Political Risk Report 2019

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POLITICAL RISK REPORT 2019

In association with Reinsurance insuranceinsider.com Security Research RANKINGS SERIES 2019

SRIS 2019

Ever wondered…

Find the answers in Who are the best? The Insurance Insider Rankings How do you rate? series – the independent assessment of underwriters Where can your and brokers. team improve?

Key product features: c Ranking of the best-rated c Attribute analysis providing underwriters and brokers a view of top-rated individuals’ c Ranking of underwriting firms scores across different traits and broking houses c Comprehensive discussion c Individual profile views for top- and analysis of results ranked underwriters and brokers c Sample analysis c Segmentation of the overall results to identify voting trends within different cohorts of respondents The full collection

US PROPERTY POLITICAL POLITICAL CYBER REPORT D O REPORT CAT REPORT RISK REPORT VIOLENCE 2019 2019 2019 2019 REPORT 2019

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Rankings report 2019 Publication date US Property Cat April 2019 Political Risk July 2019 Political Violence August 2019* Cyber September 2019* D&O December 2019* *Anticipated publication date

POLITICAL RISK 2019 02 INTRODUCTION

Foreword Dear friend,

Welcome to The Insurance Insider’s Political c The podium for brokers has remained Risk Rankings report 2019 – a FREE taste pretty much unchanged since the of the highly valuable and statistically survey started three years ago . significant work our superb research team Additionally, BPL Global’s and Lockton’s has been getting involved in . teams now account for more than half of The Insurance Insider has always prided all nominations given by underwriters . itself on its unparalleled direct contact with c Except for Tokio Marine HCC’s Jerome the marketplace, but our exploration of the Swinscoe, the podium for underwriters data science of rankings has taken this to has shown different faces over the last a new level . Now that we are in our third three years – this matched the changes year, the data is getting richer and more to the list of companies making it to valuable . the top . This powerful work not only identifies c ‘Creativity’ continues to be the attribute the best and the brightest; it also explains with the lowest average score for both in granular detail why they are at the top of brokers and underwriters, but the gap their respective trees . between this characteristic and other broking and underwriting skills has In short, this report will tell you: been narrowing since the survey started . c Who the best political risk professionals in the London market are and why . Now who wouldn’t want to know all that? c How and where your team could and The information this report provides is should improve in order to keep ahead also highly granular . This means you can of competitors . see which underwriters play better to c Who you should be doing more longer-serving brokers versus shorter- business with . serving ones, as well as bigger versus smaller ones . The report also looks at some It’s as valuable for brokers aggregate trends. Here are some as it is for underwriters . of the things we found this year: However you want to c Broker talent continues to be slice it is up to you . The concentrated among fewer firms amid insights it will bring are a growing underwriting marketplace . for you to define and to Our survey now identifies four benefit from . underwriting firms for every broking I hope you enjoy house ranked . the read . Contents How does it work?...... 04 Attribute rating analysis...... 33 Sample analysis ...... 06 Rising stars...... 39 Lead article...... 08 Segmented underwriter rankings...... 40 Overall rankings...... 10 Segmented broker rankings...... 48 Industry analysis ...... 19 Top 20 underwriter profiles ...... 55 Company rankings...... 21 Top 20 broker profiles...... 70 Concentration analysis...... 31 Notes and people changes ...... 87

POLITICAL RISK 2019 03 Return to contents METHODOLOGY

How does it work?

The survey ‘Rising stars’ were defined as those The Insurance Insider Political Risk c A total of 555 professionals – 280 with three years’ experience or less in Rankings 2019 is the latest of an annual underwriters and 275 brokers – the London political risk space . survey of talent in this specific class of were individually invited to vote business . The survey ran from 20 March in 2019 Ranking results to 3 May 2019, concurrently with our c The number of validated The ranking of underwriters and Political Violence survey, although both nominations stood at 495, brokers is calculated using a scoring are completely independent from each a 7 .8 percent increase with method known as Borda count, other . respect to last year which assigns three points to any In both cases, the surveys were c A total of 96 brokers and 85 respondent’s top choice, two points conducted for the third year running underwriters were nominated to the second position and one to the and ranked – out of the 555 and undertaken by The Insurance third place . professionals on our screened Insider’s research team as part of the This method provides consistent database Rankings series . This covers a range of weighting to each vote while c As such, the talent assessed by classes of business including Cyber, US the survey covers the top third of accounting for voters’ order of Property Cat and D&O . the distribution preference, hence providing the best representation of market preferences . Respondents and nominees Borda count is used extensively in The survey is addressed exclusively to c Based on nominations received other popular ranking awards such as brokers and underwriters operating in by their staff, a total of 41 the NBA’s Most Valuable Player political risk in the London market . underwriting firms and 11 Award and the Eurovision Song As with the rest of The Insurance broking houses were identified Contest . Insider’s Rankings series, this is a two- in the 2019 survey way survey by which underwriters c This compared with 36 Attribute rating nominate the best brokers and brokers underwriting companies and 14 and testimonials nominate the best underwriters . broking houses the previous year When nominating the top three A total of 555 professionals – 280 professionals, respondents are asked underwriters and 275 brokers – were survey . This compared with 36 to mark them on specifically defined individually invited to vote in 2019 . underwriting companies and 14 attributes . The number of validated broking houses the previous year . These qualities define the best nominations stood at 495, a 7 .8 percent The survey also allowed participants underwriting and broking practices . increase on last year . to vote for the best ‘rising star’ in There are six attributes defining the A total of 96 underwriters and 85 political risk in the previous year (again best underwriting standards and eight brokers were nominated and ranked with brokers electing underwriters and for the best broking practices, against out of the 555 professionals on our underwriters choosing brokers) . which nominees are rated . screened database . As such, the talent assessed by the survey covers the top Attributes of underwriters: third of the distribution . c Knowledge/experience: Deep technical and regulatory knowledge of the Nominations and scoring risk . Can provide on-the-spot advice and guidance . c Negotiating skills: Effective negotiator across a variety of contexts, can The survey is individual-based so come up with solutions that leave both sides feeling they have not lost . respondents only nominate and score c Fast response/work ethic: Praised for his/her availability, fast response . A the best professionals, not companies . ‘no stone unturned’ philosophy . However, individual results are c Communication skills: Good at explaining their reasoning/decision . aggregated to also derive company c Creativity: Ability to improvise and go outside of the usual to meet client rankings . Based on nominations needs . received by their staff, a total of 41 c Consistency: In step with the market . A consistent behaviour or treatment underwriting firms and 11 broking of risks and relationships . houses were identified in the 2019

POLITICAL RISK 2019 04 Return to contents METHODOLOGY

Generating survey target list

Respondents are also invited to provide a statement with Filtering of The Insurance their main consideration behind each of their designations . Insider contact database + identification of relevant Response validation companies and data integrity Complete confidentiality is offered to all participants, Research data about allowing for honest and trustworthy scores and testimonials . professionals using Surveys are mainly conducted online but the data companies’ websites collection process is complemented with phone calls to ensure the required levels of participation . Time and IP tracking is combined with analyst validation of Validate each individual all individual records to ensure data integrity . entry using LinkedIn Participation and statistical significance A screened list of potential respondents is used to track and Check for similar monitor participation rates throughout the survey . profiles on LinkedIn Minimum levels of participation are set so as to achieve a maximum error margin of 10% of overall scores at a 95% confidence level . This means that the final sample size is sufficiently large so Are all as to ensure that ranking scores remain unchallenged if the relevant contacts No survey were to be run repeatedly . already in our In other words, if we were to run the survey 100 times and targeted list? an individual’s score was 30, then 95 times out of 100 their score should be contained between 27 and 33, ensuring a Yes relatively stable position in the ranking table . Contact participant and request more Invite contacts to vote information on Attributes of brokers: nominee c Risk knowledge: Level of preparation and understanding of the risk in order to select the most appropriate markets and present the risk effectively Check and validate to underwriters submissions c Honesty/integrity: Quality of being trustworthy and holding high work and personal standards c Reasoning: Capacity to provide winning arguments and communicate effectively across a variety of Are all contexts three nominees No c Analytical skills: Knowledge of which markets will known in our provide best-value cover for a given risk targeted list? c Diligence: Year-round attention to the account throughout its whole cycle; good record-keeping . c Ownership: Willingness to respond when things go Yes wrong for the client . Quality of interaction with the Acknowledge vote and claims team confirm authenticity of c Consistency: Focus on long-term value for the client participant as opposed to short-term price gains c Creativity: Ability to work around a problem with the underwriter and/or client . Ability to improvise and to go outside the usual to meet client needs Targeted list completed

POLITICAL RISK 2019 05 Return to contents SAMPLE ANALYSIS

Sample analysis

Brokers Underwriters

8% 12% 14%

11% 25%

0 - 3 years 12% 3 - 5 years 5 - 10 years 10 - 20 years > 20 years 32%

21% 35% 30%

This year, 74 percent of underwriters Meanwhile, younger voters made who took part in the survey had over up a larger proportion on the broking five years’ experience in London’s side – some 46 percent of brokers had political risk insurance market while up to five years’ experience while the 26 percent had under five years’ remaining 54 percent had over five experience . years’ experience .

POLITICAL RISK 2019 06 Return to contents SAMPLE ANALYSIS

Respondents by premiums written/intermediated

4% undisclosed 12%

41% > £10mn 53%

15% £5mn - £10mn 15%

25% £2mn - £5mn 11% Brokers Underwriters 15% 0 - £2mn 9%

Respondents by line of business they actively trade in Company affiliation of 2%2% 2% respondents – underwriters Acappella Chaucer Other Political risk and violence AIG Chubb 30% Standalone political risk Allied World Euler Hermes Political risk and trade credit AmTrust Fidelis Insurance Political risk and structured 64% trade credit Antares Hiscox Anvil Underwriting Lancashire Insurance Apollo Liberty Specialty Markets Company affiliation of Argenta Syndicate Management MS Amlin respondents – brokers ArgoGlobal Neon Aon Ark Pembroke Arthur J . Gallagher Ascot QBE BPL Global Aspen Sompo International Channing Lucas and Partners Atradius Starstone Lockton Axa XL Swiss Re Corporate Solutions Marsh-JLT Specialty Axis Capital Talbot Underwriting Miller Insurance Services Barbican The Channel Syndicate PIB Insurance Brokers Beazley Tokio Marine HCC RFIB Brit Insurance Tokio Marine Kiln RKH Specialty Texel Finance Canopius WR Berkley Willis Towers Watson Castel

POLITICAL RISK 2019 07 Return to contents LEAD ARTICLE

Bank appetite for credit insurance on the rise

More than ever, banks are turning to Bank credit committees are now the London insurance market to offset routinely demanding insurance cover credit risk . Lenders are being pushed be in place for a deal to be approved . by Basel III regulations and the early “If you want to book a large deal, adoption of even more rigorous Basel you’d better have insurance,” he IV and CRD IV standards, while sources explains . report an increase in bank activity over Brokers are bringing increased the first half of 2019 in order to get business from banks in Europe, Asia deals over the line . and Australia, a broking source told The Banks are already among the most Insurance Insider . active buyers of political risk and However, US banks are less structured trade credit cover, and are enthusiastic users of the credit looking to regain flexibility to lend insurance market, in part because of more by moving risk off the balance New York’s law on financial guarantees, sheet . the source added . For trade finance risks, there has long been a lively secondary market for moving risks between banks . Bank credit committees are But selling a risk to a rival can “now routinely demanding introduce a competitor to a transaction, whereas the advantage of credit insurance cover be in place insurance is that it is silent . for a deal to be approved As managing director of financial ” solutions at Willis Towers Watson The city’s legislation, introduced in Andrew van den Born explains: 2015, makes it more complicated for “Whilst the primary initial driver for banks to structure credit insurance many banks was regulatory capital deals . relief, increasingly banks are utilising Lambert, a former global head of the product to enable them do more commodity trade finance at HSBC, says with their existing clients . This could be that a volatile outlook for the global in the form of larger tickets or simply political economy is causing banks to providing their clients with more buy more insurance . liquidity ”. “There is a lot of uncertainty at the For the largest risks, such as credit moment . These are not times when facilities for major commodity traders, you want to grow your loan portfolio syndicated lending helps banks spread significantly . A good way to grow it is the load . through insurance as a risk mitigator” But once a risk is on a bank’s books, a Lambert’s perspective is echoed by variety of approaches can be deployed an underwriting source, who explains: to remove it – either to hedge it with a “The biggest driver is Basel IV . We are derivative, sell it to a fund or insure it . seeing new banks coming into the Jean-Francois Lambert, managing market ”. partner of the advisory firm Lambert French bank Credit Agricole, for Commodities, says that in the last two example, has increased its use of credit months there has been much stronger insurance fivefold in the last four years, interest among banks for insurance trade publication Risk reported in products to cover risk . January .

POLITICAL RISK 2019 08 Return to contents LEAD ARTICLE

Banks are moving away from The Willis Towers Watson broker adds: offloading their own risk into the “Credit insurance can oftentimes be derivatives market . cheaper with no difference in capital Credit default swaps (CDS), the treatment for the bank ”. securities that swamped the global These changes in the derivatives financial system with toxic liabilities in market are a gift to credit insurers . the run up to the 2008 financial crisis, An insurance broker argues that have fallen out of fashion . “non-payment insurance works better Data from the Bank of International than CDS because the product can be Settlements shows that outstanding tailored” . CDS contracts have fallen from $61 .2tn Another disadvantage of CDS from at the end of 2007 to $9 .4tn at the end a bank’s perspective is that such deals of 2017 . have to be marked to market, while The CDS market is in a “complicated credit insurance can cover almost all the phase”, according to Lambert . loan – although insurance underwriters “In order to trigger a CDS you need like to keep bankers honest by getting to prove a default ”. them to maintain a slice of the credit Van den Born explains that “credit risk as ‘skin in the game’ . insurance is getting increasing Moreover, derivatives work best for prominence” over other forms of risk liquid securities like bonds . They are mitigation . less helpful when it comes to the world “A CDS, which may not always be of trade finance, the multi-trillion-dollar available, is arguably an imperfect market that underpins global trade . hedge as it carries basis risk,” he says, Lambert says: “People are getting conjuring images of an illiquid and more cautious with the CDS . It’s used by failing AIG during the financial capital markets guys . . It’s not practical crisis . for trade finance ”. Credit default swaps

70 Single-name Multi-name 60

$tn 30

0 H2 2005 H1 2008 H2 2010 H1 2013 H2 2015 H1 2018 Source: Bank for International Settlements, The Insurance Insider

POLITICAL RISK 2019 09 Return to contents OVERALL RANKINGS DISCUSSION

Swinscoe and Wetherell retain lead positions

c A total of 85 underwriters and 96 brokers were identified on the 2019 rankings c Lockton’s Chris Wetherell defended his title as the best political risk broker for the third year in a row c Four of the top 10 ranked brokers were from Lockton c Jerome Swinscoe of Tokio Marine HCC claimed the top underwriting position for the second consecutive year

Jerome Swinscoe, the CUO for the Propelled by his performance at credit group at Tokio Marine HCC, Lloyd’s, Swinscoe has made it onto the has been voted as the best political political risk league table in all three risk underwriter for the second year years the survey has been running . He running with an overall score of 33 . secured 14 votes from four different The competition was close this year, broking houses this year . as he only finished two points ahead Brokers from Lockton were of runner-up James Wilson of Chubb . Swinscoe’s biggest supporters as This compares to a 13-point lead in the they accounted for half of his voter 2018 ranking . base, while four of the 14 votes Swinscoe has been a London market he received came from Marsh-JLT underwriter for over 14 years, with Specialty . previous roles at Wellington Syndicate In comparison, Swinscoe captured 2020 and Catlin Underwriting 16 votes in the 2018 edition of the Agencies, having initially spent three survey, and his voter base then was years as a political risk consultant at more varied, consisting of six different Marsh . broking houses .

Top-ranked political risk brokers 2019

44 3 8 33 (1) Chris Wetherell, Lockton 41 4 10 27 (2) Charlie Radcli e, BPL Global 25 3 10 12 (3) Andrew Barr, Texel Finance

25 3 4 18 (3) Matthew Golding, Lockton

20 2 18 (5) David Coupland, Lockton

17 2 6 9 (6) Simon Bessant, Texel Finance Overall score 16 2 8 6 (7) Nick McBride, Lockton Third place score

13 2 8 3 (8) Charlotte Hampshire, BPL Global Second place score

12 3 6 3 (9) Sam Evans, BPL Global Top choice score

12 3 6 3 (9) Thomas Holmes, Miller Insurance Services

POLITICAL RISK 2019 10 Return to contents OVERALL RANKINGS DISCUSSION

As for voters’ experience in the Meanwhile, Hutton – who has been political risk market, half of Swinscoe’s an underwriter for just three years – votes came from brokers with five to was ranked 14th in 2018, having not 10 years’ experience in the 2018 made it into the overall ranking in 2017 . ranking . Hutton started his insurance career as a This year, the same cohort was broker at Aon in 2013 before moving to behind four of the 14 votes he received Beazley in 2016 . as nominations were in fact more As for the fallers, Liberty Specialty evenly distributed across cohorts . Markets’ Peter Sprent was runner-up in In the 2017 ranking, Swinscoe had 2018, but this year fell to number 27 . come second to Chaucer’s Nick Kilhams . His nominations fell considerably from However, this year Kilhams ranked in 10 votes in 2018 to just two this year . joint seventh . Sprent landed fifth place in the Indeed, there was a shake-up at the inaugural 2017 ranking . top of the underwriting podium in Patricia Mills, formerly at Chaucer, 2019 as second-ranked James Wilson of dropped out of the ranking completely Chubb and third-placed Richard Hutton this year after rising to third in 2018 . of Beazley had not featured in the top She has since moved to Validus Re in three before this year . Bermuda . Wilson, who started out at Catlin Likewise, William Steeds – formerly in 2009 before moving to Chubb as a of XL Catlin – did not feature on the senior underwriter in 2014, was placed league table this year after ranking third in seventh . in 2017 and sixth in 2018 .

Top-ranked political risk underwriters 2019 (1) Jerome Swinscoe, Tokio 33 3 6 24 Marine HCC 31 10 21 (2) James Wilson, Chubb

22 3 10 9 (3) Richard Hutton, Beazley

20 1 10 9 (4) Nick Oxley, MS Amlin

19 3 10 6 (5) Neil Edwards, Chaucer (6) Jeremy Shallow, 18 3 6 9 ArgoGlobal 16 4 12 (7) Ian Nunn, Axa XL Third place score Overall score Second place score 16 1 6 9 (7) Jamie Cleary, MS Amlin Top choice score 16 10 6 (7) Nick Kilhams, Chaucer (10) Richard Lamb, Axis 15 6 9 Capital (10) Sundeep Daddar, 15 7 2 6 W/R/B Underwriting

POLITICAL RISK 2019 11 Return to contents OVERALL RANKINGS DISCUSSION

Steeds left XL Catlin (now Axa XL) for second and one point for third . and was placed on gardening leave just Radcliffe joined BPL Global in 2008 after last year’s Political Risk Rankings directly from university and became a results were revealed in May 2018 . He director in 2014 . was inactive for much of the period of Wetherell is a market veteran in the reference of our survey, having only political risk and credit insurance space joined Apollo Syndicate 1969 in April – he has been working in the industry this year . and at Lockton for over 17 years . Three Elsewhere, MS Amlin’s Nick Oxley of every five votes he received came made considerable progress in 2019’s from underwriters who have been ranking as he finished in fourth place active in the political risk market for after sharing 14th place last year with more than a decade . Hutton . His support base is also broad in The pair were among the most terms of underwriting firms . Over the significant risers of the 2019 ranking as last three years, Wetherell has garnered they both, on average, doubled their votes from underwriters at 23 different vote counts year on year . companies in total . In 2019, his 18 However, it was a close race between votes came from underwriters at 14 Oxley and fifth-placed Neil Edwards of different companies . Chaucer, with a one-point difference in One underwriter described Wetherell overall scores between the two . as “an absolute titan of the broking market” and added that “he lives and Brokers ranking breathes the market” . Competition was similarly close on the Wetherell was one of seven Lockton broking side . Lockton’s Chris Wetherell brokers named in the 2019 ranking . secured the top spot for the third He collected 18 of the 48 votes given consecutive year, but it was a tight race to Lockton brokers while joint-third- between first and second . placed Matthew Golding – also at In fact, the same number of Lockton – took up 11 of the votes for underwriters voted for Wetherell and the broking house . BPL Global’s Charlie Radcliffe, who Despite BPL Global’s brokers ranked at number two, for the second garnering the largest number of votes year running . as a total of all firms, Lockton brokers However, Wetherell received more dominated the top five positions of votes from underwriters placing him the ranking, including David Coupland as their top broker, which led to the landing fifth . Lockton broker beating Radcliffe by Golding shared the third spot with three points overall . Texel Finance’s Andrew Barr, with both Under the Borda count method, a reaching an overall score of 25 –16 nominee gets three points for being points behind second-placed named a respondent’s top choice, two Radcliffe .

