A degree of normality has finally returned to the (re)insurance broking landscape, after two years of Zoom calls.
And for us at ConsiliumRe, we couldn’t be happier about this.
One of the main ways we can add value to our partners is by visiting them in person at their offices, to better understand the risks we are placing. When international travel is restricted, or the number of people we can meet with is limited, the process becomes less efficient.
That’s why this year we have been busy embracing broking in Lloyd’s, as well as the return of international travel, and benefiting from what can be achieved with face-to-face discussions / broking.
I have seen an example of the difference face-to-face broking makes already this year. We sent over a risk by email to a Lloyd’s underwriter, who within 10 minutes declined it. However, knowing this was a good deal, we went to visit the underwriter at Lloyd’s in order to better explain the risk and respond to their questions/concerns. The underwriter was satisfied with the face-to-face explanation, then offered a 25% line on the risk.
The two major international trips so far this year have been to Mexico and Miami.
In Mexico, there was particular interest around new recruit Jorge Matus, a former Aon and Guy Carpenter broker who recently joined us after six years as an underwriter with Odyssey. Jorge brings with him broad connections in the LatAm market across Colombia, Brazil and Peru.
To highlight the importance of travel, the trip to Mexico led to 10 new business enquiries in just a few days – good news for us, and good news for global markets that greater competition on business can be restored.
The Miami trip was more about reconnecting with existing clients who hadn’t been seen in person for two years due to COVID-19. There is no substitute for catching up in person because it allows conversation to flow organically and for all parties to learn each other’s characters. Only by knowing someone on this personal level can you build trust, which is essential to every good working relationship.
With the new talent that has recently arrived here at ConsiliumRe, I’m very excited for what the rest of the year will bring, especially in classes including Property, Terrorism, Aviation, and Construction where we now have significant expertise. Special attention will be given to growing how much US Property the team places this year after the recent arrival of Jack Mullinder as an Associate Director. There’s a lot to look forward to now restrictions are largely gone and we are able to offer maximum service value to our clients.
Get in touch with us to see for yourself what we can achieve working together.
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