In the insurance media we talk about classes of new carriers being formed in mass flowerings of capitalism after the bursting of prolonged soft markets, but we never apply this term to the birth of intermediaries.
This is because the distribution side of our industry tends to renew itself more organically and less in dramatic waves.
Except that right now the conditions are perfect for a mass expansion in this space.
The consolidation of Marsh & McLennan and JLT and the prospect of Aon and Willis coming together are providing a once in a lifetime strategic backdrop for independents that can attract the right talent.
A sustained hard market has taken hold in core lines of business, giving a second boost and market reforms in hubs such as London are giving a chance for operational efficiencies and competitive advantages to be built into new businesses from day one.
Add to this record low borrowing costs, high valuations and a growing view from the investor community that broking houses have more in common with annuities than venture capital investments and you have a heady cocktail.
Into this mix I welcome Mike Reynolds the new CEO of Oneglobal Broking, a London wholesaler born of the merger between SSL and Endeavour and fueled by an investment from JC Flowers.
Mike has had a very long career in the insurance business and most recently ran reinsurance broker JLT Re.
In this interview we learn about Oneglobal’s major worldwide plans and Mike’s vision of how to build a global challenger in the wholesale specialty and reinsurance space.
Mike is good company so I think you will enjoy spending the next half hour or so with him.
NOTE:
Mike mentions a Jonathan. He is of course referring to Jonathan Palmer-Brown, the Chairman of Oneglobal Broking
LINK:
We thank our supporter, Claims Direct Access (CDA) for their support today. Here is a link to their website:
https://www.claimsdirectaccess.com/
Ep 64 Sean McGovern CEO of AXA XL UK and Lloyd’s: Re-set and re-launch
Ep 63 The broker of the future: Clyde Bernstein, Head of Broking, Willis Towers Watson GB
Ep 62 Fully capitalised, but rationally hard: the 2021 market with David Flandro of HX
Ep 61 A healing market: James Vickers, Chair Willis Re International
Ep 60 Fear breeds discipline, alignment and innovation: Talbir Bains CEO Volante Global
Ep 59 Jean-Jacques Henchoz CEO Hannover Re: Lean and keen
Ep 58 Talent and a willingness to take on risk: Julian James CEO International Insurance, Sompo International
Ep 57 Color outside the lines: Jim Stanard, Chairman Ariel Re
Ep 56 Like 2001, but completely different: Andrew Brooks CEO Ascot Group
Ep 55 Controlled aggression: Alex Maloney CEO of Lancashire Group
Ep 54 Taking a longer view: Eduardo Pérez de Lema CEO of Mapfre Re
Ep 53 No end game. The journey to Ithaka: David Howden CEO Howden Group Holdings
Ep 52 Vanessa Macdonald-Smith of Oneglobal broking: Putting people before numbers and enjoying the fun of the chase
Special Episode: Technical Debt and how to get out of it, with Bart Patrick of Duck Creek Technologies
Ep 51 David Walsh and Graeme Newman of CFC Underwriting: 20% organic growth forever
Ep 50 John Neal: Putting the Lloyd's halo back in place
Ep 49 Tim Turner: This is not a re-run of 85-86
Commonwealth Insurance Forum Special Episode 1: Insuring high-growth emerging markets with Inga Beale and Lesley Ndlovu
Ep 48 D&O: The hardest market of all time with David Ritchie of Gallagher UK
Ep 47 Pat Ryan: Build a business people are proud to work for
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