The Voice of Insurance

Today’s guest is someone with the essence of insurance running right through his veins. That’s because he has been working in our industry since the age of sixteen and has accumulated over forty years of experience. Now as CEO of the Lloyd’s and Bermuda insurer and reinsurer Antares Mike Van der Straaten has a unique viewpoint of the global insurance market from which to apply his accumulated knowledge and understanding. Like many of its peers Antares has undergone a rebuilding and restructuring in the past few years and after steadying and right-sizing its business is now stepping out to seek measured profitable growth once more. I found this a really enjoyable and enriching discussion. In a world seemingly dominated by PhDs, Mike’s remarkable career is a reminder that, when it is performing as it should, the insurance industry is an education and vocation rolled into one and rewards intelligence, creativity, common sense and hard work in the most meritocratic of ways. Mike is a great guest and blends the best of the old and the new. For example in this podcast we examine many of the factors that don’t change, such as the shifts in the market cycle and distribution trends, but at the same time we also dissect some of the most progressive issues affecting the sector, such as the best applications of Ai and the streamlining of the underwriting and placement process. Mike always says what he thinks and this candour is extremely refreshing. NOTES: We mention a Rolf Tolle. Rolf was Lloyd’s first Performance Management Director. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com

Chris Williams, Chairman of International Business at Tokio Marine Group, has over 50 years in global insurance. He discusses Tokio Marine's transformation from a Japanese insurer to a global powerhouse, earning 75% of its profits overseas. Chris reflects on his career journey, navigating changes in medical coverage and athlete insurance. He emphasizes the importance of retaining talent in mergers and acquisitions while addressing investment strategies during the pandemic, including unique real estate opportunities and specialty insurance sectors.

James Vickers, Chairman of Gallagher Re International, brings over 40 years of reinsurance broking experience to the table. In this engaging discussion, he dives into the intricate dynamics of the reinsurance market during the annual renewal. Vickers emphasizes the balance between client needs and reinsurer appetites, revealing that the landscape is more nuanced than often portrayed. He highlights the crucial role of data in managing portfolios, the impact of climate change, and the importance of genuine partnerships in navigating today's evolving risks.

David Flandro, Head of Industry Analysis and Strategic Advisory at Howden Re, provides a deep dive into the reinsurance market's renewal trends. He discusses significant price fluctuations, driven by rising supply and geopolitical factors. The conversation highlights how catastrophic events affect the industry's landscape, and proactive broker strategies amid storms. Flandro also emphasizes the impact of innovative financial products and insurance-linked securities, showcasing the evolving dynamics of risk management and pricing in today's market.

Today’s guest is a rare breed of broker looking to build a sophisticated new intermediary operating at the higher end of the market. In the past two years the business he leads has gone from a standing start to handling around $1.6bn in premiums. Andrew Matson and Augment Risk have done this by being very targeted and very progressive, breaking insurance and reinsurance down to its core element – capital. At a fundamental level insurance is a tool for capital protection and capital management. If designed and executed well this is a tool that produces better outcomes for clients and these benefits are ultimately measurable in improved return on equity. Of course, what I have just described is about as far removed from the traditional broker model as it is possible to be. This model might not be for everyone, but that is beside the point. Augment is already demonstrating that there is an eager community of sophisticated global buyers keen to discover what a holistic client- and capital-focused broker might be able to do for them. And that’s what makes this encounter so interesting. Andrew has a singular vision for what he wants to achieve and after this podcast you’ll be in on the act too. But we don’t just talk about Augment’s plans: legacy, parametric insurance, the future of insurance securitisation and the long-term effects of the digitisation of the insurance value chain are all examined in depth. Andrew is ultra-smart and highly passionate and his ambition sears through this episode. For anyone disillusioned with siloed, product-focused and constrained broking, here is someone with a genuinely attractive and genuinely original proposition to put to you. 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.

Graham Elliott, CEO of Crux Underwriting and former stockbroker, dives into the revolutionary intersection of technology and insurance. He discusses the rise of MGAs and how AI is reshaping underwriting processes for efficiency. Elliott highlights the strategic management of political risks and the importance of real-time data. The conversation also covers the evolving dynamics of insurance partnerships, data challenges, and the entrepreneurial spirit crucial for innovation in the industry.

Dieter Winkel, President of Liberty Mutual Re, brings four decades of reinsurance experience to the conversation. He shares insights on approaching the pivotal 1.1 renewal season, examining current market trends and the rise of cyber insurance. Dieter discusses the importance of risk assessment, especially in relation to natural disasters, and highlights the evolving role of parametric insurance. The podcast also touches on the transformative impact of AI in streamlining submissions and enhancing risk management in a rapidly changing landscape.

David Howden, Founder and CEO of Howden Group, reflects on his entrepreneurial journey in the insurance industry. He shares the transformation of Howden from humble beginnings to a global operator, while walking through London's historic insurance district. Topics include the challenges of the past, changes in the market post-2008, and the pivotal role of Managing General Agents in fostering innovation. Howden also discusses sustainability efforts and community engagement, emphasizing meaningful practices that attract diverse talent.

Aidan O'Neill, CEO of DOCOsoft, and Ian Summers, Global Business Leader at AdvantageGo, delve into the transformative power of technology in the London insurance market. They discuss the shift towards automated claims management and the integration of AI, emphasizing enhanced client service and productivity. Both leaders reflect on their long-standing collaboration and the evolving dynamics of the industry, showcasing an optimistic view of future innovations and the benefits of a cohesive ecosystem.

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.