The Voice of Insurance

Today’s guest runs a very large Lloyd’s business that in the past seven years has perhaps been the poster child for many of the problems in the London market as a whole. This is a previously star business that lost its way. It has had to retrench, contract and remediate to re-discover itself in the past three years. Johan Slabbert is the CEO of MS Amlin and has been at the Lloyd’s carrier for two years and in the CEO role for 18 months. He is a seasoned executive, into his third decade of experience and gives the impression of someone who is a very solid and safe pair of hands. He is also very likeable, very transparent and exudes trustworthiness. Our discussion is very frank and sometimes almost blunt. I find this really healthy, and feel lucky that we can have this conversation at all. Now that MS Amlin is beginning to emerge from darker times and has posted a profit for the first time in many years, Johan permits himself an occasional glance towards potentially better prospects ahead. But the roots are very firmly planted in the ground. As a consequence I don’t think you will hear a more honest assessment of the state of the market and the opportunities and challenges it presents anywhere else. LINKS We thank our naming sponsor AdvantageGo: https://www.advantagego.com/ We also thank our advertiser Anaplan and Conor Donohoe and Daniel Ellis for coming on the show to explain what Anaplan's platform does for the insurance sector. Email contacts: conor.donohoe@anaplan.com daniel.ellis@mentattechnology.co.uk

Today’s episode brings together a trio of London Market leaders. Sheila Cameron is the CEO of the Lloyd’s Market Association (the LMA) and was the guest on the very first Episode of the Voice of Insurance. Clyde Bernstein is the Head of Broking Technology at WTW, as well as being its Head of Broking in Great Britain. Clyde appeared in Episode 63, which was all about the broker of the future. Completing the line-up is someone who I have wanted to get on the show for a long time as he is a strong, really well-known exceptionally bright and eloquent executive who always has an interesting view of the market. Paul Jardine is an Actuary, the former Chief Actuary and Commutations Director of Lloyd’s run-off vehicle Equitas and was one of Stephen Catlin’s top executives for over 15 years. He currently has multiple interests, the most prominent of which is that of Non-executive Chairman of Lloyd’s turnkey Managing Agency Asta. But what unites my three guests is that they are all members of the recently formed Data Council, chaired by Sheila, which has been brought together by overarching London trade body the London Market Group (LMG) to drive the digitisation of the Market. This episode gets to the heart of what the Data Council is and what it is tasked with doing It also dissects the Council’s first major achievement which has been to codify the Core Data Record (or CDR) which will be the building block for making London Market contracts fully computable. Sheila, Clyde and Paul are a lively group and this podcast is a really good way to get up to speed for anyone who may sometimes find the reform process in the London Market difficult to follow. Enjoy the Podcast NOTES and THANKS Sheila used an abbreviation, the GRLC, which I should have clarified at the time. This stands for global digital insurance data standards body ACORD’s Global Reinsurance and Large Commercial standard. There is also a mention of the Rushlikon Initiative, which is a longstanding global standards and process efficiency drive backed by ACORD, WTW, Swiss Re and many other major market participants. We thank today’s sponsor AdvantageGo: https://www.advantagego.com/

Today’s guest is someone I have been meaning to get on the show since this podcast started over two years ago. That’s because he is one of the smartest and most eloquent executives anywhere in the sector. We overuse the word pioneer but Michael Millette has made a career out of innovating at the highest end of our business. He and a handful of others created the ILS market out of nothing in the mid-1990s. Then after two incredibly successful decades at Goldman Sachs, in 2016 he launched Hudson Structured Capital Management. Hudson Structured is a pretty unique business because it is combining alternative asset management and finance with venture capital. I can’t think of another business in insurance with such eclectic tastes. It can get involved in the sector from so many angles and at so many points in the value chain. It’s fascinating and very liberating. Mike has an incredibly broad and deep understanding of the insurance and reinsurance sector, all the way up from the first dollar of personal lines premium to the last cat bond bought by a long-term investor. He is also fun and outspoken and is never afraid to take an unambiguous view on topics. In this podcast we cover a huge variety of subject matter, from the mid-year cat renewals to ABC which is Mike’s shorthand for ‘All But Cat”! For me he’s one of those people who make you feel like your IQ just went up a few points after you have spent some time in their company. So I won’t come between you and enlightenment any longer. Enjoy the podcast NOTES I let one abbreviation get through the interview unexplained. That was CR/I, which is short for Catastrophe Reinsurance. LINKS We thank our naming sponsor AdvantageGo: https://www.advantagego.com/ We also thank our advertiser Anaplan and Conor Donohoe and Daniel Ellis for coming on the show to explain what Anaplan's platform does for the insurance sector. Email contacts: conor.donohoe@anaplan.com daniel.ellis@mentattechnology.co.uk   The views expressed reflect the current views of Hudson Structured Capital Management Ltd. (“HSCM”) as of the date hereof and HSCM undertakes no responsibility to advise you of any changes. Neither the podcast nor any of the information contained herein constitutes an offer to sell, or a solicitation of an offer to buy, any security or instrument in or to participate in any trading strategy or investment vehicle.  Past performance is not indicative of future results. There can be no assurance that any objectives can be achieved or are realistic in any given market condition. This podcast may contain forward-looking statements; such statements are subject to various risks and uncertainties. Forward-looking statements reflect our views as of such date with respect to possible future events. Actual results could differ -- perhaps materially -- from those in the forward-looking statements. For more information about HSCM, including risks and other disclosures, please refer to www.hscm.com.

