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Today’s guest can boast a 40-year career in the reinsurance business and now leads a global reinsurer with around $3bn in gross written premium and approximately 250 employees. Dieter Winkel is President of Liberty Mutual Re and this podcast is very timely, given its positioning just ahead of the key 1.1 reinsurance renewal season. Dieter is everything you want in a reinsurer: experienced, probably unshockable and very measured and consistent, as well as being easy to talk to.In this Episode we cover all the major issues affecting the global reinsurance market, from the general state of the market cycle, and trends in global specialty, property and casualty and retro all the way through cyber to the burgeoning world of parametrics and the best applications of AI in reinsurance. This a very enjoyable interview with a consummate reinsurance professional, who has lived through multiple market cycles and is an excellent communicator and great company to boot.LINKS:We thank our naming sponsor AdvantageGo:https://www.advantagego.comWe also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. This week they are advertising their successful TINtech London Market event, which will be happening on 4th February 2025.
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Today’s podcast is a first for The Voice of Insurance. It’s the first time I’ve done an outside broadcast.
And the reason is a special one. David Howden started what was then Howden Pangbourne just over thirty years ago with two others and, famously, a dog, in a tiny office on St Dunstan’s Hill in London.
Now that business is around six thousand three hundred times bigger in terms of staff numbers and infinitely larger in terms of revenue and has become a major global insurance and reinsurance operator working all over the world.
I had been trying to get David back on the show for a while as it had already been 2 years since his last appearance alongside Rod Fox after the acquisition of reinsurance broker TigerRisk.
The message came back that he might be tempted to do it as long as we could do something different.
So this is indeed completely different.
David and I met up at St Dunstan’s one morning two weeks ago and went for a walk around the Insurance district of London we both know so well, taking in the sights, but also all of Howden’s five London head offices past and present along the way.
Inevitably we get a bit of a history lesson and hear lots of insightful stories and some fun anecdotes from along the amazing Howden entrepreneurial journey of the last three decades amid a fast-changing London and international insurance market.
But far more importantly we also discuss the core issues affecting the present and the future of that market and how Howden is positioning itself within it.
Howden Re, Dual and the MGA boom, the big question over whether Howden might enter US retail broking, ongoing broking consolidation, big capital questions around what structures make the most sense as Howden continues to scale, the firm’s latest 30/30 strategic plan and other key decisions facing the Howden Group now and over the decades to come all get comprehensively dealt with.
There’s nothing like a good walk for opening up a better quality of conversation.
David’s passion and enthusiasm are fizzling through every second of this fun and all-encompassing discussion.
If you want to know how David got this far do listen on, you’ll learn an awful lot.
But I think a better reason to carry on listening will be to hear where he is heading in the next few years and how he plans to get there.
By the time we close our conversation in Dave’s Wine Bar at the foot of Howden’s current HQ, you’ll be much wiser, but probably needing a sit down and a cup of coffee as much as I was.
NOTES:
If this has piqued your interest, there are some handy highlights of the Howden story here:
https://www.howdengroupholdings.com/about-us/our-story
The other broking firms that get the most mentions in this Episode are Spear Gulland, acquired by Howden in 1997 and major Spanish intermediary Gil y Carvajal, bought by Aon in 1998.
I worked at Gil y Carvajal’s London office from 1992-95 and again 1997-98, hence my extra inside knowledge of St Dunstan's.
LINKS:We thank our naming sponsor AdvantageGo:https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. This week they are advertising their successful TINtech London Market event, which will be happening on 4th February 2025.
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Today’s episode is the latest in a series of podcasts that are all about highlighting the technology companies that are part of AdvantageGo’s ecosystem.
And this one is really special because it involves the boss of one of the ecosystem’s most essential core partners.
Aidan O’Neill is the CEO of DOCOsoft, which is the firm on whose systems around half of the London Market’s claims are handled.
Aidan has been involved with the London Market for around 25 years and since the advent of the electronic claims file in 2008 DOCOsoft has built a leading market position around claims software.
Aidan and Ian are both people who anyone who has been part of the London Market community is likely to know or have met at least once.
And because of that in many ways this podcast is a personal embodiment of the ecosystem that Ian and AdvantageGo are trying to build – and this itself is a reflection of the wider ecosystem of collaborating and competing entities that make up the broader London Market that it serves.
