It is helpful to think of CHART as the bridge that connects U.S. agents/agencies to the London market. When visualizing this concept, be mindful that the bridge has two lanes and also serves as a way for Risk Takers to identify/ pursue new business opportunities domestically. The CHART Exchange is dedicated to serving the needs of all parties operating within the U.S./ London marketplace.
Allow us to elaborate through the retelling of a real life experience.
Glenn Clark – CHART’s “Earliest Adopter” and owner of Rockwood Programs - began doing business with Lloyd’s 15 years ago.
At first, the London market was a mystery. The process tribunalization (securing Delegated Underwriting Authorities) was completely foreign to an agency accustomed to doing business with domestic insurance carriers. Fortunately, Rockwood was mentored by a knowledgeable London Broker (Barry Cook, then employed by Rattner Mackenzie). The agency’s investment in time and effort to obtain the requisite authorities has certainly paid dividends; Rockwood currently administers four different line slips.
We will note here that Rockwood was not the sole beneficiary in this instance. The Risk Takers who agreed to support the agency were rewarded with several successful/ profitable programs and a long-term business relationship with a U.S.- based product distributor.
The CHART Exchange seeks to replicate the Rockwood “experience” for each of the Syndicates who join the organization. Every Risk Taker partner will be guaranteed a minimum number of appointments with domestic insurance agencies wishing to propose new product or program ideas to Lloyd’s. Our London Brokers will take on the role of facilitator in the process. They will compile information about the concept (Program Questionnaire), identify Syndicates with the most compatible risk appetites, and schedule meetings.
The appointments will be planned for the next CHART event scheduled for October 3-5, 2016 in Baltimore MD. The exact number of meetings a Risk Taker can expect will be dependent on several factors. We will do our best to have qualified pre-set meetings for each Syndicate representative. Example: a firm sending a five-person team will have fifty (50) individual appointments set for the meeting’s first day (October 3). This will leave much time for further follow-up with the most promising connections during the event as well as helping CHART to maximize attendance at the workshops/panels on the 4th and 5th.
It would be naïve to suggest that every proposal presented at the meetings will be accepted. The new product/program may not fit the unique underwriting philosophies of the Syndicate, or perhaps the business plan needs to be finetuned. The important thing is that Risk Takers will have the opportunity to evaluate new production sources that might never have been submitted to the London marketplace without CHART.
Keep in mind also that both the submitting agency and the Risk Taker are free to utilize the London Broker of their choice to finalize any new business transaction surfaced through CHART.
If this CHART Exchange Objective appeals to you, please visit our website or contact info@chartexchange. com for more information and registration application.
Download This Article