Ep186 Todd Davison & Keir Cox of Purbeck Insurance: Introducing Personal Guarantee Insurance

Normally I interview well-known senior executives in the global
insurance industry, often with long and distinguished track
records and a public persona within our sector, but today I’m
talking to two people who I would expect only a few of the
regular Voice of Insurance listeners to know. They’re here
because I think what they have achieved to date is interesting
and genuinely unique and deserves to be brought to wider
attention. Todd Davison (Managing Director – left) and Keir Cox
(Director of Operations - right) of UK MGA Purbeck Insurance
Services are pioneers in Personal Guarantee Insurance. This is
insurance looking to cover the personal guarantees that are often
required by financial institutions of directors when lending to
small businesses. When I first met Keir and Todd and heard what
they are doing I loved the idea. Firstly, that I know of, no-one
else is doing this and secondly, this idea goes to the core of
what insurance does best. Directors running exciting small
business are often put off seeking the finance they need to make
their growth plans a reality because of these guarantees that are
almost always backed by the equity in their homes. You’ve read
too many biographies of successful entrepreneurs if you think
everyone wants to take that kind of risk. Meanwhile lenders might
lend more if they knew an insurer was aligned with them and had
done the additional diligence needed to become comfortable
underwriting the risk. Here it’s insurance that is the big
economic enabler, helping fast-growing dynamic businesses get the
finance they need to drive the economy forwards. I like it when
we’re the good guys. So listen on and prepare to be enlightened
about a whole new class of business that I’m sure will be a
standard product in decades to come. Just remember that you heard
it hear first from Keir and Todd. NOTES: Some Abbreviations made
it through: PCC is Protected Cell Company – these are used to
form captives and ILS vehicles, among other things. API is
Application Programming Interface –  Something that connects
different computer systems together. Todd and Keir mention Dean
Cox and Neil Wadsworth as key figures in the founding of Purbeck.
LINKS: https://www.purbeckinsurance.co.uk We thank our naming
sponsor AdvantageGo: https://www.advantagego.com/ We also thank
our audio advertiser, Aventum Group Please contact them
on: voi@aventumgroup.com