Rising stars
The general reach of the business also appealed to me with re/ insurance being required not only to support an individual’s security but also to enable large corporations to operate more efficiently. Reinsurance is one of very few sectors where as a broker you can
work closely with large multinational corporations. The individual broker’s involvement across the whole business cycle is one that requires very different skills at different stages of negotiation, a challenge that proved very exciting.
Name: Ben Radford
Company: Willis Re Job:
Divisional director Timeline: 2015: Divisional director, Willis Re
October 2011: Treaty reinsurance broker, Willis Re
February 2011: Shadowed Steve Hearn, CEO, Willis Re (now deputy CEO Willis Group)
September 2009: Treaty reinsurance broker, Willis Re
June 2008: Facultative reinsurance broker, Aon Benfield
Describe your career so far and current role. I joined Willis on the graduate scheme in 2009, into the UK team working primarily on property cat, risk and UK motor business. After two years I was seconded to work with Steve Hearn in his role as CEO of Willis Re. Once completed I returned to my role in the newly consolidated European team maintaining a UK focus but with increasing time spent on larger global accounts and their composite purchases. I am currently working within this team with my new role
focusing largely on key accounts—a large global risk programme, a large cat programme and the UK’s largest motor programme. I also do some terrorism covers alongside this and have increasing responsibility regarding production of new opportunities.
Why did you choose the re/insurance industry? The re/insurance broking sector struck me as an industry that offered a wide variety of opportunities for individuals who valued analytical and interpersonal skills. As an industry reinsurance had performed well and seemed to be consistently growing.
Do you think the industry is attractive to young professionals? I believe the industry is a hidden gem. There are very few professions that offer individuals the opportunity to work alongside large global organisations at such an early stage in their career. The industry has evolved significantly in recent years, especially in
a Solvency II based environment. Reinsurance still places significant emphasis on the management of relationships, both with clients and markets. This offers young professionals a rare opportunity to stimulate themselves mentally through in-depth analysis using catastrophe models and financial modelling tools while maintaining a balance through creating client and underwriter relationships.
Do you think the re/insurance industry offers good opportunities and career development to young professionals? The industry has a rather fixed structure with responsibility and ownership increasing naturally as one increases one’s experience and progresses through conventional stages of development. The industry is so broad both in terms of product lines underwritten and geographical scope that there are endless opportunities available. The potential for growth, both professionally and personally are endless with very few obstacles being placed in your way.
What are your aspirations for the future? I would like to maintain my flexibility to change direction at any time. Personally I believe the broking side of our business affords me that flexibility where I am fortunate enough to get exposure to all sides of the business. In the short term my major goals remain to continue developing
my understanding of the sector and further my knowledge as to where extra value can be created, whether this is through new product generation or sourcing of new capital. Long term I would like to pursue a role in management with
the ultimate aim to be running an organisation like Willis Re. I understand this is a very ambitious target but I would be lying if I didn’t say it was a key aspiration of mine.
If you had chosen a different profession/career path, what would it have been? The dream would have been to play some form of professional sport however my body/general sporting prowess never allowed that. Any form of business consultancy would also have appealed to me.
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