Ian and Aidan have been collaborating for many years and get on extremely well.
So in this fun episode we get an overview of DOCOsoft and all the latest news on the ecosystem, but we also get the benefit of all of Ian and Aidan’s collective wisdom looking beyond the upcoming reforms of Blueprint 2 and into a world of straight-through processing and a market where the true benefits of new technologies such as AI are going to be reaped.
Greater productivity, better client service and outcomes and a much stronger flow of business into London are some of the prizes that Ian and Aidan can see just over the horizon.
It's inspiring stuff and the next half an hour is going to rattle by.
LINKS https://www.advantagego.com
https://docosoft.com/
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Summary
This podcast features an interview with Dawn Miller, Lloyd's Chief Commercial Officer and CEO of Lloyd's Americas. Miller discusses her career, her dual roles at Lloyd's, and her strategies for modernising the market's image and operations. She highlights initiatives to improve transparency, streamline processes, and attract new business.---------
The oldest showbiz adage of them all is to always leave them wanting more and this week’s episode does exactly that
That’s because it is a very short, sharp blast of energy from start to finish.
Dawn Miller is Lloyd’s Chief Commercial Officer and has just taken over as its Americas CEO. Not many people have the energy to take on two huge roles, but it’s clear after this meeting that Dawn isn’t like many people.
Half an hour with Dawn is worth at least an hour with someone else.
So hang on as Dawn defines the essence of what her Lloyd’s roles are and she tells us her goals and strategies for presenting the best side of the marketplace to the world today.
I think Dawn is the culture change at Lloyd’s of the last few years personified.
Listening to someone as pro-active, positive and passionate as her, you already know the market has become the polar opposite of the venerable but slight stuffy institution it might once have been.
Indeed Dawn explains that probably her biggest job is debunking all the accumulated myths and baggage that have arisen around the perceived complexity, time and expense of dealing with Lloyd’s over its long history.
This one packs a huge amount into a relatively small space. You won’t have time to catch your breath.
LINKS:We thank our naming sponsor AdvantageGo:https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. This week they are advertising their successful TINtech London Market event, which will be happening on 4th February 2025.
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Today’s episode is a real treat. With all Voice of Insurance podcasts the aim is to be able to get to a level of comfort and ease with a guest so that what we end up hearing is as close you can get to listening in on a lively conversation between two good insurance market friends in a bar.
This week I think we managed it and that’s down to my guest, Nick Line, the Chief Underwriting Officer of Markel International.
Nick has had a fascinating career, almost all of it at Markel and one of the forerunner companies that it acquired to make its entry into the London Market in the late 1990s.
Nick has been through markets hard and soft as well as reserving cycles plump with redundancy followed by equal and opposite inverse periods of insufficiency and strengthening.
You could say he has seen most things – and he also seen those phenomena through different lenses as he started his career as an actuary and only more recently took a more public-facing role.
Nick’s story is Markel International’s story too- as well as that of the evolving London and wider international insurance markets over the last 30 years.
As the market has become more technically sophisticated and reserving, pricing, capital and risk have to be measured and controlled, it has become perfectly logical that a CUO might not necessarily be someone who has written a risk in anger themselves
We cover quite a bit of history but it is the forward-looking parts of this podcast that are the most rewarding because Nick combines all the technical smarts one would expect from an actuary with the communication skills of the best CEOs.
His is a vision of the tech-and-data-empowered underwriter and global insurance market of the future, but one where the magic always still happens at the behest of a human insurance professional.
Markel International has grown quickly in the hard market of the last few years and this podcast is a record of a business that has found a groove and is firing on all cylinders.
We made this recording in Markel’s London office only aided by coffee, tea and water with no beer or wine anywhere to be seen.But by the end it’s almost as if the champagne were flowing as tongues and jaws were loosened and expansive ideas were unleashed on the world.
This makes for a fun listen that is brimming with smart observations and interesting takes from Nick.
I hope you enjoy this one as much as I did.
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. This week they are advertising their successful TINtech London Market event, which will be happening on 4th February 2025.
But before then Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector, takes place on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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In today’s Episode we are getting to grips with all the key questions surrounding the hugely important issue of exposure management and modelling in our sector.