Wow. Wow is not a word we use very much in insurance. But this special episode is full of moments where the perfectly logical response is to say “Wow!” For instance: Did you know the insurance industry had a fast-growing fleet of private satellites at its disposal, capable of giving 100% global coverage? Wow. Did you know those satellites can see in the dark and through cloud, smoke and dust? Wow. Did you know they orbit the earth multiple times a day, giving you near real-time information and they can also make incredibly accurate measurements down to the millimetre? Wow. Did you know that the physical and intellectual property behind this network has been developed and is owned by ICEYE itself? Wow. Over the past couple of decades we have become used to applying satellite imagery in property insurance. We also all knew that satellite technology had come a long way because of miniaturisation and a massive reduction in cost. But until now I don’t think we had realised quite how far things had progressed and what possibilities this could open up for the insurance sector. Today I am talking to Global Head of Insurance Stephen Lathrope about micro-satellite and data and insurance insights and solutions business ICEYE and its plans for the industry. A few minutes into our chat and it is clear that the applications for this new tech are almost limitless and ICEYE has only just begun scratching the surface of what is possible. Persistent monitoring of static objects is one clear application and the use cases for flood and many parametric covers also stand out. Windstorm, wildfire, hail and tsunami are also on the list. But it quickly emerges that it is the blending of ICEYE’s extraordinary satellite data with other data sources, forecasts, maps and models that is going to add the most value. That’s where you come in. It’s fairly obvious from a listen that I really enjoyed my time chatting to Stephen. So I think you should Listen to the podcast for the sheer pleasure of it and let some of the wow moments sink in. Then in time let all the ideas for new products percolate up to the surface and then get in touch with ICEYE and tell them how you would use their technology. Because the final link in the chain is the insurance industry itself. Enjoy the podcast. NOTES AND LINKS Learn more about ICEYE's Solutions here, or download their latest Flood Briefings here ICEYE has a webinar series starting soon, explaining the value of SAR Technology. Sign Up here And any late 1970’s low-budget Brit Sci-Fi fans, just Google ‘Blake’s 7’ and see what Stephen and I were talking about!

In this podcast I’m talking to the top broking CEO in the most interesting segment of the insurance market anywhere in the world. Scott Purviance is the CEO of Amwins, the largest of the big three US wholesale insurance brokers. Because of this he has the best view of the trends affecting the world’s largest insurance market. And because wholesale is such an responsive escape valve for the market, any pricing, coverage or capacity pressures are immediately picked up by his organisation. His business also connects directly to the wider international markets and is a major producer of income for all concerned. Scott is relaxed, charming, and engaging. He’s also really smart and has an ability to both analyse and articulate the long-term trends that are affecting the market. In this interview we dissect all the hotspots and crunch points in the US and get a sense of where things might be heading. We also discuss the fast-growing `hybrid carrier phenomenon, broker M&A and why he doesn’t see Amwins stock heading for the public markets any time soon. LINKS We thank our naming sponsor AdvantageGo: https://www.advantagego.com/ We also thank our advertiser Anaplan and Conor Donohoe and Daniel Ellis for coming on the show to explain what Anaplan's platform does for the insurance sector. Email contacts: conor.donohoe@anaplan.com daniel.ellis@mentattechnology.co.uk

Today I’m talking to Vicky Carter, a very senior reinsurance broking executive with a glittering career. As well as chairing Capital Solutions, International at Guy Carpenter, Vicky is a Member of The Council of Lloyd's and is a Lloyd's Deputy Chairman. But we aren’t going to be talking about her day job intermediating between the insurance community and the reinsurance and capital markets and helping to guide and represent 1 Lime Street. That’s because for over a decade Vicky has also been directly involved in Guy Carpenter, MMC and the wider market’s youth development programmes. This work has culminated in the very high-profile Rising Professionals series of events in London. As the first post-pandemic edition is fast approaching I decided to focus this interview on what our industry has learned from the pandemic and what plans and strategies there are to get young people’s careers back on track now that the world is tentatively returning back to face-to-face working. Were there any positives from the accidental work-from-home revolution caused by Covid? And how has insurance fared versus other sectors in the Great Resignation that has followed in its wake? Vicky is one of the market’s great communicators and this is a typically enjoyable and frank encounter, that doesn’t duck any of the big questions. LINKS We thank our naming sponsor AdvantageGo For enquiries about the MMC Rising Professionals event contact: mmcrpforum@events-uk.com Vicky was last on the podcast back in Episode 37 in August 2020