One underwriter described Wetherell as ‘an “absolute titan of the broking market’ and added that ‘he lives and breathes the market’”

POLITICAL RISK 2019 12 Return to contents OVERALL RANKINGS

Underwriter ranking – top 20

Overall Overall Overall Underwriter Company Overall Overall % of % of % of rank rank rank score vote top second third 2019 2018 2017 count choice place place votes votes votes 1 1 2 Jerome Swinscoe Tokio Marine HCC 33 14 57% 21% 21% 2 7 5 James Wilson Chubb 31 12 58% 42% 0% 3 14 NR Richard Hutton Beazley 22 11 27% 45% 27% 4 14 42 Nick Oxley MS Amlin 20 9 33% 56% 11% 5 4 26 Neil Edwards Chaucer 19 10 20% 50% 30% 6 12 7 Jeremy Shallow ArgoGlobal 18 9 33% 33% 33% 7 11 33 Ian Nunn Axa XL 16 6 67% 33% 0% 7 24 22 Jamie Cleary MS Amlin 16 7 43% 43% 14% 7 7 1 Nick Kilhams Chaucer 16 7 29% 71% 0% 10 5 9 Richard Lamb Axis Capital 15 6 50% 50% 0% 10 30 8 Sundeep Daddar W/R/B 15 10 20% 10% 70% Underwriting 12 30 54 Edward Ashton Tokio Marine HCC 14 7 29% 43% 29% 13 50 9 Adam Bowen Tokio Marine HCC 13 5 60% 40% 0% 14 20 33 James Thomas Antares 12 6 17% 67% 17% 15 NR NR Dan Osman Aspen 10 4 50% 50% 0% 16 16 14 Adam Vulliamy Axis Capital 9 5 40% 0% 60% 16 NR 26 Norm Kimber Swiss Re 9 3 100% 0% 0% Corporate Solutions 16 17 9 Sophie Demeyer Sovereign Risk 9 3 100% 0% 0% Insurance 19 30 NR Neil Beattie Beazley 8 4 50% 0% 50% 19 27 NR Sam Wilde Liberty Specialty 8 4 50% 0% 50% Markets

Jerome is very knowledgeable, has a very “good work ethic and has the ability to review challenging risks and structures quickly and effectively. He is well-respected by his peers, brokers and clients alike [Referring to Jerome Swinscoe,” Tokio Marine HCC]

POLITICAL RISK 2019 13 Return to contents OVERALL RANKINGS

Underwriter ranking – continued

Overall Overall Overall Underwriter Company Overall Overall rank rank rank score vote 2019 2018 2017 count 21 61 NR Jack Keatings MS Amlin 7 3 21 7 14 James Bamford Talbot Underwriting 7 5 21 24 19 Kade Spears The Channel Syndicate 7 4 24 NR 42 Deborah Wyatt Chaucer 6 4 24 61 22 James Morrell Brit Insurance 6 4 24 20 14 Matthew Woollam Sompo International 6 2 27 20 4 Daniel Byrne Aspen 5 2 27 30 26 Mark Palmer Argenta 5 2 27 50 54 Mathew Rothwell Ark 5 2 27 61 NR Olivia Wright Chubb 5 2 27 2 5 Peter Sprent Liberty Specialty Markets 5 2 27 61 54 Stefaniya Ilina Axis Capital 5 2 33 NR NR Arati Summanwar Credendo 4 2 33 27 NR Christian Hanna W/R/B Underwriting 4 3 33 NR NR Conor Shelley Barbican 4 2 33 NR NR Craig Hunter Axa XL 4 2 33 30 NR Edward Cornish Nexus Underwriting 4 2 33 NR NR Iwan Jenkins Axis Capital 4 2 33 20 42 Julian Edwards Chubb 4 2 33 NR 42 Mark Lichfield Ark 4 4 33 50 NR Paul Carrington Neon 4 2 33 61 19 Roddy Barnett Beazley 4 2 33 38 54 Simon Low Starstone Insurance Services 4 2 33 38 NR William Tripp Allied World 4 2 45 24 33 Andrew Bickmore Talbot Underwriting 3 2 45 NR NR Andrew Perry Munich Re Syndicate 3 3 45 61 50 Antony Russo Axa XL 3 2 45 NR NR David Lineham Aegis London 3 2 45 NR NR David Watson Axis Capital 3 1 45 NR NR Maggie Nicol AIG 3 1 45 38 NR Mimi Rumpeltin Everest Insurance 3 2

POLITICAL RISK 2019 14 Return to contents OVERALL RANKINGS

Underwriter ranking – continued

Overall Overall Overall Underwriter Company Overall Overall rank rank rank score vote 2019 2018 2017 count 45 10 19 Murray Ross Chubb 3 1 45 NR NR Tim Phillips Canopius 3 2 45 NR NR Victoria Chappell Munich Re Syndicate 3 1 55 38 54 Andrew Underwood Axa XL 2 1 55 NR NR Andy Summers ArgoGlobal 2 2 55 NR NR Carl Titterton Markel International 2 1 55 NR NR Chris Hall Liberty Specialty Markets 2 1 55 38 NR Edward Fox AmTrust 2 2 55 30 33 Edward Parker Tokio Marine Kiln 2 2 55 NR NR Elliot Minton Liberty Specialty Markets 2 1 55 NR NR Francesca Thompson ArgoGlobal 2 1 55 61 NR George Bolton Chubb 2 1 55 NR NR James Welby The Channel Syndicate 2 1 55 61 NR Katherine Henderson AmTrust 2 1 55 NR NR Matt Lockwood QBE Europe 2 1 55 NR NR Megha Khanduja Axa XL 2 1 55 61 NR Navaid Farooq Anvil Underwriting 2 1 55 NR NR Rebecca Marsden Canopius 2 1 55 17 26 Susie James Sompo International 2 2 55 NR NR Tim Brown AIG 2 1 55 NR NR Tom Dillon Atradius 2 1 55 50 NR William Whittington Euler Hermes UK 2 1 74 NR NR Daniel Sutherland AmTrust 1 1 74 NR NR Dominic Hanly Sompo International 1 1 74 61 26 Florence Mognetti Acappella 1 1 74 NR NR Gary Geller Atradius 1 1 74 38 NR Gavin White Axis Capital 1 1 74 30 26 Henry Mumme The Channel Syndicate 1 1 Young 74 NR NR Mike Clements Tokio Marine HCC 1 1 74 NR NR Paddy Harman Euler Hermes UK 1 1 74 NR NR Patrick Allen MS Amlin 1 1 74 NR 50 Rachael Anstock Zurich 1 1 74 NR NR Stephen Pike Canopius 1 1 74 NR NR Thomas White Castel 1 1

POLITICAL RISK 2019 15 Return to contents OVERALL RANKINGS

Broker ranking – top 20

Overall Overall Overall Broker Company Overall Overall % of % of % of rank rank rank score vote top second third 2019 2018 2017 count choice place place votes votes votes 1 1 1 Chris Wetherell Lockton 44 18 61% 22% 17% 2 2 3 Charlie Radcliffe BPL Global 41 18 50% 28% 22% 3 4 5 Andrew Barr Texel Finance 25 12 33% 42% 25% 3 9 16 Matthew Golding Lockton 25 11 55% 18% 27% 5 10 16 David Coupland Lockton 20 7 86% 14% 0% 6 3 2 Simon Bessant Texel Finance 17 8 38% 38% 25% 7 14 NR Nick McBride Lockton 16 8 25% 50% 25% 8 14 40 Charlotte BPL Global 13 7 14% 57% 29% Hampshire 9 33 16 Sam Evans BPL Global 12 7 14% 43% 43% 9 5 8 Thomas Holmes Miller Insurance 12 7 14% 43% 43% Services 11 7 4 James Reynolds BPL Global 10 6 17% 33% 50% 11 17 40 Toby Heppel RFIB 10 4 50% 50% 0% 13 14 NR Tim Hughes BPL Global 9 4 50% 25% 25% 14 33 23 Kerry Magnus Marsh-JLT 7 4 25% 25% 50% Specialty 14 21 23 Sean Austin BPL Global 7 3 67% 0% 33% 14 21 NR Tom Stansfield Marsh-JLT 7 3 67% 0% 33% Specialty 17 NR NR Charles Purvis Lockton 6 2 100% 0% 0% 17 48 NR Dermot Brindley BPL Global 6 3 33% 33% 33% 17 NR NR Flora Barr BPL Global 6 3 33% 33% 33% 17 17 20 Neil Galletti RKH Specialty 6 2 100% 0% 0%

Chris has been number one on this list for a while and “rightly deserves this place again as he stands out from all other brokers in the unwavering service he provides his clients, the knowledge he has of the market and his unparalleled ability to get all parties to a balanced compromise ultimately to his clients’ benefit [Referring to Chris Wetherell, Lockton] ”

POLITICAL RISK 2019 16 Return to contents OVERALL RANKINGS

Broker ranking – continued Overall Overall Overall Broker Company Overall Overall rank rank rank score vote 2019 2018 2017 count 21 33 55 Eran Charit Aon 5 3 21 48 NR Hannah Bearman Willis Towers Watson 5 2 21 33 29 Mark Gubbins Arthur J . Gallagher 5 2 21 68 8 Reshma Tanna BPL Global 5 3 21 28 NR Samuel Brown Aon 5 3 21 NR 40 Tom Cary BPL Global 5 3 21 NR NR Victoria Stratton BPL Global 5 3 28 68 11 Alastair McLeod Marsh-JLT Specialty 4 2 28 48 NR Alice Clarkson Aon 4 2 28 11 55 Benjamin Gibbons Miller Insurance Services 4 2 28 17 29 Emma Ashworth BPL Global 4 2 28 7 8 Fabrizio Mazza Marsh-JLT Specialty 4 2 28 68 NR Marcus Miller Marsh-JLT Specialty 4 2 28 NR NR Oliver Bowes RKH Specialty 4 2 28 NR NR William Harrison Marsh-JLT Specialty 4 2 36 21 12 Ailsa McNeil Texel Finance 3 2 36 NR NR Archie Young Herries Willis Towers Watson 3 1 36 NR NR Constantijn Bakker Willis Towers Watson 3 1 36 NR 29 Flavia Pritchard Marsh-JLT Specialty 3 1 36 28 6 James Esdaile BPL Global 3 2 36 NR 40 James Gearing Texel Finance 3 1 36 NR NR Joe Bennett BPL Global 3 2 36 48 NR Jonathan Lofts BPL Global 3 1 36 NR NR Lydia Ashby Arthur J . Gallagher 3 1 36 21 6 Matthew Solley Arthur J . Gallagher 3 1 36 11 NR Michael Swainsbury Marsh-JLT Specialty 3 1 36 NR 23 Miles Robinson RKH Specialty 3 2 36 21 12 Peter Hornsby Lockton 3 1 36 48 NR Sarah Taylor Aon 3 1 36 68 NR Theo Varenne Marsh-JLT Specialty 3 1 36 NR NR Thomas Rutherford RFIB 3 1 36 28 NR Toby Findlay RKH Specialty 3 2 53 11 55 Alastair Hill Willis Towers Watson 2 2 53 NR 29 Alex Harvey BPL Global 2 1 53 NR NR Alexandre Bueno Marsh-JLT Specialty 2 1 53 68 23 Andrew Gray Marsh-JLT Specialty 2 1 53 48 NR Angus Plumbly BPL Global 2 1 53 21 14 Axelle Lacaze Marsh-JLT Specialty 2 1

POLITICAL RISK 2019 17 Return to contents OVERALL RANKINGS

Broker ranking – continued Overall Overall Overall Broker Company Overall Overall rank rank rank score vote 2019 2018 2017 count 53 NR NR Benjamin Mansbridge Willis Towers Watson 2 2 53 48 55 Charles Berry BPL Global 2 1 53 33 NR Charles Grace BPL Global 2 1 53 68 NR Emma Quinlan Willis Towers Watson 2 1 53 NR NR Fred Scriven RKH Specialty 2 1 53 NR NR Hamish Buchanan Willis Towers Watson 2 1 53 28 40 James Pryar RKH Specialty 2 1 53 NR NR James Seddon Brown Willis Towers Watson 2 1 53 NR NR Kazimierz Layton Willis Towers Watson 2 1 53 NR 29 Paul Torrington BPL Global 2 1 53 NR NR Shahin Samiy RFIB 2 1 53 NR NR Sian Aspinall BPL Global 2 1 53 NR NR Sophie Twiston Davies Marsh-JLT Specialty 2 1 53 NR NR Vlad Bobko Aon 2 1 73 NR NR Abbey Sturrock Marsh-JLT Specialty 1 1 73 NR NR Andrew Gray RKH Specialty 1 1 73 NR NR Annabel Farrant BPL Global 1 1 73 NR NR Chris Pritchard Miller Insurance Services 1 1 73 NR NR David Evans Arthur J . Gallagher 1 1 73 NR 40 Emma Coffin Willis Towers Watson 1 1 73 33 NR George Bellord BPL Global 1 1 73 68 NR George Pitcher Marsh-JLT Specialty 1 1 73 NR 55 Ian Barnes Miller Insurance Services 1 1 73 21 20 James Cunningham Miller Insurance Services 1 1 73 48 NR Jamie Stephenson RKH Specialty 1 1 73 6 NR Jamie Stork Marsh-JLT Specialty 1 1 73 NR NR Kate Parry Crooke Willis Towers Watson 1 1 73 48 40 Katie Fowler Texel Finance 1 1 73 68 NR Laurie Flaux Aon 1 1 73 NR NR Marina Cottaris Marsh-JLT Specialty 1 1 73 NR NR Matthew Strong Marsh-JLT Specialty 1 1 73 NR 55 Nikki Hawthorne Texel Finance 1 1 73 68 55 Paul Davidson Willis Towers Watson 1 1 73 NR NR Rupert Morgan Arthur J . Gallagher 1 1 73 NR NR Sara Wetherell Lockton 1 1 73 NR 55 Toby Childs BMS Group 1 1 73 NR NR Tom Gladdle Arthur J . Gallagher 1 1 73 NR NR William Day Arthur J . Gallagher 1 1 Robinson

POLITICAL RISK 2019 18 Return to contents INDUSTRY ANALYSIS

Threat from PRA to market passes

A canvass of the London political risk that went bankrupt . market found a sense of optimism The syndicate ran the vessel for after the scrapping of controversial several years before returning it to its regulatory proposals from the grateful insurance customer . Prudential Regulation Authority (PRA) . The market had feared that the PRA The UK regulator mooted the idea of proposals would have a chilling effect making insurers pay up the moment a on demand from banks . default took place . Luckily for brokers and underwriters, In reality, it takes years for claims the PRA has backed down . to be worked out . Political risk buyers The regulator said in March that it such as banks, trading houses and “has decided not to implement the corporations are often loath to give proposal around the meaning of ‘pay up their rights to a recovery, and out in a timely manner’” . would prefer to take their chances in “PRA acknowledges that there may negotiations than put in an insurance be difficulties in applying a single claim . measure of timeliness to all the Banks push at “every avenue” before different products,” it stated . putting in a claim, according to one In fact, the outcome of the PRA Lime Street source . consultation process has clarified the “There can be quite a delay between importance of including political risk losses occurring and getting paid,” they cover when structured trade credit said . insurance is offered to banks . Conversely, the long-tail nature of Credit insurance which does not political risk and trade credit insurance include political risk and cyber cover means that some losses end up being could be contrary to regulations, the repaid years down the line . PRA noted . In one case, a Lloyd’s political The London market is perfectly risk underwriter found himself the placed to fulfil the regulator’s demand proud owner of a ship, subrogated for innovative insurance cover to feed from a Southeast Asian dockyard banks demand for risk mitigation .

The long-tail nature of political risk and trade “credit insurance means that some losses end up being repaid years down the line”

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Reinsurance Securities ad.indd 1 04/04/2019 09:59 Return to contents COMPANY RANKINGS DISCUSSION

Top broking houses hold ground amid a changing podium for underwriting firms

c BPL Global remains the number c The number of underwriting one broking house for the third companies featured in the consecutive year rankings continues to increase c Tokio Marine HCC grabs first c The amount of identified broking place from Chaucer on the houses has dwindled in the three underwriting side years of the survey

Tokio Marine HCC has emerged as Tokio Marine HCC’s success was the best underwriting company in largely down to Jerome Swinscoe, who the 2019 edition of the Political Risk was voted as the best overall political Rankings – clinching the top spot from risk underwriter for the second year two-time winner Chaucer . running . He received over 50 percent Indeed, there was a shakeup at of all votes for the company . the top of the league table on the Next at Tokio Marine HCC was underwriting side . Tokio Marine HCC Edward Ashton, a senior underwriter, rose to first place after ranking fourth who took over 25 percent of votes in 2018 and third in 2017 . It secured for the specialty insurer . Ashton rose the top spot with seven more votes to 12th position in this year’s overall than in 2018 . ranking with seven nominations, up Calculated by aggregating scores from 30th place last year . The 2017 and and votes from individuals across 2018 winner, Chaucer, fell to fourth teams, the company rankings reflect position this year – explained perhaps each firm’s overall talent and strength by the absence of Patricia Mills from quality . this year’s league table .

Top-ranked political risk underwriting rms in 2019 61 Overall score Number of underwriters

45 44 41 37

6 4 5 4 3

(1) Tokio Marine HCC (2) Chubb (3) MS Amlin (4) Chaucer (5) Axis Capital

POLITICAL RISK 2019 21 Return to contents COMPANY RANKINGS DISCUSSION

Mills, who spent three years at the in 2018, this year the rankings survey Lloyd’s business, secured 12 votes in shed light on underwriters from 41 last year’s survey as a new entrant, different companies . enabling the company to retain its lead, while at the same time 2017 winner Broking Nick Kilhams received a relatively lower On the broking side, however, the vote count than in 2017 . trend swings in the opposite direction . Mills has since left the London There are now just 11 broking houses market and is now a financial lines identified in the ranking, compared to underwriter at Validus Re in Bermuda . 14 in 2018 and 16 in 2017 . As for the biggest movers on the Intermediaries including Bay Risk underwriting side, Liberty Specialty Services, CLP Insurance Brokers and Markets found itself in 10th place, Price Forbes were absent from this down from the runner-up position year’s league table, while BMS Group last year . returned to the ranking after not Notably, head of global financial risk appearing in 2018 . at Liberty, Peter Sprent, only brought in The reduction in broking houses two votes for the company this year – means that for every one intermediary down from 10 in 2018 . in the ranking, there are now almost Elsewhere, MS Amlin has slowly four underwriting companies . made its way to the podium over the Meanwhile, the podium on the years after ranking 16th in 2017 and broking side has remained exactly the eighth in 2018 . It now sits in third same as in 2018 . BPL Global held its place . lead position with an overall score of Each year, the competition on the 146, up from 113 in 2018 . underwriting side gets more intense as It was followed by Lockton in second new companies are identified . Having place and the combined Marsh-JLT featured 33 companies in 2017 and 36 Specialty in third .

Top-ranked political risk broking houses in 2019 146 Overall score Number of brokers 115

53 50

26 23 18 12 7 6

(1) BPL Global (2) Lockton (3) Marsh-JLT (4) Texel Finance (5) Willis Towers Specialty Watson

POLITICAL RISK 2019 22 Return to contents COMPANY RANKINGS DISCUSSION

In 2018, Marsh ranked at number six, over 60 percent of votes for Lockton behind third-placed JLT Specialty . brokers . The combined Marsh-JLT Specialty As a comparison, the top two now has the second-biggest team, with underwriting companies – Tokio Marine 18 of its brokers receiving nominations HCC and Chubb – took almost 18 for best broker . The largest team percent of the total vote count on the belongs to BPL, as 23 of its brokers are underwriting side . named in the ranking . Miller Insurance Services dropped BPL, along with Lockton, collectively out of the top five this year, falling from claimed over 50 percent of the total fifth to eighth . Miller brokers received vote count for brokers . But while BPL’s twelve votes this year, which is only dominance was supported by the three fewer than in 2018, but their sheer number of its brokers, Lockton’s overall scores were impacted by a lower success was largely down to three- proportion of voters placing Miller time winner Chris Wetherell and third- intermediaries as a first-choice nominee placed Matthew Golding as they took – which generates higher scores .

