Dublin May 10th 2012
|To :||Enrique Belzuz
Bertjan de Lange
Members of Insuralex
|From :||David Brackenbury|
|Date :||18th May 2012|
|Subject :||Lloyd’s Meet the Market Event – Dublin 10th May|
Margaret Carey and I had another extremely positive and successful visit to the Lloyd’s event in Dublin. In many ways, it followed the format of the successful Rotterdam meetings. As before, the room was set out with 55 “boxes” where Underwriters, Brokers and other companies awaited visitors. The atmosphere was very good, with people being happy to converse and in many ways, this is a great way of seeing people, who it can sometimes be more difficult to meet in London.
Margaret and I worker really well together and we both felt that it was a most productive day.
Please see the following notes on the individual meetings and discussions:
Lloyd’s Agency Department – Aidan Holly
I have an excellent relationship with Aidan and his department, which is responsible for administering more than 300 Lloyd’s Agents around the world. Aidan is well aware of Insuralex and has been very helpful in keeping me informed of upcoming Lloyd’s events. Aidan does contact me from time to time when he needs advice. The Agency network operates, usually as loss Adjusters and Surveyors and there are occasions when legal advice may be sought.
Margaret and I explained the location of Insuralex members and offered assistance in any matters that may arise. Aidan also informed me of two further Lloyd’s events coming soon. There is an event in Budapest in June and another in Milan in September.
Pembroke Managing Agency – John Newton, Lynda Salter, Mark Wheeler, Fiona Marray
An excellent discussion. Pembroke write a broad base of liability business and .also work in the Property, Political Risk and Marine fields. We were dealing with the CEOs of the International and European branches of Ironshore, the overall holding Company and also with John Newton who is involved as an Underwriter on professional liability. In our discussions we were both very encouraged by the fact that Pembroke do not always like going to the established multi-national law firms. They have experienced problems with fees in the past and were interested in our Group and what we could offer in terms of coverage and charges. We explained that we have Members in most European countries, the USA and Middle East and would be interested in being named on Panels for the Insuralex Group as a whole. As a part of this, we agreed to work with any Service Level Agreement that may be required, together with a breakdown of our Member’s fee structures. They were interested and we will have further discussions and meetings in London.
CFC Underwriting – David Walsh, Oliver Box
We have seen quite a bit of CFC over the last few weeks and I am an admirer of their responsive and flexible MGA structure. Their focus is in professional E&O coverage, although they don’t do Medical, Legal or Accountancy coverage at present. They are finding the market pretty difficult in Ireland at the moment, although we agreed that things were showing some signs of improvement. We were able to explain the set up and membership of Insuralex to David Walsh, the MD of CFC and discussed areas where Insuralex Members could assist across multiple jurisdictions. Oliver and David were very interested to hear from Margaret and me. They were aware of Insuralex, having heard of us through our London meeting with Tim Danbury, CFC’s Claims Manager.
Wrightway Underwriting – Brendan Pollard, David Crean
Wrightway are coverholders for Underwriters at Lloyd’s in Ireland and work closely with Alston Gayler as their Lloyd’s Broker. In Ireland, they work with about 300 Brokers in Ireland, which gives a wide exposure for Margaret’s practice. Their practise includes Fleet and haulage matters, Construction Personal Lines and Commercial work. They were interested in our Group and in DFMG and their work in Ireland. They said that they will bear Insuralex in mind and areas that they spoke about included assistance in pre-contract work and also in bearing down on insurance fraud, which is something of a problem at the moment.
It was good to meet with Wrightway. I hope it will be a useful contact for DFMG and with their strong London connections, this was a useful meeting.
Leadenhall Insurance Brokers – Chris Devine, Kevin Carrabine
They are a new Lloyd’s Broker and specialise in Professional Indemnity business. They are in the process of launching an online product for smaller scale PI business and they cover a wealth of trades (but not lawyers, doctors or accountants). It is well worth having discussions with Brokers who operate in the liability world. They have access to Underwriters who will be useful to the Group and as opinion formers can bring influence to bear. Margaret and I had a useful discussion with Chris and Kevin and explained Insuralex and where we are located and what we can do in single or multi-jurisdictional matters. We also offered assistance in the construction of wordings and their application in areas where there can be conflict with Insurance regulations or codes, which might work against a wording that has been produced without foreknowledge.
Mitsui Sumitomo Insurance Group – Anne Plumb, Marilize Otto
I have had extensive dealings with Mutsui in London with a very good relationship on the Marine side. It was also high time that Margaret and I visited their stand for a refreshing bowl of sake, which they were offering!!
We met with Anne, who writer Property business and Marilize, who writes Professional Lines. Mitsui have been established in the Market for a number of years, but are not currently leading too much business. Clearly this is going to change with their company taking a long term approach to underwriting. The two people at the meeting encompassed the Property and liability sides of the business. Anne also has extensive experience in underwriting in Singapore and was a useful contact. Margaret and I had a good opportunity to explain Insuralex and gave a good overview of our capabilities and locations.
