Underwriters can earn up to £250k - here's who's hiring

Recruitment in the insurance broking space has shown signs of strain in recent months, but the one area that appears to continue to indulge in front office hiring is the Lloyd’s market.

While increasing numbers of smaller, independent brokers are struggling and the larger players put expansion on the back burner, one bright area of recruitment is the Lloyd’s market.

So far this year, the number of FSA approved persons in the Lloyd’s market has increased by 7.6%, to 947, according to analysis from research firm IMAS. Reinsurance brokers (9%) and wholesale brokers (7.4%) have also increased headcount this year, but the number of FSA approved persons in these areas remains relatively low.

Meanwhile, specialist brokers have seen their ranks increase by a modest 1.4% so far in 2012 to 3,173, approved persons in underwriting agents has risen by 0.8%, to 892, and personal lines brokers by just 0.1% to 1,816. In-house brokers have decreased the number of FSA regulated people by 14.2% this year.

“Around 80% of our broking vacancies are coming from Lloyd’s syndicated and managed agents,” says Andy Edwards, head of insurance at recruiters High Finance Group. “Most firms are looking to move into areas where they have traditionally been weaker – whether that’s aviation, marine or casualty – which has meant demand has remained strong throughout this year.”

Demand has not been limited to broking staff, with teams of underwriters being hired and operations functions also being bolstered. It’s now possible to earn up to £120k as a head of operations in the Lloyd’s market, up from £90k last year, while it’s not unheard of for underwriters to be offered £200-250k, suggest recruiters.

Last week Lloyd’s insurer Antares hired Chris Day as a professional indemnity underwriter as part of its ongoing expansion. This month alone, it’s also hired Simon Hennessy and Russell Mason as aviation underwriters and Jim Lye as an energy underwriter.

It’s not the only firm that has made some key hires in recent weeks. ProSight Specialty Underwriters named Ryan Warren as chief risk officer; Miller Insurance Services has hired specialist cargo insurance broking specialist, Tony Robinson; Sagicor Underwriting has recruited Lee Sunderland for its commercial combined team and Argo Group International Holdings taken on Stuart Dale as it starts a new treaty reinsurance business.