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Trubshaw and Martin defend their titles in US Property Cat Rankings

Richard Trubshaw of Managing Agency Partners (MAP) has been voted as the best US property catastrophe reinsurance underwriter for the second year running, in the 2019 edition of The Insurance Insider’s US Property Cat Rankings survey.

The MAP founding partner secured an impressive 25 nominations for best underwriter, and finished top with an overall score of 65 points.

Trubshaw built on last year’s support from brokers who responded to the survey, raising his share of overall nominations from 8.1 percent in 2018 to 12.1 percent in 2019.

Furthermore, three-quarters of his support base nominated him as their top-choice underwriter, making Trubshaw’s overall score almost three times that of the runner-up, Richard Holden of Fidelis Insurance.

Under the Borda count method, a nominee gets three points for being named a respondent’s top choice, two points for second place and one point for third.

Trubshaw’s broad support was further shown by the higher relative level of experience of those brokers who voted for him. Indeed, 45 percent of his nominations came from brokers with more than 20 years’ experience in US property cat.

There was also a shift in the source of voters for the winner this year, with 32 percent of these given by Aon brokers and 29 percent by intermediaries from Guy Carpenter.

In contrast, the 2018 edition of the survey put TigerRisk Partners as the main force behind Trubshaw’s score with 25 percent of all of his nominations.

Richard Holden took second place in the overall underwriter ranking this year, up from third position in 2018.

Holden, currently the Bermuda chief underwriting officer of Fidelis, joined the company in 2015 to head up the North American underwriting team.

Last year this position was held by Greg Roberts, who was favoured for his work at MS Amlin.

Roberts left Syndicate 2001 in mid-2018 and was on gardening leave until the start of 2019 when he joined AmTrust Syndicate 1861 to lead the North American property cat team.

The change and timing of this move – our survey ran between December 2018 and January this year – were key in making Roberts one of the most significant fallers this year.

Elsewhere, Chaucer head of property treaty James Holliss shot up to third after finishing 10th last year.

Holliss was the only individual, from both the underwriter and broker rankings, that was new to the podium.

New entrant Christian Marx of Scor came in at joint-fourth in 2019 after not making the ranking in the first year of the survey.

Interestingly, the debut of the Zurich-based chief underwriting officer in the US property cat rankings coincided with that of Scor as a whole, which had a stellar performance and grabbed the second spot in the companies’ ranking after not featuring at all in 2018.

Apart from Marx, the fourth position on the overall underwriter rankings was shared by Beazley’s Mark Vaughan and RenaissanceRe’s John Carty.

While the latter was known to the top of the underwriting league table, having taken fifth in 2018, Vaughan was one of the most significant risers this year with seven nominations in 2019 compared to just one in the previous year.

Martin leads the brokers again

Nominations on the broker ranking appeared more evenly distributed than on the underwriting side. The difference in scores between first and second place was only 11 points for the brokers as opposed to 42 points for the underwriters.

Tim Martin, managing director at Guy Carpenter, secured the top prize in the broker ranking again this year, albeit with slightly fewer votes than in last year’s ranking.

In 2018, he received 15 votes and an overall score of 37, but this year clinched a slightly lower 12 votes to get a grand total of 32.

Martin’s voter base was mostly made up of senior underwriters – almost 60 percent of those that voted for Martin had between 10 and 20 years of experience in the market.

He was also the favourite among those underwriters with the largest accounts – in terms of gross written premium – in the last year.

Simon Keeley, also from Guy Carpenter, and Simon Rowland of Aon’s Reinsurance Solutions, shared the runner-up price. Last year they bagged the second and third positions respectively.

Keeley’s overall score fell by three points to 21 as fewer underwriters named him as their top choice this year when providing their three nominations for best US property cat broker.

In terms of voter base, he was favoured by underwriters with 10 to 20 years of experience in the market, with 70 percent of his nominations coming from this cohort of underwriters.

Meanwhile, Rowland’s overall score was exactly the same in both years the survey has run, although his voter base was almost entirely different this time.

Just two of the underwriters that voted for Rowland in 2018 voted for him again this year.

To view the full survey results, click here

The importance of independence

The rankings work is undertaken by experienced research staff who share the ethos and values of The Insurance Insider, under the ultimate oversight of editorial director Mark Geoghegan.

However, just as The Insurance Insider jealously protects its editorial independence, so does the standalone research team, which operates autonomously from editor-in-chief Adam McNestrie and his team of journalists.

As such, the rankings and editorial businesses respect the necessary distance between the very different work that they do.


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