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"Unlocking the Mysteries of the London Insurance Market" Carter E. Boardman Director of Contracts & Risk Management
MERRICK & COMPANY September 24, 2015
Engineering | Architecture | Design-Build | Surveying | Planning | GeoSpatial Solutions
Presentation Overview
Lloyd’s
of London – a brief introduction
Broker
perspective of why we look to Lloyd’s marketplace for insurance solutions for clients.
A
risk manager’s view of the London market
1 Copyright © 2015 Merrick & Company All rights reserved.
Objective of Today’s Presentation
purpose of today’s presentation on the London Insurance Market is to:
The
Provide introduction of how Lloyd’s structured and operates
The process of purchasing insurance through Lloyd’s
The Risk Manager’s perspective of the London market
2 Copyright © 2015 Merrick & Company All rights reserved.
Lloyd’s Of London A Brief Introduction Dave Morgan – Brit Global Specialty
What is Lloyd’s Lloyd's is an insurance market, not a single insurance company. Lloyd’s is a market whose members join together as Syndicates to insure risk. 96 Syndicates Corporation of Lloyd’s
Lloyd’s brokers Licensed in IL, KY and US Virgin Is. Approved surplus lines insurer in all US jurisdictions.
History 1688 – First mention of Edward Lloyd’s Coffee House 1730’s – Lloyd’s begins to dominate shipping insurance 1877 – First non-marine policies written at Lloyd’s 1880’s – First North American reinsurance policies written at Lloyd’s 1906 – San Francisco Earthquake - “pay all of our policyholders in full, irrespective of the terms of their policies”. 1973 – First female Lloyd’s broker 1986 – Opening of the new Lloyd’s Building
By the numbers Gross premium income
£25.8bn in 2014
33 % 38% from the US
Property
17 %
Energy & Marine
17 % Ratings
Property Treaty
A+ (Strong) - S&P AA- (Very Strong) - Fitch A (Excellent) - AM Best
20 %
Casualty
Known for specialist expertise
An appetite for unusual risks
Ugly Betty star’s smile
69 carat Taylor-Burton Diamond
Polar Challenge
Betty Grable’s Legs
What makes Lloyd’s special Innovation & an appetite for risk Concentration of expertise Dependability Access to decision makers
Introducing Brit Global Specialty BRIT IS A MARKET LEADING GLOBAL SPECIALTY INSURER AND REINSURER, FOCUSED ON UNDERWRITING COMPLEX RISKS. WE HAVE A MAJOR PRESENCE IN LLOYD’S OF LONDON AND A SIGNIFICANT U.S. AND INTERNATIONAL REACH. WE UNDERWRITE A CROSS SECTION OF COMMERCIAL SPECIALTY INSURANCE
CLASSES. We are a focused, efficient and dynamic business, committed to understanding our clients’ insurance needs and providing the highest standards of underwriting and claims management. We work closely with our brokers, coverholders and clients; earning their confidence through understanding what makes them unique and providing them with innovative, dependable products and ongoing support. Our constructive approach to underwriting, underpins our success in building long-term relationships based on openness and trust.
SEEING THE DIFFERENCE MAKES THE DIFFERENCE
Highlights Offices in the UK, US, Bermuda, Gibraltar, Japan and China Operating since 1995 One of Lloyd’s largest Syndicates All business written through our wholly owned Syndicate 2987 Acquired by Fairfax Financial Holdings in 2015 2014 Full Year GWP
2014 Full Year Combined Ratio
£1,302.1m
89.5%
Brit Portfolio GNP Breakdown Long Tail RI 13% Short Tail RI 13% ShortTail Direct 51%
Long Tail Direct 23%
Unlocking the Mysteries of the Insurance Market Broker Perspective – Why we take clients to Lloyd’s SEPTEMBER 124, 2015
Atha Forsberg
Dallas, TX Senior Vice President – Client Advisor Architect, Engineer, and Contractor Professional Liability Rocky Mountain RIMS Conference
About Marsh
5
2013 2014 WORLD’S LARGEST INSURANCE BROKER Business Insurance
2014
2013
BEST INSURANCE BROKER
WORLD’S LARGEST INSURANCE BROKER Best’s Review
CFO Innovations Asia
Years Running
BEST OVERALL BROKER
2010 2011 2012 2013 2014
Business Insurance Buyers Choice Awards
INNOVATION AWARD Business Insurance
2012
2014 DEAL OF THE YEAR
RANKED #1 GLOBAL INSURANCE BROKER
Trade Finance magazine
Business Insurance
2012
AM Best
2013 2014
INTERNATIONAL BROKER INNOVATION OF THE YEAR AWARD BOWRING MARSH
