Our Monthly #QotW Summary – August 2022
August saw us finally announce the restructuring of the Property & Casualty Team here at Compass. It’s taken a lot of discussion and consideration to land at what we believe will be the right structure to best deliver the service and access to markets that we want to offer. It’s a large team with highly capable and motivated colleagues in it.
Over the last 18 months we have continually placed a large amount of new P&C business each month, and we believe that the new structure will allow us to do that with an even more focused approach. Some seven new colleagues in that team will also continue to drive the success forward as they integrate into their respective new roles. It feels like a hugely positive step that should see us on the front foot for the remainder of 2022.
It’s always good to get the words of a happy customer for QotW, so today’s “Summer Shout-out” comes from Alan Waugh at GWM Insurance Brokers:
“We were tasked with securing MD/BI terms for a particularly challenging risk whereby the insured had only recently entered their operational phase, were located in an extremely high flood risk area, and partly occupied an old mill conversion. These adverse risk features coupled with the activities undertaken by the insured resulted in a particularly challenging placement. There was a lack of appetite in the regional market, but by working with Josh Robinson at CLM, he was able to identify and secure a robust solution with A-rated capacity in short order.”
Thanks Alan, great to work with you on finding a solution for your client.
An unusual one for QotW this week.
Our Fleet team were asked to assist with providing cover for vehicles being used in the opening ceremony at the Commonwealth Games in Birmingham.
Short period policies aren’t the norm in the London markets, but we do know some underwriters that like things that are little bit different. We coordinated our efforts to provide a solution for the vehicles involved in the event, which certainly looked spectacular!
In this week’s QotW the Compass London Markets Liability team was asked to look at cover for a company that installed decorative & seasonal lighting in Shopping Centres and High Streets.
Unfortunately, a spate of liability claims meant that the existing composite insurers weren’t keen to provide terms and asked for a substantial hike in price. We sourced a price for Liability & CAR/Plant that the broker and client found highly illuminating.
The Compass London Market ‘s Fleet team came to the rescue of a broker and client this week in QotW.
The insured had received terms from the holding broker, but the renewal information provided to the client was poor and inaccurate. Working with the new broker, Compass managed to clarify the terms from the underwriter, placing on the correct basis and saving the client money. And all turned round within the day.