As the Professional Risk market expands, we need to question: Is there enough talent?

Throughout 2007 a slew of insurers on the Lloyd’s of London and Insurance Company Market including; Allianz, ACE, Markel and Chubb have rolled out new and enhanced covers for professional risks. As more private companies have external interests, and external pressures from new regulations intensify, so the requirement for more specialised forms of cover has increased.

It is estimated that the majority of the UK’s four million SMEs do not have adequate cover for professional risks. As a result, many of the Lloyds and London market’s insurers and brokers are seeing this for the opportunity it really is. Where is the talent and market experience going to come from?

Royal Sun Alliance’s Profin has said it will grow its business by 20% within 18 months, Marsh has unceremoniously poached AON’s PI team, and Liberty International Underwriters is developing an online “quote and buy” system for brokers for its Directors and Officers and Professional Indemnity products.

The Professional Indemnity market is estimated to grow by 50% to £2.3bn by 2010. The Directors and Officers market, currently standing at £600m, could double in size within five years. Enquiries are increasing by 16% year on year, despite the market for such cover among larger companies reaching saturation point.

One of the main problems with this substantial market growth is whether or not there is going to be enough quality underwriters and brokers with professional product knowledge to ensure they stay ahead of the game. Insurers and brokers alike are going to have to fight for the best talent available. It is very likely that those with pre-existing market knowledge will do very well out of this situation.

It is at this junction where the need for the market’s best becomes critical, and here where the need for an Executive Search firm becomes essential. Burns Carlton Plc is an established executive search firm who specialise within the insurance sector. Burns Carlton Plc believe successful recruitment is the result of a thorough, transparent and robust process and aim to provide clients and candidates with a quality of service which they would describe as excellent.

For more information regarding Executive Recruitment within Financial Services please contact financial@burnscarlton.com or 0207 959 3400