Specialty underwriting manager ENCON has been consumed into a new global operating model. As the main Canadian unit of The Schinnerer Group, ENCON will be a key player in the group’s major rebrand and will now be known as Victor alongside other Schinnerer Group companies: Victor O. Schinnerer & Company, Bluefin Underwriting in the UK, Mees & Zoonen in Italy and the Netherlands and Schinnerer’s operation in Bermuda.
Victor is the world’s largest managing general underwriter (MGU), with about 700 employees, and currently servicing more than $1 billion in premium. But front-runners will fall behind if they stand still. That’s why the freshly-branded MGU is looking to “double in size” via organic and inorganic means, and by creating efficiencies in its global operating model through technological investment.
“Our new global brand Victor will bring together all of The Schinnerer Group companies and enable us to create positive change for the constituents we work with on a regular basis, whether that’s our insureds, distributors, carriers or alternative capital providers,” said Victor CEO Christopher Schaper. “We want to move forwards as one brand, grow substantially and become much more of a global enterprise than we currently are. The efficiency, the culture and the perspective of moving forwards as a global organization will help us to achieve that faster and will enable us to bring our value proposition to the market more efficiently.”
The firm is already active and interested in the global M&A market and will continue to consider M&A as part of its business proposition moving forwards. With about a 50% stake of global P&C insurance business, the US has been tapped by Schaper as a strong opportunity for “substantial growth”. Victor is also eyeing “tremendous opportunities” in the UK and European markets. Meanwhile in Canada, where ENCON has reaped considerable success, expansion prospects for Victor are not viewed as significant as those available in the US.
From an organic growth point of view, Schaper hopes Victor entities will pool together their “intellectual property” and aggregated data insights to inspire product expansion and development. Well-structured entities like ENCON and Bluefin Underwriting will continue to operate like they have done in the past, but they will now have the benefit of global product enhancement, the CEO explained.
Technology also underpins Victor’s global growth strategy, as Schaper noted: “Bringing technology to the forefront of what we do is part of the collective vision we have as an organization. Through advanced technology and an innovative global approach to risk analysis, distribution and capital, Victor is well positioned to succeed in today’s changing [insurance] environment.”
Investment into new technology will drive more efficiencies and operating capabilities for the global MGU. When quizzed at a press conference in London as to whether an efficiency-drive would result in job cuts or staffing changes, Schaper reiterated the firm is “in expansion mode” and insisted that having top technological capabilities will enable Victor to compete on a global scale.
“We’re not looking to mirror some of the legacy firms that are out there,” he said. “We’re trying to create a very efficient enterprise that has interesting roles for people in this changing world of insurance. We’re really looking forward to taking Victor to the next level and we think we have a tremendous opportunity to do so. As a global organization, we want to change the game and bring a difference to the industry.”
