THE GRACECHURCH REPORT LEADING 100

Transcription

1 THE GRACECHURCH REPORT LEADING 100 Copyright. Gracechurch Consulting Ltd All rights reserved

2 CONTENTS 1. CONTENTS 2. INTRODUCTION 3. TOP NEXT NEXT NEXT 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? 2

3 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.

4 TOP 10 1 Mark Pepper Ascot 2= 2= 2= Clive Washbourn Beazley Dominick Hoare Watkins Richard Trubshaw MAP Chris Jones Kiln Neil Chapman Argo International Nigel Tatlock Liberty Specialty Markets 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. referring to: NIGEL TATLOCK LIBERTY Specialty MARKETS 8= 8= Richard Williams Cathedral Philip Sandle Beazley CATLIN 8= Richard Golder ACE ASCOT BEAZLEY AMLIN XL KILN HISCOX BRIT Overall Insurer nominations 3

5 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. THE NEXT referring to: CLIVE WASHBOURN BEAZLEY NAME COMPANY Business class 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 Aegis Ascot XL Watkins Chaucer Aspen Beazley Atrium Liberty Specialty Markets Casualty/Non Energy Casualty/Non Aviation & Space Aviation & Space Energy Aviation & Space 4

6 THE NEXT NAME COMPANY Business class 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 Aegis Chaucer Ace Atrium Liberty Specialty Markets Ascot Talbot Ace Kiln Talbot Hiscox XL Liberty Specialty Markets Hiscox Axis Ascot Kiln War & Geopolitical Risks Aviation & Space War & Geopolitical Risks Casualty/Non Accident & Health Energy Accident & Health 5

7 THE NEXT NAME COMPANY Business class 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 Navigators Pembroke Swiss Re XL Novae Novae Beazley Chaucer Kiln Brit Kiln Faraday Hiscox Cathedral Ace Brit Atrium Hardy Aviation & Space Energy Aviation & Space Casualty/Non Casualty/Non Casualty/Non Contingency War & Geopolitical Risks Accident & Health Casualty/Non War & Geopolitical Risks 6

8 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 Aegis Aspen Re Hiscox Brit Argo International CV Starr Beazley Hardy Aspen Hiscox Global Aerospace Travelers Atrium Hiscox Novae Argo International Brit Brit Liberty Specialty Markets Hardy Beazley Brit HCC AIG Casualty/Non Casualty/Non War & Geopolitical Risks Casualty/Non Aviation & Space Energy Aviation & Space Casualty/Non Casualty/Non Energy Casualty/Non Aviation & Space 7

9 BUSINESS CLASSES

10 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. UNDERWRITER NOMINATIONS BY CLASS OF BUSINESS referring to: Stephen Hawkins CATLIN REINSURANCE MARINE CASUALTY/NON MARINE LIABILITY PROPERTY ENERGY AVIATION & SPACE WAR & GEOPOLITICAL RISKS ACCIDENT & HEALTH 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: Simon Stonehouse BRIT 9

11 ACCIDENT & HEALTH 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. and Kiln underwriters take centre stage in the Accident & Health line, providing market-leading service through their responsiveness and versatile attitude. TOP TEN TIM PRIFTI Kiln NIGEL GUILLAUME-SMITH MARK CLEMENTS JONATHAN THOMAS Watkins ANDREW BOWERS Brit NEIL WHITBREAD Channel STUART LIDDELL Sirius TOM ING Hiscox CHARLIE BOYD Ark PETER LAIDLAW Atrium PETER WILKINS ROLAND FOX MAP 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 Very keen to help brokers and build relationships, a good understanding of the business. REFERRING TO TOM ING, HISCOX INSURER BENCH STRENGTH Kiln Ark W R Berkley Watkins Arch Others Brit Canoplus 10

12 AVIATION & SPACE 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, whose underwriters are seen to be very willing to engage and negotiate with brokers and clients. TOP TEN RICHARD WILLIAMS CATHEDRAL MATT LANGMEAD WILLIAM HALLIGAN LIU RICHARD POWER DAVID WADE Atrium SIMON CLAPHAM Liberty Specialty Markets NIGEL GRIFFITHS CV Starr TREVOR CHURCH AIG ALEX BARKER ANTHONY FRANKEL XL MATT THOMAS Atrium 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 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 INSURER BENCH STRENGTH Atrium CV Starr Liberty Specialty Markets AIG Others Cathedral Global Aerospace 11