Number of companies ranked 41 36 33

16 14 11

2017 2018 2019

Broking rms Underwriting rms

POLITICAL RISK 2019 23 Return to contents COMPANY RANKINGS

Company rankings – top five underwriting firms

Overall Overall Overall Company and underwriter Overall Overall rank 2019 rank 2018 rank 2017 (rank) score vote count

1 4 3 Tokio Marine HCC 61 27 Jerome Swinscoe (1) 33 14 Edward Ashton (12) 14 7 Adam Bowen (13) 13 5 Mike Clements (74) 1 1 2 3 5 Chubb 45 18 James Wilson (2) 31 12 Olivia Wright (27) 5 2 Julian Edwards (33) 4 2 Murray Ross (45) 3 1 George Bolton (55) 2 1 3 8 16 MS Amlin 44 20 Nick Oxley (4) 20 9 Jamie Cleary (7) 16 7 Jack Keatings (21) 7 3 Patrick Allen (74) 1 1 4 1 1 Chaucer 41 21 Neil Edwards (5) 19 10 Nick Kilhams (7) 16 7 Deborah Wyatt (24) 6 4 5 6 5 Axis Capital 37 17 Richard Lamb (10) 15 6 Adam Vulliamy (16) 9 5 Stefaniya Ilina (27) 5 2 Iwan Jenkins (33) 4 2 David Watson (45) 3 1 Gavin White (74) 1 1

POLITICAL RISK 2019 24 Return to contents COMPANY RANKINGS

Company rankings – underwriting firms continued

Overall Overall Overall Company and Overall Overall rank rank rank underwriter (rank) score vote 2019 2018 2017 count 6 9 9 Beazley 34 17 Richard Hutton (3) 22 11 Neil Beattie (19) 8 4 Roddy Barnett (33) 4 2 7 5 2 Axa XL 27 12 Ian Nunn (7) 16 6 Craig Hunter (33) 4 2 Antony Russo (45) 3 2 Megha Khanduja (55) 2 1 Andrew Underwood 2 1 (55) 8 9 9 Argo Global 22 12 Jeremy Shallow (6) 18 9 Andy Summers (55) 2 2 Francesca Thompson 2 1 (55) 9 15 14 W/R/B Underwriting 19 13 Sundeep Daddar (10) 15 10 Christian Hanna (33) 4 3 10 2 4 Liberty Specialty 17 8 Markets Sam Wilde (19) 8 4 Peter Sprent (27) 5 2 Chris Hall (55) 2 1 Elliot Minton (55) 2 1 11 12 7 Aspen 15 6 Dan Osman (15) 10 4 Daniel Byrne (27) 5 2 12 18 21 Antares 12 6 James Thomas (14) 12 6 13 7 11 Talbot Underwriting 10 7 James Bamford (21) 7 5 Andrew Bickmore (45) 3 2 13 12 11 The Channel 10 6 Syndicate Kade Spears (21) 7 4 James Welby (55) 2 1 Henry Mumme Young 1 1 (74)

POLITICAL RISK 2019 25 Return to contents COMPANY RANKINGS

Company rankings – underwriting firms continued

Overall Overall Overall Company and Overall Overall rank rank rank underwriter (rank) score vote 2019 2018 2017 count 15 NR NR Swiss Re Corporate 9 3 Solutions Norm Kimber (16) 9 3 15 17 14 Sovereign Risk 9 3 Insurance Sophie Demeyer (16) 9 3 15 30 25 Ark 9 6 Mathew Rothwell (27) 5 2 Mark Lichfield (33) 4 4 15 9 NR Sompo International 9 5 Matthew Woollam (24) 6 2 Susie James (55) 2 2 Dominic Hanly (74) 1 1 19 NR NR Munich Re Syndicate 6 4 Victoria Chappell (45) 3 1 Andrew Perry (45) 3 3 19 26 29 Brit Insurance 6 4 James Morrell (24) 6 4 19 32 NR Canopius 6 4 Tim Phillips (45) 3 2 Rebecca Marsden (55) 2 1 Stephen Pike (74) 1 1 22 23 21 Argenta 5 2 Mark Palmer (27) 5 2 22 23 21 AmTrust 5 4 Katherine Henderson 2 1 (55) Edward Fox (55) 2 2 Daniel Sutherland (74) 1 1 22 26 NR AIG 5 2 Maggie Nicol (45) 3 1 Tim Brown (55) 2 1 25 NR 25 Barbican 4 2 Conor Shelley (33) 4 2 25 12 16 Neon 4 2 Paul Carrington (33) 4 2 25 21 NR Allied World 4 2 William Tripp (33) 4 2

POLITICAL RISK 2019 26 Return to contents COMPANY RANKINGS

Company rankings – underwriting firms continued

Overall Overall Overall Company and Overall Overall rank rank rank underwriter (rank) score vote 2019 2018 2017 count 25 26 NR Starstone Insurance 4 2 Services Simon Low (33) 4 2 25 18 20 Nexus Underwriting 4 2 Edward Cornish (33) 4 2 25 NR NR Credendo 4 2 Arati Summanwar (33) 4 2 31 30 NR Euler Hermes UK 3 2 William Whittington 2 1 (55) Paddy Harman (74) 1 1 31 NR NR Aegis London 3 2 David Lineham (45) 3 2 31 32 NR Atradius 3 2 Tom Dillon (55) 2 1 Gary Geller (74) 1 1 31 21 NR Everest Insurance 3 2 Mimi Rumpeltin (45) 3 2 35 20 25 Tokio Marine Kiln 2 2 Edward Parker (55) 2 2 35 23 31 Markel International 2 1 Carl Titterton (55) 2 1 35 26 29 QBE Europe 2 1 Matt Lockwood (55) 2 1 35 NR NR Anvil Underwriting 2 1 Navaid Farooq (55) 2 1 39 NR NR Castel 1 1 Thomas White (74) 1 1 39 NR 19 Zurich 1 1 Rachael Anstock (74) 1 1 39 32 21 Acappella 1 1 Florence Mognetti (74) 1 1

POLITICAL RISK 2019 27 Return to contents COMPANY RANKINGS

Company rankings – top five broking houses

Overall Overall Overall Company and underwriter Overall Overall rank 2019 rank rank (rank) score vote count 2018* 2017* 1 1 1 BPL Global 146 75 Charlie Radcliffe (2) 41 18 Charlotte Hampshire (8) 13 7 Sam Evans (9) 12 7 James Reynolds (11) 10 6 Tim Hughes (13) 9 4 Sean Austin (14) 7 3 Flora Barr (17) 6 3 Dermot Brindley (17) 6 3 Tom Cary (21) 5 3 Reshma Tanna (21) 5 3 Victoria Stratton (21) 5 3 Emma Ashworth (28) 4 2 Jonathan Lofts (36) 3 1 James Esdaile (36) 3 2 Joe Bennett (36) 3 2 Charles Berry (53) 2 1 Charles Grace (53) 2 1 Paul Torrington (53) 2 1 Sian Aspinall (53) 2 1 Alex Harvey (53) 2 1 Angus Plumbly (53) 2 1 George Bellord (73) 1 1 Annabel Farrant (73) 1 1 2 2 2 Lockton 115 48 Chris Wetherell (1) 44 18 Matthew Golding (3) 25 11 David Coupland (5) 20 7 Nick McBride (7) 16 8 Charles Purvis (17) 6 2 Peter Hornsby (36) 3 1 Sara Wetherell (73) 1 1 3 3 3 Marsh-JLT Specialty 52 27 Tom Stansfield (14) 7 3 Kerry Magnus (14) 7 4 Alastair McLeod (28) 4 2

*2017 and 2018 positions were recalculated to reflect scores for the combined Marsh-JLT entity.

POLITICAL RISK 2019 28 Return to contents COMPANY RANKINGS

Company rankings – top five broking houses

Overall Overall Overall Company and underwriter Overall Overall rank 2019 rank rank (rank) score vote count 2018* 2017* Fabrizio Mazza (28) 4 2 Marcus Miller (28) 4 2 William Harrison (28) 4 2 Flavia Pritchard (36) 3 1 Theo Varenne (36) 3 1 Michael Swainsbury (36) 3 1 Alexandre Bueno (53) 2 1 Sophie Twiston Davies (53) 2 1 Andrew Gray (53) 2 1 Axelle Lacaze (53) 2 1 Marina Cottaris (73) 1 1 Abbey Sturrock (73) 1 1 Matthew Strong (73) 1 1 George Pitcher (73) 1 1 Jamie Stork (73) 1 1 4 4 4 Texel Finance 50 25 Andrew Barr (3) 25 12 Simon Bessant (6) 17 8 Ailsa McNeil (36) 3 2 James Gearing (36) 3 1 Nikki Hawthorne (73) 1 1 Katie Fowler (73) 1 1 5 6 4 Willis Towers Watson 26 15 Hannah Bearman (21) 5 2 Constantijn Bakker (36) 3 1 Archie Young Herries (36) 3 1 Benjamin Mansbridge (53) 2 2 Hamish Buchanan (53) 2 1 James Seddon Brown (53) 2 1 Kazimierz Layton (53) 2 1 Alastair Hill (53) 2 2 Emma Quinlan (53) 2 1 Emma Coffin (73) 1 1 Paul Davidson (73) 1 1 Kate Parry Crooke (73) 1 1

*2017 and 2018 positions were recalculated to reflect scores for the combined Marsh-JLT entity.

POLITICAL RISK 2019 29 Return to contents COMPANY RANKINGS

Company rankings – broking houses continued

Overall Overall Overall Company and underwriter Overall Overall rank 2019 rank rank (rank) score vote count 2018* 2017* 6 8 8 RKH Specialty 22 12 Neil Galletti (17) 6 2 Oliver Bowes (28) 4 2 Miles Robinson (36) 3 2 Toby Findlay (36) 3 2 Fred Scriven (53) 2 1 James Pryar (53) 2 1 Jamie Stephenson (73) 1 1 Andrew Gray (73) 1 1 7 7 11 Aon 20 11 Eran Charit (21) 5 3 Samuel Brown (21) 5 3 Alice Clarkson (28) 4 2 Sarah Taylor (36) 3 1 Vlad Bobko (53) 2 1 Laurie Flaux (73) 1 1 8 5 7 Miller Insurance Services 19 12 Thomas Holmes (9) 12 7 Benjamin Gibbons (28) 4 2 Ian Barnes (73) 1 1 James Cunningham (73) 1 1 Chris Pritchard (73) 1 1 9 9 6 Arthur J. Gallagher 15 8 Mark Gubbins (21) 5 2 Lydia Ashby (36) 3 1 Matthew Solley (36) 3 1 William Day Robinson (73) 1 1 Tom Gladdle (73) 1 1 Rupert Morgan (73) 1 1 David Evans (73) 1 1 9 10 9 RFIB 15 6 Toby Heppel (11) 10 4 Thomas Rutherford (36) 3 1 Shahin Samiy (53) 2 1 11 NR 14 BMS Group 1 1 Toby Childs (73) 1 1 *2017 and 2018 positions were recalculated to reflect scores for the combined Marsh-JLT entity.

POLITICAL RISK 2019 30 Return to contents CONCENTRATION ANALYSIS

Leading broking firms gather strength as the underwriter marketplace keeps fragmenting

c Survey results in 2019 point c The top two broking firms – BPL to a further increase in the Global and Lockton – accounted concentration of talent on the for 51 percent of all nominations in broking side 2019 as fewer intermediaries made c Based on HHI scores, it to the league table intermediation has crossed c The underwriting market place the threshold separating a saw an increase in competition, ‘competitive’ marketplace from a as measured by the same HHI ‘moderately concentrated’ one standard

Analysis of the Political Risk Rankings While all lines of business covered survey 2019 results continue to reveal so far by The Insurance Insider Rankings a divergence of forces between brokers series have shown more underwriting and underwriters in terms of talent firms identified than intermediaries, the concentration, with a competitive significantly lower number of ranked marketplace of underwriting firms broking houses relative to underwriting dealing with a highly concentrated firms in the Political Risk Rankings survey intermediary side . comes only second to our US Property Calculated by aggregating scores and Cat survey . votes from individuals across teams, the This trend was accentuated further this company rankings reflect each firm’s year with fewer brokerages and more overall talent strength and quality . As underwriting firms compared to 2018 . expected, the positions are often highly But the increase in concentration correlated with companies’ market share . in the intermediaries’ marketplace

Share of total nominations Share of total nominations – broking rms – underwriting rms 7 remaining Tokio Marine HCC broking BPL Global 12% houses 31% 28% Chubb 9%

MS Amlin 9% Texel Finance 37 remaining 10% underwriting rms Chaucer Lockton 8% Marsh-JLT 62% 20% Specialty 11%

POLITICAL RISK 2019 31 Return to contents CONCENTRATION ANALYSIS

captured by the survey was not just When aggregating the square of explained by the reduced number of scores (which is being used to represent recognised broking houses in 2019, but the market share) for intermediaries, also by the surge in the share of the two the HHI reaches 1,794 points this year, leaders in terms of the number of votes compared to 1,456 a year ago . received by their team members . The change is particularly relevant The top two intermediaries – BPL as it tilts the balance over the 1,500 Global and Lockton – accounted for 51 mark, which is customarily considered percent of all nominations provided by the threshold separating a ‘competitive’ underwriters in this line of business, marketplace from a ‘moderately compared with 42 percent in 2018 . concentrated’ one . Their staff also received more votes On the underwriting side, the HHI as first and second choice – relative figure for those companies recognised to peers, propelling their total by brokers was 576 in 2019 . Still combined score up from 44 percent representative of a ‘competitive’ in 2018 to 54 percent . marketplace but at a slightly higher level, As a comparison, the top two the same metric reached 687 in 2018 . underwriting firms identified by this Apart from the higher number study in 2019 – Tokio Marine HCC and of participants and the lower share Chubb – received 21 percent of all of nominations of the two leaders, nominations provided by brokers . competition on the underwriting side Competition in the underwriting was further underpinned by the turnover space was also boosted by the affiliation of names occupying the two leading of nominees to 41 underwriting positions over the three years in which companies, with five net new additions the survey has run . to the league table compared to the In fact, contrasting with the stable previous year . first and second positions taken by BPL The Herfindahl-Hirschman Global and Lockton on the intermediary Index (HHI), a standard measure of side over the three years the survey market concentration calculated by has run, the first two positions on the aggregating the square of market underwriting side alternated between shares of all participants in a market, Chaucer and Axa XL in 2017 (XL Catlin at provides further proof of the difference the time), Chaucer and Liberty Specialty in competition between underwriting Markets in 2018, and Tokio Marine HCC firms and broking houses . and Chubb this year .

% of total vote count % of total vote count Rank Broking house 2019 2018 2017 Rank Underwriting firm 2019 2018 2017 2019 2019 1 BPL Global 31% 23% 23% 1 Tokio Marine HCC 11% 8% 7% 2 Lockton 20% 14% 13% 2 Chubb 7% 10% 4% 3 Marsh-JLT Specialty 11% 10% 6% 3 MS Amlin 8% 4% 2% 4 Texel Finance 10% 10% 7% 4 Chaucer 8% 13% 13% 5 Willis Towers Watson 6% 6% 8% 5 Axis Capital 7% 7% 5%

POLITICAL RISK 2019 32 Return to contents ATTRIBUTE RATING DISCUSSION

Creativity gap narrows

c ‘Creativity’ continues to be the c Survey respondents have rated trait with the lowest average score ‘honesty and integrity’ as the for brokers and underwriters highest scoring broker attribute c However, scores for this attribute c ‘Knowledge/experience’ continues are improving year on year to be underwriters’ best quality

Underpinning an improvement rankings with an average score of 4 .41 . in broker talent as perceived by Meanwhile, ‘creativity’, which looks at underwriters, scores for all broker a broker’s ability to improvise and think attributes in the 2019 Political Risk outside the box to meet client needs, Rankings have presented year-on-year was the lowest-scoring attribute . increases . Nonetheless, this attribute has shown Meanwhile, ‘honesty and integrity’ consistent improvement since 2017 has remained brokers’ best-rated and the gap between ‘creativity’ and quality, with the attribute consistently the average of all broker attributes being recognised as their best in all combined has narrowed . ‘Creativity’ has three years the survey has run . risen from an average of 4 .12 in 2017 Each survey respondent was asked and 4 .14 in 2018 to 4 .18 in 2019 . to rate their three chosen underwriters The average of all broker attributes or brokers on a range of key attributes . for 2019 is 4 .47 . At an individual level, In order to conduct this analysis, the rating of attributes sheds some light individuals’ scores for each key trait on the reasons behind the recognition were averaged out . All attributes are of individuals topping the league table rated on a scale of one (poor) to five of overall results . (excellent) . It should be noted though that ‘Ownership’ was brokers’ second- the assessment of attributes across best rated attribute, according to different individuals is not strictly underwriters, with an average score comparable (and so only indicative), of 4 .55 . This trait refers to a broker’s as average scores are produced by willingness to respond when things different constituencies with different go wrong for the client . It was only the perceptions of rating scales . However, fifth-best rated attribute in the 2018 the comparison of attribute scores of

Attribute rating: all brokers’ average 2019 2018 2017 4.69

4.65 2019 average = 4.47 4.61 4.58 4.55 4.54 4.54 4.52 4.51 4.50 4.50 4.49 4.49 4.45 4.43 4.42 4.41 4.41 4.27 4.18 4.16 4.16 4.14 4.12

Honesty/ Ownership Risk Diligence E ective Consistency Analytical Creativity Integrity Knowledge communicator skills

POLITICAL RISK 2019 33 Return to contents ATTRIBUTE RATING DISCUSSION

a nominee does reflect their relative However, as seen on the broking strengths and weaknesses . side, a positive trend is emerging in Out of the top five brokers, Lockton’s the average scores for this trait, with David Coupland was the only one to ‘creativity’ scores climbing from an get the highest possible score (5 .00) on average of 4 .16 in 2017 to 4 .24 in 2018 ‘honesty and integrity’ . and then 4 .28 in 2019 . That trait was also the strongest Looking at the top five underwriters, attribute for this year’s winner – Chris Jerome Swinscoe’s attribute assessment Wetherell of Lockton – as he scored pointed to ‘creativity’ alongside 4 .94; up from 4 .71 in 2018 . ‘knowledge and experience’ as his main Underpinning his standing as the relative strengths, with him being the best all-rounder, Wetherell was also the only underwriter that surpassed the only broker in the panel with seven average score for that trait by more out of all eight traits assessed standing than 5 percent . at least 5 percent above the overall With a similar performance in average for each individual broker trait . the previous year, he scored 4 .64 in ‘creativity’ in 2019 – 8 percent up on the Underwriters all-underwriters’ average of 4 .28 . At an aggregate level, year-on-year Elsewhere, MS Amlin’s Nick Oxley changes in underwriters’ attribute was singled out for his superior scores were mixed . ‘Knowledge ‘communication skills’ with a score and experience’ continued to be of 4 .88 – well above the all-brokers’ underwriters’ highest-rated attribute, average of 4 .46 for that trait . according to brokers, with an average He was also praised for his ‘fast score of 4 .51 albeit at a lower level than response’ alongside second-placed the 2018 average of 4 .58 . James Wilson from Chubb, with both of Average scores for ‘communication them scoring over 5 percent above the skills’, ‘work ethic/fast response’ and average for that trait . ‘negotiating skills’ remained essentially Chaucer’s Neil Edwards was the only unchanged from 2018 . one in the top five with a score for Indeed, the order of underwriter ‘negotiating skills’ which was 5 percent attributes, from highest- to lowest- higher than the attribute’s average . rated, has remarkably remained the He was also praised for his same as in 2018 with underwriters’ ‘knowledge and experience’ alongside ‘creativity’ again bottom of the list . league leader Swinscoe .

