PHILADELPHIA – Soon U.S. insurance agencies will have an opportunity to network with risk takers from Lloyd’s of London in an event designed to aggressively grow the Lloyd’s insurance market in the U.S., which already accounts for 40% of Lloyd’s global business ($14.6 billion in premiums last year).
The inaugural CHART-Exchange (CHART stands for Cover Holders and Risk Takers) will be held in Philadelphia from Oct. 12-14, it was announced by organizers Aug. 4.
A first-of-a-kind forum to network, share ideas and facilitate new business, CHART-Exchange is hoping to attract 500 decision makers comprised of risk takers from Lloyd’s 96 syndicates, U.S. coverholders (1,032 companies authorized to write contracts on behalf of Lloyds), potential coverholders and vendor partners. Lloyd’s provides specialized insurance for complex risks not typically covered through normal channels, and is the No. 1 excess and surplus lines insurer and reinsurer in the United States.
“After doing business with Lloyd’s for more than 14 years, we saw a unique opportunity to facilitate relationships between U.S. coverholders and London risk takers, and thus the idea for CHART-Exchange was born,” said Glenn Clark, CPCU, owner and president, Rockwood Programs and founder of CHART-Exchange. “The forum is designed to inspire creativity, enthusiasm and fun with one of the oldest and respected leaders in insurance with the goal of making new connections that create a flow of new business for Lloyd’s niche markets from U.S. insurance companies.”
Among the growing list of Lloyd’s syndicates and strategic partners that have already committed to participate in the inaugural CHART-Exchange are: BRIT PLC, Wilson Elser, Iris Insurance Brokers Ltd., State National Companies, ProgramBusiness (Neilson Marketing Services), PLCommunications, and NSM Insurance Group.
“This is a unique opportunity for U.S. brokers, MGAs and other intermediaries to meet and discuss business development ideas face to face with Lloyd’s underwriters,” said Steve Ahern, specialist programs broker, Iris Insurance Brokers. “One hundred underwriters all in one room, all seeking new business opportunity… the insight, guidance and networking will be invaluable for prospective Lloyd’s coverholders. For existing Lloyd’s coverholders, it will bring widened opportunity to manage their current broker and underwriter relationships.”
Meeting Agenda and Registration
CHART-Exchange will feature dynamic speakers, panel discussions and more than 40 workshops to initiate dialogue and information-sharing between Lloyd’s syndicates and current and prospective coverholders on a variety of insurance-related issues. Breakout sessions will address topics including regulatory compliance, the Lloyd’s coverholder appointment process, marketing and social media, standard and surplus lines licensing, technology, and new product submission strategies. Click here to see the meeting agenda.
The event will feature keynote speakers:
Jeff Tobe, founder, Coloring Outside the Lines – motivational speaker who empowers individuals to look at things from a different perspective.
Mark B. Cloutier, CEO, BRIT PLC – a known risk taker who has worked in reinsurance as a coverholder and potential coverholder, and as a vendor. Cloutier is a Canadian who worked in the U.S., and now leads the BRIT syndicates in England.
Attendees will also have an opportunity to present new product ideas in the “Shark Tank” Competition (known as the “Dragon’s Den” in the U.K.), an event that will reward the best new idea with $10,000 in funding to help turn the concept into reality.