Earlier this year, we completed the 31st annual renewal for one of our insurance clients; another 2 clients were with us for 25 and 23 years. We develop extremely long-standing relationships with our clients – we usually become good friends.
But no firm goes unchanged in 25 or 31 years. On the contrary… We remain friends with these long-standing clients because, although we may design their coverage as part of a consultancy project, we are often retained long after the initial project is done, to help them and maybe their broker manage the program – and all its many relationships – through changes in risk, the company or the environments in which both operate.
Programs and Facilities
Coverage for groups of entities facing similar risks
Programs and facilities mean different things in different insurance markets so, what we mean might include: working with a company to develop a sponsored program for its sub-contractors, working with an MGA to increase premium without also increasing net loss ratios, working with a broker to refine an offer to a segment of their customers, or working with an insurer to develop a new product they have not previously been able to offer their customers.
This is the consulting end of the wholesale insurance market.
Finding insurers for hard to place – complex, novel, unique, or distressed – risks
This is the transactional end of the wholesale market; finding markets for one-off insurance or facultative reinsurance placements that range from the locally unusual or challenging to the globally unique.
Based on 30 very active years in the London wholesale market, which itself is naturally connected to all the global wholesale insurance centers, we have close relationships with all the main casualty markets and underwriters and access to unique products for EPL, SML, Terrorism, Hostile Environment, M&A, and Cyber.
Understanding and solving challenging risk, risk management, and insurance problems
We see everything we do as consultancy; at least, we do until we see it as advocacy.
Solving the kinds of problems we describe in past work clearly takes a consultative approach to understanding the problem and developing a solution. But a beautifully crafted risk or insurance solution isn’t any use to our client if it doesn’t deliver what they need; which usually means the solution has to work for their prospective insurers and other partners as well.
So, whether ‘practical consultancy’ or ‘consultative advocacy’ is better, we consult mainly for brokers – usually related to product development or market expansion – though we also consult for sellers (MGAs and insurers) and self-insurers.