02 September 2021
New Dawn Risk Group Limited, the international specialty insurance broker, announced today the appointment of Angus Simpson as a non-executive director.
Max Carter, CEO of New Dawn Risk, said: “We are delighted to welcome Angus Simpson to our board. He brings with him a rare depth of board-level experience in the independent London market broking sector, and we have no doubt that he will provide valuable insights and support to our management team. New Dawn Risk is strongly positioned to become an increasingly influential participant in the specialty liability market, and Angus will be a major asset in helping us to achieve this.”
Commenting on his appointment, Angus Simpson, said: “I am hugely excited to be joining the Board of New Dawn Risk at what is, unquestionably, a time of immense opportunity for specialty, privately held, independent brokers in the London market. New Dawn Risk is committed to broadening the range of products and services that it can offer to its clients and is now very well positioned to grow its business over the next few years.”
Angus has a wealth of experience with a career spanning 35 years in the insurance industry. He has set up two businesses, an insurance broker and a Managing General Agency underwriting specialist personal lines business. Earlier in his career, he was a director of a Lloyd’s Broker and ran the Central Broking team at Aon Risk Solutions. Angus has also served as a non-executive director for Kite Warren and Wilson Limited, a Lloyd’s insurance and reinsurance broker.
Notes to Editors
Established in 2008, New Dawn Risk is a specialist insurance broker providing dynamic 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.
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 has become a member of a/e ProNet, a leading network of independent insurance brokers specializing in the professional liability insurance and risk management needs of professional architects and engineers in the US. Membership of a/e ProNet is by invitation only.
Max Carter, CEO of New Dawn Risk, said: “This is a critical time for architects and engineers in the US. Even before the COVID-19 outbreak we were seeing upward pressure on premiums combined with an increase in both the volume and severity of claims, due in part to legal costs and awards inflation. Now those pressures are even greater, so there has never been a better time for us to share our expertise and creativity in professional liability risks with the US design industry.”
Dave Johnston, Executive Director of a/e ProNet, said: “We are delighted to welcome New Dawn Risk to the network. Their experience in placing complex liability and other specialty risks in all major markets worldwide will benefit our members as well as architects and engineers looking for risk transfer solutions across the US.”
Find out more about a/e ProNet at https://aepronet.org/
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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.
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.
For the time being, while the infection risks from COVID 19 are high, and in line with government advice, we have taken the decision to switch all the New Dawn Risk team to a home working protocol.
The good news is that we have upgraded the quality of our remote working facilities across the board, with this eventuality in mind. This means that our entire team will still be accessible on their office phone numbers (or via their mobiles), by email and by videoconference (using Microsoft Teams, or indeed any other videoconference channel).
Both we and the London Market remain very much open for business, and we are in continuous contact with our underwriters. If you are having trouble connecting with London insurers through other channels, I have no doubt that we can assist. Please feel free to call or email any of us. You can find phone numbers and email addresses here:
https://www.newdawnrisk.com/our-people/
We look forward to working with you in new ways, via conference calls and videoconferences, for as long as the health issues remain significant.
Stay safe and healthy!
Max Carter, CEO at New Dawn Risk
New Dawn Risk, the international specialist insurance intermediary, today announced the launch of its UK Cyber Insurance product. Delivered through an easy-to-use online platform to small and medium-sized enterprises, or face-to-face to larger businesses or those with more complex needs, the new offering complements New Dawn’s existing cyber liability offering for international clients.
Max Carter, CEO of New Dawn Risk, said: “The SME segment in the UK is as prone to a data breach or cyber attack as larger businesses, but finds it much harder to buy the right cover for their needs. Our objective is to make dealing with a complex risk as simple as possible – available to buy online in minutes, at any time of the day. Most importantly, it provides the 24/7 breach response businesses need to minimise damage and help them get back on their feet following data breaches and cyber attacks.”
New Dawn’s UK Cyber Insurance uses easy-to-understand language to enable companies to make an informed decision. The product has been designed with low premiums, no hidden charges and free cancellation. Key features include immediate access to a cyber response manager who will coordinate appropriate experts in IT crisis management and forensics, PR, legal, regulator / data subject notification, and credit monitoring.
Tom Malcolm, Head of UK Cyber, said: “Businesses of every size and in every industry that hold sensitive information on their employees and clients, or rely on computer systems to operate their business, are at risk. Insurance – in conjunction with cyber awareness and security – is a vital element of protection.”
To find out more visit www.newdawncyber.co.uk
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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.
