Chris Norris, Author at New Dawn Risk UK

Nick Sullivan

New Dawn Risk Group is an established specialist insurance intermediary responsible for servicing a worldwide portfolio of UK and International clients. We focus on placing complex liability and other speciality insurance and reinsurance risks with insurers in all major markets including Lloyd’s of London.

We are currently looking for a permanent full-time senior professional liability broker, specialising in malpractice and healthcare to join our rapidly growing business. This role reports directly to the Head of Professional Risks.

Key activities & responsibilities:

This is a new senior position at New Dawn Risk and is intended to bring a level of market experience and product knowledge to the team. We are looking for a self-motivated broker who will focus on client retention and new business production.

Key activities and responsibilities are envisaged as follows:

Developing strategic sales / business development plans to grow our US and international medical malpractice and healthcare business.
Proven experience in placing insurance for US healthcare professions from miscellaneous medical professional liability to medical malpractice for healthcare institutions.
Providing mentoring for less-experienced brokers.
Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
Travelling internationally to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable skills & qualifications:

4-7 years+ of proven experience in US malpractice and healthcare broking in Lloyd’s and the London market.
Experience in handling large medical malpractice risks.
Strong relationships with all key underwriters across the Healthcare market, whether US or International.
Strong insurance product knowledge across Professional & General Liability, HNOA, EBL, and SML product lines for healthcare professions.
Able to demonstrate strong relationships with producing brokers across the healthcare sector.

Personal qualities:

Excellent interpersonal / communication skills.
Ability to write grammatically correct English.
A high level of competency with Microsoft Office.
Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
A personal style with integrity that engenders confidence in others and the ability to build effective relationships internally and externally.
A self-starter.
Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
Ability to work with individuals across departments and liaise with external customers and contacts.
Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

The compensation package for this role will include a competitive salary, a performance-based bonus based on new business production and renewal retention (in respect of renewing any new business produced).

This is a new senior position that will require a high level of market experience. We are looking for a self-motivated and experienced salesperson, who will develop our UK business with their product knowledge, networking and sales skills.

The creation of this role signifies a key expansion for New Dawn Risk, a specialist insurance and reinsurance broker operating in the London Market. The company has recently invested in building a UK-focused wholesale division, and this next step into direct corporate retail business is a natural progression of the company’s strategy.

Key activities and responsibilities:

Developing strategic sales / business development plans to grow our UK professional and financial lines and other target business.
Identifying classes of business in which opportunities exist for New Dawn Risk to play a relevant role and developing a strategy to take advantage of such opportunities.
Engaging with prospective clients by phone, by email and through networking opportunities.
Building a portfolio of high-value clients (target minimum total commission £10,000 per client) with renewable policies across the UK.
Travelling nationally to meet with new and existing clients to build and enhance relationships and generate new business referrals.
Contributing to New Dawn Risk’s ongoing strategy development and planning.
Supporting New Dawn Risk’s training objectives through structured training sessions of the broking and account management teams.
Engaging with key insurers and supporting our broking teams in placing new and renewal business.

Key attributes and experience:

A proven and experienced retail producer, who can hit the ground running.
Established product knowledge, particularly in Professional Indemnity and Directors & Officers Liability.
An individual who wants to drive their own business responsibilities and to accelerate their career.
Confident, motivated and experienced at cold calling and presenting.
Experienced in networking.
Gravitas to represent the company in a highly professional manner.
Ability to travel nationally.
Exemplary client care and service.
Excellent written and verbal communication skills.

Compensation package:

The compensation package for this role will include a competitive salary, commission on new business production and renewal retention (in respect of renewing any new business produced), and participation in a company health insurance programme and pension scheme.

We are currently looking for a permanent full-time senior professional liability broker to join our rapidly growing business. This role reports directly to the Head of Professional Risks.

Key activities and responsibilities:

Key activities and responsibilities are envisaged as follows:

Developing strategic sales / business development plans to grow our US and international professional liability business.
Proven experience in placing professional liability for architects & engineers, lawyers, accountants and healthcare.
Providing mentoring on broking tactics and technique for less-experienced brokers.
Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
Travelling internationally to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable skills and qualifications:

5 years-plus of proven experience in US professional liability broking in Lloyd’s and the London market.
Strong relationships with all key underwriters in the relevant sectors.
Strong insurance product knowledge.

