NAME: Chris Kirby
NEW JOB TITLE: U.S. East Coast-based global head of political violence and terrorism, Optio Insurance Services LLC, North America
PREVIOUS POSITION: U.S. East Coast-based global head of political violence and terrorism, Optio Insurance Services LLC, North America
INDUSTRY OUTLOOK: Very positive. The industry is in a transitionary phase for several reasons. The insurance market has been inundated with investment since the 2008 financial collapse and, because debt remains cheap to raise, this has led to mammoth M&A in both the insurer and broker markets. Also, as insurance is cash generative and with more predictable returns than other traditional investments, this has attracted noninstitutional investors. The development of emerging market economies and great improvements in technology have further opened up the global insurance distribution network offering to new opportunities and new products, such as renewable energy and cyber coverages. Years of poor results have, however, led organizations to review their cost base and reconsider how and what they underwrite. With traditional insurers changing and looking to modernize, smaller, more nimble underwriting organizations are coming to the fore, which are surely further signs of a healthy market.
GOALS FOR NEW POSITION: First and foremost, to bring specialty insurance products to the SME market that have traditionally only been available to large corporates via larger brokers. If there is a silver lining to COVID-19, it is that we have shown that the technology to empower broker networks is available and is being successfully harnessed to improve efficiencies and reduce acquisition costs, which is being directly reflected in premium cost. Additionally, we are extremely well placed to attract talent, to complement what is being written in our London office, and grow Optio USA as a leader in specialty insurance.
CHALLENGES FACING THE INDUSTRY: The evolution of violent civil disturbance through disenfranchised groups is unfortunately what this decade is likely to be remembered for. As we saw in the antifa riots, these organizations are well trained, violent, and skilled at infiltrating much larger and more moderate groups. Social media has enabled increasing numbers of radical groups to organize, with funding for law enforcement reducing as the threat from these groups is rising. As a home-grown threat, highly skilled in manipulating and mobilizing sympathizers extremely quickly, this poses a risk to the sustained operations and profitability of commercial businesses that many have never had to face before. Within the industry we need to ensure that we do not pigeonhole ourselves into niches, which overregulation could do if it goes unchecked. Given the changing threat level, political violence and terrorism is a product line that must remain responsive and adaptable to what clients need or want to purchase.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: After graduating, I worked for a Lloyds syndicate in an apprentice role. The first line of business I focused solely on was an excess of loss treaty book, which was an excellent entry into the market and gave me a broad perspective on how direct insurance functions with reinsurance. I was then offered the opportunity to join the parent syndicate and work on the political risk and contract frustration book. This was one of the preeminent books in the market at the time, within which terrorism and political violence was written on both a stand-alone and package basis.
ADVICE: Be a sponge and learn as much, about as much, as possible. A task may seem dull, but in time it will form another piece of the insurance jigsaw puzzle that broadens your knowledge, which could differentiate you from others in the market.
OUTSIDE THE INDUSTRY, A DREAM JOB: Rebuilding vintage motorbikes and cars
COLLEGE MAJOR: Business and finance with a focus on economics and politics
LOOKING FORWARD TO: Developing our U.S. business into an operation complementing our U.K. headquarters is a challenge that I am really looking forward to.
FAVOURITE MEAL: Fish probably dinner at Scotts in Mayfair, London with my fiancé.
BOOK: Thats a tough one. I read a lot and have a broad taste in books. The Honourable Schoolboy, by John le Carre, would be up there, as would Wonderland Avenue, by Danny Sugerman.
HOBBIES: We have four young children, so hobbies have been slightly curtailed, but I still enjoy tinkering with motorbikes and cars when I can. I was given a metal detector as a gift by my partner, which I am looking forward to using as I am interested in history.
TV SHOW: Blacklist is up there, as are Curse of Oak Island and Wicked Tuna.
ON A SATURDAY AFTERNOON: Being at home with my family, watching sport and putting the BBQ on.