BEST LATIN AMERICA INSURANCE BROKER Reactions Magazine
Insurance Times Awards
2015 2012
2012 2013
2010 2011 2012 2013 2014 GLOBAL INFRASTRUCTURE INSURANCE HOUSE Years Running OF THE YEAR
5
Infrastructure Investor magazine
RANKED #1 CAPTIVE MANAGER
BUSINESS INSURANCE INNOVATION AWARD PRIME Habitational Property Insurance Program
Business Insurance
2012
58
2014 POWER BROKER®
MARSH.COM SILVER MEDAL FOR INSURANCE
Risk & Insurance® magazine
American Business Awards
Marsh Colleagues
2014
2013
BEST GLOBAL TRADE INSURANCE BROKER
BUSINESS INNOVATION AWARD
Trade Finance magazine
Lloyd’s List Awards
2012 BEST OVERALL BROKER Global Finance magazine
2013 BEST TRADE INSURANCE BROKER IN NORTH AMERICA Trade Finance Awards for Excellence
2014
2011 OUTSTANDING BROKER TEAM AND INDIVIDUAL OF THE YEAR
BEST CYBER RISK BROKING TEAM Cyber Risk Awards Advisen Ltd
Insurance Times Claims Excellence Awards
2012 GLOBAL INSURANCE BROKER OF THE YEAR
BROKING INITIATIVE OF THE YEAR
Intelligent Insurer
British Insurance Awards
2009 2010 2011 RISK INNOVATORTM Risk & Insurance® magazine
2012
2012 2013
BEST SUPPLY CHAIN RISK CONSULTING SERVICES PROVIDER Global Finance magazine
2013
2013 SILVER MEDAL WINNER IN BEST TRADE CREDIT BROKER Trade & Forfaiting Review Excellence Awards
INFORMATIONWEEK 500 Top Technology Innovators Across America
MARSH
September 25, 2015
15
Broker Perspective - Benefits to US Clients - Placing coverage at Lloyds’ • Global center for specialist insurance • Insuring US based clients for over 100 years • Lloyd’s is the center of the London Insurance Market – which also includes many insurance companies within a matter of yards from the Lloyd’s building, making London the largest center of insurance capacity in the world.
• Approved surplus lines in all US states/territories – Nearly 40% of premium income generated from USA – Lloyd’s brand is recognized internationally in over 200 countries/territories – Licensed in many countries including Canada, UK/Europe, and from Australia to Israel to Zimbabwe • Syndicates seek long term relationships – Marsh A&E team have majority of clients in 10+ year relationships – Prefer to be a relationship market wherever possible
MARSH
September 25, 2015
16
Types of Clients we take to Lloyd’s • Complex/Specialty Risk
• International Risk • Multinational/Global Risk • Large Capacity Requirements – Syndicates have grown in size over the years – with many now offering potential capacity in the range of $10m - $20m on a placement. • Accounts with claims and/or multiple circumstances
MARSH
September 25, 2015
17
Advantages of Lloyd’s Platform • Very stable marketplace.
• Pricing competition exists amongst the participating syndicates. – syndicates may vie with each other for participations on a placement • Long-term relationships
• Creative/Innovative coverage solutions • International capabilities and reputation • Reputation built on paying valid claims – 2014 - claims processed from risks placed with Lloyd’s across 223 countries and all seven continents • Direct dealing with decision makers – Assures clients views can be directly taken into consideration
MARSH
September 25, 2015
18
Introducing a New Client to Lloyd’s • Underwriter Presentation
• Face to Face meetings – In London • Must use a licensed Lloyd’s broker – Large brokerage firms – London office – Regional firms – via specialist Lloyd’s brokerage firms • Negotiations with underwriters – Private meetings in Insurers Office – “the box” – 2 sessions per day at Lloyds on the trading floor
MARSH
September 25, 2015
19
What is a Subscription Market? • Multiple syndicates participating on a single insurance risk brought in by a Lloyd’s broker, each taking a portion of the total risk, on a quota share basis (aka “subscription” basis) • Each slip will have a “lead underwriter” or “slip leader” who negotiates the terms and takes the leading role in managing claims
• Each participating syndicate underwriter will put down their “scratch” (sign and stamp) the slip, indicating what percentage they’ll take. • Regardless of the number of syndicates on one placement – just one contract is issued for a layer of insurance, with the participating syndicates being listed.
