Our Monthly #QotW Summary – December 2022
January is always a good time for looking back and moving forward. Here we look back at QotWs for December and I also reflect on 2022 as a whole.
From my point of view, the aim of a good Lloyd’s broker, and of course Compass London Markets, is to find solutions for challenging risks. QotW demonstrates some of those challenges facing us, together with solutions we have found.
Looking forward into 2023, it’s clear that the addition of new colleagues with new specialisms, both within Compass and the wider Ardonagh Specialty group, will expand the breadth of our offering, which can only be a good thing for our customers.
From my personal point of view, January sees us welcome Steve Whetham to assist me as Business Development Manager for Wales, The Midlands and the North. Steve will be a great success and enable us to better communicate the complexity of the London Market and our offering.
This week’s QotW involves a solution for a risk which had suffered a number of problems. An unoccupied pub and music venue had fallen foul of vandals and suffered a large loss as a result.
The Compass London Markets Property team came up with a solution on our in-house binder which provided cover with wide perils and at a more competitive price than the holding broker.
In the lead-up to Christmas, it might seem appropriate that the Liability experts at Compass London Markets were asked to look at a Poultry abattoir and processing risk.
The challenge here was a claims issue that was causing most markets to decline. An excellent presentation from a supporting broker enabled us to find a suitable solution that ensures we all enjoy the festive period with our Christmas dinner.
A nice story of how a great relationship can help win business this week.
Having taken a supportive broker on a tour of Lloyd’s, we invited a fleet underwriter to join us for lunch and introduced him to the broker. Off the back of the meeting, we were asked to assist with a taxi risk and the underwriter duly obliged with a quotation that helped secure the business.
Our construction specialists were back in action for QotW this week.
We were asked to look at a utility contractor where one of the Directors had previous criminal convictions. Composite insurers were unable to quote, but we came up with competitive terms that got them out of jail and secured the business.
A new fleet win this week which was effectively a new venture, with only 1 of 7 vehicles having any bonus attached.
We were able to get the client a quote with a new fleet market for us, with telematics fitted to all vehicles, to give both the underwriter and client peace of mind as they started their fleet journey.