News and insights
New Dawn Risk makes senior hire to strengthen Latin American offering

New Dawn Risk Group Limited, the international specialist insurance intermediary, announced today the appointment of Manuel Sicard to lead the company’s expansion into Latin America.

Max Carter, CEO of New Dawn Risk, said: “Latin America is a dynamic and developing region that is experiencing growing demand for increasingly complex insurance products, translating into a broad range of opportunities for international reinsurers.  Given that this is relatively uncharted territory for some, cedants and reinsurers alike need to know their broker can provide local specialist knowledge of the markets they are operating in. Manuel’s depth of experience in the region – spanning underwriting, broking and risk management – combined with the strength of the relationships he has built up over more than two decades working in the industry, means we are now able to offer clients a more engaging and valuable proposition in Latin America.”

Prior to joining New Dawn, Manuel was vice-president, financial lines at Guy Carpenter. He previously held a similar role at Willis Towers Watson in London. Earlier in his career he worked in Colombia as a reinsurance analyst for Allianz and a risk consultant at RE Ingenieria. He has an MBA from the University of Cardiff.

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.

Moves come as clients demand alternatives to ‘big brokers’

New Dawn Risk, the international specialist insurance intermediary, today announced the launch of a new division focused on the UK market. It will provide liability and specialty solutions direct to insurance buyers, as well as partner with UK regional brokers looking for a bespoke and specialist service. The new offering will mirror New Dawn’s existing offering for international businesses.

Max Carter, CEO of New Dawn Risk, said: “At the moment in the UK market there is clear demand for an alternative to the larger broking houses and our new division will bring New Dawn’s independent, high-touch and tailored approach to the UK for the first time. Many businesses that need insurance are suffering the effects of a difficult and uncertain trading environment, while broker consolidation and soaring rates in some classes bring opportunities for specialists to make a difference for particular groups of buyers.”

Tom Malcolm, Head of UK Broking, said: “Now, more than ever, the UK market is crying out for brokers that have the requisite skillset and expertise to steer businesses through these challenging times. Our newly established UK division is well set to meet these demands via our team of product specialists who put client service at the core of everything they do.”

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 further information contact: Victoria Sisson, Luther Pendragon, +44 7941 294872

New Dawn Risk’s report casts light on the improved prospects for international firms as India aims to deploy drones, satellites and mobile technology in an effort to cut insurance costs

Download the white paper here.

Singapore, November 2nd 2020: Lloyd’s broker New Dawn Risk has today launched its new report: Technology brings new opportunities for India’s crop insurance scheme

The report details changes that have been made to the government-sponsored scheme during 2020, which are designed to make it more efficient and ultimately more attractive for the nation’s farmers and for participating insurers.  These include the introduction of a three-year contract for insurers; and strict rules to both prevent delays in claims handling and avoid moral hazard.

The centre point for change, however, is the introduction of a range of new technologies, including a mobile portal, and the use of sophisticated drone and satellite technologies.  All of these are designed to allow automated handling of the many claims that the scheme generates, and, ultimately have the power to transform the profitability of the scheme for insurers and reinsurers.

Contributing to the report, the Agricultural Insurance Company of India commented: “With the advent of new concepts in agriculture, the scope for crop / agriculture insurance in India is vast. The main challenge is consistency. The scheme has changed drastically in a very short space of time. Reinsurers believe there is ample opportunity but only if they decide to commit to this product for the longer term and take a long-term view despite the changes.”

Max Carter, CEO of New Dawn Risk commented: “India could certainly see new reinsurers entering its state-sponsored agricultural insurance market if costs were driven down for the local insurers, who have previously borne heavy administrative and operating costs.”

“The increased use of satellites and drone imagery technology and adoption of high-quality mobile apps to carry out CCE’s, remote sensing methodologies to assess crops and low-lying satellites (LEOs), means that India has taken positive steps towards increasing efficiency and reducing costs of administration. We hope that, with such positive news, our guide will be a useful source of information for international reinsurers who might consider participating in this refreshed scheme.”

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

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 commentedThis 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, the international specialist insurance intermediary, has announced it is entering into a partnership with Singapore-based SpecialistRe, to strengthen its reach and offering across China, Japan and South-East Asia.

Max Carter, CEO of New Dawn Risk, commented: “At this time of unprecedented change, Asia is powering growth in the global insurance industry. We have been tracking opportunities in the region for some time, and our new partnership with SpecialistRe – a well-established presence in Singapore – will help us to deliver experienced expertise for treaty reinsurance in the specialty space. As we further extend our international footprint so we can best meet the evolving needs of cedants and reinsurers, we will continue to maintain our core focus on professional indemnity, financial and specialty liability lines, as well as accident & health, both on the direct and on the reinsurance sides.”

SpecialistRe was originally established in Malaysia and has been operating in Singapore since 2015 as an advisory and consulting firm with a strong focus on treaty reinsurance. SpecialistRe utilises technology in association with its insurtech partners to provide fast and innovative risk transfer arrangements for its network of cedants across Asia. 

Andrew Harris, Managing Director at SpecialistRe, said: “We are delighted to be partnering with New Dawn Risk at this time of evolving change in the reinsurance market. The ability to provide independent treaty capability in these specialist growth areas is an exciting development that will allow us to broaden the range of solutions we can provide to clients.”   

Notes to Editors

Established in 2008, New Dawn Risk is a dynamic, specialist insurance intermediary and a Lloyd’s broker 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 further information contact: Victoria Sisson, Luther Pendragon, +44 7941 294872

New Dawn Risk Group Limited, the international specialist insurance intermediary, has announced the recent appointment of Charlie Mills as Senior Broker in its Management Liability and Financial Institutions team. 

Max Carter, CEO of New Dawn Risk, commented: “At this time of unprecedented turmoil, much of the immediate attention in the insurance industry has been centred on business interruption insurance, but there is a longer tail of impact that sits across the liability spectrum, and will be seen clearly in classes including D&O. As they navigate their way through this challenging environment, clients need strong, close relationships with experienced and dynamic brokers who can deliver them the solutions they need.”

Charlie joins New Dawn from The Hartford where he was a Financial Institutions Underwriter. Prior to that he held roles at Tokio Marine HCC and Sompo Japan Nipponkoa. He holds an honours degree in Environment and Business from the University of Leeds.

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 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 Group Limited, the international specialist insurance intermediary, announced today the appointment of Rachel Cohen as a Senior Treaty Broker.

Max Carter, CEO of New Dawn Risk, commented: “Over the last decade we have built a robust treaty business and a strong offering in multiple markets. As we embark on the next phase of growth, Rachel’s appointment helps to further strengthen our team and ensure that we can offer cedants an even more valuable proposition.” 

Rachel has over 10 years of underwriting experience in the casualty reinsurance sector both internationally and in the UK. Prior to joining New Dawn Risk she was most recently a Class Underwriter of International Casualty Treaty at Barbican Syndicate at Lloyd’s 1955. Rachel graduated from the University of Manchester with a BSc degree in Business Management, she is ACII qualified and a committee member of the Under 35’s Reinsurance Group with a  focus on education and training events where she organises and attends international market visits and runs seminars on reinsurance treaty pricing for the underwriters and brokers in the U35 group.

Ends–

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.