Independence is an emotive word. It can mean so many things to different people. It can be a state of mind and represent freedom of action and choice. An alignment of independent minds combining and sharing knowledge can build amazingly powerful relationships that achieve a great deal. We are proudly independent.
In this short article, we hear from various underwriters on what independence means to them and their business. We also spoke to Adrian Cox, CEO at Beazley, to find out the value that independent brokers, such as Miller, bring to their distribution strategy and how an independent specialist broker assists with the distribution of their own specialist product offerings.
Beazley and Miller – an underwriters’ perspective on independence
Can you please outline the value that independent brokers bring to your distribution strategy?
At Beazley, our focus has always been on deploying our products and services in the markets where we know that our expertise and specialist offerings can add value to our clients and brokers, offering them a service they won’t get elsewhere. We look to partner with brokers who value this approach and understand our specific expertise.
For us, an independent broker like Miller adds significant value to our strategy. Your deep client and sector knowledge, coupled with your local retail and wholesale broker relationships, means you can help us access the markets where our products best fit and, where we can deliver the greatest benefit for clients.
Furthermore, your agility and responsiveness to client needs helps deliver significantly greater benefits to and for our clients.
How does an independent specialist broker assist with the distribution of your specialist product offerings?
There are 3 key areas where I believe specialist brokers assist in the distribution of our products: Alignment, Relationships and Knowledge.
Alignment: By aligning our deep product and underwriting knowledge with your customer insight and sector experience, we can drive significant value for clients and ensure meaningful market penetration together.
Relationships: Through the relationships you cultivate with local retail and wholesale brokers we gain access to markets we traditionally wouldn’t, supporting a wider and deeper distribution of our specialist products.
Knowledge: In-depth sector knowledge helps pre-empt market shifts and aids in spotting emerging market trends. This insight helps us as we identify business opportunities in the market for new products or solutions, meaning we can confidently continue to meet evolving client needs.
What does independence mean to other underwriters and their business?
“Apollo is a large independent within the Lloyd’s market. Our guiding principle is to provide strong service tailored to each individual client. We value our independence as this enables a nimble and innovative approach, a fast decision-making process in response to our evolving clients’ wants and needs in the context of the challenging commercial environment in which we all operate.”
David Ibeson – Chief Executive, Apollo Syndicate Management Limited
“As a specialist insurer that is constantly seeking ways to improve our service and coverage, we view our own independent approach and thinking as vital to our success”
Glen Secular, Head of US Wholesale Casualty, AXA XL
“Our clients cross the full spectrum of intermediaries and we are very mindful that their respective client bases themselves are greatly diversified. Each of our clients has their own risk transfer motivations and appetite for risk. Recognising these dynamics, it is our objective to always offer them independence of choice.”
James Tanner, Underwriting Manager, North American Property, AXA XL
“Brace stands shoulder to shoulder with our entrepreneurial partners. We innovate new products and draw on the latest technology and deep data to guide them to success, however niche the risk they face. Our independence aligns us very well and creates the nimble and creative approach required to respond to their needs.”
Adam Holberry, Chief Underwriting Officer, Brace Underwriting Limited
“Inigo Jones, whose name we have borrowed in creating our young (re)Insurer, was an independent spirit (and Welshman) who changed the face of English architecture. At Inigo we hold independent thought and the power of reason in high esteem, and hope that we can bring together the art and science of underwriting in an original way to gracefully solve (re)insurance challenges shared with other independent thinkers.”
Russell Merrett, Chief Underwriting Officer, Indigo Insurance