Post magazine – 19/26 December 2013

Post magazine 19-26 December 2013

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In this week's edition the landmark appointment of Inga Beale as chief executive of Lloyd's has been heralded as a catalyst for change, in terms of both the historic insurance market's future strategy and the gender balance of industry boardrooms.

Beale - who is stepping down as Canopius CEO amid talks over a buyout of the firm by Sompo Japan - will become the first female CEO of Lloyd's since its formation 325 years ago when she takes over from Richard Ward, who has been in the role for almost eight years, in January.

In other news further rating downgrades and acquisitive interest from rival insurers will make RSA's search for the "perfect candidate" to replace Simon Lee as chief executive an uphill struggle as speculation of a sale mounts; recommendations by the Competition Commission to clamp down on motor credit hire costs and introduce a ‘wide most favoured nation' clauses ban have split the market, with insurers suggesting "robust competition" can return to the market; and the Financial Conduct Authority has been encouraged to further investigate brokers' premium finance arrangements by an industry compliance expert after a broking whistleblower said "nearly all" big broking firms shortchange clients when promoting the payment method.
The festive season is the peak period for mobile phone loss. With an iPhone able to hold some 1.2million Microsoft Word documents, or 144 million emails, XL Group's Nigel Bamber takes to the C-Suite to explain why it is so important to make sure your data is protected. He is joined by Dual International's Shane Doyle who is aiming to make MGAs the first choice of employment and the third pillar of the industry; while BGL group director Peter Thompson uses the opportunity to offer advice on building the perfect partnership and how to avoid finding yourself under the mistletoe with the wrong person at the Christmas party.

Brent Escott has a 20-year career covering most areas of the insurance industry under his belt, so it's fair to say he has seen it all. In this week's interview he talks to Rachael Adams about becoming CEO of under-fire Card Protection Plan, and explains why it didn't faze him.

The final reviews of the year look back over general insurance and the broking sector. General insurance was dominated by reform and regulation, with 2013 seeing the implementation of the Jackson reforms and the start of twin peaks regulation. Post spoke to key figures in the GI market to get their views on the year that was 2013 and their predictions for what 2014 has in store; while major acquisitions and people moves across the sector meant 2013 was a busy year for brokers - Post spoke to some broking bigwigs to find out how what they made of 2013.

Finally, I'd like to take this opportunity to wish a very merry Christmas and prosperous New Year to all!

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