Attribute rating: all underwriters’ average

2019 2018 2017

4.58 2019 average = 4.39 4.51 4.48 4.46 4.46 4.43 4.35 4.34 4.33 4.33 4.33 4.30 4.28 4.27 4.25 4.24 4.23 4.16

Knowledge/ Communication skills Consistency/In step Work ethic/Fast Negotiating skills Creativity Experience with the market response

POLITICAL RISK 2019 34 Return to contents ATTRIBUTE RATING ANALYSIS

Attribute rating analysis – top five underwriters

Overall Name Firm Overall Overall Knowledge Negotiating Fast Commun- Creativity Consistency rank score vote /Experience skills response ication 2019 count 1 Jerome Swinscoe Tokio Marine 33 14 4 .79 4 .38 4 .43 4 .07 4 .64 4 .50 HCC 2 James Wilson Chubb 31 12 4 .58 4 .25 4 .58 4 .33 4 .42 4 .25 3 Richard Hutton Beazley 22 11 4 .18 4 .18 4 .55 4 .55 4 .18 4 .18 4 Nick Oxley MS Amlin 20 9 4 .25 4 .50 4 .63 4 .88 4 .38 4 .63 5 Neil Edwards Chaucer 19 10 4 .75 4 .75 3 .75 4 .38 4 .38 4 .50 All-underwriters average 4.51 4.33 4.34 4.46 4.28 4.43 Note: Scores 5% higher than the attribute’s average are presented in green . Scores 5% lower than the average are presented in red .

Attribute definitions Knowledge/experience: Deep technical and regulatory knowledge of the risk . Can provide on-the-spot advice and guidance . Negotiating skills: Effective negotiator across a variety of contexts, can come up with solutions that leave both sides feeling that they have not lost . Fast response/work ethic: Praised for his/her availability, fast response . A “no stone unturned” philosophy . Communication skills: Good at explaining their reasoning/decision . Creativity: Ability to improvise, to go outside of the usual to meet client needs . Consistency: In step with the market . A consistent behaviour or treatment of risks and relationships .

Notes Please note that different respondents will perceive rating scales differently and so, for example, a 4 points rating (Very good) will mean different things to different respondents .

Notwithstanding, inter-attribute comparisons (i .e . comparisons of attribute scores for a given respondent) will provide an accurate representation of the nominee’s relative strengths and weaknesses .

On the contrary, intra-attribute comparisons (i .e . against the ratings of other respondents, including the whole group) will only be indicative of the nominee’s absolute strengths and weaknesses . The number of opinions (votes) involved in that nominee’s attribute average should also be taken into consideration .

Has really grasped underwriting in such a short “period of time. Very helpful and supportive of the oil transactions we specialise in [Referring to Richard Hutton, Beazley]”

POLITICAL RISK 2019 35 Return to contents ATTRIBUTE RATING ANALYSIS

Attribute rating analysis – underwriters

Overall Name Firm Overall Overall Knowledge Negotiating Fast Commun- Creativity Consistency rank score vote /Experience skills response ication 2019 count 6 Jeremy Shallow ArgoGlobal 18 9 4 .67 4 .38 4 .33 4 .56 4 .11 4 .44 7 Ian Nunn Axa XL 16 6 4 .50 4 .33 4 .83 4 .67 4 .17 4 .67 7 Jamie Cleary MS Amlin 16 7 4 .43 4 .43 3 .86 4 .14 4 .71 4 .86 7 Nick Kilhams Chaucer 16 7 5 .00 4 .57 4 .57 4 .71 4 .43 4 .71 10 Richard Lamb Axis Capital 15 6 5 .00 4 .40 4 .40 4 .80 4 .20 4 .80 10 Sundeep Daddar W/R/B 15 10 4 .60 4 .30 4 .90 4 .90 4 .70 4 .80 Underwriting 12 Edward Ashton Tokio Marine 14 7 4 .71 4 .43 4 .14 4 .14 3 .86 4 .14 HCC 13 Adam Bowen Tokio Marine 13 5 4 .00 4 .00 4 .20 4 .00 3 .80 4 .00 HCC 14 James Thomas Antares 12 6 4 .33 4 .17 4 .50 4 .83 4 .17 4 .67 15 Dan Osman Aspen 10 4 4 .50 4 .50 4 .50 4 .75 5 .00 4 .50 16 Adam Vulliamy Axis Capital 9 5 4 .40 4 .40 4 .00 4 .40 4 .60 4 .60 16 Norm Kimber Swiss Re 9 3 4 .67 4 .67 4 .67 4 .67 4 .67 4 .33 Corporate Solutions 16 Sophie Demeyer Sovereign Risk 9 3 5 .00 4 .67 4 .67 5 .00 4 .67 4 .67 Insurance 19 Neil Beattie Beazley 8 4 4 .25 4 .25 4 .25 4 .50 4 .00 4 .25 19 Sam Wilde Liberty Specialty 8 4 4 .50 3 .75 4 .25 4 .50 4 .00 4 .25 Markets All-underwriters average 4.51 4.33 4.34 4.46 4.28 4.43 Note: Scores 5% higher than the attribute’s average are presented in green . Scores 5% lower than the average are presented in red .

POLITICAL RISK 2019 36 Return to contents ATTRIBUTE RATING ANALYSIS

Attribute rating analysis – top five brokers

Overall Name Firm Overall Overall Risk Honesty/ Reasoning Analytical Diligence Ownership Consistency Creativity rank score vote Know- Integrity skills 2019 count ledge 1 Chris Wetherell Lockton 44 18 4 .82 4 .94 4 .47 4 .59 4 .88 4 .82 4 .82 4 .53 2 Charlie Radcliffe BPL Global 41 18 4 .72 4 .76 4 .56 4 .33 4 .61 4 .61 4 .18 4 .17 3 Andrew Barr Texel Finance 25 12 4 .83 4 .08 4 .33 4 .50 4 .67 4 .50 4 .25 4 .33 3 Matthew Golding Lockton 25 11 4 .82 4 .55 4 .45 4 .18 4 .82 4 .73 4 .64 4 .36 5 David Coupland Lockton 20 7 4 .71 5 .00 4 .71 4 .57 4 .43 4 .71 4 .86 4 .71 All-brokers average 4.54 4.69 4.50 4.27 4.54 4.55 4.49 4.18 Note: Scores 5% higher than the attribute’s average are presented in green . Scores 5% lower than the average are presented in red .

Attribute definitions Risk knowledge: Level of preparation and understanding of the risk in order to select the most appropriate markets and present the risk effectively to underwriters . Honesty/Integrity: Quality of being trustworthy and holding high work and personal standards . Reasoning: Capacity to provide winning arguments and communicate effectively across a variety of contexts . Analytical skills: Knowledge of which markets will provide best value cover for a given risk . Diligence: Year-round attention to the account throughout its the whole cycle; good record-keeping . Ownership: Willingness to respond when things go wrong for the client . Quality of interaction with the claims team . Consistency: Focus on long-term value for the client as opposed to short-term price gains . Creativity: Ability to work around a problem with the underwriter and/or client . Ability to improvise and to go outside of the usual to meet client needs .

Notes Please note that different respondents will perceive rating scales differently and so, for example, a 4 points rating (Very good) will mean different things to different respondents .

He is very intelligent and uses that intelligence “to the best of his abilities. He is down to earth, yet very efficient in time budgeting [Referring to Charlie Radcliffe, BPL ”Global]

POLITICAL RISK 2019 37 Return to contents ATTRIBUTE RATING ANALYSIS Attribute rating analysis – brokers

Overall Name Firm Overall Overall Risk Honesty/ Reasoning Analytical Diligence Ownership Consistency Creativity rank score vote Know- Integrity skills 2019 count ledge 6 Simon Bessant Texel Finance 17 8 4 .71 4 .57 4 .57 4 .57 4 .57 4 .43 4 .29 4 .29 7 Nick McBride Lockton 16 8 5 .00 4 .88 4 .75 4 .50 4 .88 4 .63 4 .50 3 .88 8 Charlotte BPL Global 13 7 3 .67 4 .67 4 .50 3 .83 4 .33 4 .00 3 .83 3 .50 Hampshire 9 Sam Evans BPL Global 12 7 4 .43 5 .00 4 .86 4 .29 4 .29 4 .86 4 .71 3 .71 9 Thomas Holmes Miller 12 7 4 .86 4 .86 4 .43 4 .71 5 .00 5 .00 4 .86 4 .57 Insurance Services 11 James Reynolds BPL Global 10 6 4 .00 4 .60 4 .40 3 .80 4 .80 4 .60 4 .40 4 .40 11 Toby Heppel RFIB 10 4 4 .50 5 .00 4 .25 3 .75 5 .00 4 .75 4 .75 4 .00 13 Tim Hughes BPL Global 9 4 4 .25 5 .00 4 .75 4 .00 4 .75 4 .75 5 .00 4 .00 14 Kerry Magnus Marsh-JLT 7 4 4 .75 5 .00 5 .00 4 .00 4 .00 4 .50 3 .75 3 .50 Specialty 14 Sean Austin BPL Global 7 3 4 .33 5 .00 5 .00 4 .67 4 .67 4 .67 4 .67 4 .33 14 Tom Stansfield Marsh-JLT 7 3 4 .50 5 .00 5 .00 3 .50 5 .00 5 .00 5 .00 5 .00 Specialty 17 Charles Purvis Lockton 6 2 4 .50 5 .00 4 .50 4 .00 4 .50 4 .50 4 .00 3 .50 17 Dermot Brindley BPL Global 6 3 4 .00 5 .00 4 .67 4 .00 4 .33 4 .67 4 .67 3 .67 17 Flora Barr BPL Global 6 3 4 .67 4 .33 4 .67 4 .67 4 .67 4 .67 4 .33 4 .00 17 Neil Galletti RKH Specialty 6 2 4 .50 5 .00 4 .50 4 .00 5 .00 5 .00 5 .00 5 .00 All-brokers average 4.54 4.69 4.50 4.27 4.54 4.55 4.49 4.18 Note: Scores 5% higher than the attribute’s average are presented in green . Scores 5% lower than the average are presented in red .

POLITICAL RISK 2019 38 Return to contents RISING STARS

Rising stars Underwriters Brokers Overall Rising star Company Overall Overall Rising star broker Company Overall rank underwriter vote rank vote 2019 count 2019 count 1 Francesca ArgoGlobal 8 1 Ben Beebee Lockton 5 Thompson 1 Jessica Murphy Willis Towers Watson 5 2 Chris Crane Talbot 7 Underwriting 3 Harrison David Aon 4 2 Elliot Minton Liberty Specialty 7 3 James Bloxham Willis Towers Watson 4 Markets 3 Lydia Allen Arthur J . Gallagher 4 4 Kachi Nwokenna Aspen 5 6 Angus Plumbly BPL Global 3 5 Alek Pillay Atradius 4 6 Ellie Harrison Marsh-JLT Specialty 3 5 Conor Shelley Barbican 4 6 George Pitcher Marsh-JLT Specialty 3 5 Daniel Sutherland AmTrust 4 6 Jake Aungier RKH Specialty 3 8 Dominic Hanly Sompo 3 10 Jamie Stork Marsh-JLT Specialty 2 International 10 Jocelyn Goodchild Willis Towers Watson 2 8 Ryan Murphy Liberty Specialty 3 Markets 10 Kate Fraser BPL Global 2 10 Paul Barrett Neon 2 10 Lizzie Gambles Marsh-JLT Specialty 2 10 Tim Phillips Canopius 2 14 Abbey Sturrock Marsh-JLT Specialty 1 12 Ben Woods Axa XL 1 14 Adam Forrester Marsh-JLT Specialty 1 12 Callum Matthews Allied World 1 14 Alex James BPL Global 1 12 Chris Hall Liberty Specialty 1 14 Alex Newport RKH Specialty 1 Markets 14 Alexandre Bueno Marsh-JLT Specialty 1 12 Elizabeth Axis Capital 1 14 Alice Blaksley Marsh-JLT Specialty 1 MacGregor 14 Anna Rogers Texel Finance 1 12 Gary Geller Atradius 1 14 Archie Blanchard RKH Specialty 1 12 Harry Davies Chubb 1 14 Bertie Hanna Willis Towers Watson 1 12 James Thomas Antares 1 14 Chris Pritchard Miller Insurance Services 1 12 Laura Hill Neon 1 14 Edward Power Marsh-JLT Specialty 1 12 Matt Lockwood QBE Europe 1 14 Harry Walker CLP Insurance Brokers 1 12 Megan Lyons Anvil 1 Underwriting 14 Hugo Zeal Arthur J . Gallagher 1 12 Millie Young Beazley 1 14 Kübra Öztürk Marsh-JLT Specialty 1 12 Patrick Allen MS Amlin 1 14 Laura Parkes BPL Global 1 12 Thomas Bolton Nexus 1 14 Marta Torres Cantó Marsh-JLT Specialty 1 Underwriting 14 Martha Brown Texel Finance 1 14 Mia Jureidini Willis Towers Watson 1 14 Michael Colbear RKH Specialty 1 14 Nigel Brady BPL Global 1 14 Victoria Stratton BPL Global 1 14 William Howes Marsh-JLT Specialty 1

POLITICAL RISK 2019 39 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

Segmentation of underwriter rankings – by voters’ experience

0-3 years Ranking of underwriters by respondents (brokers) who have 0-3 years’ experience in the London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Neil Edwards Chaucer 11 6 21 Christian Hanna W/R/B 2 1 Underwriting 2 Nick Oxley MS Amlin 10 4 21 David Lineham Aegis London 2 1 3 Richard Hutton Beazley 9 4 21 Francesca ArgoGlobal 2 1 4 James Wilson Chubb 8 3 Thompson 4 Sundeep Daddar W/R/B 8 4 21 James Morrell Brit Insurance 2 1 Underwriting 21 Katherine AmTrust 2 1 6 Edward Ashton Tokio Marine 6 3 Henderson HCC 21 Mathew Rothwell Ark 2 1 7 Jamie Cleary MS Amlin 5 3 21 Rebecca Marsden Canopius 2 1 8 Iwan Jenkins Axis Capital 4 2 21 Tom Dillon Atradius 2 1 8 Jerome Swinscoe Tokio Marine 4 3 HCC 30 Andrew Perry Munich Re 1 1 Syndicate 10 Adam Bowen Tokio Marine 3 1 HCC 30 Andy Summers ArgoGlobal 1 1 10 Adam Vulliamy Axis Capital 3 1 30 Antony Russo Axa XL 1 1 10 Arati Summanwar Credendo 3 1 30 Daniel Sutherland AmTrust 1 1 10 David Watson Axis Capital 3 1 30 Dominic Hanly Sompo 1 1 International 10 Jack Keatings MS Amlin 3 1 30 Edward Fox AmTrust 1 1 10 Jeremy Shallow ArgoGlobal 3 2 30 Gavin White Axis Capital 1 1 10 Mark Palmer Argenta 3 1 30 James Bamford Talbot 1 1 10 Neil Beattie Beazley 3 1 Underwriting 10 Olivia Wright Chubb 3 1 30 Mike Clements Tokio Marine 1 1 10 Roddy Barnett Beazley 3 1 HCC 10 Stefaniya Ilina Axis Capital 3 1 30 Susie James Sompo 1 1 International 21 Carl Titterton Markel 2 1 International

POLITICAL RISK 2019 40 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

3-5 years Ranking of underwriters by respondents (brokers) who have 3-5 years’ experience in the London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Ian Nunn Axa XL 11 4 18 Andrew Axa XL 2 1 Underwood 2 Jerome Swinscoe Tokio Marine 9 3 HCC 18 Antony Russo Axa XL 2 1 3 Richard Hutton Beazley 8 4 18 Daniel Byrne Aspen 2 1 4 Deborah Wyatt Chaucer 5 3 18 James Bamford Talbot 2 1 Underwriting 4 Nick Kilhams Chaucer 5 2 18 Jeremy Shallow ArgoGlobal 2 1 6 Adam Vulliamy Axis Capital 4 2 18 Mark Palmer Argenta 2 1 6 Edward Cornish Nexus 4 2 Underwriting 18 Tim Brown AIG 2 1 6 James Thomas Antares 4 2 18 William Euler Hermes UK 2 1 Whittington 6 Nick Oxley MS Amlin 4 2 28 Christian Hanna W/R/B 1 1 10 Dan Osman Aspen 3 1 Underwriting 10 James Wilson Chubb 3 1 28 David Lineham Aegis London 1 1 10 Jamie Cleary MS Amlin 3 1 28 Edward Parker Tokio Marine Kiln 1 1 10 Matthew Woollam Sompo 3 1 28 Henry Mumme The Channel 1 1 International Young Syndicate 10 Sam Wilde Liberty Specialty 3 1 28 Jack Keatings MS Amlin 1 1 Markets 28 Kade Spears The Channel 1 1 10 Sundeep Daddar W/R/B 3 3 Syndicate Underwriting 28 Paul Carrington Neon 1 1 10 Victoria Chappell Munich Re 3 1 Syndicate 28 Roddy Barnett Beazley 1 1 10 William Tripp Allied World 3 1 28 Susie James Sompo 1 1 International 18 Adam Bowen Tokio Marine 2 1 HCC 28 Tim Phillips Canopius 1 1 18 Andrew Bickmore Talbot 2 1 Underwriting

Incredible work ethic and ability to respond quickly and “helpfully. Feedback is usually detailed and he very much takes the approach of trying to make something work rather than finding reasons not to do it. His flexibility in approach to underwriting is very much appreciated by brokers and clients – fostering a strong relationship which is still very much important and valued [Referring to Ian Nunn, Axa XL] ”

POLITICAL RISK 2019 41 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

5 to 10 years Ranking of underwriters by respondents (brokers) who have 5-10 years’ experience in the London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 James Wilson Chubb 12 5 20 Maggie Nicol AIG 3 1 2 Jerome Swinscoe Tokio Marine 11 4 20 Mark Lichfield Ark 3 3 HCC 20 Mathew Rothwell Ark 3 1 3 Jeremy Shallow ArgoGlobal 10 5 20 Matthew Woollam Sompo 3 1 4 Sophie Demeyer Sovereign Risk 9 3 International Insurance 20 Mimi Rumpeltin Everest Insurance 3 2 5 Adam Bowen Tokio Marine 8 3 HCC 20 Nick Oxley MS Amlin 3 1 5 James Thomas Antares 8 4 20 Paul Carrington Neon 3 1 7 Dan Osman Aspen 7 3 20 Richard Hutton Beazley 3 2 8 Jamie Cleary MS Amlin 6 2 32 Adam Vulliamy Axis Capital 2 2 8 Norm Kimber Swiss Re 6 2 32 James Welby The Channel 2 1 Corporate Syndicate Solutions 32 Matt Lockwood QBE Europe 2 1 10 Edward Ashton Tokio Marine 5 3 32 Simon Low Starstone 2 1 HCC Insurance 10 Ian Nunn Axa XL 5 2 Services 10 Peter Sprent Liberty Specialty 5 2 32 Stefaniya Ilina Axis Capital 2 1 Markets 32 Tim Phillips Canopius 2 1 10 Richard Lamb Axis Capital 5 2 38 Andy Summers ArgoGlobal 1 1 14 Craig Hunter Axa XL 4 2 38 Christian Hanna W/R/B 1 1 14 James Bamford Talbot 4 3 Underwriting Underwriting 38 Deborah Wyatt Chaucer 1 1 14 Neil Beattie Beazley 4 2 38 Edward Fox AmTrust 1 1 14 Neil Edwards Chaucer 4 2 38 Florence Mognetti Acappella 1 1 14 Nick Kilhams Chaucer 4 2 38 Gary Geller Atradius 1 1 14 Sundeep Daddar W/R/B 4 3 38 Patrick Allen MS Amlin 1 1 Underwriting 38 Sam Wilde Liberty Specialty 1 1 20 Conor Shelley Barbican 3 1 Markets 20 Daniel Byrne Aspen 3 1 38 Stephen Pike Canopius 1 1 20 James Morrell Brit Insurance 3 2 38 Thomas White Castel 1 1 20 Kade Spears The Channel 3 2 38 William Tripp Allied World 1 1 Syndicate