MARSH
September 25, 2015
20
Trading Floor
MARSH
September 25, 2015
21
Trading Floor
MARSH
September 25, 2015
22
Trading Floor
MARSH
September 25, 2015
23
Broking a deal on the trading floor. “The Box” • For the most part, order of speaking with underwriters is determined by syndicate position on the slip. – Slip leader first, and ideally followed by syndicates in order of participation. • Brokers “cue” at the box for turn to speak with underwriter.
MARSH
September 25, 2015
24
Merrick & Company
Merrick
& Company is an Merrick presently has 500 employee-owned $115 million employees across 19 offices in engineering, architecture, the USA, Canada and Mexico design-build, surveying, and Performs services internationally geospatial solutions professional services firm.
Founded
1955
in Denver, Colorado in
Reasoning for Diversification and Relationships 12
years ago had a bad experience with incumbent carrier at renewal
11th
hour, insurer presented renewal terms with double premium, increased retention, and dramatically limited coverage
Challenged
to build a new relationship under extreme time pressures
Can’t
allow this to happen again!
Importance
27 Copyright © 2015 Merrick & Company All rights reserved.
of planning and building a tower
Risk Manager’s Perspective Business
with our insurance brokers and underwriters is relationship driven
Can
be effected by personalities, experience, prior interactions, etc.
However, It
in London it is even more so
takes time and cannot be done successfully over night
28 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market My
renewal for Professional Liability Insurance was April 15th and is currently March 1st
My
broker at the time, IMA, started the process of marketing Merrick to the London Market in 2010
We
were expecting our first quotes from the London Market in April of 2011
29 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market However,
quotes were effected by the earthquakes and tsunami that hit Japan on March 11, 2011
30 Copyright © 2015 Merrick & Company All rights reserved.
Damage to the Fukushima Daiichi Nuclear Power Station in Okuma, Japan
My firm provides nuclear engineering services – anything tied to nuclear work was treated like the plague
As I recall we were expecting a few quotes, but ended up with none
Merrick’s Time Line to the London Market Was
going to attend my first PLUS (Professional Liability Underwriters Society) conference in November of 2011 to meet with the London Market, but had a conflict with my schedule
Started
preparing for meeting with the London Market in early 2012
We
had to get over the hurdle of Merrick providing nuclear engineering services
Prepared
a packet on Merrick, which included a white paper on the nuclear engineering services Merrick actually performed
31 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Attended
my first PLUS Conference in Chicago in November 2012
IMA
set me up with back to back meetings with as many of the London PLI underwriters that would meet with me
That was the first time I had met Brit – had dinner with one of their senior underwriters
Received
a few quotes in March of 2013, but Merrick’s finances would not allow the purchase
32 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Marsh
became my new broker in May of 2013 – built off what was started by IMA
Attended
the PLUS Conference in Orlando in November 2013
Marsh
set me up with meetings with London underwriters I had met the previous year along with new ones
I
added Merrick’s risk management procedures to the packet of information
I
had to sell Merrick as a good risk and a firm the London Market would want to do business with
33 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Went
to London in January of 2014 to meet with the London Underwriters on their own turf
This showed commitment on Merrick’s part
Presented
current information on Merrick
My
first interaction with Marsh’s London PLI team
Extremely helpful as they guided me on what to present and prepared me for the questions that would be asked
Was
able to go to Lloyd’s a couple of times while I was in London
34 Copyright © 2015 Merrick & Company All rights reserved.
Relationship Building does not Stop Attended
the IRMI Conference in Nashville in November 2014
Continued
to hold meetings with London underwriters
Attending
the PLUS Conference in Dallas in November of this year
Will
be going back to London for underwriter meetings in February 2016
35 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Purchased
insurance from the London Market in April 2014
Quota
Share
Ace – 50%
Renaissance Re – 20%
Pioneer – 20%
Catlin – 10%
Now
I have 50% of my coverage in the US with Lexington and the other 50% with Ace led London Market
I
36 Copyright © 2015 Merrick & Company All rights reserved.
like the versatility it provides
Quota Share of Merrick’s London Placement
37 Copyright © 2015 Merrick & Company All rights reserved.
QUESTIONS?
