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/
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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
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
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