Ep311 Richard Brindle Group CEO TFP & Clive Washbourn CEO Navium: Being Brave

So a couple of big points there, Mark.

First of all, no disrespect, the press focuses relentlessly on North American property business.

And it's true there are certainly headwinds in that area, probably some of the most severe headwinds.

Although, even within that area, we find ways to mitigate the level of rate reductions through the way that we operate, and we can talk about that more if you're interested.

So our portfolio now comprises a hundred and fifty lines of business in a hundred and forty countries.

We're truly global.

Post-COVID, what we've seen is our industry retreat, particularly the London market retreating into its shell.

People don't travel anymore.

They don't go and see our clients.

They don't go and try and find new opportunities.

And Clive and I have done it all our careers.

Yeah, yeah.

And we still do it.

Yeah.

And people have stopped doing that.

So we go to country after country after country where people say to us some variation of, "Oh, we haven't seen an underwriter from London since COVID." There is a big world out there.

Our industry has traditionally traded very effectively in North America, Western Europe, Australasia and Japan, and we've been absolute crap everywhere else.

Clive and I and m- all my colleagues are not of that mindset.

We embrace the multipolar world.

We embrace the fact there is a big, big, big world out there.

There is much lower insurance penetration outside of the four areas I've just mentioned.

So we've done an exercise with our-

And I suppose slightly less competitive ultimately as well.

It can be, yeah.

But there's certainly, uh, enormous potential for growth.

So a couple of big points there, Mark.

First of all, no disrespect, the press focuses relentlessly on North American property business.

And it's true there are certainly headwinds in that area, probably some of the most severe headwinds.

Although, even within that area, we find ways to mitigate the level of rate reductions through the way that we operate, and we can talk about that more if you're interested.

So our portfolio now comprises a hundred and fifty lines of business in a hundred and forty countries.

We're truly global.

Post-COVID, what we've seen is our industry retreat, particularly the London market retreating into its shell.

People don't travel anymore.

They don't go and see our clients.

They don't go and try and find new opportunities.

And Clive and I have done it all our careers.

Yeah, yeah.

And we still do it.

Yeah.

And people have stopped doing that.

So we go to country after country after country where people say to us some variation of, "Oh, we haven't seen an underwriter from London since COVID." There is a big world out there.

Our industry has traditionally traded very effectively in North America, Western Europe, Australasia and Japan, and we've been absolute crap everywhere else.

Clive and I and m- all my colleagues are not of that mindset.

We embrace the multipolar world.

We embrace the fact there is a big, big, big world out there.

There is much lower insurance penetration outside of the four areas I've just mentioned.

So we've done an exercise with our-

And I suppose slightly less competitive ultimately as well.

It can be, yeah.

But there's certainly, uh, enormous potential for growth.