expertise

in research, marketing and communications, change

management, product and service positioning, creative

communication, (claims & underwriting) operations and

human resources. This mix means that we can evaluate insurers in the round rather than as narrow process

operations. Commercially minded, we can help you to plan and implement successful transformation programmes.

1

Not too much jargon & consultant

speak...you feel you’re on the

same wavelength.

WANT TO KNOW mORE?We’d be delighted to meet up to see if there are ways in which we can help. Contact: Penelope MantzarisE: [email protected]

GRACECHURCH CONSULTING 34 LIME STREET | LONDON | EC3M 7ATT: +44 (0)203 544 5050 www.gracechurchconsulting.co.uk

the gracechurch report | leading 100 › files › 5213 › 9056 › ... · 2014-01-24 · beazley...

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