Today’s guest is someone with a really difficult and really important job. You could say that the future prosperity of the insurance market is a big part of his remit. We keep fretting about how hard it is, and how it seems to be getting harder still, to innovate in our industry and how if we don’t do it fast enough we are all going to become irrelevant. Well, Head of Incubation Underwriting at Beazley and Co-chair of the Lloyd’s Product Launchpad George Beattie is both inspiring and eloquent and listening to him should make you feel a bit more positive about the industry’s long-term prospects. The structures he is part of both within and outside his own organisation have been designed to make innovation easier by very deliberately removing the disincentives that currently exist for it to happen. After all, who wants to risk their bonus on a new idea that by definition doesn’t come with years of claims data or actuarially-approved pricing models attached to it? It turns out the problem is absolutely not a lack of original ideas and far more a lack of time and resource to do all the best ones justice. Listen on for a fascinating and uplifting episode. NOTES and LINKS: I refer to the Episode with Relm Insurance. That’s Episode 113 Lloyd’s Product Launchpad The IVF venture with Gaia is also backed by Chaucer We thank our naming sponsor AdvantageGo

Today’s guest is a major reinsurance broking CEO at the top of his game. A quarter has passed since the completion of the purchase of Willis Re by Gallagher and the integration of the 3rd largest reinsurance broker in the world into Gallagher Re. Global CEO James Kent is clearly buzzing with energy and enthusiasm for the job in hand and the prospects that new ownership and investment are going to open up for his business. In this podcast we talk about how Willis Re managed to hold itself together during the interminable Aon-Willis merger saga, the state of the reinsurance market and the new business’s ambitious growth plans. I have known James for many years and think this encounter is a great snapshot of a team leader who has come through a trial and is absolutely delighted to be out on the other side and very much looking forward to the future. NOTES: A couple of abbreviations. KRW is of course the infamous trio of 2005 Hurricanes, Katrina, Rita and Wilma. UNL is Ultimate Net Loss and in this context is a synonym for an indemnity-type contract as opposed to a parametrically-triggered one. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com/

Parametric insurance has been with us for quite a while now, so it is an idea that most of us have become familiar with. We can all see its advantages, particularly when it comes to almost instantaneous claims payments with practically zero adjustment cost. But until recently it has been a hyper specialist corner of the market, often restricted to very large very high value contracts such as cat bonds. This is because it is only now that the cost of technology has come down significantly enough and the availability of accurate information sources has become wide enough to make these often bespoke products relevant at the commercial lines, and even personal lines, levels. There are lots of small specialist parametric players out there but today’s guests have seen this opportunity and really grabbed it with both hands. Tanguy Touffut, CEO and co-founder and Violaine Raybaud, Head of business development at parametric specialist MGA Descartes Underwriting don’t do anything by half measures and the business comes fresh from an eye-popping $120mn fund raise. But that $120mn is not for capital to underwrite with – it is for an enormous investment in people, technology and global locations. And that’s why I asked them to come on the show. Because for an investment of this size to work, the opportunity will have to be of the once-in-a-lifetime sort. Tanguy and Violaine clearly believe so and it is great to hear such passion about the prospects for application of parametric solutions in a vast global market like commercial lines. LINKS: Here is the link to the $120mn funding announcement that I mentioned: https://www.descartesunderwriting.com/descartes-underwriting-raises-120-million-to-become-a-category-leader-in-corporate-insurance-worldwide/ We thank our naming sponsor AdvantageGo: https://www.advantagego.com/ We also thank Claims Direct Access (CDA) for their support today: https://www.claimsdirectaccess.com/

Today’s guest is a true pioneer in insurance and also in insurtech. In fact Richard Leftley, Executive Vice President of MIC Global has had about fifteen years head start on many of the other others in that game. As a trailblazer in microinsurance in the developing world, where premiums per customer can often be measured in $single digits, Richard learned right away that without a digital-first approach you are going to get swamped by the expense ratio and you won’t have a viable product. As technology and robust data sources have advanced so the microinsurance opportunity is finally coming into its own. But what’s particularly exciting is that it turns out the hard operational lessons learned from that tech first, very high volume, low individual premium microinsurance experience are transferable to the high-growth emerging embedded insurance applications in the gig economies of today’s most developed countries. And now that MIC Global has been given in-principle approval for a syndicate in a box at Lloyd’s it seems poised to benefit from strong growth in both of these incredibly different worlds. Richard is passionate and eloquent and really knows his business inside and out. There is a lot you can learn from him and I can highly recommend a listen today. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com/ We also thank Claims Direct Access (CDA) for their support today: https://www.claimsdirectaccess.com/