POLITICAL RISK 2019 42 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

10-20 years Over 20 years Ranking of underwriters by respondents (brokers) Ranking of underwriters by respondents (brokers) who have 10-20 years’ experience in the London who have more 20 than years’ experience in the political risk market London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 James Wilson Chubb 8 3 1 Richard Lamb Axis Capital 8 3 2 Jerome Swinscoe Tokio Marine 6 2 2 Nick Kilhams Chaucer 7 3 HCC 3 Julian Edwards Chubb 4 2 3 Sam Wilde Liberty Specialty 4 2 Markets 4 Edward Ashton Tokio Marine 3 1 HCC 4 Jeremy Shallow ArgoGlobal 3 1 4 Jack Keatings MS Amlin 3 1 4 Kade Spears The Channel 3 1 Syndicate 4 Jerome Swinscoe Tokio Marine 3 2 HCC 4 Neil Edwards Chaucer 3 1 4 Murray Ross Chubb 3 1 4 Nick Oxley MS Amlin 3 2 8 George Bolton Chubb 2 1 4 Norm Kimber Swiss Re 3 1 Corporate 8 Jamie Cleary MS Amlin 2 1 Solutions 8 Simon Low Starstone 2 1 9 Chris Hall Liberty Specialty 2 1 Insurance Markets Services 9 Elliot Minton Liberty Specialty 2 1 11 Andrew Perry Munich Re 1 1 Markets Syndicate 9 Megha Khanduja Axa XL 2 1 11 Conor Shelley Barbican 1 1 9 Navaid Farooq Anvil 2 1 11 Edward Parker Tokio Marine Kiln 1 1 Underwriting 11 Neil Edwards Chaucer 1 1 9 Olivia Wright Chubb 2 1 11 Rachael Anstock Zurich 1 1 9 Richard Hutton Beazley 2 1 9 Richard Lamb Axis Capital 2 1 16 Andrew Bickmore Talbot 1 1 Underwriting 16 Andrew Perry Munich Re 1 1 Syndicate 16 Arati Summanwar Credendo 1 1 16 James Morrell Brit Insurance 1 1 16 Mark Lichfield Ark 1 1 16 Neil Beattie Beazley 1 1 16 Paddy Harman Euler Hermes UK 1 1 42 Veronica King Argo Group 1 1 42 William Bennett MS Amlin 1 1

POLITICAL RISK 2019 43 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

Segmentation of underwriter rankings – by premiums Up to £2mn Ranking of underwriters by respondents (brokers) who placed policies with premiums in the £0-£2mn range within the last 12 months

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Neil Edwards Chaucer 8 4 15 Andrew Bickmore Talbot 2 1 Underwriting 1 Nick Oxley MS Amlin 8 3 15 Dan Osman Aspen 2 1 3 Richard Hutton Beazley 6 3 15 Francesca ArgoGlobal 2 1 4 Adam Bowen Tokio Marine 3 1 Thompson HCC 15 James Wilson Chubb 2 1 4 David Watson Axis Capital 3 1 15 Katherine AmTrust 2 1 4 Edward Ashton Tokio Marine 3 1 Henderson HCC 15 Megha Khanduja Axa XL 2 1 4 James Bamford Talbot 3 2 Underwriting 15 Rebecca Marsden Canopius 2 1 4 James Morrell Brit Insurance 3 2 15 Sundeep Daddar W/R/B 2 2 Underwriting 4 Neil Beattie Beazley 3 1 23 Andy Summers ArgoGlobal 1 1 4 Norm Kimber Swiss Re 3 1 Corporate 23 Antony Russo Axa XL 1 1 Solutions 23 Daniel Sutherland AmTrust 1 1 4 Olivia Wright Chubb 3 1 23 Edward Fox AmTrust 1 1 4 Sam Wilde Liberty Specialty 3 1 23 Jamie Cleary MS Amlin 1 1 Markets 23 Jeremy Shallow ArgoGlobal 1 1 4 Sophie Demeyer Sovereign Risk 3 1 Insurance 23 Susie James Sompo 1 1 International 4 William Tripp Allied World 3 1

POLITICAL RISK 2019 44 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

£2mn to £5mn Ranking of underwriters by respondents (brokers) who placed policies with premiums in the £2mn-£5mn range within the last 12 months Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 James Wilson Chubb 12 4 22 Christian Hanna W/R/B 2 1 Underwriting 2 Jerome Swinscoe Tokio Marine 9 5 HCC 22 Daniel Byrne Aspen 2 1 3 Adam Bowen Tokio Marine 8 3 22 Deborah Wyatt Chaucer 2 2 HCC 22 Elliot Minton Liberty Specialty 2 1 4 Richard Hutton Beazley 7 4 Markets 5 Adam Vulliamy Axis Capital 6 2 22 Jamie Cleary MS Amlin 2 1 5 Edward Ashton Tokio Marine 6 3 22 Mimi Rumpeltin Everest Insurance 2 1 HCC 22 Neil Edwards Chaucer 2 1 7 Mathew Rothwell Ark 5 2 22 Sundeep Daddar W/R/B 2 2 8 Jack Keatings MS Amlin 4 2 Underwriting 8 James Thomas Antares 4 2 22 Tim Phillips Canopius 2 1 10 Arati Summanwar Credendo 3 1 22 Tom Dillon Atradius 2 1 10 Dan Osman Aspen 3 1 32 Andrew Perry Munich Re 1 1 Syndicate 10 David Lineham Aegis London 3 2 32 Craig Hunter Axa XL 1 1 10 Ian Nunn Axa XL 3 1 32 Dominic Hanly Sompo 1 1 10 Iwan Jenkins Axis Capital 3 1 International 10 James Bamford Talbot 3 2 32 Edward Cornish Nexus 1 1 Underwriting Underwriting 10 Jeremy Shallow ArgoGlobal 3 2 32 Gavin White Axis Capital 1 1 10 Mark Palmer Argenta 3 1 32 James Morrell Brit Insurance 1 1 10 Nick Kilhams Chaucer 3 1 32 Mark Lichfield Ark 1 1 10 Roddy Barnett Beazley 3 1 32 Mike Clements Tokio Marine 1 1 10 Sam Wilde Liberty Specialty 3 1 HCC Markets 32 Paddy Harman Euler Hermes UK 1 1 10 Stefaniya Ilina Axis Capital 3 1

You know exactly where you stand with James. He is always“ willing to do a deal [Referring to James Wilson,” Chubb

POLITICAL RISK 2019 45 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

£5mn to £10mn Ranking of underwriters by respondents (brokers) who placed policies with premiums in the £5mn-£10mn range within the last 12 months Rank Underwriter Company Score Vote 2019 count 1 Jerome Swinscoe Tokio Marine 12 4 HCC 2 Jamie Cleary MS Amlin 7 3 2 Sundeep Daddar W/R/B 7 3 Underwriting 4 Nick Kilhams Chaucer 6 3 5 Edward Ashton Tokio Marine 4 2 HCC 5 Jeremy Shallow ArgoGlobal 4 2 7 Dan Osman Aspen 3 1 7 Daniel Byrne Aspen 3 1 7 Matthew Woollam Sompo 3 1 International 7 Neil Edwards Chaucer 3 2 7 Norm Kimber Swiss Re 3 1 Corporate Solutions 7 Richard Hutton Beazley 3 1 13 Adam Bowen Tokio Marine 2 1 HCC 13 James Wilson Chubb 2 1 13 Mark Lichfield Ark 2 2 13 Mark Palmer Argenta 2 1 13 Nick Oxley MS Amlin 2 1 13 Richard Lamb Axis Capital 2 1 19 Adam Vulliamy Axis Capital 1 1 19 Conor Shelley Barbican 1 1 19 Edward Parker Tokio Marine Kiln 1 1 19 Florence Mognetti Acappella 1 1 19 Iwan Jenkins Axis Capital 1 1 19 Neil Beattie Beazley 1 1 19 Roddy Barnett Beazley 1 1 19 Thomas White Castel 1 1

POLITICAL RISK 2019 46 Return to contents SEGMENTATION OF UNDERWRITER RANKINGS

Over £10mn Ranking of underwriters by respondents (brokers) who placed policies with premiums over £10mn within the last 12 months

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 James Wilson Chubb 15 6 27 Chris Hall Liberty Specialty 2 1 Markets 2 Ian Nunn Axa XL 13 5 27 Christian Hanna W/R/B Underwriting 2 2 3 Jerome Swinscoe Tokio Marine HCC 12 5 27 Dan Osman Aspen 2 1 4 Richard Lamb Axis Capital 11 4 27 George Bolton Chubb 2 1 5 Jeremy Shallow ArgoGlobal 10 4 27 James Morrell Brit Insurance 2 1 6 James Thomas Antares 8 4 27 Matt Lockwood QBE Europe 2 1 6 Nick Oxley MS Amlin 8 4 27 Navaid Farooq Anvil Underwriting 2 1 8 Kade Spears The Channel 7 4 Syndicate 27 Neil Edwards Chaucer 2 1 8 Nick Kilhams Chaucer 7 3 27 Olivia Wright Chubb 2 1 10 Jamie Cleary MS Amlin 6 2 27 Sam Wilde Liberty Specialty 2 2 Markets 10 Richard Hutton Beazley 6 3 27 Stefaniya Ilina Axis Capital 2 1 10 Sophie Demeyer Sovereign Risk 6 2 Insurance 27 Tim Brown AIG 2 1 13 Peter Sprent Liberty Specialty 5 2 27 William Euler Hermes UK 2 1 Markets Whittington 14 Deborah Wyatt Chaucer 4 2 44 Andrew Bickmore Talbot Underwriting 1 1 14 Julian Edwards Chubb 4 2 44 Andrew Perry Munich Re 1 1 Syndicate 14 Neil Beattie Beazley 4 2 44 Andy Summers ArgoGlobal 1 1 14 Simon Low Starstone Insurance 4 2 Services 44 Arati Summanwar Credendo 1 1 14 Sundeep Daddar W/R/B Underwriting 4 3 44 Edward Ashton Tokio Marine HCC 1 1 19 Conor Shelley Barbican 3 1 44 Edward Fox AmTrust 1 1 19 Craig Hunter Axa XL 3 1 44 Edward Parker Tokio Marine Kiln 1 1 19 Edward Cornish Nexus Underwriting 3 1 44 Gary Geller Atradius 1 1 19 Maggie Nicol AIG 3 1 44 Henry Mumme The Channel 1 1 Young Syndicate 19 Matthew Woollam Sompo 3 1 International 44 James Bamford Talbot Underwriting 1 1 19 Murray Ross Chubb 3 1 44 Mark Lichfield Ark 1 1 19 Norm Kimber Swiss Re Corporate 3 1 44 Mimi Rumpeltin Everest Insurance 1 1 Solutions 44 Patrick Allen MS Amlin 1 1 19 Victoria Chappell Munich Re 3 1 Syndicate 44 Paul Carrington Neon 1 1 27 Adam Vulliamy Axis Capital 2 2 44 Rachael Anstock Zurich 1 1 27 Andrew Axa XL 2 1 44 Susie James Sompo 1 1 Underwood International 27 Antony Russo Axa XL 2 1 44 Tim Phillips Canopius 1 1 27 Carl Titterton Markel International 2 1 44 William Tripp Allied World 1 1

POLITICAL RISK 2019 47 Return to contents SEGMENTATION OF BROKER RANKINGS

Segmentation of broker rankings – by voters’ experience

0-3 years 3-5 years Ranking of brokers by respondents (underwriters) Ranking of brokers by respondents (underwriters) who have 0-3 years’ experience in the London who have 3-5 years’ experience in the London political risk market political risk market Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Matthew Golding Lockton 7 4 1 Simon Bessant Texel Finance 7 3 2 Charles Purvis Lockton 6 2 2 Charlie Radcliffe BPL Global 6 2 3 Charlotte BPL Global 5 2 3 Andrew Barr Texel Finance 5 3 Hampshire 4 Samuel Brown Aon 4 2 3 Chris Wetherell Lockton 5 2 4 Tom Cary BPL Global 4 2 5 Constantijn Bakker Willis Towers 3 1 6 Benjamin Gibbons Miller Insurance 3 1 Watson Services 5 Dermot Brindley BPL Global 3 1 6 Chris Wetherell Lockton 3 1 5 Flora Barr BPL Global 3 1 6 Hannah Bearman Willis Towers 3 1 5 Lydia Ashby Arthur J . 3 1 Watson Gallagher 6 Jonathan Lofts BPL Global 3 1 5 Michael Swainsbury Marsh-JLT 3 1 6 Theo Varenne Marsh-JLT 3 1 Specialty Specialty 5 Tim Hughes BPL Global 3 1 6 Thomas Holmes Miller Insurance 3 1 11 Alex Harvey BPL Global 2 1 Services 11 Andrew Barr Texel Finance 2 1 12 Charlotte BPL Global 2 1 Hampshire 11 Andrew Gray Marsh-JLT 2 1 Specialty 12 Dermot Brindley BPL Global 2 1 11 Angus Plumbly BPL Global 2 1 12 Victoria Stratton BPL Global 2 1 11 Charlie Radcliffe BPL Global 2 2 15 Ailsa McNeil Texel Finance 1 1 11 Emma Quinlan Willis Towers 2 1 15 Alastair Hill Willis Towers 1 1 Watson Watson 11 Kazimierz Layton Willis Towers 2 1 15 Chris Pritchard Miller Insurance 1 1 Watson Services 11 Toby Findlay RKH Specialty 2 1 15 Joe Bennett BPL Global 1 1 19 Alastair Hill Willis Towers 1 1 15 Kate Parry Crooke Willis Towers 1 1 Watson Watson 19 Annabel Farrant BPL Global 1 1 15 Kerry Magnus Marsh-JLT 1 1 Specialty 19 Ian Barnes Miller Insurance 1 1 Services 15 Sam Evans BPL Global 1 1 19 Jamie Stephenson RKH Specialty 1 1 15 Tom Stansfield Marsh-JLT 1 1 Specialty 19 Samuel Brown Aon 1 1 19 Simon Bessant Texel Finance 1 1 19 Thomas Holmes Miller Insurance 1 1 Services

POLITICAL RISK 2019 48 Return to contents SEGMENTATION OF BROKER RANKINGS

5-10 years Ranking of brokers by respondents (underwriters) who have 5-10 years’ experience in the London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Nick McBride Lockton 12 5 21 Charles Grace BPL Global 2 1 2 Andrew Barr Texel Finance 9 3 21 Fabrizio Mazza Marsh-JLT 2 1 Specialty 2 Chris Wetherell Lockton 9 4 21 Fred Scriven RKH Specialty 2 1 4 Charlie Radcliffe BPL Global 8 3 21 Hamish Buchanan Willis Towers 2 1 4 Sam Evans BPL Global 8 4 Watson 6 Charlotte BPL Global 6 4 21 Hannah Bearman Willis Towers 2 1 Hampshire Watson 6 David Coupland Lockton 6 2 21 Joe Bennett BPL Global 2 1 6 Matthew Golding Lockton 6 2 21 Marcus Miller Marsh-JLT 2 1 9 Emma Ashworth BPL Global 4 2 Specialty 9 Oliver Bowes RKH Specialty 4 2 21 Shahin Samiy RFIB 2 1 9 Reshma Tanna BPL Global 4 2 21 Simon Bessant Texel Finance 2 1 9 Sean Austin BPL Global 4 2 21 Thomas Holmes Miller Insurance 2 1 Services 13 Alice Clarkson Aon 3 1 35 Andrew Gray RKH Specialty 1 1 13 Archie Young Willis Towers 3 1 Herries Watson 35 Dermot Brindley BPL Global 1 1 13 Flavia Pritchard Marsh-JLT 3 1 35 Eran Charit Aon 1 1 Specialty 35 George Pitcher Marsh-JLT 1 1 13 Flora Barr BPL Global 3 2 Specialty 13 Miles Robinson RKH Specialty 3 2 35 Katie Fowler Texel Finance 1 1 13 Thomas RFIB 3 1 35 Laurie Flaux Aon 1 1 Rutherford 35 Rupert Morgan Arthur J . 1 1 13 Tim Hughes BPL Global 3 1 Gallagher 13 Tom Stansfield Marsh-JLT 3 1 35 Toby Findlay RKH Specialty 1 1 Specialty 35 Tom Gladdle Arthur J . 1 1 21 Ailsa McNeil Texel Finance 2 1 Gallagher 21 Alastair McLeod Marsh-JLT 2 1 35 Victoria Stratton BPL Global 1 1 Specialty 35 William Day Arthur J . 1 1 21 Alexandre Bueno Marsh-JLT 2 1 Robinson Gallagher Specialty 35 William Harrison Marsh-JLT 1 1 21 Benjamin Willis Towers 2 2 Specialty Mansbridge Watson

POLITICAL RISK 2019 49 Return to contents SEGMENTATION OF BROKER RANKINGS

10-20 years Ranking of underwriters by respondents (brokers) who have 10-20 years’ experience in the London political risk market

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Charlie Radcliffe BPL Global 22 9 20 Axelle Lacaze Marsh-JLT 2 1 Specialty 2 Chris Wetherell Lockton 20 8 20 Fabrizio Mazza Marsh-JLT 2 1 3 David Coupland Lockton 12 4 Specialty 4 Andrew Barr Texel Finance 9 5 20 James Esdaile BPL Global 2 1 5 Toby Heppel RFIB 8 3 20 Marcus Miller Marsh-JLT 2 1 6 James Reynolds BPL Global 7 5 Specialty 7 Matthew Golding Lockton 6 3 20 Nick McBride Lockton 2 2 7 Simon Bessant Texel Finance 6 2 20 Sophie Twiston Marsh-JLT 2 1 Davies Specialty 9 Mark Gubbins Arthur J . 5 2 Gallagher 20 Vlad Bobko Aon 2 1 9 Thomas Holmes Miller Insurance 5 3 28 Alice Clarkson Aon 1 1 Services 28 Benjamin Miller Insurance 1 1 11 Eran Charit Aon 4 2 Gibbons Services 12 James Gearing Texel Finance 3 1 28 David Evans Arthur J . 1 1 Gallagher 12 Kerry Magnus Marsh-JLT 3 2 Specialty 28 George Bellord BPL Global 1 1 12 Matthew Solley Arthur J . 3 1 28 James Miller Insurance 1 1 Gallagher Cunningham Services 12 Sam Evans BPL Global 3 2 28 Marina Cottaris Marsh-JLT 1 1 Specialty 12 Sarah Taylor Aon 3 1 28 Nikki Hawthorne Texel Finance 1 1 12 Tim Hughes BPL Global 3 2 28 Reshma Tanna BPL Global 1 1 12 Tom Stansfield Marsh-JLT 3 1 Specialty 28 Sara Wetherell Lockton 1 1 12 William Harrison Marsh-JLT 3 1 28 Toby Childs BMS Group 1 1 Specialty 28 Tom Cary BPL Global 1 1 20 Alastair McLeod Marsh-JLT 2 1 Specialty

POLITICAL RISK 2019 50 Return to contents SEGMENTATION OF BROKER RANKINGS

Over 20 years Ranking of underwriters by respondents (brokers) who have more 20 than years’ experience in the London political risk market Rank Underwriter Company Score Vote 2019 count 1 Chris Wetherell Lockton 7 3 2 Matthew Golding Lockton 6 2 2 Neil Galletti RKH Specialty 6 2 4 Charlie Radcliffe BPL Global 3 2 4 James Reynolds BPL Global 3 1 4 Kerry Magnus Marsh-JLT 3 1 Specialty 4 Peter Hornsby Lockton 3 1 4 Sean Austin BPL Global 3 1 9 Charles Berry BPL Global 2 1 9 David Coupland Lockton 2 1 9 James Pryar RKH Specialty 2 1 9 James Seddon Willis Towers 2 1 Brown Watson 9 Nick McBride Lockton 2 1 9 Paul Torrington BPL Global 2 1 9 Sian Aspinall BPL Global 2 1 9 Toby Heppel RFIB 2 1 9 Victoria Stratton BPL Global 2 1 18 Abbey Sturrock Marsh-JLT 1 1 Specialty 18 Emma Coffin Willis Towers 1 1 Watson 18 James Esdaile BPL Global 1 1 18 Jamie Stork Marsh-JLT 1 1 Specialty 18 Matthew Strong Marsh-JLT 1 1 Specialty 18 Paul Davidson Willis Towers 1 1 Watson 18 Simon Bessant Texel Finance 1 1 18 Thomas Holmes Miller Insurance 1 1 Services

