FINMAR presents: Five minutes with Mark Russell-Vick

Where we see real value from the facilities that are coming new into the market, are in the excess play. And what those are creating is a speed of capacity in an efficient manner, and attracting new clients to this marketplace. A facility has to offer true client benefits. And if it doesn't offer true client benefits, then the business won't travel.

So at the moment, we have the ability to place large blocks of capacity at market rates that is attracting business from all over the world. And many brokers have these facilities. There can be an impact to those carriers that don't participate on the facilities. And that's unfortunate, but we must be a marketplace that continues to attract business. And whether that's attracted at primary level, or we're attracting blocks of capacity on excess basis, that will continue.

SPEAKER 1: OK. Thank you, Mark. And what are the challenges facing the London market during 2024, in your view?

SPEAKER 2: Another good question. I think part of that overlaps into the last question, of which the market must, in my humble opinion, continue to be a go-to market. A place that can solve problems, solutions, and issues for global clients. At the moment, I don't see the business traveling to London as much as it used to.

If you go back two decades, there was rather like a conveyor belt of business that would travel to the London market because of what the London market's offering. Now many of our carriers that we talk to, and we trade with, have a footprint around the world. That business doesn't necessarily need to travel to the London market. So the answer doesn't necessarily complete the circle for 2024.

This is probably a bigger concern as we move forward, is that we must remain relevant to global clients, either by producing primary solutions that they can't get locally, or offering them speed and access to capacity that offers something that is different.

That said, I still think,-- and I would say this-- I still think this is the best marketplace in the world. It's very adaptable. It's very approachable. It has long-term committed clients, not just for us, but for all brokers. But the London business needs to grow, and it needs to continue to attract business into this marketplace.

SPEAKER 1: Sure. Thank you, Mark, for your thoughts today. That was very interesting. I hope you enjoyed that short video. And please join us again for more videos in the future. In the meantime, thank you for your time. Goodbye.