Models are a core part of our business, but as we have come to rely more and more heavily on their output, many fundamental questions arise.
For instance, how much of a worry should it be that the market is dominated by two very large players?
Or do enough C-suite executives really understand how models work or know the right questions to ask of their exposure management teams?
And are we any closer to finding efficient cross-industry ways of making sure that the exposure data upon which our modelling is based is accurate and easily transferable in digital form?
To assist me in this task are three people with vast experience in attacking these questions from all angles.
Emma Watkins is Head of Exposure Management & Aggregation at Lloyd's and as such has oversight of one of the largest combined books of business anywhere in the world.
Rupert Atkin is an underwriting veteran who has had a long and illustrious career. The Former CEO of Lloyd’s Underwriter Talbot is also a former Deputy Chair of Lloyd’s and Chair of the Lloyd’s Market Association.
Rupert currently serves on multiple boards, including as Chairman of Lloyd’s businesses Ark Managing Agency and Carbon Underwriting as well as a Director at brokers AmWins Group and Alwen Hough Johnson.
Finally Dickie Whitaker is the founder and CEO of the not-for-profit open source modelling platform, the Oasis Loss Modelling Framework.
Dickie can trace his long career back to the foundation of cat modelling firm Eqecat and also spent over a decade in senior roles at reinsurance broker Guy Carpenter. Most recently he founded the open peer-reviewed Journal of Catastrophe Risk and Resilience.
It’s clear our panel is well qualified for the job, but what I enjoyed most about this gathering was the ease and good humour with which my guests took on the subjects in hand.
This could have been a dry and academic affair, but it was absolutely nothing like that. The conversation is lively and positively buzzes with energy.
NOTES: Oasis LMF has produced a fascinating report Navigating the Storm that makes a great accompaniment to this podcast.
Download it Here
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Today’s guest is going to be giving us a masterclass in a really specialist and relatively new class of business that most of us will have heard about over the last 15-20 years, but few will have had the chance to get to know intimately.
The class is Warranty and Indemnity (W&I) which is also often known as Reps and Warranties, and the expert who is going to guide us through this fascinating world is James Dodd, founder of recently-launched specialist MGA, Devonshire Underwriting.
James is an exceptional entrepreneur and this podcast will answer all the questions you had about this exciting class of business but were too scared to ask, as well as leave you in no doubt of the scale of ambition of James and his growing team.
We’ll learn the ins and outs of this specialist line as well as the state of its finely-balanced markets.
James is a great communicator and a patient teacher and if you give me the next half an hour, I promise you’ll learn an awful lot, as well as have some fun on the way.LINKS:We thank our naming sponsor AdvantageGo:https://www.advantagego.comWe also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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Today’s guest is quite out of the ordinary for the Voice of Insurance.
Normally guests on the podcast can recount multi-decade careers in insurance from the time they fell into the industry up to the present day.
Today’s guest is extraordinary because he is someone of vast experience in his field but who has only just been recruited into the insurance industry.
John Mason is the CEO of London Market electronic placing provider PPL and can boast a glittering career running the core systems and platforms that support hugely important global financial markets in other financial sectors outside of insurance.
From this encounter I can tell you straight away that I think that we have a lot more to learn from John than he does from us.
But thankfully for us John is not the sort of outsider who has come to lecture us on how to drag our antiquated trading systems into line with markets that fully digitised decades ago.
John is an experienced leader and the type of communicator who understands that a market that syndicates bespoke structured insurance coverage across the globe is bound to throw up many unique complications and challenges
He gets the tone just right – he is here to do an important job and he has a clear vision of how to go about it, but he is very conscious of the need to meet us where we are and show how tech is going to make the way we already work way more efficient and higher added value, rather than try and force us to completely change the way we do business.
And that’s where this extraordinary podcast adds its value. John is easily the most eloquent leader running a core insurance technology platform I have ever interviewed. He knows where the pitfalls lie and has the experience to know how to execute large, complicated, transformational projects.
He hasn’t been with us long, but the ideas we discuss in the time that follows are highly impressive and are set to transform frontline brokers’ and underwriters’ day-to-day relationship with the technology they use to carry out their jobs.
They could unleash a wave of productivity and creativity that would completely re-set the market’s relationship with itself and with the rest of the world.
