A Rough Guide to Legacy

As Compre CEO, I am permanently on tour. This is my legacy travelogue.

Episode 10: The Night Before Christmas

24/12/19

Driven by the passion, determination and resolve that characterises us at Compre, we close another year of opportunity and successful transactions – some in the public domaine and others not. Throughout my fairly constant 2019 mid-air existence, we as an organisation have remain grounded, firm in our principles and committed to delivering solutions to our clients that exceed their expectations, not only in terms of transaction structure but equally importantly, as a total business experience. For this, I want to thank everyone at Compre for their hard work and commitment throughout what has been an exceptionally busy year.

In my last blog, I mentioned that I would be heading to Hamburg and Bermuda next. Both trips happened but sadly the blog did not!

Looking back at 2019, I am delighted with the volume and diversity of opportunities emerging in the legacy market. All signs indicate this will continue in 2020. Lloyd’s has a new market momentum that is set to continue; key groups remain focused on their legacy strategy, which presents opportunities for more innovative structures; direct insurers are exiting unprofitable lines where some have previously been resistant; Oklahoma has presented its first IBT – how this first transaction goes through the regulatory and legal process will be a strong indication of how this novel structure may be accepted and extended in other states.

The Lloyd’s culture survey results were a stark wake-up call, which have given the market good reason for reflection, not only regarding the way organisations should be run but also how those of us in senior positions should speak up and support others. Our legacy should be that we listened and that 2020 was the year the insurance industry become an accepting, diverse and inclusive market, with greater tolerance for it is diversity that makes us stronger.

With new legacy acquirers established and ready to play in 2020, most notably Fortitude Re, along with some management moves in our space, I have no doubt that 2020 will be an exciting year that will continue to deliver opportunities and growth for all of us. For now, it’s time to wrap up and start wrapping those presents and filling the Christmas stockings. From me and all at Compre we wish you and your loved ones a wonderful festive season and a very happy New Year.