Our Monthly #QotW Summary – November 2022
I’ve been writing QotW for nearly 3 years now and the intention, as I have said many times, is to add a bit of colour to what might seem like a boring appetite guide. They are all cases we have genuinely won, but I do try to “disguise” the risks so that the insured can’t instantly recognise themselves. Anyway, it was only a matter of time before we were asked to take one of them down, which we did earlier in November, hence the gap in this month’s round-up.
Interestingly it was around a fleet risk, which would seem appropriate right now with the state of the fleet market. December tends to be a quiet month for London Market fleet brokers, as the usual end-of-year blue cross sales from composite insurers impacts the flow of enquiries. This year doesn’t seem to be much different, but it feels like there is a storm on the horizon. A number of composite insurers seem to be threatening rate increases in the new year, which will have a significant impact if they stick to it. The fleet team at Compass are well placed to assist if the market does turn in 2023.
The property market in London is always complicated where we need to schedule a placement with numerous insurers.
This week’s win was great, not just because we secured a risk held by a competitor, but also because we managed to achieve full placement of the total sum insured, as opposed to the reduced loss limit only that the incumbent had managed. And, of course, with a number of markets on the existing placement we didn’t have the whole market to approach.
To top it all, our full value placement was cheaper than loss limit alternative. Great work team!
The Liability team at Compass London Markets aren’t all about construction and heavy products risks.
This week’s #QotW sees our Liability experts trackside to provide terms for a Go Karting track. Luckily one of our friendly underwriters is a big fan of Go Karting and is always happy to quote.
Terms were provided leaving our supporting broker racing away with the business.
The Motor Fleet team have gone green again this week after securing the business of a Self-Drive Hire company that specialises in low CO2 vehicles.
The holding insurer had declined to offer renewal and whilst the market for Self-Drive Hire in London is limited, we know the key players. Working hard with underwriters we were able to come up with a deal that secured the business and protected a company with a great environmental ethos.