Meet Meet Rupert Cousins, SVP, Head of Property, London Market & Europe Insurance
What is your back story?
My insurance career began as a junior at Lloyd’s Syndicate 506 in 1987. I was given full underwriting authority for North American and International property risks in 1992, a position I held until the tragic events of 9/11. I spent the next 15 years working with two global insurers building and re-building their existing property businesses before joining Sompo International (then Endurance) in 2014 to help establish a dedicated long-term property platform within the London Market, which has subsequently evolved into the London Market/Europe Insurance Property unit of Sompo International.
When I look back over my career one thing that stands out is the strength and longevity of the relationships that I have established with brokers and clients alike. These strong partnerships have resulted in renewals consecutively every year since I began underwriting almost three decades ago.
Tell us about your market sector
From an underwriting perspective, market conditions and rating were extremely unfavorable throughout 2014 to 2017. Since 2018, corrections to pricing, deductibles and terms and conditions have been ongoing. These changes preceded COVID-19 and were due to the severity of the 2017 natural catastrophe losses (the costliest ever recorded) combined with the increased global frequency of major wildfire, flooding and hail events and aligned with unsustainable levels of attrition, all of which have challenged the profitability of this business. This has led to a significant de-risking strategy of many carriers and an absence of a material influx of new capacity, which in turn has resulted in a wholesale dislocation of business that is truly global.
What’s your USP?
The team has decades of experience navigating the cycles of the insurance market which is invaluable at times like these when the broader market is operating with a materially reduced level of risk appetite. Our depth of expertise enables us to provide invaluable risk solutions as a relevant long term-partner to all of our clients.
Last word.
Despite the challenges faced by the global insurance industry, we continue to provide our clients and their intermediaries with significant capacity and a consistent high level of service.