Alterra Underwriting – Michael Dicker , Robert Sparkes, Ozmond Mwuaniri Craig Dennis
This meeting turned out to be one of the highlights of the day! I am very familiar with Alterra in London and have worked with Craig Dennis (Specie Underwriter) for many years and when he was a broker at Locktons. While we were speaking Michael Dicker asked us to consider a particular problem that he is facing. As the Agriculture specialist at Alterra, Michael is eager to expand into China where the market has expanded from $200 M in 2007 to an expected value of $3 Bn in 2012. The problem he faces is that he is unsure of the legal system that operates in the PRC and how fair and equitable the Courts are in that jurisdiction. Michael said that this was a Market wide problem and that any assistance that could be offered by our Group would be very much appreciated.
Margaret and I made a careful note of this matter and have subsequently referred the matter to the Board and a good dialogue has been established between Insuralex Members and Alterra. This has gone down very well and will be of benefit to Members in many other areas of business. Alterra are a good Managing Agent and do lead a lot of Lloyd’s business, so it was a particular pleasure to be able to assist them on this query.
Garwyn Group – Peter Haran
Peter Haran is the MD of this Irish liability Loss Adjuster and is an old friend of Margaret. They explained that as the recession has taken hold in Ireland, that many workers in Ireland were being employed in Eastern European countries.
Peter explained that they are very interested in establishing a Group of Liability Adjusters in these countries and I offered to assist Peter in working with him to assist. This will be good for our Group, as we will be able to use contacts that are established here to work with our longer term objective in expanding into this part of Europe. Peter is a charming man and it was a very interesting meeting.
Kiln Group – Russell Evans
On all the recent marketing visits that Insuralex have arranged, we have been keen to see Kiln and they have the potential to be good supporters. Our discussions revolved around their life involvement. Here they have an identified problem about disputed claims on Life policies that have been issued and claimed on Russell was interested in meeting with Margaret and they discussed the possibility of Kiln seeking some opinions on some local issues. A useful meeting with a Managing Agent who we are reaching out to from a number of directions.
Amlin UK / Amlin Plus – Tim Baker, Patrick McMillen, Laura Brown
We had a useful meeting with Amlin., discussing matters of their liability practice and also (very dear to Irish hearts!!), their successful Bloodstock division, Amlin Plus. I have had involvement with bloodstock claims back in the 1990s, when I was at JLT and Margaret and I had a useful conversation about this.
Amlin, however are a very important Lloyd’s Underwriter and I have had a very good relationship with their Marine area. It was very useful to meet with their head of Marketing and also to introduce Insuralex to their Liability team. We spent some time in giving an explanation of the members of the Group, the locations and our operations and values. This is an Underwriter that we will follow up with.
Travelers Insurance – Ben Phillips
Margaret and I had a brief conversation with Ben, who is an Underwriter on Financial institutions and Management liability. A pleasant chap, who suggested two names for us to approach in London, Mark Bennett (Professional Indemnity) and Dennis Lee (D&O). As with Amlin, I am already familiar with the Travelers Marine and Property areas and these extra contacts will really assist in Insuralex gaining access to this important Lloyd’s Syndicate and massive US Company.
Channel Syndicate – John Byrne
We had already met with Channel in Rotterdam and subsequently in the London networking meetings, had a very good meeting with Whittington, who manage their claims and operations. John is the senior executive of Channel that we had not met already. Margaret and I gave a detailed explanation of Insuralex and our activities as well as the details of DFMG Solicitors in Dublin. In an interesting discussion, John said that they were looking to market and gain business outside the traditional Lloyd’s environment. They were interested in the local knowledge that Insuralex Members have of their own areas and specialisations.
The Syndicate intend to roll out FI and D&O wordings soon and are interested in Insuralex being available to assist in the formulations of wordings to the law applicable in various jurisdictions.
Arch Insurance Europe – John Spenceley, Dervia Lynchehaun
I have a good relationship with the Property and Specie underwriters at Arch, so it was good to meet with John and Dervia. We explained the make up of Insuralex to them and they were interested in the context of local knowledge and pre-risk work. John suggested that we contact Jiyan Zora, who handles the Casualty claims for the Syndicate.
Argo – Nigel Donning
Margaret and I had a quick chat with Nigel. He was pleased that we have followed up with Ashley Lawrence in his claims department and was interested in the progress that the Group is making in promoting itself. A thoroughly nice man and a good contact.
Margaret and I both agreed that the day had gone very well. It had been an excellent forum that was very well organised by Lloyd’s. Even Kicking King, a horse that won the Cheltenham Gold Cup came by at one point! Margaret and I worked really well together and we had a good reception. These meetings are a really excellent way for us to showcase Insuralex and the capabilities and collegiate structure of our Group.
As in Rotterdam and at the recent London meetings, Margaret’s excellent reputation and her local knowledge, and my experience in the London Market both combined to make an excellent impression.
I hope you find this Report to be interesting and look forward to any comments or queries any of you may have.
With best regards,