Ep 49 Tim Turner: This is not a re-run of 85-86

The seeds for today’s episode were sown at a meeting in Chicago
in the early Spring of 2019.


I had been chairing a conference there and was making the most of
the trip by visiting as many of the insurance people with their
offices in the Windy City.


So it was that I met today’s guest for the first time over
breakfast in the centre of town.


It was a great meeting – my host was full of energy and
incredibly excited over the prospects for the Excess and Surplus
lines (E&S) market.


He was a real broker’s broker and someone who leads from the
front. I remember he had to break off our breakfast chat briefly
to take a call relating to a placement that he was personally
involved in.


We had been waiting for the market to harden for over fifteen
years and this was the first time a well-placed senior executive
was sitting in front of me telling me it was finally starting.


He explained that his organisation was gearing up for what he
described as "the dump" that was on its way.


The dump is when admitted lines carriers have had enough of
losses and non-renew or dump their most unprofitable business en
masse. This flow then finds its way into the only other available
channel open to it - the E&S market.


Tim Turner is the T in RT Specialty - one of the largest and
probably soon to be the largest wholesale broker in the biggest
wholesale insurance market in the world.


Given the size and scale of RT Specialty and the wider RSG Group
his view of the market can’t be bettered.


18 months after that meeting and all of Tim’s predictions have
come to pass and that is why I was really happy to be able to get
a follow-up with him for the Voice of insurance.


With billions of dollars of deals running through his
organisation he is one of a very select band of people with a
feel for how long the hardening market might last and how deep it
will hit.


As a major producer his view also matters a huge amount to the
major overflow wholesale markets of Bermuda and London.


He’s also great company and buzzing with energy. I highly
recommend a listen to what he has to say.


LINK:


We thank Claims Direct Access (CDA) for their support today.


https://www.claimsdirectaccess.com/