HSB Engineering Insurance (HSB), the specialist industrial engineering and construction insurance arm of reinsurer Munich Re, has appointed a new business development and distribution director.
Richard Slatter joins HSB from a Sales Director role at British Engineering Services. Prior to that he was at RSA Engineering for over 20 years and previously held a range of sales management roles within RSA and National Vulcan.
His senior management team role will focus on leading Business Development for the insurer, developing strategies to enhance distribution and business development at the firm, managing key client and customer relations, as well as ensuring regulatory compliance for broker or agent intermediaries.
Slatter will be based in Manchester UK for HSB and will report to Steve Worrall, Managing Director at the insurer.
Worrall said; “Richard has a great reputation in the industry, not least for his time at RSA. His appointment to the senior management team will allow us to benefit from his vast experience, insight and industry knowledge; enabling HSB to continue to focus on profitable growth and strengthen our distribution strategy across our broker, insurer and MGA partners.”
The primary commercial insurance arms of major global reinsurers like Munich Re are becoming increasingly important sources of risk premiums which often have better margins attached than the traditional reinsurance market can provide.
Operating at the primary commercial level also helps the reinsurer to retain more risk and reduce its intermediary costs.
