Sean O’Connell

NAME: Sean O’Connell

NEW JOB TITLE: Boston-based head of excess & surplus primary casualty, Munich Re Specialty Insurance Co.

PREVIOUS POSITION: Boston-based vice president, Westchester, a Chubb Ltd. company

INDUSTRY OUTLOOK: There is no shortage of opportunities for our industry, either from a career standpoint for young professionals entering the workforce – where we need to do better as an industry drawing in diverse talent and pure headcount – or for capital, as evidenced by the abundance of new capital in the E&S space. As leaders, underwriting discipline and leveraging data and expertise into better risk selection and better outcomes are paramount priorities. Among the issues that keep me up at night are climate change, pandemic, future pandemic potential, and sociopolitical and socioeconomic upheaval. Those, in addition to more traditional concerns that we have been discussing in the market for the bulk of my career – including sorely lacking tort reform and persistently low interest rates. All these things require vigilance and the investment of time.

GOALS FOR NEW POSITION: As the leader of this talented team, I’m looking for growth, which we will achieve by improving processes, adding tools and continuing build out a team that is already talented, experienced, engaged and high-functioning. Blocking and tackling remain critical, so we will continue to roll up our sleeves, pick up the phone, show our faces in the market and listen and respond to our clients. We hope to also augment pure organic growth with new products we are working on. These will help us grow top and bottom lines.

CHALLENGES FACING THE INDUSTRY: Given its largely, but not entirely, high-severity and low-frequency complexion, at first glance E&S casualty is not the most natural fit for the data and technology arms race. While no one can ignore the potentially additive nature of technology, we need to focus on process improvement, while looking at technology and data as risk selection and pricing tools. In terms of risk selection, E&S casualty markets need to consider different approaches, compared with workers compensation and auto-heavy markets where data is more voluminous and the impact of technology easier to quantify quickly.

FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: My first experience in underwriting was at American International Group Inc. in excess construction. Personally, I was extremely fortunate to have had a manager – shoutout to Marty Nichols – who was equal parts cerebral, commercially minded and well-regarded in the retail construction market – well beyond our immediate responsibilities in the New England region.

ADVICE:  Ask questions but be prepared to listen to and use the answers. Build relationships in adjacent and seemingly unrelated business segments. It’s a small industry, but it’s also a big industry, if that makes sense. Building an extensive network will prove invaluable over time in myriad ways. Be prepared to sink your teeth into a job for a few years before you come up for air and start asking or looking for more or different. Even for the cream of the crop, usually take two to three years to encroach on job mastery. Be your own advocate.

OUTSIDE THE INDUSTRY, A DREAM JOB: When I was 12, I would have told you I wanted to play safety for the New York Giants. There are more than a few reasons this didn’t pan out. Now? I’d love to be a writer for “Saturday Night Live.” Unfortunately, I’m not funny. Just ask my wife and kids.

COLLEGE MAJOR: I was a psychology major at Fairfield University. I could make a lot of jokes about how my major has served me well in insurance, but I will not. Because I’m not funny.

LOOKING FORWARD TO: I’m especially looking forward to contributing to common goals in an entrepreneurial startup environment with a globally respected brand that happens to have an A+ XV balance sheet. I’m also excited to develop new products, reconnect with trading partners, build new relationships at Munich Re and in the market, to mentor, and to hire new underwriters to our team.

FAVOURITE MEAL: Anything from The Port Hunter in Edgartown, Massachusetts. Maybe recency bias (psychology!) at play here since I ate there last week. I also have a well-documented pizza problem that I would prefer not to discuss here.

BOOK: “Breakfast of Champions”

HOBBIES: I know my way around a tennis court when my back is not acting up, which is increasingly rare. I am also an insufferable music snob. These days I spend most of my free time chasing my three kids around or carting them off to, and picking them up from, their hobbies – which I am happy to do, because they are my favorite people.

TV SHOW:  “Deadwood” or “The Sopranos.” Don’t make me choose.

ON A SATURDAY AFTERNOON: I’m usually watching Notre Dame football. It’s a disease without a cure.