Honours categories 2017
If you would like to download a copy of the 2017 entry criteria please click here.
Young Broker of the year
Entry criteria: Candidates will be an individual, aged 35 or under on 31 December 2016, and working in the global broking sector.
Young Underwriter of the year
Entry criteria: Candidates will be an individual employed as an underwriter, aged 35 or under on 31 December 2016, and working in the global P&C sector. The winners of both young categories will have already made a significant contribution to the industry, clearly demonstrating a solid input into the future development of global (re)insurance distribution. Candidates’ entries must be supported by their departmental manager.
Young Claims Professional of the year
Entry criteria: Candidates will be individuals working in the global P&C sector, employed in the claims departments of intermediaries or carriers, aged 35 or under on 31 December 2016. The winners of this category will have already made a significant contribution to the industry for the improvement in the speed and quality of claims service and the enhancement of the reputation of the sector as a whole. The successful candidate will clearly demonstrate drive, innovation and evidence of their positive input into the future development of global (re)insurance claims management. Candidates’ entries must be supported by their departmental manager.
Risk Carrier of the year
Entry criteria: Candidates will be (re)insurance companies that provided an outstanding service to the global P&C (re)insurance market in the past year, standing strong for their clients in what has been a challenging period for underwriters. The winner will be a company or a team which has demonstrated an ongoing commitment to the sector through consistent high quality management and entrepreneurialism coupled with outstanding underwriting performance.
Underwriting Initiative of the year
Entry criteria: Candidates will be (re)insurance underwriting teams and/or their managers. Candidates may be working at a (re)insurance risk carrier or at an underwriting agency. Nominations will be welcomed for an underwriting initiative or new product launched in the last two years that has either broken boundaries in terms of innovation and increasing the size and scope of the market, has challenged the market status quo or has pushed the limit of traditional insurability. Judges may also consider entries from innovative capital structures. The winner will be an efficiently structured, well priced and successfully executed initiative, with the recipient either the individual(s) or team(s) that designed the product or risk carrying entity or those responsible for backing and spearheading the initiative. Judges will be particularly looking for evidence of successful take-up and profitable implementation of the initiative.
Broking Initiative of the year
Entry criteria: This award intends to celebrate the role of brokers as the lifeblood of innovation in our global market. Candidates will be (re)insurance broking teams and/or their managers. We are looking to recognise a broking innovation of the last two years that has either broken boundaries in terms of its originality and success in increasing the size and scope of the market or brought insurance solutions to satisfy emerging customer demand. Perhaps the initiative has challenged a cosy market status quo or has pushed the limits of insurability, using new thinking to solve old and intractable problems? The winner will be an attractively designed, well marketed and successfully executed initiative. Judges will be particularly looking for evidence of successful take-up from the winning entry.
The Insurtech Honour - New to this year's Honours!
Entry Criteria: This award is open to any organisation able to demonstrate the successful application of radical new technologies to the global (re)insurance market. It is open to insurance industry incumbents as well as pure Insurtech start-ups.
The focus for candidates should be on demonstrating the successful launch of an entity, product or service that transfers and/or distributes (re)insurance risk in more effective, innovative, and revolutionary ways.
Judges will be particularly interested in the level of originality, efficiency and scale of ambition shown by the entry as well as evidence of its acceptance by the investor community and/or successful collaboration with the existing traditional (re)insurance industry.
As well as innovation, judges will also be looking for tangible and effective measurement of success within the context of profitable growth.
The Inclusion and Diversity Award
Entry criteria: This is intended to be a broad category, open to all insurance and reinsurance intermediaries, risk carriers, agents and investors working in the global P&C (re)insurance markets, as well as the trade bodies, organisations, associations and clubs that serve them. The focus should be on programmes, events and other activities designed to promote and further inclusion and diversity. This category shall include but not be limited to activity improving the LGB, gender, gender identity, BAME, disability, age and socio-economic diversity of the global (re)insurance market carried out in the year to 1 April 2017. Judges will be particularly interested in proof of the efficacy of the initiative(s), the wider positive impact across the marketplace as well as the level of innovation, creativity and originality of entries.
Launch of the year
Entry criteria: This is intended to be a wide category, open to all regulated insurance and reinsurance intermediaries, risk carriers and investors, including ILS market participants, that serve the global P&C (re)insurance markets. It is open to any organisation less than four years old able to demonstrate success in contributing to the global (re)insurance market in its short lifetime. The focus for candidates should be on the launch of an entity involved in the transfer and/or distribution of risk. This category shall include but not be limited to the formation of new capacity, facilities, structures and/or new capital-backed underwriting entities and may be evidenced over a period of years. Judges will be particularly interested in proof of the efficacy of the launch and the level of innovation and originality in the underlying business strategy. However, as well as innovation, judges will also be looking for tangible and effective measurement of success within the context of profitable growth.