POLITICAL RISK 2019 51 Return to contents SEGMENTATION OF BROKER RANKINGS

Segmentation of broker rankings – by premiums

Up to £2mn £2mn to £5mn Ranking of brokers by respondents (underwriters) Ranking of brokers by respondents (underwriters) who who underwrote policies with premiums in the £0-2mn underwrote policies with premiums in the £2mn-£5mn range within the last 12 months range within the last 12 months Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Matthew Golding Lockton 6 2 1 Chris Wetherell Lockton 7 3 2 Charles Purvis Lockton 3 1 2 David Coupland Lockton 5 2 2 Charlotte BPL Global 3 1 2 Matthew Golding Lockton 5 2 Hampshire 4 Alice Clarkson Aon 3 1 2 Chris Wetherell Lockton 3 1 4 Charlie Radcliffe BPL Global 3 1 2 Hannah Bearman Willis Towers Watson 3 1 4 Constantijn Willis Towers Watson 3 1 2 Tim Hughes BPL Global 3 1 Bakker 2 Victoria Stratton BPL Global 3 2 4 Emma Ashworth BPL Global 3 1 8 Andrew Barr Texel Finance 2 1 4 Lydia Ashby Arthur J . Gallagher 3 1 8 Andrew Gray Marsh-JLT Specialty 2 1 4 Sean Austin BPL Global 3 1 8 Angus Plumbly BPL Global 2 1 4 Thomas Holmes Miller Insurance 3 2 Services 8 Charlie Radcliffe BPL Global 2 2 11 Andrew Barr Texel Finance 2 1 8 Joe Bennett BPL Global 2 1 11 Charles Grace BPL Global 2 1 8 Toby Heppel RFIB 2 1 11 Emma Quinlan Willis Towers Watson 2 1 14 Alastair Hill Willis Towers Watson 1 1 11 Fred Scriven RKH Specialty 2 1 14 James Esdaile BPL Global 1 1 15 Alastair Hill Willis Towers Watson 1 1 14 Kate Parry Crooke Willis Towers Watson 1 1 15 Annabel Farrant BPL Global 1 1 14 Thomas Holmes Miller Insurance 1 1 Services 15 George Pitcher Marsh-JLT Specialty 1 1 15 Ian Barnes Miller Insurance 1 1 Services 15 Laurie Flaux Aon 1 1 15 Sam Evans BPL Global 1 1 15 Simon Bessant Texel Finance 1 1 15 Tim Hughes BPL Global 1 1

POLITICAL RISK 2019 52 Return to contents SEGMENTATION OF BROKER RANKINGS

£5mn to £10mn Ranking of brokers by respondents (underwriters) who underwrote policies with premiums in the £5mn-£10mn range within the last 12 months Rank Underwriter Company Score Vote 2019 count 1 Charlie Radcliffe BPL Global 10 4 1 Chris Wetherell Lockton 10 4 3 Simon Bessant Texel Finance 5 2 3 Thomas Holmes Miller Insurance 5 2 Services 5 Matthew Golding Lockton 4 2 5 Samuel Brown Aon 4 2 7 Jonathan Lofts BPL Global 3 1 7 Oliver Bowes RKH Specialty 3 1 7 Theo Varenne Marsh-JLT Specialty 3 1 10 Alastair McLeod Marsh-JLT Specialty 2 1 10 Andrew Barr Texel Finance 2 1 10 Charlotte BPL Global 2 1 Hampshire 10 Dermot Brindley BPL Global 2 1 10 Fabrizio Mazza Marsh-JLT Specialty 2 1 10 Nick McBride Lockton 2 1 10 Tom Cary BPL Global 2 1 17 Chris Pritchard Miller Insurance 1 1 Services 17 Eran Charit Aon 1 1 17 George Bellord BPL Global 1 1 17 James Reynolds BPL Global 1 1 17 Joe Bennett BPL Global 1 1 17 Kerry Magnus Marsh-JLT Specialty 1 1 17 Miles Robinson RKH Specialty 1 1 17 Sam Evans BPL Global 1 1 17 William Day Arthur J . Gallagher 1 1 Robinson

POLITICAL RISK 2019 53 Return to contents SEGMENTATION OF BROKER RANKINGS

Over £10mn Ranking of brokers by respondents (underwriters) who underwrote policies with premiums over £10mn within the last 12 months

Rank Underwriter Company Score Vote Rank Underwriter Company Score Vote 2019 count 2019 count 1 Charlie Radcliffe BPL Global 26 11 30 Charles Berry BPL Global 2 1 2 Andrew Barr Texel Finance 17 8 30 James Esdaile BPL Global 2 1 3 Chris Wetherell Lockton 16 7 30 James Pryar RKH Specialty 2 1 4 David Coupland Lockton 15 5 30 James Seddon Willis Towers Watson 2 1 Brown 5 Nick McBride Lockton 14 7 30 Kazimierz Layton Willis Towers Watson 2 1 6 Sam Evans BPL Global 9 4 30 Miles Robinson RKH Specialty 2 1 7 James Reynolds BPL Global 8 4 30 Paul Torrington BPL Global 2 1 7 Simon Bessant Texel Finance 8 4 30 Reshma Tanna BPL Global 2 2 7 Toby Heppel RFIB 8 3 30 Shahin Samiy RFIB 2 1 10 Kerry Magnus Marsh-JLT Specialty 6 3 30 Sian Aspinall BPL Global 2 1 10 Neil Galletti RKH Specialty 6 2 30 Sophie Twiston Marsh-JLT Specialty 2 1 12 Charlotte BPL Global 5 3 Davies Hampshire 30 Thomas Holmes Miller Insurance 2 1 12 Mark Gubbins Arthur J . Gallagher 5 2 Services 12 Matthew Golding Lockton 5 2 30 Victoria Stratton BPL Global 2 1 12 Tim Hughes BPL Global 5 2 30 Vlad Bobko Aon 2 1 16 Benjamin Gibbons Miller Insurance 4 2 48 Abbey Sturrock Marsh-JLT Specialty 1 1 Services 48 Alice Clarkson Aon 1 1 16 Dermot Brindley BPL Global 4 2 48 Andrew Gray RKH Specialty 1 1 16 Eran Charit Aon 4 2 48 David Evans Arthur J . Gallagher 1 1 16 Marcus Miller Marsh-JLT Specialty 4 2 48 Emma Ashworth BPL Global 1 1 16 Sean Austin BPL Global 4 2 48 Emma Coffin Willis Towers Watson 1 1 16 Tom Stansfield Marsh-JLT Specialty 4 2 48 James Miller Insurance 1 1 16 William Harrison Marsh-JLT Specialty 4 2 Cunningham Services 23 Flavia Pritchard Marsh-JLT Specialty 3 1 48 Jamie Stephenson RKH Specialty 1 1 23 Flora Barr BPL Global 3 2 48 Jamie Stork Marsh-JLT Specialty 1 1 23 James Gearing Texel Finance 3 1 48 Katie Fowler Texel Finance 1 1 23 Matthew Solley Arthur J . Gallagher 3 1 48 Marina Cottaris Marsh-JLT Specialty 1 1 23 Peter Hornsby Lockton 3 1 48 Matthew Strong Marsh-JLT Specialty 1 1 23 Sarah Taylor Aon 3 1 48 Nikki Hawthorne Texel Finance 1 1 23 Thomas RFIB 3 1 48 Paul Davidson Willis Towers Watson 1 1 Rutherford 48 Rupert Morgan Arthur J . Gallagher 1 1 30 Alastair McLeod Marsh-JLT Specialty 2 1 48 Sara Wetherell Lockton 1 1 30 Alexandre Bueno Marsh-JLT Specialty 2 1 48 Toby Childs BMS Group 1 1 30 Axelle Lacaze Marsh-JLT Specialty 2 1 48 Toby Findlay RKH Specialty 1 1 30 Benjamin Willis Towers Watson 2 2 Mansbridge 48 Tom Cary BPL Global 1 1

POLITICAL RISK 2019 54 RANK: 1 Return to contents INDIVIDUAL PROFILE VIEWSJerome Swinscoe Company: Tokio Marine HCC Job title: Chief underwriting officer Coverage: Political risk and structured trade credit Years of experience in political risk insurance:10-20 years

Survey results 2017 2018 2019 Profiles: TotalTop number of votes20 underwriters12 16 14 No. of top-choice votes 4 10 8 RANK 1 No. of second-place votes 4 5 3 No. of third-place votes 4 1 3 Jerome Swinscoe Total score 24 41 33 Company: Tokio Marine HCC Rank (underwriters) 2 1 1 Job title: Political risk and structured trade credit

Survey results 2017 2018 2019 Attribute analysis — All-underwriters average Total number of votes 12 16 14 5.0 No . of top-choice votes 4 10 8 4.5 No . of second-place votes 4 5 3 4.0 3.5 No . of third-place votes 4 1 3

Score Score (out of 5) 3.0 Total score 24 41 33 4.79 4.38 4.43 4.07 4.64 4.50 2.5 Rank among underwriters 2 1 1 Knowledge/ Negotiating skills Fast response Communication Creativity Consistency Experience skills

Testimonials “Jerome is very knowledgeable, has a very good work ethic and has the “Excellent understanding of contract frustration business and works with ability to review challenging risks and structures quickly and effectively. He the broker to find solutions that are flexible and workable” is well-respected by his peers, brokers and clients alike” “Despite challenging conditions, has maintained a consistent approach to “Very strong knowledge and expertise” underwriting and does not simply follow the crowd”

“Always willing to look at tricky deals to find a way to make them work” “Rapidly becoming extremely useful”

“Incredibly efficient and willing to support clients throughout their portfolio” “Continued confidence in underwriting as he thinks it should be done and his success when doing so” “A real market leader. Well respected throughout the industry” “Ability to underwrite credit exposure in a challenging underwriting “All-round excellence” environment. Able to look past a pure balance sheet and understand other elements of a transaction which contribute positively to its success” “Excellent broker service, open to challenging risks, fast response times and very knowledgeable” “Excellent knowledge and experience, lateral thinking – ready to help a client where possible with alternative solutions. Great explanation on “Best underwriter in the market! Knowledge and reputation far exceeds his why he would do and wouldn’t do something. Could do with a little more peers” boldness in the underwriting in certain sectors”

“Extensive knowledge and expertise, particularly within larger political risk “Very clever individual and well respected. When his name is on the slip programmes” people are happy to follow. Consistent and knows what he wants”

“Ability to review incredibly complicated risks and make quick and sound “Jerome’s high intellect and knowledge of our business, his attention assessments. In my opinion he is the market leader in this field” to detail and ability to continue to provide innovative solutions to transactions/assets over our market’s entire product range” “He is extremely knowledgeable and willing to give an open mind to risks of all types and sizes” “Genius – you don’t really get anything past him. Great risk appetite. Fast responses” “Willing to do the work on unusual risks”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 55 Return to contents INDIVIDUAL PROFILE VIEWS RANK: 2 James Wilson

RANK 2 Survey results 2017 2018 2019 James Wilson Company: Chubb Job title: Political risk and structured credit underwriter Coverage: Political risk and structured trade credit 15 19 31 Political risk experience: 5-10 years Rank (underwriters) 5 7 2

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 5 9 12 No . of top-choice votes 5 4 7 No . of second-place votes 0 2 5 No . of third-place votes 0 3 0 4.58 4.25 4.58 4.33 4.42 4.25 Total score 15 19 31 Rank (underwriters) 5 7 2

Testimonials “He is super impressive in front of clients, very helpful and very “Positive attitude to working with the right clients” knowledgeable” “Willingness to work on a deal” “Extremely supportive and commercial” “James is a newer entry from my other selections, but demonstrates a high “You know exactly where you stand with James. He is always willing to do level of knowledge and understanding. He always provides quick responses a deal” and very thoughtful feedback”

“Very helpful and knowledgeable” “James is a very technical yet commercial underwriter, always helpful and consistent. He is also very helpful as a ‘market player’ keen to offer training/ “Excellent knowledge base and confidence in underwriting ability” support etc”

“James gives detailed and helpful feedback even when we have limited “Always helpful, very good at coming back quickly, always tries to details to work with. He is very thorough and efficient” underwrite things rather than find reasons to decline”

“Most impressive range of knowledge across different classes of business for his experience level”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 56 Return to contents INDIVIDUAL PROFILE VIEWS

RANK: 3 Richard Hutton

RANK 3 Survey results 2017 2018 2019 Richard Hutton Company: Beazley Job title: Underwriter Coverage: Political risk and structured trade credit NR 10 22 Political risk experience: 5-10 years Rank (underwriters) NR 14 3

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 5 11 No . of top-choice votes NR 2 3 No . of second-place votes NR 1 5 No . of third-place votes NR 2 3

Total score NR 10 22 4.18 4.18 4.55 4.55 4.18 4.18 Rank (underwriters) NR 14 3

Testimonials “Excellent broker service, open to challenging risks, fast response time. Very “Richard’s service is very efficient and you are rarely left waiting for knowledgeable” feedback. Although he has only been an underwriter for around three years, he is very commercial and knowledgeable” “What Richard lacks in experience (versus some of his peers) he makes up with his underwriting, risk selection and creativity to expand Beazley’s “Has really grasped underwriting in such a short period of time. Very helpful book. He is well-liked, respected and has helped to considerably develop and supportive of the oil transactions we specialise in” relationships with various brokers raising Beazley’s profile in the market further” “Has a pragmatic underwriting approach”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 57 Return to contents INDIVIDUAL PROFILE VIEWS RANK: 4 Nick Oxley

RANK 4 Survey results 2017 2018 2019 Nick Oxley Company: MS Amlin Job title: Political risk underwriter Coverage: Political risk and trade credit 3 10 20 Political risk experience: 5-10 years Rank (underwriters) 42 14 4

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 5 9 No . of top-choice votes 0 2 3 No . of second-place votes 1 1 5 No . of third-place votes 1 2 1

Total score 3 10 20 4.25 4.50 4.63 4.88 4.38 4.63 Rank (underwriters) 42 14 4

Testimonials “Nick is very professional” “Quick service, flexible to clients’ needs”

“Broad knowledge of the credit and political risk market” “Highly knowledgeable on all products. Willingness to support key clients”

“Supportive and commercial” “Usability”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 58 RANK: 5 Return to contents INDIVIDUAL PROFILE VIEWSNeil Edwards

Survey results 2017 2018 2019 RANK 5 Neil Edwards Company: Chaucer 5 23 19 Rank (underwriters) 26 4 5 Job title: Class underwriter – political risk

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 3 11 10 No . of top-choice votes 1 5 2 No . of second-place votes 0 2 5 No . of third-place votes 2 4 3

Total score 5 23 19 4.75 4.75 3.75 4.38 4.38 4.50 Rank (underwriters) 26 4 5

Testimonials “Knowledgeable, willing, flexible, helpful” “Great underwriter who is not afraid to stand behind what he thinks is right (or wrong). A pleasure to work with. Consistent and approachable and one “Top bloke” to work things out with the client and the broker if needed”

“A very high understanding of both client demands and market needs to “His willingness to listen and ability to judge very complicated transactions” help deliver workable solutions across a range of business and domiciles” “Highly supportive of key clients” “Knowledge, willingness to meet and understand clients needs and fast response” “Helpful, prepared to look at alternative risks. Very friendly. Strong team to support him” “Very reliable, consistent underwriter who works tirelessly to support our business” “Fantastic underwriter – very helpful, knowledgeable and willing to go the extra mile to help a client”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 59 Return to contents INDIVIDUAL PROFILE VIEWS RANK: 6 Jeremy Shallow

RANK 6 Survey results 2017 2018 2019 Jeremy Shallow Company: Argo Global Job title: Class underwriter – credit and political risks Coverage: Political risk and structured trade credit 13 13 18 Political risk experience: 5-10 years Rank (underwriters) 7 12 6

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 6 7 9 No . of top-choice votes 2 1 3 No . of second-place votes 3 4 3 No . of third-place votes 1 2 3 4.67 4.38 4.33 4.56 4.11 4.44 Total score 13 13 18 Rank (underwriters) 7 12 6

Testimonials “Great balance of skills and approach to underwriting. Reliable, “I have worked with this chap a long time ago and since leaving Aspen professional, consistent and approaches work with integrity” he has demonstrated an ability to create a book and write business that makes sense, focusing on the risk he is writing and the client, whilst being “Jeremy is great. Understands the business perfectly and makes very fair commercial” and clear decisions. We have an extremely demanding client and he is very understanding and responsive to moments where the broker has, ahem, “Jeremy is very knowledgeable and applies this in his underwriting. Whilst slipped up” being selective, he also is commercial”

“Jeremy is an excellent communicator and a good supporter of our book of “Very knowledgeable and intelligent, trustworthy, always commercial and a business” pleasure to work with”

“Good and consistent position – makes sure you always know where you “An experienced and knowledgeable underwriter” stand” “Very clear and well informed decision making and feedback. Understanding “Response time is usually quick and I can’t think of many underwriters reasons why an underwriter does and doesn’t want to do something is very more straightforward to work with. Information requirements and important as a broker. This underwriter understands the deals intimately communication is always very clear and his approach is flexible where and explains clearly his position” required which is very much appreciated by brokers and clients I’m sure” “Thorough and interesting feedback given his previous experience in banking. Commercial decision making and very helpful and flexible”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 60 Return to contents INDIVIDUAL PROFILE VIEWS RANK: =7 Ian Nunn

RANK =7 Survey results 2017 2018 2019 Ian Nunn Company: Axa XL Job title: Senior underwriter – political risk and trade credit Coverage: Political risk and structured trade credit 4 14 16 Political risk experience: 5-10 years Rank (underwriters) 33 11 7

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 3 8 6 No . of top-choice votes 0 2 4 No . of second-place votes 1 2 2 No . of third-place votes 2 4 0

Total score 4 14 16 4.50 4.33 4.83 4.67 4.17 4.67 Rank (underwriters) 33 11 7

Testimonials “Ian is an incredibly commercial underwriter who is supportive of key “Very responsive and keen to develop interesting and new ways to apply the clients” product to new industries and clients”

“Incredible work ethic and ability to respond quickly and helpfully. “Flexible, efficient, accessible with significant capability in terms of lines, Feedback is usually detailed and he very much takes the approach of limits, products etc” trying to make something work rather than finding reasons not to do it. His flexibility in approach to underwriting is very much appreciated by “Quick service from a knowledgeable and experienced underwriter who brokers and clients – fostering a strong relationship which is still very understands the clients” much important and valued” “Always on top of new deals – service comes naturally to this underwriter” “A very pleasant and well-balanced underwriter who wants to support business and your clients in a sensible but creative manner” “Able to provide consistent and sizeable support for new and current clients and is flexible and responsive to the brokers”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 61 RANK: =7 Return to contents INDIVIDUAL PROFILE VIEWSJamie Cleary

Survey results 2017 2018 2019 RANK =7 Jamie Cleary Company: MS Amlin 6 6 16 Job title: Lead underwriter Rank (underwriters) 22 24 7

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 3 7 No . of top-choice votes 2 1 3 No . of second-place votes 0 1 3 No . of third-place votes 0 1 1

Total score 6 6 16 4.43 4.43 3.86 4.14 4.71 4.86 Rank (underwriters) 22 24 7

Testimonials “Jamie is the most supportive underwriter in the market” “Extremely helpful underwriter. Always has time to talk through a risk and offers willing support when he can” “Jamie has a good commercial mindset and values partnerships with insureds” “Flexible approach with a clear focus and ability to deliver”

“Response times, willingness to take a fresh look at difficult risks” “His creativity in working with brokers to create new solutions for clients”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 62 Return to contents INDIVIDUAL PROFILE VIEWS

RANK: =7 Nick Kilhams

RANK =7 Survey results 2017 2018 2019 Nick Kilhams Company: Chaucer Job title: Senior underwriter – political risk Coverage: Political risk and trade credit Political risk experience: >20 years 53 19 16 Rank (underwriters) 1 7 7

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 24 9 7 No . of top-choice votes 11 2 2 No . of second-place votes 7 6 5 No . of third-place votes 6 1 0

Total score 53 19 16 5.00 4.57 4.57 4.71 4.43 4.71 Rank (underwriters) 1 7 7 Testimonials “All-round excellence” “Very loyal to the client, bold but not silly, very commercial. Also, very clear on his decision making process and very committed to reply always in time “Very flexible and supportive. It’s great to have him back in the market” to request”

“Understanding of client needs and adapting to different requirements” “He leads lots of my business”

“Nick is a good commercial underwriter” “Experience, ready to pay claims. Logical and consistent”

“Consistency of support, knowledge and speed of service” “Very adventurous, always looking to help the client out”

