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We started as a small managing general agent offering a tailored portfolio of financial lines insurance products in 1999. With a team in Barcelona, Spain, and another in Farmington, USA, our transatlantic presence enabled us to grow a global network, whilst maintaining the local expertise crucial to our business. This ethos continues to be a fundamental principle in how we operate. And it has been key for going from strength to strength over the last 25 years.
In the early days of our business, we attracted some key talent. Thibaud Hervy, now Chief Underwriting Officer – Specialty Lines, started his career at TMHCC as part of the Financial Lines team shortly after its beginnings. His accomplishments are testament to how we train our staff to deliver for clients while fostering a spirit of entrepreneurship needed to run an underwriting business.
And it was this culture that captivated my interest. I joined the team 20 years ago as a Senior D&O Underwriter, working my way up to Managing Director. I am proud of our approach, which gives us the ability to tailor solutions so that we can meet risks head on – no matter how complex.
Throughout our history, we have been quick to adapt to the fast-evolving conditions in which our clients find themselves.
The global financial crisis made deal participants more aware of the risks involved in M&A transactions. The events of 2008 clearly exposed the vulnerabilities of financial firms whose business models depended too heavily on uninterrupted access to secured financing markets. As a result, our team launched its Transaction Risk Insurance (TRI) product in 2010, which has become a critical tool for businesses to help achieve commercial goals while spreading their exposures more cautiously.
The 2010s also saw the explosion of new risks, chief among these was cyber. We entered the market in 2016, following two years of major cyberattacks in retail and healthcare sectors. Soon after entering, a series of prevalent ransomware claims in 2018 and 2019 tested the market’s commitment. As consistent and reliable insurance partners, we stayed in. While other providers stepped back from insuring cyber risks, we remained laser-focused on providing a stable service and communicating our risk appetite clearly.
Similarly in the TRI market, where it has suffered from a dearth of IPO and M&A activity following the Covid-19 pandemic, we remain steadfast. We are primed to support businesses when the market awakens. And with global interest rates slowly coming down from their current highs, we are best placed to assist clients with their growth ambitions.
Today, we are made up of over 200 people split across Financial Lines, Cyber and TRI underwriting teams, as well as dedicated in-house claims and back-office staff supporting all three divisions. We take an “under one roof” approach where most of the team is based in the Barcelona hub, while the rest are represented in key locations such as London, Munich, New York and Asia. It allows for coordinated responses to market events and seamless communication with clients.
In Barcelona, we pride ourselves on the diversity of our team. Made up of 28 different nationalities, our underwriters benefit from a truly global perspective and are, therefore, uniquely positioned to understand and advise on the vast array of the risks clients face.
Our approach to working with our insureds has also been designed meticulously. We have always been primarily driven by cultivating long-lasting relationships which withstand market cycles, rather than quick wins. We understand that the strength of our business is reliant on building the resilience of our clients. This is why we focus on delivering a high-quality service that matches the risk appetite of insureds.
A lot has changed for our team over the past quarter of the century. The Farmington team is now distinct in name and purpose post-acquisition, taking the name of TMHCC’s D&O Group catering to US clients. The team that I head focuses on business from the rest of the world. However, the two teams will continue to find opportunities for collaboration as often as they can, particularly in TRI which encompasses both USA and rest-of-world business.
Currently, all three divisions are operating in a competitive market environment. New entrants are winning legacy clients by offering cheaper rates, however, our clients recognise the importance of staying with an insurance partner which has shown strong commitment to their risk through market softening and hardening. We will be working tirelessly, both now and until our half-century anniversary, to continue demonstrating the value of a long-term business partner.
As we reflect on the past 25 years and look forward to the next quarter-century, our commitment to excellence remains unwavering. The Financial Lines, Cyber, and TRI team have not only adapted to evolving conditions but have also set a benchmark for innovation, client service and expertise. Here's to celebrating our silver jubilee and to forging ahead with confidence, ready to embrace the opportunities and overcome the obstacles that the next 25 years will bring.
