Top 10 Lloyd’s, Coverholder & London Market quotes of the last year

Novae recently published their ‘Looking forward’ industry survey where they interviewed senior level influencers in the insurance industry to gauge their present and prospective analysis. It got me thinking, as I remember listening to Lloyd’s CEO Richard Ward present at the Xchanging London Market conference last year. Richard highlighted findings from that year’s annual PWC CEO Survey of insurance CEO’s finding that:

‘Nearly half of Insurance CEOs believe that the economy will continue to get worse over the next 12 months.’ Yet the report also found ‘90% are confident about improving their company’s revenues over the next 12 months’ (2012)

Compare that to this year and optimism still stands (despite austerity’s stronghold):

2013 saw ‘39% of Insurance CEOs are very confident about their ability to increase revenue over the next 12 months, and a further 49% are somewhat confident.’

Are you as confident in your organisation’s success? What has the industry been saying over the past year about the market and what will shape profit now and in the future? And most importantly, what are your competitors hearing and acting upon?

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Quotes

“Lloyd’s should continue to innovate and focus on product development and new lines and innovate and keep it close to business. And they should seek to resist the homogenisation of all syndicates.”
Novae ‘Looking Forward’ industry survey – February 2013

“The benefits of moving from a paper dominated community into the electronic age are manifold; speed, transparency, the development within each insurer and broker of KPI’s, the opportunity to better articulate and differentiate the value of performance, communication. The London subscription market will always have as its corner stone face-to-face negotiation – but as a practical matter technology provides a magnificent medium for better, quicker more auditable communication”
Barnabas Hurst Bannister, Chair of the London Market Group, Xchanging London Market Conference – September 2012

“It’s an interesting change from a few years ago, when it’s fair to say people were turning their noses up at delegating authority, giving the pen away. Now there is an acceptance that it’s the way to get good quality, high-volume, low-value business.”
Peter Montanaro, Head of Delegated Authorities, Lloyd’s, MGAA – April 2012

‘’It is imperative you get multi channel distribution correct, understand the relative importance of each channel and be intuitive to the future purchasing decisions of your customers – as well as investing time and energy in a unique proposition that adds genuine value and therefore provides longevity through, beyond the market cycle…’’
Dan Martin, Head of UK Regional Development, Catlin Underwriting Agencies, Sabrefish MGA event (formerly Salmon) – September 2012

“Technology is becoming part of the decision making process when people select a broker, MGA or underwriter as a partner”
Peter Montanaro, Head of Delegated Authorities, Lloyd’s, Sabrefish Insurance event (formally Salmon) – May 2012

“The UK is the leading exporter of financial services across the globe. The UK insurance industry is the largest in Europe and third largest in the world. The London insurance market is the most sophisticated insurance market on the planet”
Steve Hearn, Chairman & CEO, Willis Global, Xchanging London Market Conference – September 2012  

“The infrastructure is here in London, the talent is here, the subscription market is here, and brokers like it. Lloyd’s is more secure than it has ever been. Investors understand Lloyd’s now.”
Novae ‘Looking Forward’ industry survey – February 2013

 “Nexus Group (are) on course to become the largest independent managing general agency (MGA) in the London Market.”
Intelligent Insurer – March 2013

 “The underwriter who delegates ill-advisedly to a bad MGA has nobody to blame but himself. They should look at themselves because they gave their pen away. Somebody or something persuaded them to enter into that arrangement. I never blamed a broker for broking bad business to me. I only ever blamed myself for writing it.”
Reg Brown, Chairman, MGAA, Insurance Day – July 2012

 “If you have an MGA, as a broker or underwriter, you hold much more information about the nook that you write and it means you can work closer with insurers to ensure their profitability and enhanced cover for your clients. It is a relationship that a business of our size needs with insurers. Gone are the days where you just go in there and negotiate on commission.”
Robert Organ, Chief Financial Officer, Bluefin, Insurance Times – March 2013