NAME: Larry Shapiro
NEW JOB TITLE: San Francisco-based senior vice president, mergers and acquisitions, team leader for representations and warranties Insurance, Alliant Insurance Services Inc.
PREVIOUS POSITION: San Francisco-based senior vice president, mergers and acquisitions, Willis Towers Watson PLC
INDUSTRY OUTLOOK: Following a second quarter that was notable mostly for acquisitions that were already near to signing and/or closing just prior to the pandemic lock-down, as well as some deals that were simply accelerated to outpace additional disruptions from COVID-19, August and September saw a marked uptick for both strategic and financial sponsor acquisitions in North America. This recent deal activity has been led by sectors that were less adversely impacted by the pandemic relative to the rest of the economy, including technology and software targets, as well as health care acquisitions. I agree with expectations that this increased deal activity will continue through the fourth quarter. Pre-pandemic, industry analysts estimated that private equity firms and U.S. corporations were each holding in excess of $2 trillion in cash. With attractive valuations, there may be opportunities for strategic investors with a strong balance sheet and cash reserves.
GOALS FOR NEW POSITION: We are at critical point in the market where consolidations and scaling can leave clients missing the zealous service that they may have experienced in the past. My goal is to add a seasoned perspective to a brokerage platform that will aggressively dedicate resources to client engagements, and provide our clients with a consistent individualized level of service as we help them navigate the transactional insurance market.
CHALLENGES FACING THE INDUSTRY: This years events have challenged our industry, just as it has challenged the broader M&A market and the global community at large. Locally, the transactional insurance industry has experienced new trends in coverage scope and pricing, more significant claims activity, changes to the underwriting options available to clients, as well as new risks with which buyers, sellers and underwriters alike must contend. And given the uncertainty in the world, we may have a few more challenges to meet as the year continues.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: My first exposure to transactional liability insurance was as counsel to an institutional investor. We accessed the insurance market to solve for a contingent liability where traditional financial instruments were inadequate. The potential for thoughtful and bespoke solutions, even at a time when there was just a fraction of the underwriting options now present in todays market, opened my eyes to the possibilities that the transactional insurance market can present to investors, acquirers and counsel.
ADVICE: Hop on in; the waters fine. Seriously, having recently transitioned positions myself, I think quite highly of any newcomer willing to gamble on themselves in these times. This is a very unique corner of the insurance industry, with a curious overlapping of insurance expertise, corporate law and finance. There are big personalities and big intellects, but if you can be both diplomatic and aggressive, highly skilled yet humble enough to work with and on behalf of investment and legal professionals at the top of the game, there is a lot of opportunity in this industry for professional success.
OUTSIDE THE INDUSTRY, A DREAM JOB: If I could blink and have younger knees, I would be a combination mountain guide/camp chef/sommelier.
COLLEGE MAJOR: Sociology. While it never helped me in interviews, it sure does help keep things in context these days.
LOOKING FORWARD TO: Is it too on the nose to say, Seeing people, in person?
FAVOURITE MEAL: Im a big fan of fairly simple foods with terrific ingredients. And I moved from Brooklyn to Berkeley, so local sourcing is now fully ingrained in me. With that in mind, meatball parmesan wins out over everything else.
BOOK: My favorite is still The Count of Monte Cristo. It has everything: career advancement, love, hope, betrayal, imprisonment, despair, friendship, escape, riches, prestige, tons of suspense, and of course, patience and revenge.
HOBBIES: Besides mastering the art of tuning out cartoon soundtracks, I enjoy taking advantage of what the NorCal outdoors can offer. Hiking, cycling, tennis, camping and a beginners attempt at gardening rounds out my list of hobbies these days.
TV SHOW: Its a toss-up between Deadwood and Curb Your Enthusiasm. I struggle with every episode of Curbed, but you grow to love the discomfort. And then theres Deadwood its hard to sum up why its so great. Perhaps its the mix between the bare brutality and the not-so-subtle need for society. Or maybe its just the fear of pigs.
ON A SATURDAY AFTERNOON: Saturdays usually start with an early morning hike, which bleeds into a farmers market trip, a scolding about bringing home too many things, and then I practice tuning out those cartoon songs.
