Meet the Market event – November 2023
Another Successful Meet the Market Event!
We would like to express our thanks to everyone who joined us for our Meet the Market event on 15 November. The event showcased Citynet’s services through presentations and insightful Q&A sessions led by our experts in various fields, including Property & Casualty, Professional Risks, Motor Fleet, and Underwriting.
A notable highlight of the day was the enlightening lecture delivered by Jason Ozin, Chief Information Security Officer (CISO) at PIB Group, focusing on the ever-relevant topic of the Cyber Threat Landscape. In a world where cyber threats pose significant risks, this session emphasized the importance of staying informed, being aware of potential consequences, and preparing for the inevitable in case of a security breach.
However, the true standout of the event was the guided tour of Lloyds of London, skilfully led by Mark Crisp and Marcus Simeoni. This exclusive experience offered our guests a rare glimpse into the inner workings of one of the world’s most prestigious insurance markets. While the 11th floor of the building was unfortunately closed to visitors, we hope that everyone found the tour to be both enlightening and educational.
We extend our sincere thanks to all our guests, staff members, and speakers for contributing to the success of our Meet the Market event. Here’s to ongoing learning, growth, and success in our dynamic and ever-evolving industry! 🚀
Although this marks the conclusion of this year’s Meet the Market events, stay tuned for more exciting events next year. If you’re interested in participating, simply drop us an email, and stay tuned for confirmed dates to follow.
Meet the Market event – October 2023
A Successful Meet the Market Event!
Citynet’s Meet the Market event, held on 18th October 2023, was a resounding success, and we want to express our thanks to everyone who joined us for this remarkable gathering. The event was dedicated to our Movo Partnership partners, and we were delighted to witness the exceptional level of interaction and engagement from our attendees.
The event showcased Citynet’s services, with presentations and Q&A sessions by our experts from the Property & Casualty, Professional Risks, Motor Fleet, and Underwriting divisions.
One of the standout moments of the day was the enlightening lecture on Cyber Insurance delivered by Scott and James from DUAL UK. Their presentation served as a reminder of the constant evolution and innovation within our dynamic industry. In a world where cyber threats continue to pose a significant risk to businesses and individuals, this session highlighted the importance of staying informed and prepared.
However, the true highlight of the event was the Lloyds of London tour, expertly guided by Mark Crisp, Tiku Patel, and Colin Reid. This unique experience provided our guests with a rare glimpse into the inner workings of one of the most prestigious insurance markets in the world. We hope that everyone who had the privilege of participating in the tour found it to be an eye-opening and educational experience.
We extend our sincere thanks to all our guests, partners, and speakers for making our Meet the Market event a resounding success. Here’s to continuous learning, growth, and success in our dynamic and ever-evolving industry! 🚀
Stay tuned for more updates and exciting opportunities that Citynet Insurance Brokers will continue to offer.
Citynet’s Meet the Market Event – September 2023
Showcasing Excellence at Citynet’s Meet the Market Event
Lloyd’s of London is known for its rich history, having been established in 1686. The market has played a pivotal role in the global insurance industry and continues to be a hub for innovation and expertise. The tour allowed participants to gain insights into how Lloyd’s operates, how underwriting is conducted, and the mechanisms that drive this world-class insurance marketplace.
The success of the Meet the Market event is a testament of our unwavering dedication to our broker partners and the insurance sector as a whole. It provided a platform for Citynet to express its thanks to its partners and demonstrate the wide range of services we offer. The guided tour of Lloyd’s of London was an extraordinary experience that deepened attendees’ understanding of the insurance market’s core operations.
Andrew Walsh is named Chief Executive Officer of Citynet
Citynet Insurance Brokers, a leading wholesale Lloyd’s broker in the UK, has promoted Andrew Walsh to the role of Chief Executive Officer. His role which has been approved by the FCA is focused on specialty difficult risks in Lloyds and London Market insurers.
Andrew brings a significant amount of experience to his role, having held a number of senior positions in his career spanning over 25 years, all of which have been gained while working within Lloyds and London Market.
His career with Citynet started in 2011 to head up the Motor Fleet Department, progressing rapidly while gaining a track record in delivering against ambitious growth, sales, and service ambitions. In 2014 Andy was appointed to the Board of Directors and three years later he took on the role of Managing Director ahead of the acquisition of Citynet by PIB Group.
Andrew’s appointment is one of a series of executive moves at PIB Group whose growth is set to accelerate in 2022 and beyond, particularly across Europe. The moves aim to strengthen the Group’s corporate structure and governance as part of the next phase in its evolution in building a leading pan-European commercial insurance brokerage. Read more here.
Lloyd’s proposed transfer of certain EEA insurance business to Lloyd’s Brussels
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer
Should you have any queries please contact Mark Crisp at email@example.com or call 020 7488 6708
Building broker business in the construction insurance sector
In the midst of chaos, there is opportunity!
The famous quote from Sun Tzu in The Art of War may not have been intended for the insurance industry – but it is one that stands applicable especially now in relation to the construction sector where the building blocks appear to be crumbling. The July 2019 IHIS Markit construction purchasing managers’ index dropped to its lowest levels since April 2009.
“According to the latest survey of industry executives, the UK construction sector is suffering a loss of momentum, led by the sharpest reduction in new work since March 2009,” Matt Carlick, Broking Director at Citynet Insurance Brokers, told Insurance Business. “As the market tightens, some insurers are looking into decreasing the number of brokers they do business with.”
At the heart of the problem appears to be a shortage of skilled workers, leading to greater use of LOSC and BFSC contractors, according to Carlick.
“Greater use of lower-skilled or non-skilled workers who tend to be less experienced in a particular trade or are new to a company and therefore less aware of the H&S culture of an insured,” he said. “Due to a skilled worker shortage, there is a danger that the cost for these employees increases which can negatively affect profit margins and therefore the funds available for investment in H&S initiatives.”
Amid the clouds, however, there are plenty of silver linings – and savvy brokers have plenty of opportunities to be the cement that keeps businesses watertight amid the onset of economic bad weather.
“Despite the comments about retrenchment in the UK construction sector, underwriters would suggest that they are seeing small organic growth for London and South East based risks,” added Carlick. “This also means an increase in estimates for LOSC and BFSC payments which bring their own insurance issues with them.”
“Of course, there are concerns about the current business outlook and these are overwhelmingly attributed to domestic political uncertainty,” continued Carlick. “The construction sector hasn’t been left unaffected by this current climate. Rising risk aversion and tighter budget setting by contractors in response to Brexit uncertainty can hold back activity, especially in the commercial sub-sector.
“The key is to work with a specialist – and, as wholesale brokers, Citynet has a proven ability to build and maintain relationships with underwriters which is essential to ensuring that the best deal is on the table for our retail broker clients.”
Finding the best deal also means finding the right policy for clients. While each business will have different individual needs, Carlick believes there are certain important areas of a construction policy that every broker should look for.
“Important areas of a construction policy include cover for asbestos; attitude towards criminal defence costs; height and depth limits – ideally there should be none; cover for hazardous locations/activities; attitude towards rehabilitation; insurers’ flexibility to be able to deal with mid-term amendments which are hazardous and/or unusual,” he said.
Above all, however, it’s about finding a trusted partner, Carlick believes – one that has “its’ fingers on the pulse of this dynamic market” and “strong market relationships.”
Source: Insurance Business UK