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As I step into the role of Chairman at Carbon Underwriting, I am honoured and excited to be joining a forward-thinking team that is reshaping the landscape of international delegated underwriting. This is an exciting time for us and I look forward to helping steer Carbon towards new avenues of growth and innovation.

Joining Carbon at this point in its growth journey has resonated with me on many levels. The company’s commitment to advancing underwriting practices aligns with my own journey in the insurance industry, which began with Alexander Howden and later led me to launch my own syndicate, navigating the vicissitudes of the market. Over the years, I’ve experienced the difficulties of capital raising, managing expectations with regard to return on capital and successfully taken net risk in areas others did not wish to tread, especially in the aftermath of 9.11.

Carbon’s recent transaction with Apiary is testament to the company’s forward-looking approach and the high regard in which it is held in the market. Apiary, having never invested in insurance, and Carbon, never having worked with private equity, represent a convergence of different worlds in which I hope I can be a help. I see myself as a bridge between these two worlds, leveraging my experience with startups and scaling businesses to capitalise on opportunities that others might shy away from.

Doing things differently

Over the years, I’ve found that the greatest opportunities arise when others are hesitant to enter certain lines or run for the hills after a loss. It’s in these moments of uncertainty that true innovation can thrive for those that are not willing to follow the herd. Carbon’s ability to carve a new growth path in Delegated Authority (DA) underwriting, and create a new wealth of underwriting insights in the process, is evidence of the team’s courage and vision. Indeed, Carbon’s foray into the DA market, with the tools they have developed to assist them and their clients, marks a significant step change for the industry.

Culture, for me, has always been a key metric of success. By empowering our staff to make decisions, thrive in their roles and drive their own success, we are fostering a culture of innovation and excellence. It is important to have fun doing it with like-minded people who are driven and ambitious.

Amid the uncertainties in the world, there are openings for those willing to explore new classes and approaches. Carbon, with its unique approach and focus on technology, is well-positioned to capitalise on new opportunities in 2024, where the impact of cumulative rate increases may be tempered by increasing competition and regulatory developments. 

Technology sets Carbon apart

Graphene, Carbon’s proprietary DA insurtech platform, is a distinguishing asset that should provide a distinct competitive edge. Graphene does not just represent a next-generation analytics platform; by enabling closer scrutiny of DA facilities, it should assist in generating profits for future underwriting of these risks across the market.

As a Lloyd’s Syndicate, Carbon is driving transformation in the international Coverholder market on many levels – from team culture, to their partnerships in the market, to technology. The team’s commitment to embracing change, inviting new ways of thinking and challenging themselves, positions Carbon, despite being new, with the potential to change the way DA facilities are monitored and underwritten. 

We are excited about the journey ahead. Carbon is driven by the expertise and calibre of its  team and together we will continue to try and set new benchmarks in the industry, embracing the highest standards of underwriting, true innovation in our thinking and unwavering commitment to our team and our clients. As the market evolves, we will continue to try to at least maintain – but hopefully exceed – the standards we have set ourselves.