It’s extraordinary stuff – but as I said at the beginning, John is very much out of the ordinary.
LINKS:
We mention a video that PPL has produced outlining the vision behind its recently-announced partnership with Microsoft. I highly recommend a view: https://vimeo.com/1017109828
https://placingplatformlimited.com
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Today’s guest is a longstanding executive with an incredibly strong resumé who is running one of the legacy sector’s most respected outfits.
Bill O’Farrell is CEO of Premia Holdings and as such has an excellent overview of this rapidly maturing segment of the market.
In the podcast Bill and I look at the state of the legacy market and how it is likely to be interacting with the live market going forward.
At a time when the live market is undergoing one of its periodic crises of confidence in US casualty, it is particularly valuable to talk to someone who has spent much of his career making a living out of taking on and managing long-tail liabilities of all complexions.
We also examine how the structure of the legacy market is evolving towards a partnership model in which repeat transactions with live market counterparties are much more likely than in the past.
We also look at innovation and the best applications for AI within legacy as well as the prospects for an important role for the sector to play in the nascent casualty ILS market.
Bill’s not only incredibly experienced and knowledgeable, but he’s also very easy-going and really enjoyable company and the next half an hour will pass by very quickly.LINKS:We thank our naming sponsor AdvantageGo:https://www.advantagego.comWe also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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Todays’ guest is a senior treaty underwriting executive with such a strong technical and systems background that he ended up joining a firm dedicated to solving his sector’s problems.
Bevis Tetlow is CEO of Imaginera, a business that produces specialist IT systems specifically designed for the big-ticket end of the market.
Imaginera is also a highly specialist IT consultant to the industry.
Bevis is one of us and speaks our language and that’s what makes this exchange so accessible and valuable.
Here we dissect the world of workbenches and how state-of-the-art systems designed for reinsurers and other high-level specialist underwriters should look like in 2024.
We also get Bevis’s views on where the next developments in technology are likely to take the high-end underwriting and broking businesses of the future.
Bevis is great company and this podcast packs an awful lot of accumulated wisdom into the next half an hour or so.
I learnt a lot and so I think will you
NOTES:
Bevis mentions a Toby and a Michelle. These are Toby and Michelle Crawford, the original founders of Imaginera back in 2013.
An abbreviation slipped through. A PAS (sometimes spelt out P.A.S. and sometimes pronounced ‘pazz’) is a Policy Administration System.
LINKS:
https://www.imaginera.co.uk/
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TRANSCRIPT HERE
With a career spanning more than 30 years, today’s guest is a senior executive who has the London insurance market well and truly in his blood.
John Fowle has changed employer since his last appearance on this podcast just under three years ago and with a year under his belt as CEO of Atrium Underwriters, now seemed the perfect time to get him back on the show.
Atrium is a Lloyd’s blue-chip performer, respected in the market for its agility and underwriting skill across the cycle, and ability to punch well above its weight.
As Lloyd’s and Atrium are experiencing some of the best market conditions and underwriting results in their histories, this was a meeting with an executive at a business with great prospects in a market that is openly supportive to growth and innovation.
With the world effectively Atrium’s oyster, there are many doors and options currently open to this carrier.
With so many potential choices available, the conversation that follows reveals a lot about John and Atrium’s singular view of the insurance world – a view that has stood them both in good stead over the last 30 years.
We talk about the prospects for pricing and continued business flow into the London Market, a new-found maturity over collaboration, smart distribution and innovation and get specific updates on some of the classes in which Atrium is recognised as a leader.
John is a straight-talking guest who doesn’t duck any of my more sensitive questions, but for me it’s his deep understanding of how the market fits together and what it does best, coupled with a senior manager’s knowledge of how to get the best out of high-performing underwriters that really shines through this Episode.
Listen on and I think you’ll see what I mean.
LINKS:We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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As CEO of Ryan Specialty Tim Turner has arguably some of the best visibility of the global insurance market and its stress points of anyone in the industry.
The business that Tim has helped to build with founder Pat Ryan is a broad, deep, complex and highly efficient insurance distribution machine, that picks up and serves wherever local markets are unable or unwilling to provide the insurance solutions that its retail brokers’ clients around the world need.
The firm works with over 20,000 brokers of all sizes and handles more than $25 billion dollars in annual premiums.
