Rising stars
I love the complicated factors that affect our industry from
within and externally, and enjoy the challenges they create. I also really enjoy the relationship side, which I see as still being essential to the industry.
Name: Michael Crookes
Company: Aon Benfield Job:
Casualty treaty broker
Timeline: 2014: Broker, UK casualty 2011: Broker, Japanese casualty
November 2009: Broker, specialty casualty, Aon Benfield
Describe your career so far and current role. I started at Aon Benfield (AB) in November 2009. I have worked in the specialty casualty team, which focused on clients with heavier/unique casualty portfolios who buy reinsurance protection through our team in London. From 2011 I have also been involved in Japanese casualty
business, working with the AB Japanese team in London/Tokyo. As of 2014, I am now also working as part of the AB UK team working with large UK corporate insurers. My role has also been very varied, from developing new opportunities for existing company clients to enhancing current cover for casualty clients at renewals. I have created a very wide network of reinsurers to discuss potential new product/territory ideas, and enjoy our discussions very much. I participated in the 2014 Under 35 study trip which was a great platform to expand my understanding on new territories, as well as developing relationships with other London Market professionals. I am studying for my FCII qualification, and looking to submit a dissertation next year on cyber insurance. I am involved in projects to further understand and promote this product.
Why did you choose the re/insurance industry? Having studied maths at university I was keen to work in the wider finance industry. I knew I wanted to work in a career that is continuously changing and developing, where gathering more knowledge and understanding would always further my role.
22 | INTELLIGENT INSURER | May 2015
Do you think the industry is attractive to young professionals? The industry should certainly be attractive, if fully understood. Young professionals from all different backgrounds and levels of formal education can do incredibly well due to the nature of the market and flat management structure most companies operate. Developing knowledge and relationships can allow people to advance their role quickly and into areas they have a real interest in, regardless of their ‘seniority’. The industry is truly global in terms of original risk, insurer,
broker and reinsurance capital location, and those who like global corporate culture can find that with large broking and underwriting houses—but
there are also many specialised smaller firms offering an alternative work setting.
Do you think the re/insurance industry offers good opportunities and career development to young professionals? Many companies have, or are starting to consolidate, structured programmes for incoming young professionals, whether these are graduate, entry level or apprenticeship
schemes—for
all of which AB offers superb programmes. There are also good opportunities such as leadership programmes for young professionals who are developing a keen understanding of the industry. Firms need to be better at understanding young professionals’
potential to manage, develop strategy and benefit the internal performance of a company. This is especially important when there is an acknowledged age/experience gap between senior employees now and the up and coming generation.
What are your aspirations for the future? I would like very much to develop my understanding of AB across different territories and lines of business. I am starting to work on some different classes of business for the 2015 mid- year and 2016 renewals, to broaden my knowledge beyond the liability/motor/professional lines classes I work with now. I would also like to work my way to a position where I could influence strategy and thought leadership on the industry—my aim is to do this at AB, as I really cannot see myself working elsewhere.
If you had chosen a different profession/career path, what would it have been? I am an avid follower of horse-racing. One potential path would have been creating a betting model/strategy that would beat the bookies and betting exchanges through capitalising on mis- pricing and hedging opportunities.
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