Personal qualities:

Excellent interpersonal/communication skills
A high level of competency with Microsoft Office.
Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
A personal style with integrity which engenders confidence in others and the ability to build effective relationships internally and externally.
A self-starter.
Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
Ability to work with individuals across departments and liaise with external customers and contacts.
Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

A part time Claims Associate who has experience in professional liability and directors’ and officers’ insurance is needed to join a leading Lloyd’s of London broker based in the City of London. Expect to become a key team member, coordinating multiple projects in a fast-paced environment.

This is a part time role 25 hours per week. Flexible work from home options available.

Founded in 2008 this specialist insurance intermediary focusses on placing complex liability and other speciality insurance and reinsurance risks with insurers across all major markets (including Lloyds and the London Market, Bermuda, DIFC, Singapore and many others). Due to an exciting period of growth, they are now seeking a proactive part time Claims Associate to work closely with the Claims Manager.

The Claims Associate will be responsible for assisting in the coordination and broking of all claims within the group. Whether you are maintaining client files, building relationships with clients, understanding market changes, resolving issues, liaising with overseas brokers, maintaining claims files, obtaining loss runs or assisting in the preparation of claims reports and statistics, it will be your strong insurance product knowledge across PI & DO, that ensures accurately and timely payments for clients.

To qualify… You could be a Claims Associate / Insurance Claims Associate / Claims Handler / Claims Broker / Insurance Claims Handler / Insurance Claims Consultant / Claims Support Administrator or similar with a CV that demonstrates:

Experience of working in Claims with Professional Liability and Directors & Officers insurance.
Strong insurance product knowledge across PI & DO.
Strong relationships within sector.
Knowledge of London Market Systems, particularly ECF.
Excellent interpersonal / communication skills.
The ability to write grammatically correct English.
A high level of competency with Microsoft Office.
You are an outgoing and engaging person who has the confidence in communicating with clients.
A self-starter.
A strong work and service ethics to achieve desired outputs working in a fast-paced environment.
The ability to work with individuals across departments and liaise with external customers and contacts.
You are open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
You are adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.
Lloyd’s experience desirable but not essential.

This is an excellent opportunity for a Claims Associate with a strong work ethic to join a fast-moving and forward-thinking finance business. Expect to grow your skills and experience within a refreshing and approachable environment where you will be well-rewarded for your efforts.

New Dawn Risk Group is an established specialist insurance intermediary responsible for servicing a worldwide portfolio of UK and International clients. We focus on placing complex liability and other specialty insurance and reinsurance risks with insurers in all major markets including Lloyd’s of London.

We are currently looking for a permanent full-time senior directors & officers’ liability broker to join our rapidly growing business. This role reports directly to the Head of Management Liability and Financial Institutions.

Key activities and responsibilities:

Developing strategic sales / business development plans to grow our international D&O portfolio and other target business.
Developing new management liability business, with a focus on larger deals and facilities.
Identifying classes of business in which opportunities exist for New Dawn Risk to play a relevant role and developing strategy to take advantage of such opportunities.
Providing mentoring on broking tactics and technique for less-experienced brokers.
Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
Travelling internationally (between 6 – 8 trips per year) to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable attributes and experience:

Excellent interpersonal/communication skills
A high level of competency with Microsoft Office.
Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
A personal style with integrity which engenders confidence in others and the ability to build effective relationships internally and externally.
A self-starter.
Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
Ability to work with individuals across departments and liaise with external customers and contacts.
Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

London, October 27th 2020: The London chapter of PLUS (the Professional Liability Underwriting Society) met last week for a webinar to talk through the evolution of the market, in a session entitled “London, You’re on Mute! The New Normal”

In a sign of both the importance of the topic, and the growing usage of virtual events, a record 160 members of PLUS in both London and North America gathered to debate the topic alongside panel members:

Julian James, CEO, Sompo International
James Masterton, CEO, Ardonagh Specialty
Kim Noble, Senior Vice President, Thompson Flanagan
Chris Warrior, Head of Commercial Management Liability UK, Berkshire Hathaway Specialty Insurance
Brenna Westinghouse, Focus Group Leader and Underwriter, Professions PI, Beazley

The panel was moderated by Max Carter, CEO of New Dawn Risk.