38 Copyright © 2015 Merrick & Company All rights reserved.
MERRICK & COMPANY September 24, 2015
Engineering | Architecture | Design-Build | Surveying | Planning | GeoSpatial Solutions
Presentation Overview
Lloyd’s
of London – a brief introduction
Broker
perspective of why we look to Lloyd’s marketplace for insurance solutions for clients.
A
risk manager’s view of the London market
1 Copyright © 2015 Merrick & Company All rights reserved.
Objective of Today’s Presentation
purpose of today’s presentation on the London Insurance Market is to:
The
Provide introduction of how Lloyd’s structured and operates
The process of purchasing insurance through Lloyd’s
The Risk Manager’s perspective of the London market
2 Copyright © 2015 Merrick & Company All rights reserved.
Lloyd’s Of London A Brief Introduction Dave Morgan – Brit Global Specialty
What is Lloyd’s Lloyd's is an insurance market, not a single insurance company. Lloyd’s is a market whose members join together as Syndicates to insure risk. 96 Syndicates Corporation of Lloyd’s
Lloyd’s brokers Licensed in IL, KY and US Virgin Is. Approved surplus lines insurer in all US jurisdictions.
History 1688 – First mention of Edward Lloyd’s Coffee House 1730’s – Lloyd’s begins to dominate shipping insurance 1877 – First non-marine policies written at Lloyd’s 1880’s – First North American reinsurance policies written at Lloyd’s 1906 – San Francisco Earthquake - “pay all of our policyholders in full, irrespective of the terms of their policies”. 1973 – First female Lloyd’s broker 1986 – Opening of the new Lloyd’s Building
By the numbers Gross premium income
£25.8bn in 2014
33 % 38% from the US
Property
17 %
Energy & Marine
17 % Ratings
Property Treaty
A+ (Strong) - S&P AA- (Very Strong) - Fitch A (Excellent) - AM Best
20 %
Casualty
Known for specialist expertise
An appetite for unusual risks
Ugly Betty star’s smile
69 carat Taylor-Burton Diamond
Polar Challenge
Betty Grable’s Legs
What makes Lloyd’s special Innovation & an appetite for risk Concentration of expertise Dependability Access to decision makers
Introducing Brit Global Specialty BRIT IS A MARKET LEADING GLOBAL SPECIALTY INSURER AND REINSURER, FOCUSED ON UNDERWRITING COMPLEX RISKS. WE HAVE A MAJOR PRESENCE IN LLOYD’S OF LONDON AND A SIGNIFICANT U.S. AND INTERNATIONAL REACH. WE UNDERWRITE A CROSS SECTION OF COMMERCIAL SPECIALTY INSURANCE
CLASSES. We are a focused, efficient and dynamic business, committed to understanding our clients’ insurance needs and providing the highest standards of underwriting and claims management. We work closely with our brokers, coverholders and clients; earning their confidence through understanding what makes them unique and providing them with innovative, dependable products and ongoing support. Our constructive approach to underwriting, underpins our success in building long-term relationships based on openness and trust.
SEEING THE DIFFERENCE MAKES THE DIFFERENCE
Highlights Offices in the UK, US, Bermuda, Gibraltar, Japan and China Operating since 1995 One of Lloyd’s largest Syndicates All business written through our wholly owned Syndicate 2987 Acquired by Fairfax Financial Holdings in 2015 2014 Full Year GWP
2014 Full Year Combined Ratio
£1,302.1m
89.5%
Brit Portfolio GNP Breakdown Long Tail RI 13% Short Tail RI 13% ShortTail Direct 51%
Long Tail Direct 23%
Unlocking the Mysteries of the Insurance Market Broker Perspective – Why we take clients to Lloyd’s SEPTEMBER 124, 2015
Atha Forsberg
Dallas, TX Senior Vice President – Client Advisor Architect, Engineer, and Contractor Professional Liability Rocky Mountain RIMS Conference
About Marsh
5
2013 2014 WORLD’S LARGEST INSURANCE BROKER Business Insurance
2014
2013
BEST INSURANCE BROKER
WORLD’S LARGEST INSURANCE BROKER Best’s Review
CFO Innovations Asia
Years Running
BEST OVERALL BROKER
2010 2011 2012 2013 2014
Business Insurance Buyers Choice Awards
INNOVATION AWARD Business Insurance
2012
2014 DEAL OF THE YEAR
RANKED #1 GLOBAL INSURANCE BROKER
Trade Finance magazine
Business Insurance
2012
AM Best
2013 2014
INTERNATIONAL BROKER INNOVATION OF THE YEAR AWARD BOWRING MARSH
BEST LATIN AMERICA INSURANCE BROKER Reactions Magazine
