David Hancock is the Leading Class Underwriter, Property and Package at Amlin UK and has worked in property underwriting for over 22 years. He started his career at Royal Insurance before moving on to Northern Star, London & Edinburgh (later Norwich Union) and Zurich. David joined Amlin UK in May 2009 as the Leading Class Underwriter on the Property & Package business class. David is married and has a daughter, Isabelle, aged seven, and son, Henry, aged five.
You’ve been at Lloyd’s for one year now. What made you decide to move into the Lloyd’s market and how is this job different?
One of the most striking things about the market is that both underwriters and brokers alike have an impressive breadth and depth of knowledge in respect of products and classes of business. There is a real buzz about the Lloyd’s building and an enthusiasm within it; so many highly professional people going about their business – it really is an exciting place to be.
Although we are working in Lloyd’s, the team brings a wide experience of working within the UK composite market and Amlin’s financial strength and security means that we can compete with the composites while maintaining the approach and flexibility of a specialist Lloyd’s carrier - bringing together the best of both worlds.
How is the soft property market affecting the way you write business at the moment and what are the specific challenges you are facing given the competition in the market?
The soft market is making it more challenging for us; clearly this is also the case for our competitors. However, that said, our book is performing well and our first year has exceeded our own expectations.
What kinds of innovative products are you offering at Amlin at the moment?
Our strategy in the first year has been to refine our products, ensure they are all market leading and introduce our newly created Property Owners product which is primarily aimed at commercial property owners to protect their physical assets.
Essentially this is an enhanced commercial property & liability contract with additional covers such as tenant non-invalidation, business rates, contract works, eviction of squatters and many more additional features. The team is happy to underwrite schemes, business transfers and property portfolios, as well as bespoke property requirements.
If I had to choose a target client, it would be a straightforward small to medium sized business with good risk management, professionally run and that views insurance as more than just a commodity.
What are some of the most interesting risks you have written?
In the past I’ve insured various iconic buildings in London such as Canary Wharf, Tower 42, and the Gherkin to mention a few, however at Amlin UK the property team is not focused on these types of risks, instead we are concentrating on sub £50m total sum insured locations.
What do you like to do outside the Underwriting Room?
I spend most of my time with my family and on weekends can occasionally be found in my garage. I have a passion for cars and motorbikes. I just purchased a MGC 1969 Roadster in British Racing Green and am currently rebuilding my Lotus 7, though this is a long term project! In fact, an interesting piece of business we recently secured was providing cover for a famous British sports car manufacturer.
This article is provided for general information purposes only. Any insurance products referred to in this article will be subject to separate terms and conditions and this article should not be regarded as a substitute for referring to those terms and conditions.
