The seeds for today’s episode were sown at a meeting in Chicago in the early Spring of 2019.
I had been chairing a conference there and was making the most of the trip by visiting as many of the insurance people with their offices in the Windy City.
So it was that I met today’s guest for the first time over breakfast in the centre of town.
It was a great meeting – my host was full of energy and incredibly excited over the prospects for the Excess and Surplus lines (E&S) market.
He was a real broker’s broker and someone who leads from the front. I remember he had to break off our breakfast chat briefly to take a call relating to a placement that he was personally involved in.
We had been waiting for the market to harden for over fifteen years and this was the first time a well-placed senior executive was sitting in front of me telling me it was finally starting.
He explained that his organisation was gearing up for what he described as "the dump" that was on its way.
The dump is when admitted lines carriers have had enough of losses and non-renew or dump their most unprofitable business en masse. This flow then finds its way into the only other available channel open to it - the E&S market.
Tim Turner is the T in RT Specialty - one of the largest and probably soon to be the largest wholesale broker in the biggest wholesale insurance market in the world.
Given the size and scale of RT Specialty and the wider RSG Group his view of the market can’t be bettered.
18 months after that meeting and all of Tim’s predictions have come to pass and that is why I was really happy to be able to get a follow-up with him for the Voice of insurance.
With billions of dollars of deals running through his organisation he is one of a very select band of people with a feel for how long the hardening market might last and how deep it will hit.
As a major producer his view also matters a huge amount to the major overflow wholesale markets of Bermuda and London.
He’s also great company and buzzing with energy. I highly recommend a listen to what he has to say.
LINK:
We thank Claims Direct Access (CDA) for their support today.
https://www.claimsdirectaccess.com/
Ep188 Nick Cook BMS: Pedal Flat to the Floor
Ep187 Alistair Wood CEO Hampden Capital: Selling an improved Lloyd’s product
Ep186 Todd Davison & Keir Cox of Purbeck Insurance: Introducing Personal Guarantee Insurance
Ep185 Paul Bantick, Global Head of Cyber Risk, Beazley: Providing for Cyber growth
Ep184 Ekhosuehi Iyahen Secretary General of the IDF: Putting valuable insurance knowledge to good use
Special Ep: The State of (Re)insurance 2023
Ep183 Richard Brindle: If you’re good enough, you’re old enough
Ep182 Tim Gardner & Bob Bisset Lockton Re: Let revenue take care of itself
Ep181 Jean-Jacques Henchoz CEO Hannover Re: True partnership has a price
Special Ep Arun Balakrishnan CEO Xceedence: AI and Insurance - everything you need to know
Ep180 Craig Kingaby CEO Meridian & Mark Heath CEO Acies: Playing our own game
Special Ep Amrit Santhirasenan CEO hyperexponential: How to win at the team sport of underwriting
Ep179 Antony Erotocritou CEO Ardonagh Specialty: We’re not slowing down
Ep178 Tony Ursano of Insurance Advisory Partners: A ton of fun!
Special Ep Paul Templar and Sebastian Prosser of VIPR: Stop throwing people at the problem
Special Ep Warren Downey & Lee Anderson of Specialist Risk Group: Building a natural home for specialists
Ep177 Chris Killourhy QBE Re: Balance is critical
EP176 Lorraine Harfitt of Asta: People, Plan, Capital.
Ep175 Julian James, Sompo International: A Degree of Equilibrium
Ep174 James Drinkwater, Amwins: Time and Money
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Bank of America Treasury Insights
How I Crushed It
Pharmacy Podcast Network
The Ramsey Show
Planet Money