Following the debate, the audience was asked for their views on how the market is currently working, and the results were positive. Of 160 members polled:

Only 14% of respondents wanted to return to work full-time in their office.
16% of respondents said they would want to work mainly at home permanently, while 70% would want to spend half their time in the office.
38% said that they were more productive since Covid-19, 44% said that their productivity had remained the same, and 18% said it had fallen

Max Carter, CEO of New Dawn Risk and Moderator of today’s PLUS webinar commented “This debate brought broad consensus that the way we work has permanently changed. For an industry that has not historically been known for thriving with technology, the market was able to adapt quickly and continue trading without missing a beat during 2020, and this has helped acceptance.”

“Relationships have been the hallmark of the success of the London Market in the past. If we are to have continued success in the future, we have to find ways not just of maintaining existing relationships in this new working environment, but of forging new ones.”

“The situation that we are currently facing is unprecedented; there is no established playbook or roadmap for navigating our way through it. That’s why events like this week’s PLUS debate are so important. We might not have all the answers, but reaching consensus on the questions we should be asking is an important step in the right direction.”

For more information: Victoria Sisson, Luther Pendragon, +44 (0)7941 294872

New Dawn Risk Group Limited has today launched its white paper analysing insurance cover for the US legal cannabis, CBD and hemp markets.

Download the white paper here.

The report: “Understanding and opening up the US cannabis insurance market”, exposes both the potential premiums and the size of the insurance gap for cannabis-related products in the US. Headline statistics include:

In 2018 sales of medical and recreational cannabis in the U.S. were nearly nine times higher than sales of Oreo cookies.
The legal US cannabis industry would pay about $1 billion in annual premiums were it insured to levels normal for other businesses.
In 2018 the US market saw an estimated $8 billion in legalized cannabis sales. This could rise to over $40 billion by 2025.

The report also looks at the challenging legal environment for insurers, discusses possible coverage solutions and analyses the issues for each category of insurance cover, including: D&O, cyber, product liability, workers compensation, cash and contents insurance, crop insurance and fleet auto and cargo.

Max Carter, CEO of New Dawn Risk, commented: “Legal cannabis is a rapidly growing market, currently with a legal foothold in over thirty US states. Right now, the COVID-19 outbreak has led to increased demand for cannabis in the US and stores in many states have been allowed to reopen or offer curbside sales. However, the crisis has also exposed the financial pressures on many cannabis firms, with many VC-backed cannabis firms struggling already to meet financial projections. A COVID-19 recession, which seems all but a certainty, will only increase such financial pressures for young cannabis businesses.

“The pandemic will make it even tougher for cannabis producers to obtain insurance as providers further tighten terms and conditions and introduce exclusions, while insurers who may have been looking to enter the marker will put their plans on hold. With the Federal Government shut down and the possibility of a change of administration in November’s presidential election, the progress of legislation that would open up the cannabis market to insurers will be delayed.

“This reality fails to reflect the fact that many firms have significant insurance needs that are critical to help them manage the risks that exist in this young industry, with its untried legal and societal framework.

“Despite all this, the growth of the sector is inexorable and New Dawn Risk is committed to working with carriers and clients to share knowledge and insights to help identify and deliver creative solutions for this market. In just one example, we have already successfully placed cyber cover for a number of cannabis businesses. But we want to do more. And that means furthering the discussion, which is where we hope this report can contribute.”

Notes to Editors

Established in 2008, New Dawn Risk is a dynamic, specialist insurance intermediary providing bespoke advisory solutions. We focus on complex, international liability and other specialty insurance and reinsurance. Clients large and small profit from our expertise, creativity and responsiveness – from risk assessment through to claims. 95% of our business emanates from outside the United Kingdom.