Ryan Specialty has also been a major consolidator in its segment, executing many large and complex deals on both sides of the Atlantic.
In this podcast I was able to quiz Tim on all the trends in the market and he was really open and forthcoming in all his answers.
So if you’d like to know where the major friction points and opportunities are, whether the boom in E&S submissions will continue and wonder where ongoing retail broking consolidation and the continuing wave of MGA formations are likely to be leading then listen on.
You won’t be disappointed.
But more importantly you’ll be spending time with one of the sector’s most successful, experienced and dynamic executives and learning how he thinks about the insurance world and how he intends to make the most of all the many commercial opportunities it is currently affording a business like Ryan Specialty.
Tim’s also great company and his drive and enthusiasm for our sector is undiminished and I’ll wager a listen will put a renewed spring in your step.
LINKS:We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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This is a great episode with someone whose job encompasses education, engagement and innovation and who has found real purpose and great satisfaction in her current role.
Rosie Denée is best known for running the highly successful Lloyd’s Lab innovation hub, but her full job title is in fact Head of Innovation, Commercial Education and Engagement at Lloyd’s.
In this podcast we get to the heart of how to foment innovation in the global specialist insurance and reinsurance market and learn about the characteristics of the top insurtech companies that give them the best chance of success and perhaps more importantly, what traits are most closely associated with failure.
We also get a sneak peek at what the next wave of new Insurtech companies are likely to be offering the incumbent market in the coming years.
Rosie is the sort of personal who lights up when she starts talking about her job and so I can guarantee that this will be an educational, innovative and highly engaging listen.
NOTES:
IoT means the Internet of Things – the sea of interconnected devices that make up our world today.
LINKS
Rosie mentioned Lloyd’s Lab alumnae:
Gaia https://gaiafamily.com/en-gb and
ClearConnect Solutions https://clearconnectsolutions.com/
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Get 20% off using the code ‘voice’ when you sign up Here
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Today’s a really enjoyable episode because I am talking to someone of vast insurance market experience who is getting a shot at putting that deep knowledge and acquired wisdom into really useful practice
Greg Massey has had an insurance career spanning four decades that culminated as Head of Programs at Zurich North America.
On his retirement in 2022 he became an adviser to VIPR to help the company with its US expansion plans.
This is a great match because in this role Greg is able bring his experience to bear to introduce US Delegated authority and programme management industry peers to the products and solutions that VIPR has been providing to that same community in the London Market for almost 15 years.
Greg is a great professional and this podcast is a masterclass on best practice in the application of technology for solving core operational problems and generating a genuine data-driven edge in this burgeoning market segment.
Greg is also excellent company and is incredibly open and generous with his insights.
Half an hour with him will fly by and give you a large number of practical ideas you can apply to your own business.
LINKShttps://www.viprsolutions.com/
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Welcome to the third instalment of the podcast where I use the annual Monte Carlo RendezVous to gauge the outlook ahead of the key 1.1 Reinsurance renewals.
This year, a lot had changed in the preceding 12 months. 2023 results had been almost universally excellent for all reinsurers and capital had returned to very healthy levels.
Colour and confidence were visibly returning to the market.
Smiles and receptive ears were in far greater supply than a year previously and the grim mood of two years ago had been almost completely forgotten.
The only flies in the ointment were continued emergence of poor back year performance in some US casualty classes and a hesitancy among investors who still seemed more ready to punish any bad news, than reward the good.
Whatever had been black and white two years ago was becoming progressively greyer and choice and options over what - and how and in what shape or size reinsurance could be bought - were beginning to open up for cedants.
In short this is a market of nuances and one where experienced traders are going to be given an opportunity to shine.
So join me as I root them out from either side of the underwriting desk and find out what’s going on.
My promise to you is that if you weren’t lucky enough to be down on the Cote D’Azur in early September, listening to this podcast will be the next best thing to having been there in person, in the rooms, suites, cafés, restaurants and lobbies with me as I interrogate a large number of key industry personnel.Give me the next hour and I’ll give you the State of (Re)insurance.
NOTES:
GL = General Liability
LINKS:
We thank our sponsor Stephens Rickard:www.stephensrickard.com
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Todays’ Episode is a fast-moving, high-intensity blast from start to finish.
