London's leading underwriters revealed

Nov 18, 2016

Gracechurch, the leading research consultancy to the insurance industry, today released high level findings from its 2016 London’s Leading Underwriters Report into the leading underwriters in the London Market.

The full report, now in its fourth year, is used by leading insurers to plan and implement their business development strategies. The Report lists the underwriters who are voted as market leaders by fellow underwriters and by brokers. As well as ranking nearly 800 individual underwriters, the Report analyses over 6,000 verbatim responses and identifies the key characteristics that define leading underwriters.

Ben Bolton CEO comments, “We have seen some changes in this year's Top Ten, but overall the table shows that the Market still holds a relatively small group of leaders in high regard."

"Delving into the reasons given for nominating, we find that there is strong emphasis placed on underwriters who have business-winning capabilities. Quality of interpersonal and relationship skills are mentioned with high frequency.”

 

Top Ten – voted by brokers

Name

Company

Business line

Top ten position in 2015?

Richard Trubshaw

MAP

Property

Y

Mike Clifton

Chaucer

Reinsurance

N

James Bamford

Talbot

War & geopolitical risks

Y

Rhys Thomas

XL Catlin

Property

N

Robert Read

Hiscox

Fine Art

N

James Mecham

Chaucer

Casualty / non marine liability

N

Mark Pepper

Ascot

Treaty

Y

Simon Bird

Brit Global Speciality

Casualty Treaty

N

Nick Kilhams

Chaucer

War & geopolitical risks

Y

David Burke

Hiscox

Casualty/non-marine liability

N

Nigel Tatlock

Liberty Specialty Markets

Property

N

 

Top Ten as voted by underwriters

Name

Company

Business line

2015 top ten?

Richard Trubshaw

MAP

Property

N

Peter Sprent

Liberty Specialty Markets

Financial Risk

N

Tim Prifti

Tokio Marine Kiln

Accident and Health

Y

Stephen Hawkins

XL Catlin

Energy

Y

Bill Halligan

Liberty Specialty Markets

Aviation

Y

Peter Laidlaw

Atrium

Accident and Health

N

Nigel Guillaume-Smith

XL Catlin

Accident and Health

N

Gavin Wall

Ascot

Marine

N

Ryan Ward

Chaucer

Reinsurance

N

Clive Washbourn

Beazley

Marine

Y

Duncan Dale

Dale Underwriting

Casualty / non-marine liability

N

Chris Warrior

Hiscox

Casualty/non-marine liability

N

* The number of underwriters exceeds 10 in both tables due to some underwriters being tied on the same score.

 

“The detailed analysis also shows that there is an increasingly clear distinction made between underwriters who excel at 'broker relations' and those who are good at 'client relations'.  We believe this potentially signals an evolutionary change where underwriter-broker relationships are becoming less transactional and more directed at building successful long-term commercial partnerships.”

 

 

Method

London’s Leading Underwriters 2016 is based on the nominations of over 400 London Market Producing and Placing brokers and 175 London Market Underwriters. Interviewing and validation ran from January to October 2016. Both brokers and underwriters were contacted from Gracechurch’s pre-validated databases.

Underwriters cannot nominate underwriters in their own business. Underwriter names are not prompted and brokers and peers can freely name any underwriters from any London Market insurer.

The long lists of underwriters were sent to the respective insurers and a validation request made to the CEO or CUO. Businesses were given the opportunity to suggest that individual underwriters were removed from the list and each such request was assessed on its merits. The number of removals was small (less than 2%), and most related to those leaving or about to leave employment. We achieved a c.70% validation rate though this process. The remaining nominated underwriters were validated using published sources such as insurer websites, press and social media such as LinkedIn.

PLEASE NOTE

Underwriters may have changed employers between the research being conducted and the publication of this report.

The study is run according to Market Research Society professional guidelines and quality standards. 

 

 

ABOUT GRACECHURCH

Gracechurch was set up in London in 2000 as a unique research business: focused on the insurance sector, to provide actionable insights, and committed to helping clients improve. The Gracechurch Underwriting and Claims Reports “The Gracechurch Reports” are now recognised as industry standards, with many clients quoting our data in their own plans and Annual Reports.

Our industry-wide reputation extends beyond our London base, and has led to our working with clients in the US and Asia. The key learnings from the past 16 years are that technical skill has become a commercial hygiene factor, whereas good service, building strong relationships and strong communications are the factors that now give competitive edge in an increasingly crowded and competitive market.  Beyond the research we work with insurers on developing customer-centric brand propositions and the success of these initiatives is measured through the benchmarking.  This benchmarking shows that the value of the insurers is increasingly being built on a solid and trustworthy corporate reputation rather than on pure trading acumen.

 

For more information please contact: 

CAROLINE WAGSTAFF

Director

Luther Pendragon

DL: 0207 618 9158

M: 07767 794208

E: CarolineWagstaff@luther.co.uk

 

PENELOPE MANTZARIS

Director

Gracechurch

M: +44 (0)7455 768 809

E: pmantzaris@gracechurchconsulting.co.uk