By Dermot Dick, Head of Treaty Production

Published in Insurance Day on 8 September 2019

The Middle East has long been touted has a growth market with huge potential. Rising levels of wealth, a burgeoning middle class and a level of insurance penetration that considerably lags the global average suggests that there are ripe pickings to be had. Encouraged by these factors, many international re/insurers looking for opportunities in emerging markets have moved to set up operations in the region.

But things are changing. Two years ago, if you had taken a straw poll of London market insurers around whether they had ambitions to build a business in the Middle East, the answer in the majority of cases would have been a resounding yes. However, today the picture is somewhat different. The direction of travel has been reversed with a number of high-profile businesses choosing to exit the market.

So what exactly has gone wrong?

On one level, it is easy to point to tensions between Iran and the US and UK, which have been affecting shipping and the transportation of oil and gas out of the Arabian Gulf. However, the Middle East is a political cauldron that is constantly bubbling and every now and there is a spike in tension, whether it’s Iran, Syria, Yemen or elsewhere. Many in the international re/insurance market are put off and steer clear entirely, but the trick is being able to navigate around the issues and seize on the opportunities they can offer. John Charman famously built his reputation and his fortune underwriting war risk during the first Gulf War in the 1990’s.

However, in reality, this is just a small part of the market; business which in the main is done in London. The bigger question is why, when the broker community appears to be thriving, we are seeing an exodus of international re/insurers who relatively recently set up operations in the Dubai International Financial Centre with the intention of establishing a hub for growing business across the region?

The short answer is they are unhappy with the returns they have been able to generate and have decided to cut their losses. But many have made some fundamental strategic missteps that have led to unfavourable results. Most commonly this has started with people, opting to staff their operations with expatriate workers who do not have sufficient local underwriting expertise based on true knowledge of the region to offer a compelling proposition to local buyers.

Furthermore, those that have set up in the DIFC have entered an incredibly aggressive market to operate in and may have suffered from a combination of insufficient ambition and innovative thinking. They have essentially offered the same products – there has been no differentiation nor have they been able to articulate how they add value that helps address client needs. When considering working with an international re/insurer, local buyers will inevitably ask the question what can you do for me that others can’t?

Undoubtedly, the economic position is exacerbating the situation. In April, the International Monetary Fund almost halved its growth forecasts for the Middle East and North Africa for this year, to 1.3%, a sharp fall from the previous estimate of 2.5% made in October. The IMF has lowered its projected growth rate for 17 of the 20 economies in the region, mostly due to a combination of slower oil sector growth in some countries and geopolitical tensions and civil strife in others.

The downturn is not just impacting re/insurers and the wider business community, it is posing a headache for governments too. Pressure on oil and gas prices is showing little sign of relenting and is more likely to increase given heightened concerns around climate change and efforts to move away from fossil fuels. In the face of this shifting economic outlook, governments across the Middle East are waking up to the fact that things need to change. They have to reduce costs, such as those associated with expatriate medical and healthcare. In order to do this effectively, they need to bring in the private sector. And herein lie opportunities for re/insurers.

In one example, Dubai Insurance Company, working with reinsurance support from AmTrust and New Dawn Risk Group, recently created a unique new insurance scheme for the government of the United Arab Emirates that is having a transformational effect on business, the insurance industry and the wider economy. The Employment Protection Insurance Programme replaced the bank guarantee requirement for those employing private sector employees and domestic workers against employers’ failure to meet their financial obligations. The move has been widely praised due to its immediate effect in releasing billions of dirhams in the economy which were otherwise locked in bank guarantees, improving the recruitment cost for businesses, while at the same time protecting the rights of employees to receive their complete benefits and unpaid dues in case of an employer’s lack of liquidity or insolvency. There are a couple of key takeaways from this success story. In order to get people’s attention in the Middle East, re/insurers need to think big and look to create something new that facilitates significant change. But in order to do this they need a deep understanding of individual markets within the region. This means having close relationships with the right people on the ground who understand the changing needs of insurance buyers and can help you grow your business.

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