ARTICLE | October 2018 | The ICISA INSIDER
“Those reinsurers who are the most supportive and innovative alongside us help to grow our business and the overall market, and increase diversification” David Edwards
leader, there is often not much differentiating followers –
David Edwards
how many well-rated, highly capitalised companies are
David began his career in Lloyd’s in 1989, specialis
I suggest this influence is greater than many reinsurers
ing in inwards and outwards reinsurance. In 1992,
realise, or perhaps want to acknowledge. This power
he moved to a predecessor of the Markel Group
may not disrupt the market hugely in a softer environ
in London, continuing in different underwriting and
ment – but it contributes to a possibility where some
management roles within the group. This included
may become more or less relevant to the market overall.
being part of a small team who created a new
It may affect an individual reinsurer’s volatility, enhancing
syndicate that designed a new innovative, structured
or reducing their performance relative to peers, and then
reinsurance product for other Lloyd’s Syndicates.
their appetite post loss.
there competing for a share on a programme today?
In 2001, David joined Benfield’s Credit, Bond and Political Risk Team. He was the Account Executive
Those reinsurers who are the most supportive and in
for NCM, including during the period of their merger
novative alongside us help to grow our business and the
with Gerling, and placed a number of programmes
overall market, and increase diversification. Ultimately,
for first-time reinsurance buyers, and those using a
we believe, this will improve their longevity to the benefit
broker for the first time. David moved to Guy Car
of all our clients. It doesn’t mean they will write every
penter in 2006 and was instrumental in developing
thing though – the days of a “broker’s open cover” are
the relationship with Euler Hermes, serving as their
long gone. Those cedants not naturally aware of who is
account executive from 2009. He has worked with
in one camp or the other could be exposing themsel
many significant clients in countries including the UK,
ves to greater volatility in future reinsurance terms and
China, Japan, and South Africa. David has been in
capacity without even realising it.
volved in creating a number of innovative and unique reinsurance structures for the benefit of clients dur
Capital
ing his career in this class, utilising skills developing
The excess capital has already disrupted our market
in underwriting and other classes of business. He is
place by driving pricing lower for longer than we have
a regular speaker at various market events and in
probably ever seen. But there are many more moving
dustry conferences and has contributed to previous
parts than this. In traditional market cycles across the
ICISA and Berne Union events.
wider sector, capital erosion was driven by large ca
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tastrophe losses, unrealised investment losses in times when reinsurers were more equities geared, and other
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