“Loyal underwriter who always backs our largest client” “Nick’s willingness to listen to any audience no matter how experienced or how junior, his broad risk-evaluation skills, his dedication to service “Classic supportive underwriter” to his market when many of his contemporaries are no longer visible, his good humour and undimmed passion for this class of business and, most “Helpful, flexible and approachable” importantly, his desire to pay a claim as promptly as possible when the unfortunate unforeseen situation occurs – which is the yardstick on how we “Understands difficult markets and obligors meaning difficult risks have should measure all underwriters” been placed” “Nick has always been a very flexible and commercially minded underwriter, “He is very consistent in his approach to underwriting, which means that but in recent times he has invested heavily in his team both on the the broker knows where he stands. He is also excellent in the handling of underwriting and analytical side to allow him to go to the next level in claims and from a broker’s perspective this is essential” positioning Chaucer as a genuine market leader. The tie-up with Axa to focus on African business shows some unique creativity” “As with my second choice, supportive of key clients in a challenging underwriting environment. Typically looks to find ways to do deals not “Consistently top-performing market, especially in claims management” decline them” “His response time is second to none. His market knowledge is excellent”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 63 RANK: =10 Return to contents Richard Lamb INDIVIDUAL PROFILE VIEWS Unit head – political and credit

RANK =10 Survey results 2017 2018 2019 Richard Lamb Company: Axis Capital Job title: Unit head – political and credit Coverage: Political risk and trade credit 9 22 15 Political risk experience: 10-20 years Rank (underwriters) 9 5 10

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 4 10 6 No . of top-choice votes 1 4 3 No . of second-place votes 3 4 3 No . of third-place votes 0 2 0

Total score 9 22 15 5.00 4.40 4.40 4.80 4.20 4.80 Rank (underwriters) 9 5 10 Testimonials “Very balanced consistent underwriting ability even when hard decisions “Very impressive underwriter – excellent/comprehensive knowledge of the need to be made” RANK: =10 credit market in particular. He provides solutions to very tricky risks and will work hard to find solutions that will operate effectively for all parties” “Richard has tremendous knowledge of the political risk market.Sundeep He Daddaris very engaging with clients and extremely helpful in finding solutions to “Very accessible. Happy to take phone calls whenever/wherever to support challenging situations” opan key insureds on key transactions Underritin and to make quick decisions, which is o title crucial to keep momentumUnderriter on some political large ri complex and iolence placements. A very “Very well respected lead underwriter with exceptional underwritingoerae results” reliable and respectedolitical leader” ri and trctred trade credit ear o eperience in political ri inrance ear

Survey results 2017 2018 2019 RANK =10 otal ner o ote Sundeep Daddar o o topchoice ote Company: W/R/B Underwriting o o econdplace ote Job title: Underwriter – political risk and violenceo o thirdplace ote Coverage: Political risk and structured trade creditotal core 11 4 15 Political risk experience: 5-10 years Rank (underwriters) 8 30 10

Survey results 2017 2018 2019 Attribute analysis — llnderriter aerae Total number of votes 5 2 10 No . of top-choice votes 2 0 2 No . of second-place votes 2 2 1 No . of third-place votes 1 0 7

core ot o Total score 11 4 15 4.60 4.30 4.90 4.90 4.70 4.80 Rank (underwriters) 8 30 10 nolede eotiatin ill at repone onication reatiit onitenc perience ill Testimonials “Sundeep has a willingness and ability to consider difficult transactions. He “Sunny is always quick to work with the broker to find a solution which is has great problem-solving skills. Honest approach” workable for all parties. He is very knowledgeable and able to think outside of the box. His service is also very good” “Very good knowledge and experience. Always helpful when meeting clients’ needs” “Tries to help out where possible”

“Always looking to help a client out i.e. to finish off a placement or start the “Very commercial and always willing to listen. He is always someone that ball rolling with initial questions” you feel wants to work with you and make things happen so very supportive”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 64 Return to contents INDIVIDUAL PROFILE VIEWS RANK: 12 Edward Ashton

RANK 12 Survey results 2017 2018 2019 Edward Ashton Company: Tokio Marine HCC Job title: Senior underwriter Coverage: Political risk and trade credit 1 4 14 Political risk experience: 10-20 years Rank (underwriters) 54 30 12

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 1 3 7 No . of top-choice votes 0 0 2 No . of second-place votes 0 1 3 No . of third-place votes 1 2 2

Total score 1 4 14 4.71 4.43 4.14 4.14 3.86 4.14 Rank (underwriters) 54 30 12

Testimonials “Excellent communication and underwriting skills. HelpfulRANK: for key 13 clients. “Good solid performer” Clear and effective to deal with” Adam Bowen “Always willing to go the extra mile for the right clients” “Swift response. Very approachable. Flexible in terms and pricing” RANK 13 Survey results 2017 2018 2019 Adam Bowen Company: Tokio Marine HCC Job title: Underwriter – credit and political risk Coverage: Political risk and structured trade credit Political risk experience: 3-5 years 9 2 13 Rank (underwriters) 9 50 13

Survey results 2017 2018 2019 Attribute analysis Total number of votes 5 1 5 — No . of top-choice votes 0 0 3 No . of second-place votes 4 1 2 No . of third-place votes 1 0 0

Total score 9 2 13 4.00 4.00 4.20 4.00 3.80 4.00 Rank (underwriters) 9 50 13

Testimonials “Easy to deal with, explains themselves well and is supportive” “Has a pragmatic underwriting approach”

“Responsive, hard working and focused”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 65 RANK: 14 Return to contents INDIVIDUAL PROFILE VIEWSJames Thomas

RANK 14 Survey results 2017 2018 2019 James Thomas Company: Antares Job title: Deputy political and financial risks underwriter Coverage: Political risk and structured trade credit 4 7 12 Political risk experience: 5-10 years Rank (underwriters) 33 20 14

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 6 6 No . of top-choice votes 0 0 1 No . of second-place votes 2 1 4 No . of third-place votes 0 5 1

Total score 4 7 12 4.33 4.17 4.50 4.83 4.17 4.67 Rank (underwriters) 33 20 14 Testimonials “For such a small team, response time always amazes me. Feedback is “Very thorough analysis of deals and explanations as to the reasons behind usually very detailed and incredibly helpful. Very easy to work with in terms each indication or declinature. Not the fastest to respond but gives every of good communication and understanding their perspective” enquiry due care and attention”

“Very impressive communicator. When talking through complex deals with “Very detailed, helpful feedback – whether positive or negative Very key clients, James is on the same wavelength and is a veryRANK: reassuring 15 pair approachable, swift responses” of hands” Dan Osman “Technical expertise” “James is a rising star and technically impressive. One to watch” “Technically excellent, commercial, willingness to negotiate, reliable” “Highly experienced”

RANK =15 Survey results 2017 2018 2019 Dan Osman Company: Aspen Job title: Senior underwriter, credit and political Risk Coverage: Political risk and structured trade credit NR NR 10 Political risk experience: 10-20 years Rank (underwriters) NR NR 15

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR NR 4 No . of top-choice votes NR NR 2 No . of second-place votes NR NR 2 No . of third-place votes NR NR 0

Total score NR NR 10 4.50 4.50 4.50 4.75 5.00 4.50 Rank (underwriters) NR NR 15 Testimonials “Dan has a can-do attitude and wants to push the market to do new “Dan is still a relatively new underwriter as has come over from the banking structures” industry but he is extremely aware of the product and different transactions, while being personable and respecting the value of relationships”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 66 Return to contents INDIVIDUAL PROFILE VIEWS

RANK: =16 Adam Vulliamy

RANK =16 Survey results 2017 2018 2019 Adam Vulliamy Company: Axis Capital Job title: Class underwriter Coverage: Political risk and structured trade credit Political risk experience: 5-10 years 8 9 9 Rank (underwriters) 14 16 16

Survey results 2017 2018 2019 Attribute analysis Total number of votes 4 4 5 — No . of top-choice votes 2 2 2 No . of second-place votes 0 1 0 No . of third-place votes 2 1 3

Total score 8 9 9 4.40 4.40 4.00 4.40 4.60 4.60 Rank (underwriters) 14 16 16

Testimonials RANK: =16 “All-round understanding of the market and clients” “Straight to the point and commercially in tune with clients’ needs” Norm Kimber “He is a great underwriter who knows his product and how to negotiate correctly”

RANK =16 Survey results 2017 2018 2019 Norm Kimber Company: Swiss re Corporate Solutions Job title: Vice president and senior underwriter political risk insurance Coverage: Political risk and trade credit 5 NR 9 Political risk experience: >20 years Rank (underwriters) 26 NR 16

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 NR 3 No . of top-choice votes 1 NR 3 No . of second-place votes 1 NR 0 No . of third-place votes 0 NR 0

Total score 5 NR 9 4.67 4.67 4.67 4.67 4.67 4.33 Rank (underwriters) 26 NR 16 Testimonials “Experience, speed of response and willing to be commercial” “He has been creative in suggesting different structures he would be able to cover” “Very understanding of the clients’ needs and competitive pricing”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 67 Return to contents INDIVIDUAL PROFILE VIEWSRANK: =16 Sophie Demeyer

Survey results 2017 2018 2019 RANK =16 Sophie Demeyer Company: Sovereign Risk Insurance Job title: Vice president and senior underwriting officer 9 8 9 Rank (underwriters) 9 17 16

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 3 3 3 No . of top-choice votes 3 2 3 No . of second-place votes 0 1 0 No . of third-place votes 0 0 0

Total score 9 8 9 5.00 4.67 4.67 5.00 4.67 4.67 Rank (underwriters) 9 17 16 Testimonials “When negotiating with Sophie, she is always very fair. When faced with “Diligent, responsive, commercial, fair, thorough knowledge of the market a potential stumbling block, she will be open to and propose solutions and clients’ needs, extensive wording knowledge” in order to reach a mutually agreeable outcome. Clients are always very “Reliable and insightful. Sophie has tremendous attention to detail” impressed by Sophie and love to work with her. She will alwaysRANK: give =19 things due consideration, even those opportunities that are a bitNeil ‘outside Beattie of the “Provides really valuable feedback in a timely manner. Always very box’. She is extremely thorough and efficient and always a pleasure to thorough and diligent and raises issues that others have not considered. work with” This is always useful for our clients to ensure that the wordings make sense and are robust”

RANK 19 Survey results 2017 2018 2019 Neil Beattie Company: Beazley Job title: Underwriter, political risk and trade credit Coverage: Political risk and trade credit NR 4 8 Political risk experience: 5-10 years Rank (underwriters) NR 30 19

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 2 4 No . of top-choice votes NR 1 2 No . of second-place votes NR 0 0 No . of third-place votes NR 1 2

Total score NR 4 8 4.25 4.25 4.25 4.50 4.00 4.25 Rank (underwriters) NR 30 19 Testimonials “Very visible (always on the box), consistent and helpful”

“He works fast to find a solution. He has a very positive attitude”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 68 Return to contents INDIVIDUAL PROFILE VIEWS RANK: =19 Sam Wilde

RANK =19 Survey results 2017 2018 2019 Sam Wilde Company: Liberty Specialty Markets Job title: Senior underwriter – global financial risks Coverage: Political risk and structured trade credit NR 5 8 Political risk experience: 10-20 years Rank (underwriters) NR 27 19

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 2 4 No . of top-choice votes NR 1 2 No . of second-place votes NR 1 0 No . of third-place votes NR 0 2

Total score NR 5 8 4.50 3.75 4.25 4.50 4.00 4.25 Rank (underwriters) NR 27 19 Testimonials “I nominated Sam because of his expertise and client focused approach”

“Deep knowledge background and consistency in underwriting”

“He has made the jump from banking to underwriting without any of the problems sometimes faced by ex-bankers in our market. His experience from his banking days has really helped his team”

“Has brought a fresh perspective to the CPRI market. Always very receptive to new enquiries even if they are slightly outside the norm or tricky. Good to work with as wants to ‘do the deals’”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 69 Return to contents INDIVIDUAL PROFILE VIEWS (1) Chris Wetherell 2019 RANK: 1 Chris Wetherell

Company Lockton Job title Political and Credit Risk Insurance Broker Coverage Political risk and structured trade credit Profiles:Years of Topexperience in political 20 risk insurance 10 - brokers20 years

Survey results 2017 2018 2019 RANK 1 Total number of votes 16 18 18 Chris Wetherell Total Score 41 43 44 Company: Lockton No. of Top-choice votes 11 10 11 No. of Second-place votes 3 5 4 Job title: Political and credit risk insurance broker No. of Third-place votes 2 3 3 Coverage: Political risk and structured trade creditRank (brokers) 1 1 1 Political risk experience: 10-20 years

Survey results 2017 2018 2019 Attribute analysis — All-brokers average Total number of votes 16 18 18 5.0 No . of top-choice votes 11 10 11 4.5 4.0 No . of second-place votes 3 5 4 3.5 No . of third-place votes 2 3 3

Score Score (out of 5) 3.0 4.82 4.94 4.47 4.59 4.88 4.82 4.82 4.53 Total score 41 43 44 2.5 Risk Honesty/ Reasoning Analytical Diligence Ownership Consistency Creativity Rank (brokers) 1 1 1 knowledge Integrity skills

Testimonials “Again and again Chris proves himself to be an absolute titan of the broking “Works incredibly hard for the client and although not alone in this he stands market. He lives and breathes the market. He understands what the client out in terms of honesty, integrity and working together with insurers and wants and needs. Always thinks of the best interests of his client” clients in the interest of the long-term relationship with the market rather than going for cheap wins” “Excels in all key broker attributes and delivers unbeatable client service” “He is a fantastically hard worker. He sorts a number of problems out early in “A very strong broker and is head and shoulders above others in the market” the morning before other brokers have even arrived at work. He understands complex situations and does NOT try to waffle his way through difficult “He keeps his cool and doesn’t make problems any worse than they need to issues. He cares about his clients and goes back repeatedly to get the correct be. He represents his client superbly” information from them to enable the underwriter to make an informed decision about the problem in hand. He is also very documentation focused” “Doggedly determined and hard working” “Very knowledgeable and good communicator” “Very responsive and knows the client and business very well, adding value” “Utterly devoted to his clients, lives and breathes this class of business. Chris “Strong ability to present deals clearly and solve problems” is always working to get the best deal but is not afraid to say hard truths back to his insureds” “Has a deep understanding and commitment to the long-term relationship between the client and the insurer that is not always common in his peers. “Consistently open, easy to do business with and very diligent on behalf of Never afraid to point out to his client the best course of action for all parties both underwriter and client, does not waste anyone’s time” concerned over the long term – this can be in stark contrast to his peers who can see the relationship as very much a one-way street. Also incredibly “I trust him” committed to the client(s)” “Manages possibly the biggest Lloyd’s account in our market. Considering “Chris has been number one on this list for a while and rightly deserves the level of responsibility he is still very attentive and forthcoming to insurers this place again as he stands out from all other brokers in the unwavering and has an incredible ability to meet the needs of his client(s), but not at the service he provides his clients, the knowledge he has of the market and his expense of their long-term relationship with the market” unparalleled ability to get all parties to a balanced compromise ultimately to his clients’ benefit” “Lives and breaths for his clients – simply could not do more”

“Honesty and integrity and diligent year-round attention to detail” “Excellent handler of his clients’ accounts”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 70 Return to contents INDIVIDUAL PROFILE VIEWS

“Very fair, balances interests of the market with a view to maintaining a “Manages to balance client and market relationships so both sides feel fruitful partnership with his clients” valued and fairly treated”

“Chris is a very diligent and hard-working individual who maintains an “Effectively manages one of the largest accounts in the political risk market. excellent working relationship with and the respect of underwriters, clients Does so with great diligence and integrity, both when things are going well and his colleagues” and at difficult times”

“Top performer. Always working” “Keeps knocking it out of the park – but only works on one client”

“Cornerstone broker for the PRI market managing one of the strongest underwriter-client relationships in the market”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 71 (2) Charlie Radcliffe Return2019 to contents INDIVIDUAL PROFILE VIEWS RANK: 2 Charlie Radcliffe

BPL Global Director Political risk and trade credit 10 - 20 years

Survey results 2017 2018 2019 RANK 2 Total Score Charlie Radcliffe Company: BPL Global Job title: Director Coverage: Political risk and trade credit Political risk experience: 10-20 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 10 15 18 No . of top-choice votes 3 10 9 No . of second-place votes 4 1 5 No . of third-place votes 3 4 4

4.72 4.76 4.56 4.33 4.61 4.61 4.18 4.17 Total score 20 36 41 Rank (brokers) 3 2 2

Testimonials “Exemplary dedication to the client account and excellent desire to develop “Good communicator, balanced view, reasonable and high level of and maintain strong relations with underwriters to secure the best service knowledge” for the client” “Intermediation skills are the best which is the core competence of a broker “A very honest broker who will always try his hardest to find an amicable and as a result he has risen to a high level very quickly” solution for all parties involved. He knows the product extremely well and is very easy to work with” “Risk knowledge and reasoning / effective communicator”

“Great communication skills and technical knowledge” “Diligent, helpful, friendly, not unnecessarily pushy”

“Great dedication to his clients and good at structuring a deal. Integrity and “Charlie is the future of the market. He’s bright, diligent and an exceptional his appreciation of the long-term value of underwriters” operator. He’ll run a firm in the not-too-distant future”

“He is the best there is currently. One of the truly indispensable brokers in “One of the brightest and best. Will be a leader of the market for the next the market” 20 years”

“A very honest and transparent partner. Utterly devoted to the client, whilst “Good brain, balanced in his negotiation style, really good with his maintaining fairness and long-term relationships with underwriters. Ability main banking client. Charlie is curious about the risks he brokes. Strong to handle a very large volume of transactions and remain calm. A pleasure ownership, doesn’t drop the ball when things get more complicated, find to deal with” solutions and communicates well. Overall, really nice dealing with him and his team who he manages very well” “He is very intelligent and uses that intelligence to the best of his abilities. He is down to earth, yet very efficient in time budgeting” “Charlie has risen within BPL as an integral part of the team and has established a solid reputation as being trustworthy and knowledgeable” “Well recognised hard worker with good ethics and strong support from and for his team” “He understands the risks that are doable but need a broke”

“Excellent all-rounder with a great balance of skills and qualities” “Excellent knowledge and very effective at representing his clients to the market, and vice versa” “Charlie’s integrity, expertise and commitment to the class of business. He takes a long-term view of the market and his clients benefit as a result”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 72 (3) Andrew Barr Return2019 to contents INDIVIDUAL PROFILE VIEWS RANK: 3 Andrew Barr

Texel Finance Credit & Political Risk Insurance Broker Political risk and structured trade credit 5 - 10 years

Survey results 2017 2018 2019 RANK =3 Total Score Andrew Barr Company: Texel Finance Job title: Credit and political risk insurance broker Coverage: Political risk and structured trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 9 10 12 No . of top-choice votes 2 3 4 No . of second-place votes 3 5 5 No . of third-place votes 4 2 3

4.83 4.08 4.33 4.50 4.67 4.50 4.25 4.33 Total score 16 21 25 Rank (brokers) 5 4 3

Testimonials “Very knowledgeable of the underlying subject matter. A great person to “Incredibly thorough, understands the technical side and very good at deal with and gets the balance right between supporting clients’ needs and distilling information (risk or policy wordings etc) to the key facts” being fair to underwriters” “Insurance product and underlying transaction knowledge and ability to “Excellent work ethic, passionate and delivers” communicate this knowledge to the market and clients”

“Very hard working individual that knows the subject matter very well” “Amongst the group of brokers moving quickly to the top level, he has the best technical skills in understanding and presenting complex transactions” “Diligent and tenacious” “Works exceptionally hard and has full understanding of the risk and deal “Goes above and beyond to understand the nuances of the risk in order structures before approaching the market. Very responsive” to provide a comprehensive and value-adding service to clients and underwriters” “Good grasp of the key risks, honest, balanced, diligent”

“Andrew delivered a brand new client to market in less than 12 months, “Drags deals through and keeps you up to date” making the client a preferred insured to underwriters and seeking to optimise capacity on some trickier risk classes” “Andrew clearly puts a huge amount of effort into his work and is a diligent broker who achieves results” “He brings complicated risks to the market with a very in-depth knowledge of the transactions and is able to find the best solutions for them” “Knows his stuff, personable and communicates very well”

“Excellent broker with a sound understanding of his risks, and knows what “Produces and understands good risks and effectively brokes this to a high underwriters look for” level of effectiveness”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 73 (3) Matthew Golding Return2019 to contents INDIVIDUAL PROFILE VIEWS RANK: 3 Matthew Golding

Lockton Lloyd's Insurance Broker Political risk and trade credit 5 - 10 years

Survey results 2017 2018 2019 RANK =3 Total Score Matthew Golding Company: Lockton Job title: Lloyd’s insurance broker Coverage: Political risk and trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 4 4 11 No . of top-choice votes 1 3 6 No . of second-place votes 0 0 2 No . of third-place votes 3 1 3

