At the RVS 2023 Monte Carlo event, Reinsurance News spoke with Jonathan Prinn, Chief Executive Officer (CEO), London, Inver Re, where he explained that he believes that the company’s clients should get a 365 day service where they are “consistently having weekly contact.”
He said: “From the client feedback that I get, there are many brokers that do a good job for their clients at renewal, new or at prospect, but then they sort of disappear for a number of months.
“A lot of them do have operational models where they don’t quite get the team that they met at pitch and inception. They are sold to by the ‘A team’ who then venture away for 10 months and come back closer to renewal. It’s a more junior or off shore team who actually handle the day to day.
“So from an Inver perspective, whether operating in London, Bermuda, the US, etc. having that consistent weekly contact from the team you meet and providing that service is therefore much more important.”
Moving forward, Prinn then focused his attention towards the London Market.
He stated that the London Market “thrives in a harder market”, pointing towards the differentiations and innovations that London is known for, and that those factors become “more important within a hard market.”
“I feel that London is a very credible market to be in. Now we also have a big operation in Bermuda and you also need to interact well between London and Bermuda as well as other markets.
“But you do that by having a structure and an organisation that allows for that to happen.”
Prinn added that due to Inver Re being a scale up and remaining nimble, but also sitting within the $13bn premium Ardonagh group allows for that to take place.
“I think there are a number of brokers in the industry where the P&L of the company does not allow for innovation because a lot of the teams are very dedicated on their own P&L and they don’t have that dynamic interaction, and it needs to be there to really provide that level of service to your clients.
“And I believe that better services comes from the collaboration between those smaller teams who are remunerated on the overall success of Inver Re, and not on their own individual P&Ls.”