Insurance Times Awards
2015 2012
2012 2013
2010 2011 2012 2013 2014 GLOBAL INFRASTRUCTURE INSURANCE HOUSE Years Running OF THE YEAR
5
Infrastructure Investor magazine
RANKED #1 CAPTIVE MANAGER
BUSINESS INSURANCE INNOVATION AWARD PRIME Habitational Property Insurance Program
Business Insurance
2012
58
2014 POWER BROKER®
MARSH.COM SILVER MEDAL FOR INSURANCE
Risk & Insurance® magazine
American Business Awards
Marsh Colleagues
2014
2013
BEST GLOBAL TRADE INSURANCE BROKER
BUSINESS INNOVATION AWARD
Trade Finance magazine
Lloyd’s List Awards
2012 BEST OVERALL BROKER Global Finance magazine
2013 BEST TRADE INSURANCE BROKER IN NORTH AMERICA Trade Finance Awards for Excellence
2014
2011 OUTSTANDING BROKER TEAM AND INDIVIDUAL OF THE YEAR
BEST CYBER RISK BROKING TEAM Cyber Risk Awards Advisen Ltd
Insurance Times Claims Excellence Awards
2012 GLOBAL INSURANCE BROKER OF THE YEAR
BROKING INITIATIVE OF THE YEAR
Intelligent Insurer
British Insurance Awards
2009 2010 2011 RISK INNOVATORTM Risk & Insurance® magazine
2012
2012 2013
BEST SUPPLY CHAIN RISK CONSULTING SERVICES PROVIDER Global Finance magazine
2013
2013 SILVER MEDAL WINNER IN BEST TRADE CREDIT BROKER Trade & Forfaiting Review Excellence Awards
INFORMATIONWEEK 500 Top Technology Innovators Across America
MARSH
September 25, 2015
15
Broker Perspective - Benefits to US Clients - Placing coverage at Lloyds’ • Global center for specialist insurance • Insuring US based clients for over 100 years • Lloyd’s is the center of the London Insurance Market – which also includes many insurance companies within a matter of yards from the Lloyd’s building, making London the largest center of insurance capacity in the world.
• Approved surplus lines in all US states/territories – Nearly 40% of premium income generated from USA – Lloyd’s brand is recognized internationally in over 200 countries/territories – Licensed in many countries including Canada, UK/Europe, and from Australia to Israel to Zimbabwe • Syndicates seek long term relationships – Marsh A&E team have majority of clients in 10+ year relationships – Prefer to be a relationship market wherever possible
MARSH
September 25, 2015
16
Types of Clients we take to Lloyd’s • Complex/Specialty Risk
• International Risk • Multinational/Global Risk • Large Capacity Requirements – Syndicates have grown in size over the years – with many now offering potential capacity in the range of $10m - $20m on a placement. • Accounts with claims and/or multiple circumstances
MARSH
September 25, 2015
17
Advantages of Lloyd’s Platform • Very stable marketplace.
• Pricing competition exists amongst the participating syndicates. – syndicates may vie with each other for participations on a placement • Long-term relationships
• Creative/Innovative coverage solutions • International capabilities and reputation • Reputation built on paying valid claims – 2014 - claims processed from risks placed with Lloyd’s across 223 countries and all seven continents • Direct dealing with decision makers – Assures clients views can be directly taken into consideration
MARSH
September 25, 2015
18
Introducing a New Client to Lloyd’s • Underwriter Presentation
• Face to Face meetings – In London • Must use a licensed Lloyd’s broker – Large brokerage firms – London office – Regional firms – via specialist Lloyd’s brokerage firms • Negotiations with underwriters – Private meetings in Insurers Office – “the box” – 2 sessions per day at Lloyds on the trading floor
MARSH
September 25, 2015
19
What is a Subscription Market? • Multiple syndicates participating on a single insurance risk brought in by a Lloyd’s broker, each taking a portion of the total risk, on a quota share basis (aka “subscription” basis) • Each slip will have a “lead underwriter” or “slip leader” who negotiates the terms and takes the leading role in managing claims
• Each participating syndicate underwriter will put down their “scratch” (sign and stamp) the slip, indicating what percentage they’ll take. • Regardless of the number of syndicates on one placement – just one contract is issued for a layer of insurance, with the participating syndicates being listed.