4.82 4.55 4.45 4.18 4.82 4.73 4.64 4.36 Total score 6 10 25 Rank (brokers) 16 9 3

Testimonials “Understands his clients’ requirements and how best to achieve these “Matt is a very personable broker who is also very diligent and takes all while maintaining excellent working relationships with insurers. Adept at transactions he handles to heart, doing the utmost for his client while explaining the rationale and context to a submission, negotiating terms communicating seamlessly with underwriters” and aligning interests between insurers and clients. He has an excellent ability to represent his clients’ interests to the market, and his approach “Matt’s knowledge of his files is excellent” is often one which gets results”

“Matt’s knowledge of the risks he presents and his due diligence on policies he has placed are second to none. He takes great ownership of his policies and keeps underwriters closely up to date all along the life of the policy. This seems a basic duty but it is actually quite rare”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 74 Return to contents INDIVIDUAL PROFILE VIEWS (5) David Coupland 2019

RANK: 5 David Coupland

Lockton Broker - Credit and Political Risk Political risk and structured trade credit 10 - 20 years RANK 5 Survey results 2017 2018 2019 David Coupland Total Score Company: Lockton Job title: Broker – credit and political risk Coverage: Political risk and structured trade credit Political risk experience: 10-20 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 3 5 7 No . of top-choice votes 1 0 6 No . of second-place votes 1 4 1 No . of third-place votes 1 1 0

4.71 5.00 4.71 4.57 4.43 4.71 4.86 4.71 Total score 6 9 20 Rank (brokers) 16 10 5

Testimonials “David has a very broad knowledge of the political risk and credit markets “Handles some tricky accounts and gets deal across the line that others and is able to deal with clients with very different backgrounds to respond might not” to their needs in the most effective way. He is often involved with some of the most complex transactions in the field. Another reason for him to be on “Quality professional – shuns limelight but gets the job done” this list is that a photo of him outside Lloyd’s keeps appearing in a number of publications so he has got to feature!” “I appreciate David’s knowledge of his files and his integrity”

“David is 100 percent committed to his clients and is energetic in pursuing “David is excellent with clients at site visits and has the ability to drill down new avenues. He is a pleasure to deal with and has a strong understanding to the details of each transaction” of his market”

“David’s integrity is excellent. I also value his balanced approach between his clients’ interest and underwriters. He always has long-term interests in mind and this is why he is so successful placing business in the market”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 75 Return to contents (6) Simon Bessant 2019 INDIVIDUAL PROFILE VIEWS RANK: 6 Simon Bessant

Texel Finance Broker - Director Political risk and structured trade credit 10 - 20 years

Survey results 2017 2018 2019 RANK 6 Total Score Simon Bessant Company: Texel Finance Job title: Broker – director Coverage: Political risk and structured trade credit Political risk experience: 10-20 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 12 12 8 No . of top-choice votes 6 3 3 No . of second-place votes 3 6 3 No . of third-place votes 3 3 2

4.71 4.57 4.57 4.57 4.57 4.43 4.29 4.29 Total score 27 24 17 Rank (brokers) 2 3 6

Testimonials “Regardless of the pressures, he acts with grace. He has an ability to find a “Good all-round knowledge, professionalism, integrity, openness and common solution that surpasses most other brokers. Simon understands reasonable” the risks and the underwriting market. I admire his refusal to give up” “Friendly, looks for solutions, good communicator” “Constantly seeking innovative new business opportunities whilst also being a very nice bloke” “Simon is solution-driven and very efficient and pragmatic. He gets things done. He thinks long-term when he negotiates (he always gets the best “Great product knowledge and very trustworthy” solution for his clients but in a balanced way so that it remains fair for both parties). He puts himself in the shoes of the underwriter / has good “Excellent communicator and trouble-shooter” analytical skills and always offers viable options which can work for both parties. He listens well, he communicates well. Excellent in client origination. “Very innovative and knowledgeable” Overall, it is a pleasure to do business with him and his team who he manages very well indeed” “He is a true market participant, he has dedicated himself to the job in hand and is very pleasant to deal with” “Simon is a key person within the Texel framework. A true broker who can put across a compelling argument, I believe he will continue to bring good “Knowledge of product, market and clients needs whilst dealing honestly, business to our market” openly and effectively with underwriters” “Knows the risks well and gets the deal done for his clients” “Simon knows how to get deals done and is always open to new ideas and solutions for his clients” “Approachable, honest, technically adept”

“Smart trading with professional execution” “Consummate professional. Very understanding of both the customer and insurer’s needs and pressures. Transactions are always concluded in a spirit “Simon is so important to Texel that he is their key-man risk. He’s ultimately of partnership and long-term relationship building” responsible for so much of the account that if he were to leave there would be a massive issue”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 76 Return to contents INDIVIDUAL PROFILE VIEWS (7) Nick McBride 2019

RANK: 7 Nick McBride

Lockton Broker, Political & Credit Risks Political risk and structured trade credit 5 - 10 years RANK 7 Survey results 2017 2018 2019 Nick McBride Total Score Company: Lockton Job title: Broker – political and credit risks Coverage: Political risk and structured trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 4 8 No . of top-choice votes NR 1 2 No . of second-place votes NR 1 4 No . of third-place votes NR 2 2

5.00 4.88 4.75 4.50 4.88 4.63 4.50 3.88 Total score NR 7 16 Rank (brokers) NR 14 7

Testimonials “Excellent knowledge”

“Quietly effective”

“Strong work ethic”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 77 Return to contents INDIVIDUAL PROFILE VIEWS (8) Charlotte Hampshire 2019

RANK: 8 Charlotte Hampshire

BPL Global Senior Broker, Political and Credit Risk Political risk and trade credit 5 - 10 years

RANK 8 Survey results 2017 2018 2019 Charlotte Hampshire Total Score Company: BPL Global Job title: Senior broker – political and credit risks Coverage: Political risks and trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 1 4 7 No . of top-choice votes 0 1 1 No . of second-place votes 1 1 4 No . of third-place votes 0 2 2

Total score 2 7 13 3.67 4.67 4.50 3.83 4.33 4.00 3.83 3.50 Rank (brokers) 40 14 8

Testimonials “She is very friendly, knowledgeable and very easy to work with” “Very organised/focused on the client, provides an excellent service for underwriters, effective at distilling key messages and overall, a great person “Fast and clear responses, easy to deal with, very responsive and to deal with” knowledgeable in our business” “Very approachable and honest” “An all-round great broker. An excellent person to deal with who has a good understanding on the technical side and is very fair”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 78 (9) Sam Evans 2019

RANK: 9 Return to contents INDIVIDUAL PROFILE VIEWSSam Evans

BPL Global Assistant Director NA NA

Survey results 2017 2018 2019 Total Score RANK =9 Sam Evans Company: BPL Global Job title: Assistant director

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 3 2 7 No . of top-choice votes 1 0 1 No . of second-place votes 1 1 3 No . of third-place votes 1 1 3

Total score 6 3 12 4.43 5.00 4.86 4.29 4.29 4.86 4.71 3.71 Rank (brokers) 16 33 9

Testimonials “Honest and reasonable. Focused on creating value through long-term “Has to manage a variety of different insureds, from banks, to commodity relationships. Able to make difficult and complicated requests in a calm, traders to investors. As a result needs a huge breath of knowledge. Has an straightforward and collaborative way” impressive ability to keep abreast of change in the insured’s world, and ensure that these are well represented in the market” “Good communication and negotiation” “Consistent high performance. Accessible and user-friendly” “Focuses on the long-term value in the partnerships between insured, insurer and broker. Very diligent in updating underwriters and working “Sam is a very personable and trustworthy broker, always responsive and through challenging situations on existing risks together” has a calm matter in Lloyd’s. A safe pair of hands“

“Very clear broker, takes time to explain the risk and answers all questions”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 79 (9) Thomas Holmes 2019 Return to contents INDIVIDUAL PROFILE VIEWSRANK: 9 Thomas Holmes

Miller Insurance Services Political Risk and Trade Credit Broker NA NA

Survey results 2017 2018 2019 Total Score RANK =9 Thomas Holmes Company: Miller Insurance Services Job title: Political risk and trade credit broker

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 6 7 7 No . of top-choice votes 1 3 1 No . of second-place votes 2 3 3 No . of third-place votes 3 1 3

Total score 10 16 12 4.86 4.86 4.43 4.71 5.00 5.00 4.86 4.57 Rank (brokers) 8 5 9

Testimonials “The most complete individual broker throughout all components of “He has been consistently knowledgeable about the account and represents political risk accounts, from producing to placing to claims” his client in a effective but professional manner to ensure the best cover and price is achieved whilst working closely with the underwriters to produce a “Tom has built a genuine niche in the market and has a unique ability to effective cover” connect clients and underwriters and get everyone on the same page” “Innovative, diligent and brings genuine new business into the market” “Tom’s integrity is excellent, he fights for his clients’ interests but at the same he takes a balanced approach to be also fair to underwriters. I know that “Excellent producing broker, very adept at developing new clients, getting questions I ask will indeed reach the client. Not always something you can to the heart of the risk and helping to build an insured’s position in a line of take for granted” business where track record is everything”

“Genuine producer, technician and collaborative thinker. Eats what he kills” “Ability to advise and create across different sub classes of the business”

“Able to deal with all components of the risk-placing process, largely independently. Very capable at understanding potential issues and predicting possible questions (from both insureds and insurers) to help ensure that the business is placed”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 80 (11) James Reynolds 2019 Return to contents RANK: 11 INDIVIDUAL PROFILE VIEWSJames Reynolds

BPL Global Assistant Director NA NA

Survey results 2017 2018 2019 Total Score RANK =11 James Reynolds Company: BPL Global Job title: Assistant director

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 10 8 6 No . of top-choice votes 1 1 1 No . of second-place votes 7 3 2 No . of third-place votes 2 4 3

4.00 4.60 4.40 3.80 4.80 4.60 4.40 4.40 Total score 19 13 10 Rank (brokers) 4 7 11

Testimonials “Great ability to represent his client” “Thorough, fair, gets a transaction closed”

“Strong negotiating skills, ability to extract the best from underwriters to “James’ creativity has been critical to get a deal eventually placed for his deliver on client needs” client when it seemed at first glance that it would not be possible”

“Straight talking, adaptive and very good communicator between client “Manages a key client to the Lloyd’s political risk and trade credit market and insurer. Also more creative than most” exceptionally well”

“Understands perfectly what both sides of the equation require and makes “Good communicator with deep technical knowledge” it happen. Easier said than done” “Excellent Lloyd’s broker, understands exactly what the client requires at any “Ability to work towards complex and amicable solutions for client and given moment and very skilled at helping ensure a good result for the client underwriters whilst managing the client relationship” whilst keeping insurers on side for a long-term view”

“Honesty and integrity, overarching knowledge and energy and the desire “Client focus bordering on the insane” to move the client base and market forward” “Handles loads of different and difficult enquiries”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 81 (11) Toby Heppel 2019

RANK: 11 Toby Heppel Return to contents INDIVIDUAL PROFILE VIEWS RFIB Director Political Risks and Trade Credit Political risk and trade credit > 20 years

Survey results 2017 2018 2019 RANK =11 Total Score Toby Heppel Company: RFIB Job title: Director political risks and trade credit Coverage: Political risk and trade credit Political risk experience: >20 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 3 4 No . of top-choice votes 0 1 2 No . of second-place votes 0 1 2 No . of third-place votes 2 1 0

4.50 5.00 4.25 3.75 5.00 4.75 4.75 4.00 Total score 2 6 10 Rank (brokers) 40 17 11

Testimonials “He has been our highest income producing broker for the last couple of “An old hand but still loves pounding the floors of Lloyd’s. Laser-like focus years and also looks like being the same for 2019. He has almost cornered on client needs. Genuinely has made the market millions by bringing in new the market in a highly demanded and extremely well-performing(13) subset Tim Hughesof multilaterals and ECA clients” 2019 our business” RANK: 13 “Superb broker” “Still passionate about the business after many years. DedicatedTim to Hughes clients and delivers the best service possible” “Very thorough, committed and always offers face to face service” BPL Global “A huge presence for over 40 years. Toby is an old fashioned (in a good way) Assistant Director Political risk and structured trade credit utter professional. A true example to the rest” 5 - 10 years

Survey results 2017 2018 2019 RANK 13 Total Score Tim Hughes Company: BPL Global Job title: Assistant director Coverage: Political risk and structured trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 3 4 No . of top-choice votes NR 2 2 No . of second-place votes NR 0 1 No . of third-place votes NR 1 1

4.25 5.00 4.75 4.00 4.75 4.75 5.00 4.00 Total score NR 7 9 Rank (brokers) NR 14 13

Testimonials “Tim really knows his clients and is also hugely personable” “Pretty strong across the board and good to deal with”

“Tim is charming, knowledgeable and effective. Proof that you don’t have to “Very experienced, great depth of knowledge and a very good be a bastard to succeed” communicator”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 82 (14) Kerry Magnus 2019

RANK: 14 Return to contents INDIVIDUAL PROFILE VIEWSKerry Magnus

Marsh-JLT Specialty Senior Vice President - Credit Specialties, Political Risk and Structured Credit NA NA

Survey results 2017 2018 2019 Total Score RANK =14 Kerry Magnus Company: Marsh-JLT Specialty Job title: Senior vice president – credit specialties, political risk and structured credit

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 2 4 No . of top-choice votes 1 0 1 No . of second-place votes 0 1 1 No . of third-place votes 1 1 2

4.75 5.00 5.00 4.00 4.00 4.50 3.75 3.50 Total score 4 3 7 Rank (brokers) 23 33 14 (14) Sean Austin 2019

Testimonials RANK: 14 “Ability to cut to the chase when a problem arises and find an effective “Communicative, easy to deal with, open, knowledgeable” Sean Austin solution, saving time and giving strong direction to others on her team” BPL Global “She is incredibly knowledgeable and well respected, by underwriters, clients Senior Broker and other brokers” Political risk and structured trade credit 3 - 5 years

Survey results 2017 2018 2019 RANK =14 Total Score Sean Austin Company: BPL Global Job title: Senior broker Coverage: Political risk and structured trade credit Political risk experience: 3-5 years

Survey results 2016 2018 2019 Attribute analysis — Total number of votes 3 3 3 No . of top-choice votes 0 0 2 No . of second-place votes 1 2 0 No . of third-place votes 2 1 1

4.33 5.00 5.00 4.67 4.67 4.67 4.67 4.33 Total score 4 5 7 Rank (brokers) 23 21 14 Testimonials “Trustworthy and knowledgeable” “Very attentive to his accounts and reasonable to negotiate with”

“Clarity, honesty, integrity and understands insurers’ limitations” “Consummate professional. Very understanding of both the customer and insurer’s needs and pressures. Transactions are always concluded in a spirit “Hard-working young broker that is trying to add value. Recognises the of partnership and long-term relationship building” individual ability of underwriting teams and is willing to provide a high level of access to his clients” “Strong diligence and integrity”

“Preparation on presentation of risks”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 83 (14) Tom Stansfield 2019 Return to contents RANK: 14 INDIVIDUAL PROFILE VIEWSTom Stansfield

Marsh-JLT Specialty Vice President NA NA

Survey results 2017 2018 2019 Total Score RANK =14 Tom Stansfield Company: Marsh-JLT Specialty Job title: Vice president

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 2 3 No . of top-choice votes NR 1 2 No . of second-place votes NR 1 0 No . of third-place votes NR 0 1

4.50 5.00 5.00 3.50 5.00 5.00 5.00 5.00 Total score NR 5 7 Rank (brokers) NR 21 14

Testimonials (17) Charles Purvis 2019 “Very enthusiastic and has a great growing book of business. Worked hard “Does not compete with other brokers for clients, rather finds new sources of to get new clients on boards and is now reaping the rewards”RANK: 17 revenue and new solutions by looking at problems in line with clients’ needs Charles Purvis rather than historic solutions the market has offered” “Pushing the boundaries of the market, expanding the business and having the most impressive knowledge of bank regulations and the Lockton Broker - Political & Credit Risk current challenges they face on this front” Political risk and trade credit 3 - 5 years

Survey results 2017 2018 2019 RANK =17 Total Score Charles Purvis Company: Lockton Job title: Broker – political and credit risk Coverage: Political risk and trade credit Political risk experience: 3-5 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR NR 2 No . of top-choice votes NR NR 6 No . of second-place votes NR NR 2 No . of third-place votes NR NR 0

4.50 5.00 4.50 4.00 4.50 4.50 4.00 3.50 Total score NR NR 0 Rank (brokers) NR NR 17

Testimonials No testimonials available

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 84 (17) Dermot Brindley 2019 Return to contents INDIVIDUAL PROFILE VIEWSRANK: 17 Dermot Brindley

BPL Global Director NA NA

Survey results 2017 2018 2019 Total Score RANK =17 Dermot Brindley Company: BPL Global Job title: Director

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR 1 3 No . of top-choice votes NR 2 6 No . of second-place votes NR 0 1 No . of third-place votes NR 1 1

4.00 5.00 4.67 4.00 4.33 4.67 4.67 3.67 Total score NR 0 1 Rank (brokers) NR 48 17 (17) Flora Barr 2019 Testimonials “Dermot is very experienced and has a great understanding ofRANK: the market. 17 Great person to deal with day to day, excellent with clients andFlora a very Barr fair negotiator “ BPL Global Broker - Credit and Political Risk - Assistant Director Political risk and trade credit 5 - 10 years

Survey results 2017 2018 2019 RANK =17 Total Score Flora Barr Company: BPL Global Job title: Broker – credit and political risk – assistant director Coverage: Political risk and trade credit Political risk experience: 5-10 years

Survey results 2017 2018 2019 Attribute analysis — Total number of votes NR NR 3 No . of top-choice votes NR NR 6 No . of second-place votes NR NR 1 No . of third-place votes NR NR 1

4.67 4.33 4.67 4.67 4.67 4.67 4.33 4.00 Total score NR NR 1 Rank (brokers) NR NR 17

Testimonials No testimonials available

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 85 (17) Neil Galletti 2019 Return to contents RANK: 17 INDIVIDUAL PROFILE VIEWSNeil Galletti

RKH Specialty Managing Director - Political Risks and Credit Division NA NA

Survey results 2017 2018 2019 Total Score RANK =17 Neil Galletti Company: RKH Specialty Job title: Managing director – political risks and credit division

Survey results 2017 2018 2019 Attribute analysis — Total number of votes 2 2 2 No . of top-choice votes 1 2 2 No . of second-place votes 1 0 0 No . of third-place votes 0 0 0

4.50 5.00 4.50 4.00 5.00 5.00 5.00 5.00 Total score 5 6 6 Rank (brokers) 20 17 17

Testimonials “A strong innovator and strategist, as well as having a deep understanding “Very good with getting the most out of the market and servicing their of both clients and insurers” clients’ long-term needs. Very experienced and always looking for solutions. Superb approach in presenting risks and structuring. Created and handled “He is a long-term thinker who understands the balance between the many of the markets top clients over the last 25 years. Pioneered the first IT market and getting the best outcome for his client. He consistently platform for our short-term banks business 12 years ago” challenges the market. He is a superb account handler and passionate about our business” “Market leader with vision to put together complex structures and transaction” “Neil has a vision for the industry – he also gets things done. Its rare someone can do both”

Scores 5% higher than the attributes average in green . Scores 5% lower than the average in red . 2018 testimonials in blue, 2017 in purple

POLITICAL RISK 2019 86 Return to contents NOTES

Notes and people changes

When designating their top-three affiliated to the company that was in the choices, our survey form requires mind of the respondent who nominated respondents to also mention the that professional – usually their former companies for which each of these company . three individuals works . Please note that underwriters As part of our methodology, and brokers may have also changed professionals who change employers companies between the time when during the survey (in this case, from 20 the survey was conducted and the March 2019 to 3 May 2019) will appear production of this report .

To get in touch with the Rankings team please contact:

Khilan Shah – Data Analyst Khilan .shah@insuranceinsider .com T: +44 (0)20 7779 8807

For sponsorship opportunities please contact:

Benjamin Bracken – Head of Marketing Services Ben .bracken@insuranceinsider .com T: +44 (0)20 7779 8754

Oliver Nevill – Head of Strategic Partnerships Oliver .nevill@insuranceinsider .com T: +44 (0)20 7397 0619

POLITICAL RISK 2019 87