That’s mostly because of the people I’m talking to, but also due to the circumstances under which we are doing the talking.
First the people.
Richard Brindle is well known to anyone in our business as one of the most dynamic underwriters in the market.
And anyone following the Fidelis story will know that now the business has split into the Fidelis Partnership and the Fidelis Insurance Group, Richard has freed up time to be even more dynamic.
It’s perhaps understandable that Richard Coulson, The Fidelis Partnership’s CEO of Insurance & Deputy Group Chief Underwriting Officer, doesn’t yet have the same public profile as his namesake, but on this performance it won’t take long for that to start building.
Secondly the venue was Monaco at the Monte Carlo RendezVous. The RendezVous always heightens the intensity of any interaction.
People come there ready to communicate against the clock and that cut-to-the-chase feel very much comes through in this encounter.
As a result this podcast covers everything it should – the state of global markets and where Fidelis is positioning itself to make the most of the opportunities those markets are throwing up, the Fidelis Partnership’s entrance to Lloyd’s and the two Richard’s views on all the major issues of the day.
Listening back this is a really enjoyable Episode, packed with singular, original and sometimes surprising insights.
NOTES
The Fidelis Partnership wanted to add the following points to our discussion about Intellectual Property (IP) insurance:
Like others Fidelis exited the IP market earlier this year;
Arguably IP is a great example of the bravery of innovation with measured downside and then pulling back quickly as soon as the warning alarms sounded;
As a relatively small and well-managed book, there was very little impact on their overall exceptional long-term bespoke underwriting performance.
LINKS:We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Find out more and Sign up Here
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Beazley is a carrier that is synonymous with expertise in the Cyber insurance line and today we are going to get a masterclass in the Cyber threat and how to deal with it from all angles.
We’re going to look at how that cyber threat is evolving, and how Cyber criminals are modifying their methods of attack in the face of an increasingly sophisticated line of defence from companies and Government agencies around the world.
We’ll look at the new threats coming in the age of Artificial Intelligence and - in a world where the CrowdStrike event has reminded us that not all threats necessarily need to be malicious to have a global impact – more mundane problems
A decade ago cyber insurers may have partnered with third party service providers, such as threat monitors and security consultants.
These days the best cyber insurers are bringing those services in-house and offering a holistic offering to their customers, one where everyone’s interests are fully aligned to the best outcomes for all concerned.
In this podcast we will see how this is fundamentally changing the traditional relationship between insurers and their customers.
You don’t have to be a Cyber expert to benefit from a listen to this podcast – indeed, as the Cyber world encroaches more and more on every aspect of our daily lives and companies become aware that Cyber threats directly affect the core of their businesses in all respects, being an avowed techie is less and less important.
These days the best CEOs and CFOs are increasingly aware that a Cyber attack could be an existential threat to their company and that this is clearly not a matter to be left to the IT department to handle alone.
To help us cover this subject from all possible angles, I have been lucky enough to interview four diverse experts from within the wider Beazley business:
They are: Fran Donoso, Chief Technology Officer of Beazley Security, Sydonie Williams, Beazley’s Cyber & Tech Focus Group Leader for the rest of the world, Raf Sanchez – Head of Cyber Services at Beazley Security and Cyber Security Consultant, Alex Creswell.
NOTES: I highly recommend you download Beazley’s latest Cyber Tech Risk Report.
It’s called Spotlight On Cyber & Technology Risk 2024 - Resilience in a Game-changing environment and it makes a perfect accompaniment to this podcast.
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Today’s guest is in an enviable position – this is because he works for one of the most mature and trusted brands in the global insurance food chain, but is leading the underwriting at a segment of that business that is only just five years old and is still building out and growing fast.
Greg Hohman is the Chief Underwriting Officer of Munich Re Specialty Insurance and has a very special vantage point from which to survey the US market.
This conversation is full of valuable pointers on where the US P&C market is heading.
In it we dissect the Excess and surplus lines (E&S) boom, whether parts of the market are peaking and how much of the shift into this segment is cyclical and how much is permanent.
We also delve deep into the shift in distribution with the continued rise of MGAs and hybrid carriers and examine the question of how Artificial Intelligence might best be harnessed in the insurance value chain.
But this is also a very well-rounded conversation in which Greg explains how he got into insurance and shares his best career advice.
