April 2021 | The ICISA INSIDER | Column
>>> The progress made is testimony to the work of everyone involved and as the market has gone from strength to strength it has over time had a positive effect on talent development within the sector. The single credit risk market has become an established and accepted specialty in several territories, but particularly in London, and has over the past 25 years established itself as a viable and long-term career path for (re) insurance brokers, underwriters, credit analysts and those providing ancillary services such as loss adjusters and lawyers. The acquired reputation for professionalism has also helped the market attract new talent. Not many would have thought 25 years ago that we would have a stream of highly qualified bankers willingly moving into the credit insurance field, viewing it a viable long-term alternative to banking. As a result, there is greater diversity and choice when it comes recruitment, met by a higher level of interest from those looking to enter or move within the market. On a personal level it has always been apparent to me that the London single risk credit market should be part of the wider credit world. My team has been an active participant in the ICISA Single Risk Committee since it was established. Werner Jäger, the first Chairman of this committee, had the foresight to see the potential size and importance of the market back in 2009/10, and was instrumental in bringing the London based single risks industry out into the wider credit world where easier collaboration between entities such as the Berne Union, ITFA, IUA and the LMA has further raised the relevance of the market. Finally, I will pass the baton on to Andrew Phelan, a participant in the first Annual Single Risk Forum in London in 2010, even though at the time he was a broker rather than an underwriter. I’m not sure how he was allowed to break into the room back then, but having discussed it with Rob Nijhout (and I can’t write this article without wishing Rob a long and happy retirement and thanking him for all of his patience, persistence and general hard work over the last 20 years) we have decided Andrew’s prize is to write the next article for ICISA Insider…
John Owen Head of Marine and Political Risks AXIS Capital |
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