(Re)insurance Transaction of the year
Entry criteria: Open to any regulated insurance and reinsurance intermediary, risk carrier, investor or ILS market participant serving the global P&C (re)insurance markets, whether in the live or the legacy sector. The purpose of the award is to recognise innovation in any large one-off risk transfer deal completed in the last 18 months (2016-17). Judges will be looking for imaginative solutions brought to bear to satiate existing or stimulate new growth, or to help the market solve seemingly intractable problems to the satisfaction of all parties and the benefit of the market as a whole. Examples of strong potential candidates from years gone by might have included Berkshire Hathaway’s reinsurance of Equitas or early examples of sidecar and/or contingent capital deals.
M&A Transaction of the year
Entry criteria: Open to buyers and sellers of risk carriers, (re)insurers and intermediaries as well as their advisers. The prize will be awarded to the merger or acquisition the judges think has made the most economic as well as strategic sense in the past 18 months, producing a value adding proposition for both parties. As well as the deal economics and rationale, judges will be looking at how cultural issues were dealt with and how well the deal was received by markets and investors as well as how successfully its execution has progressed post-transaction.
MGA of the year
Entry criteria: This category intends to recognise the increasingly important role MGAs are playing in our marketplace as homes for entrepreneurial underwriters looking for independence, and as sources of new and diversifying profit streams for the carriers that back them.
Broker of the year
Entry criteria: Open to all regulated insurance and reinsurance intermediaries serving the global P&C markets. The judges will be looking for a company that can demonstrate continued incremental business expansion and improvement in turnover, margins and profits over the previous 12 months. Judges will look to see how management and staff have embraced change in the pursuit of these goals as well as improvement in customer service and retention. The judges will also be interested in evidence of progress in the delivery of these and the broker’s stated business goals.
The Cuthbert Heath Award (Claims and Losses)
Entry criteria: The celebrated Lloyd’s underwriter Cuthbert Heath instinctively knew that (re)insurers are
ultimately judged on how they handle large and complex claims, be they manmade or the result of natural disasters. His famous response to the 1906 San Francisco earthquake – “pay all of our policyholders in full, irrespective of the terms of their policies” – led to Lloyd’s becoming a 20th century powerhouse in the US and non- marine markets. Following his death in 1939, The Economist called him “the first man to see the potentialities of insurance in the modern world”. This large loss award is open to the claims departments of risk carriers, brokers, loss adjusters and all organisations that have been involved in the reaction and response to major losses and claims events occurring in 2016. Judges are looking for contenders to show how they have responded to a major loss during 2016-17. These could be a manmade loss that gives rise to a large and complex claim or series of claims, or a natural catastrophe that gives rise to a series of claims. Judges will be looking for entries that demonstrate an ability to rise to the extraordinary challenge of such incidents, including the best deployment of the organisation’s in-house resources as well as the ability to co-ordinate and organise third party suppliers to the benefit of all parties.
Our Lifetime Achiever, CFO of the year and Outstanding Contributor of the year Honours will be chosen purely by our 2017 judging panel and announced at the ceremony on 7 September.
Outstanding Contributor – Distribution
Entry criteria: Candidates will be an individual working in the global P&C (re)insurance intermediary sector. The winner will have made an outstanding contribution to the development of this sector over the last year.
Outstanding Contributor – Risk
Entry criteria: Candidates will be an individual working at a carrier in the global P&C (re)insurance market. The winner will have made an outstanding contribution to the development of this sector over the last year. Judges will decide independently upon two individuals for both Outstanding Contributor categories, who have shown dedicated commitment and hard work that has benefitted the industry, their clients and their colleagues over the last year and consistently throughout their career.
CFO of the year
Entry criteria: Judges will choose a successful candidate who has impressed the judges with their skilful management of their firm’s financial affairs in the preceding 18 months.
Judges will look at in detail the strategies or projects driven by the executive that have made a measurable improvement to the firm’s financial performance.
Examples of this might arise in the fields of capital management and efficiency, asset and liability management, solvency, im plementation of new systems and controls, or indeed any other area that comes under the day to day responsibility of a CFO.
Entry criteria: Judges will vote this honour to a person who they believe has distinguished themselves whilst making the highest contribution to the industry over the course of their working life. Candidates will be an individual working in – or providing services to – the global P&C markets through a career that will have spanned at least 20 years.