Resolutions and renewals in the air

For many people, returning to work after Christmas and finding their suits feel a little more snug than they did a week ago is a reminder that January is not simply the month when many new insurance and reinsurance policies begin. New Year is also the time when we resolve to improve ourselves, to abstain from vices and commit to virtues.

As the writer G.K. Chesterton put it: “The object of a New Year is not that we should have a new year. It is that we should have a new soul.”

For sceptics, it is precisely this aspirational quality of New Year Resolutions that makes them such a tall order. “Good resolutions are simply cheques than men draw on a bank where they have no account,” said Oscar Wilde, while New Year Resolutions are "what Hell is paved with", according to Mark Twain.

Undaunted, lloyds.com asked senior figures in the market to share two of their business-related resolutions and one of their pledges for self-improvement for 2010.

For Bronek Masojada, Chief Executive of Hiscox, the challenges presented by an impending soft market and radical new accounting rules will be at the front of his mind for the next 12 months. “My first resolution is to continue to act on the premise that profit is sanity and volume vanity. My second is to try to remember that Solvency II is good for Hiscox.” The extreme sports enthusiast is also looking to hone his skills out on the waves. “My personal resolution is to master my kiteboarding ‘big air’ jumps," he said. Bronek is already working on this ambition while on holiday in his native South Africa "without much success". Hang in there. Literally.

Julian James, CEO of Lockton Companies International, has resolved to try to be a little more patient and open-minded, with everyone from the PM to his spouse. “My first resolution is to not take it so personally when I hear about the UK government’s strategy towards the City," he said, listing as his second pledge: “I will also try to listen to people more – including my wife.” He further plans to work on his work/life balance – or his work/sports balance at least. “Next year I aim to go to more home games of the greatest European club rugby side – Wasps.”

Speaking of sport, 2010 sees Brit Insurance take over sponsorship of the England cricket team in January. This brings with it burdens as well as pleasures for Jonathan Turner, Director of Reinsurance at Brit, and the active underwriter of its Lloyd’s syndicate. One of his resolutions is “to retain my sense of humour when faced with repeated requests from people for England cricket tickets". Jonathan also wants to continue to emphasise the merits of a technical approach to risk-taking without losing his audience’s attention. “Next year I will try to not sound like a broken record on the subject of underwriting discipline.” After a long, frustrating rehabilitation in 2009 following a ruptured Achilles tendon sustained in a freak accident while working out, Jonathan has resolved to "try to act my age and thus not once again spend half the year on crutches".

The political and regulatory fallout from the financial markets crisis is something that Andrew Kendrick, Chairman and Chief Executive Officer of ACE European Group, has resolved to protect the insurance industry from. “In 2010 I want to work to ensure that insurance is kept apart from any new regulation aimed at managing systemic risk posed by the banking system," he said. Following the failure of world leaders to agree a treaty on cutting greenhouse gas emissions at the Copenhagen summit, Andrew is determined to push through his own company’s environmental pledges. “I want to ensure that ACE plays its part in curbing global warming by reducing its carbon footprint.” On a personal note, Andrew is looking to change his image, but he has pledged to retain one vice. “In 2010 I aim to lose my mullet haircut … but to continue smoking.”