Management: Lockton’s chief executive Julian James must have breathed a sigh of relief when he was given the nod from the FSA in May for Lockton International’s new underwriting business.
Aside from this deal, unveiled in Insurance Times in September 2010, the privately owned firm rarely puts its head above the parapet. However, its owners – the US parent company, the Lockton family and shareholder Stone Point Capital – have revealed that they plan to grow the international business without acquisitions.
Strategy: The new managing general agency, Mapledown, will initially write business only for Lockton and then, in a second phase for which the timetable has not yet been disclosed, it will take on business from third parties.
As for the rest of the business, although Lockton does not publish its figures, in October 2010 it reported that underwriting capacity “remained plentiful” across most lines of business and that there were no significant issues in terms of cover restriction.
But it added that the current pricing situation was unsustainable in the long term, yet hardening of prices would only happen when insurers and reinsurers start to significantly eat into capital reserves.
Expertise: Lockton provides global insurance including professional indemnity, plus employee benefits, surety and risk management services to corporate clients worldwide, as well as some services for individuals.
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