13 ENERGY 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. TOP TEN DOMINICK HOARE Watkins STEPHEN HAWKINS JAMES FLUDE Watkins SAM HARRISON SARA VALENTINE Brit PAUL DAWSON Hardy ALEX WILMOT Navigators HUW JONES MATTHEW HOLMES Beazley DUNCAN WILSON 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 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 INSURER BENCH STRENGTH Watkins AIG Brit Others 12

14 CASUALTY/NON-MARINE This is a strong and varied class for overall talent spread across a wide range of insurers. Casualty/Non 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? TOP TEN CHRIS JONES Kiln JAMES MECHAM Chaucer CHRIS TERRY Aegis MATT LACY CHRIS WARRIOR Beazley GRANT CLEMENCE RUPERT TAYLOR Argo International BRIAN ALEXANDER Novae TIM BUTCHER He is active, helpful; he likes to see things which are unusual, and is actively looking to expand. REFERRING TO NIGEL DORNING, ARGO 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 INSURER BENCH STRENGTH Chaucer Ace Beazley Brit Others Kiln 13

15 MARINE The marine market is characterised by highly knowledgeable and experienced underwriters. Leading 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. TOP TEN CLIVE WASHBOURN Beazley PHILIP SANDLE Beazley RICHARD GOLDER HOWARD BURNELL JOHN HENDERSON Aspen ALISTAIR MARRIOTT GARY TREDGETT Ascot ANDREW TURTON IAIN HENSTRIDGE He is one of the leaders in the market at what he does and he is highly respected. REFERRING TO PHILIP SANDLE, BEAZLEY GAVIN WALL Ascot 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 INSURER BENCH STRENGTH Beazley XL Others Ascot Ace Aspen 14

16 PROPERTY Leading 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. TOP TEN NEIL CHAPMAN Argo International NIGEL TATLOCK Liberty Speciality Markets GRAHAM HAWKINS XL JONATHAN GRAY Beazley ROBERT READ Hiscox SIMON MORGAN Hiscox JEFF BRIGHT Kiln RHYS THOMAS ALEX POWELL Aegis THEO BUTT Ascot 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 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 INSURER BENCH STRENGTH Hiscox Brit Liberty Specialty Markets Kiln Beazley Others 15

17 REINSURANCE 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. receives the largest number of mentions for their technical and flexible underwriters. TOP TEN MARK PEPPER Ascot RICHARD TRUBSHAW MAP BOB MELLOR MARK HILLER Atrium RUSSELL MERRETT Hiscox JOHN CUTTS Talbot MICHAEL JEDRASZAK Hiscox DIETER WINKEL Liberty Specialty Markets ANDREW GLADWIN Swiss Re MICHAEL MEACOCK Meacock MIKE KREFTA Hiscox He's very technical but coupled with that he is also commercial and flexible. In terms of pricing and where he is able to deploy capacity. REFERRING TO BOB MELLOR, AMLIN 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 INSURER BENCH STRENGTH Hiscox Ascot Liberty Specialty Markets MAP Others 16

18 WAR & GEOPOLITICAL RISKS 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. TOP TEN ANDREW BAUCKHAM Chaucer JAMES BAMFORD Talbot NICKY ABLETT JULIAN EDWARDS Ace JOHN OWEN Novae JAMES NEVITT Brit JONATHAN POWELL Talbot MATTHEW EVE Ascot PAUL DOBSON WILL FARMER 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 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 INSURER BENCH STRENGTH Talbot Others Chaucer Liberty Specialty Markets Hiscox 17

19 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 ratings From 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

20 Broking houses that participated in this study included: AJ Gallagher Gibbs Hartley Cooper Nausch Hogan & Murray ARB International Glencairn NCG Professional Risks Newman Alesco Risk Management Services Grosvenor Brokers Martin & Buchan Alston Gaylor & Co Guest Krieger Oval International Alwen Hough Johnson Guy Carpenter & Co Price Forbes Aon Benfield BMS Harries & Dixon Prime Professions 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 Risks HSBC Insurance Brokers 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 Aviation & General (London) Mar Risk Services Marsh Broker Merdian Risk Solutions Miller Insurance Group 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

21 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. Insight Our 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 Inspiration Our 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 Expertise Not too much jargon & consultant Our team of senior consultants has specialist expertise speak...you feel you re on the in research, marketing and communications, change management, product and service positioning, creative same wavelength. 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

22 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: llu@gracehurchconsulting.co.uk Gracechurch Consulting 34 LIME STREET LONDON EC3M 7AT T: +44 (0)