MARSH
September 25, 2015
20
Trading Floor
MARSH
September 25, 2015
21
Trading Floor
MARSH
September 25, 2015
22
Trading Floor
MARSH
September 25, 2015
23
Broking a deal on the trading floor. “The Box” • For the most part, order of speaking with underwriters is determined by syndicate position on the slip. – Slip leader first, and ideally followed by syndicates in order of participation. • Brokers “cue” at the box for turn to speak with underwriter.
MARSH
September 25, 2015
24
Merrick & Company
Merrick
& Company is an Merrick presently has 500 employee-owned $115 million employees across 19 offices in engineering, architecture, the USA, Canada and Mexico design-build, surveying, and Performs services internationally geospatial solutions professional services firm.
Founded
1955
in Denver, Colorado in
Reasoning for Diversification and Relationships 12
years ago had a bad experience with incumbent carrier at renewal
11th
hour, insurer presented renewal terms with double premium, increased retention, and dramatically limited coverage
Challenged
to build a new relationship under extreme time pressures
Can’t
allow this to happen again!
Importance
27 Copyright © 2015 Merrick & Company All rights reserved.
of planning and building a tower
Risk Manager’s Perspective Business
with our insurance brokers and underwriters is relationship driven
Can
be effected by personalities, experience, prior interactions, etc.
However, It
in London it is even more so
takes time and cannot be done successfully over night
28 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market My
renewal for Professional Liability Insurance was April 15th and is currently March 1st
My
broker at the time, IMA, started the process of marketing Merrick to the London Market in 2010
We
were expecting our first quotes from the London Market in April of 2011
29 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market However,
quotes were effected by the earthquakes and tsunami that hit Japan on March 11, 2011
30 Copyright © 2015 Merrick & Company All rights reserved.
Damage to the Fukushima Daiichi Nuclear Power Station in Okuma, Japan
My firm provides nuclear engineering services – anything tied to nuclear work was treated like the plague
As I recall we were expecting a few quotes, but ended up with none
Merrick’s Time Line to the London Market Was
going to attend my first PLUS (Professional Liability Underwriters Society) conference in November of 2011 to meet with the London Market, but had a conflict with my schedule
Started
preparing for meeting with the London Market in early 2012
We
had to get over the hurdle of Merrick providing nuclear engineering services
Prepared
a packet on Merrick, which included a white paper on the nuclear engineering services Merrick actually performed
31 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Attended
my first PLUS Conference in Chicago in November 2012
IMA
set me up with back to back meetings with as many of the London PLI underwriters that would meet with me
That was the first time I had met Brit – had dinner with one of their senior underwriters
Received
a few quotes in March of 2013, but Merrick’s finances would not allow the purchase
32 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Marsh
became my new broker in May of 2013 – built off what was started by IMA
Attended
the PLUS Conference in Orlando in November 2013
Marsh
set me up with meetings with London underwriters I had met the previous year along with new ones
I
added Merrick’s risk management procedures to the packet of information
I
had to sell Merrick as a good risk and a firm the London Market would want to do business with
33 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Went
to London in January of 2014 to meet with the London Underwriters on their own turf
This showed commitment on Merrick’s part
Presented
current information on Merrick
My
first interaction with Marsh’s London PLI team
Extremely helpful as they guided me on what to present and prepared me for the questions that would be asked
Was
able to go to Lloyd’s a couple of times while I was in London
34 Copyright © 2015 Merrick & Company All rights reserved.
Relationship Building does not Stop Attended
the IRMI Conference in Nashville in November 2014
Continued
to hold meetings with London underwriters
Attending
the PLUS Conference in Dallas in November of this year
Will
be going back to London for underwriter meetings in February 2016
35 Copyright © 2015 Merrick & Company All rights reserved.
Merrick’s Time Line to the London Market Purchased
insurance from the London Market in April 2014
Quota
Share
Ace – 50%
Renaissance Re – 20%
Pioneer – 20%
Catlin – 10%
Now
I have 50% of my coverage in the US with Lexington and the other 50% with Ace led London Market
I
36 Copyright © 2015 Merrick & Company All rights reserved.
like the versatility it provides
Quota Share of Merrick’s London Placement
37 Copyright © 2015 Merrick & Company All rights reserved.
QUESTIONS?
38 Copyright © 2015 Merrick & Company All rights reserved.
