Sixty Seconds with…….Eamonn Egan
19 August 2008
Late last month Lloyd’s boosted its presence in Ireland with the appointment of a first country manager.
Eamonn Egan has worked on both sides of the insurance market, as Regional Development Manager at Ace European Group and Managing Director of Strand Underwriting Ltd, a Lloyd’s coverholder, to holding various positions at one of the largest independent insurance brokers in Ireland, Coyle Hamilton (now part of Willis).
Here Egan talks to lloyds.com about the lure of Lloyd’s, the age of Guinness and his plans for future growth.
You’ve worked across the underwriting and broking fraternities, what appealed to you about working for Lloyd’s?
Traditionally people worked in the company market and then moved into the broking sector before establishing their own business. I guess I’ve done it the other way around and so in an underwriting sense, this job is the pinnacle of your career.
At Lloyd’s there are so many different choices of business, so many different people to work with, all with an appetite to do well. Previously in Ireland, on the property/casualty side there was a narrow appetite for big ticket business and nothing else. We were swimming in a shallow pool.
Now the potential for me to do business here for many years to come is very exciting indeed.
What type of profile does Lloyd's enjoy in the Irish Republic?
Everybody from schools to businesses has heard of Lloyd’s, and in the broking community some more than others would understand the workings, but Lloyd's is now enhancing its representation.
I am charged with growing the brand. The Lloyd’s brand is 320 years old, that’s older than Guinness! But the brand is not as well known as maybe it should be. There is nobody to blame for that, it is just how the regulatory system worked. But there’s fantastic potential and now I must realise that potential and go around Ireland talking to my contacts and get the Lloyd’s message heard.
What do you see as your key task for the first six months in the role, and beyond?
Well my initial task is to grow the brand, but I hope that will not take too long. I will be spending four to six weeks going around meeting as many people as possible, whether it’s brokers or managing agents, to ascertain the appetite for Irish business.
Then I’ll be spending around three months at home talking to contacts and really trying to find out whether they would like to do more business at Lloyd’s and showing them how they can do so.
You will be opening a Dublin office later this year. What’s the reasoning behind that move?
The main function of the office will be to represent Lloyd’s as a business. I will be employing an assistant to do the regulatory and administrative work because I need to be spending quality time meeting people. I need to be travelling Ireland to revisit previous business relationships and gauge their appetite and get their feedback. Where there is a demand for business, we will act on it. I define the role as politics management.
Essentially the office will be used as a base for people to come to but nowadays you have to get out there. You need to be seen to be in the market and show your clients you’re working in their interests.
What lines of business in the Irish markets do you see there being an opportunity for the Lloyd's syndicates?
In my insurance career I have never touched on the areas where Lloyd’s is an expert – the likes of marine, aviation, bloodstock and even equestrian business. A lot of people that traditionally write that business do not really understand it fully, but I do as it’s of interest to me, so there’s some opportunity there.
And even in the densely populated property/casualty and motor sectors, there are a few avenues to explore and I’m very confident we can grow the market. It is an exciting time to be part of this challenge.
Last updated on 20 Aug 2008
