Reinsurance News

Spring Insure is ready for growth after a transformational year: CEO Tristan Sargeaunt

12th January 2023 - Author: Luke Gallin

After a transformational 2022, expect to see more of MGA Spring Insure in the months ahead as the company targets greater broker engagement and more distribution activity to support growth, according to its Chief Executive Officer (CEO), Tristan Sargeaunt.

tristan-sargeaunt-springSince its launch in November 2020, specialist financial and professional lines MGA, Spring Insure, has been busy completing an acquisition, launching new offices and lines of business, and hiring industry talent.

Most recently, the company appointed Sargeaunt as its new Group CEO, taking over from co-founder, Nathan Sewell, and tasked with leading the MGA through its ambitious growth plans.

Against this backdrop, Reinsurance News spoke with Sargeaunt about the firm’s goals for the year ahead as it navigates the expanding MGA space.

“Last year was very much transformational, so lots of groundwork to set up the foundations of the business. In comparison, our focus in 2023 is simpler,” said Sargeaunt. “We want to grow the business, of course, and we’re going to do that by bringing in more team members and engaging with more brokers.”

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For 2023, he continued, Spring Insure’s focus will be on the three core pillars of the business.

“Firstly, you’ve got the internal team and we want to grow our team of underwriters, bring in established underwriting resource that will help us with our growth strategy. We don’t want to go and ask brokers to send us more business and open up more engagements with brokers to send us inquiries if we can’t service them properly.

“Second, we want to focus on the broker development piece alongside the team growth. In terms of business with brokers, we want to make sure more brokers are aware of what Spring can offer, and if they’ve got opportunities that would fit within our appetite that they’re sending them to us, because I think we’ve got a very competitive and compelling proposition for them.

“And then thirdly, the capacity management is fundamental for us. So, making sure that our capacity providers are comfortable with our underwriting activity and that we’re deploying capacity in line with our growth targets. They’ve been very supportive in allowing us to grow and in turn giving us quite demanding targets, which is great. So, a key aim for us is to continue to strengthen those relationships through achieving our combined goals, keeping them fully informed through regular management information and engagement,” said Sargeaunt.

Expanding on the first pillar of focus, Sargeaunt noted that the insurance recruitment market across all areas is currently very challenging, but Spring is working hard to bring the right talent into the fold with equity participation across the company being a key benefit.

“The focus for us when we’re talking to new underwriters, or any new person coming into the group, is really the fit and their personality towards the Spring culture. The culture here is of a high growth business, it’s entrepreneurial, in contrast with the large corporate space, and we need team members with that mindset of wanting to be an independent worker growing their proposition, growing their portfolio, and collectively helping Spring grow.

“The most important thing to us is that we don’t disrupt the existing culture of togetherness and collegiate performance,” he explained.

Discussing the broader MGA marketplace, Sargeaunt told Reinsurance News that there’s been huge growth in MGAs over the past year / 18 months.

“I think it’ll be interesting with the plateauing of hard market conditions that we’re just starting to enter into now, whether that momentum continues, but certainly from our read of that space, an MGA is the place to be,” said Sargeaunt. “However, we’re acutely aware of the changing market dynamic, as I mentioned, the market conditions are just starting to soften there will be a squeeze on competitiveness, as some of the non-MGA insurers potentially adjust their appetite.”

“From our perspective, we think our service proposition will differentiate us in that regard, when price competitiveness becomes tighter. And our knowledge and experience of the broking sector will allow us to really understand what brokers want from their insurer and MGA partners,” he added.

Looking forward, Sargeaunt asserted that now that Spring Insure has the foundations established, we can expect to see more of the MGA “banging the drum and inviting brokers to come and do business with us.”

“That’s going to be across broker networking events, the big industry conferences, you will see Spring more and more prevalent at those. As we mentioned at the outset, that growth strategy is straightforward, more brokers, more enquiries, and grow our Gross Written Premium accordingly. We’re only going to do that by making sure every broker in the market is aware of what we can offer.

“But alongside that, of course, we’re absolutely aware that we’ve got to grow the underwriting resource to support that GWP growth. So, more broker engagement, more distribution activity, and more high quality capacity, that’s what Spring Insure will be bringing in 2023,” said Sargeaunt.

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