Greg is smart, straightforward and really enjoyable company and time spent with him flies by quickly.
So over the next thirty-five minutes you’ll learn an awful lot, but I think you’ll also make a very knowledgeable new friend in the industry.
LINKS:
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Find out more and Sign up Here
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Today’s guest is a master of the aviation class of business, but is also a well-known and respected market figure across classes, holding key positions in market committees and international insurance trade bodies and non-insurance organisations alike.
Bruce Carman has been a leading aviation and war underwriter since the late 1980s and after over 30 years at the heart of the Lloyd’s market, started his own specialist MGA, Hive Underwriters in 2017.
That business has grown rapidly and has begun to mature and scale and so now seems an excellent time to get Bruce on the show.
The aviation market is in a fascinating position post the Russian invasion of Ukraine and part of our talk will be an incredibly useful listen for any generalist who might feel that aviation is sometimes a specialism too far for them.
But that wouldn’t be doing justice to Bruce and this discussion.
Listening back, what this podcast is really about is examining the art of becoming a good and highly focused underwriter and insurance entrepreneur.
Bruce is incredibly good company and is very generous with his time and insights.
My overriding impression is of someone having the time of their life. Bruce is someone who has been given the opportunity to start from scratch and be fast-paced and nimble in applying the best practices and technology available today to a lifetime of frontline high-performing underwriting experience.
NOTES
Abbreviations:
EASA = the European Union Aviation Safety Agency
WAIG and BAIG = Respectively the Westminster and British Aviation Insurance Groups – early UK aviation pools. BAIG is a forerunner of today’s Global Aerospace.
Appointed Rep = Appointed Representative. A UK term where a younger firm gains regulatory (usually FCA) authorisation via an arrangement with a fully-regulated firm.
LINKS:
Bruce mentioned an Allianz aviation report, which is a highly complementary read to accompany this podcast:
Aviation risk, claims and insurance outlook 2024 | Allianz Commercial
We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
We also thank new audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series. They are advertising their new London-based event, Data Jam, which is focused on exploring the implications and opportunities of data, analytics, AI and automation in the insurance sector.
It’s on 28th November at Convene, 133 Houndsditch, London EC3. I’m going to be there.Find out more and Sign up Here
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I would have to spend some time checking the numbers, but today’s guest is the Chief Underwriting Officer who oversees arguably the largest amount of Gross written premium in the world.
That’s because Rachel Turk is really a Chief, Chief Underwriting Officer who oversees forty to fifty of her peers in the $70 billion dollar Lloyd’s market.
Whatever the final numbers, her job gives her one of the best vantage points anywhere in global insurance, so learning what she thinks is incredibly useful.
Also given the authority she wields, it’s incredibly important to know, why she’s thinking what she’s thinking and how those thoughts might be turned into actions in the Lloyd’s market.
Given the pivotal importance of the job and the huge diversity within the Lloyd’s market, being a strong communicator and being relatively easy to read must be highly desirable qualities in a candidate for a role such as this.
Happily Rachel is a brilliantly clear communicator – what you see is what you get.
Sometimes interviewing people in very senior, very sensitive jobs like this I have to grapple with cryptic answers or political-style evasion techniques where the difficult questions seem to be there to be avoided.
There’s absolutely none of that in the interview that follows. Rachel is a blast of new energy with a refreshingly down-to-earth and approachable personality.
In this podcast we rattle through a tour of where Rachel sees the Lloyd’s portfolio and global insurance and reinsurance markets today and more importantly in what directions she is looking to nudge and steer the market in the future.
A listen will give you a really clear idea on where Rachel stands on overall performance, casualty rate adequacy, reinsurance at Lloyd’s, captives, innovation, the opportunities for profitable growth and even AI.
You’ll also come away with a pretty clear idea of what she would be like to deal with.
It became clear to me that she’s an underwriter’s underwriter. Having sat on the other side of the table she really understands the commercial pressures that underwriters face in the real world.
But because she has sat in those shoes she can recognise all the ways that even the smartest underwriters might start to repeat the mistakes of the past.
I really enjoyed this. I think this is one of the best Episodes of the year so far and can highly recommend a listen.LINKS:We thank our naming sponsor AdvantageGo:
https://www.advantagego.com
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