71 Clarendon Rd, Watford WD17 1DS, 4th Floor, 52-54 Gracechurch Street, London, EC3V 0EH
Treaty reinsurance, management liability, professional indemnity, sureties and bonds
Executive director – Tom Bailey
Tempo Underwriting – Everything you need to know
About Tempo Underwriting
Tempo Underwriting is a multi-line, multi-region MGA headquartered in London, which focuses on niche speciality lines. As a provider of speciality lines (re)insurance, Tempo underwrites risks exclusively on behalf of risk carriers.
Tempo Underwriting is a Lloyd’s coverholder, a full member of the MGAA and has been awarded the Corporate Chartered Insurer designation by the CII. Tempo’s core lines of business are treaty reinsurance, management liability, professional indemnity, sureties and bonds.
The history of Tempo Underwriting
Tempo Underwriting was initially formed in 2012 and was founded with the vision of becoming an underwriter-led, multi-line MGA focused on speciality lines business. According to Tempo Underwriting, the business was formed mainly due to demand for the services it offers in the world of speciality (re)insurance underwriting including:
- The increased demand for better work environments by underwriters.
- Carriers becoming more open to a broader variety of delegated authority underwriting opportunities due to increased pressure on profitability in core businesses.
- The increasing investment requirements, timescales and risks of setting up new insurance entities due to ever-growing regulatory requirements.
In its first year of business, the MGA became authorised by the FCA and launched its marine & aviation treaty team. Over the next eight years, the company reached many milestones included achieving its Corporate Chartered Insurer status, and launching its D&O team and its professional indemnity team.
The team at Tempo Underwriting
- Executive director - Tom Bailey: Bailey is a founder of Tempo Underwriting and, in his present role, is responsible for carrier relationships and business operations within the business. He has worked in a variety of roles within the insurance industry from broking to technology to operations and was previously MD of Catex Europe where he was responsible for the management of burgeoning MGAs, brokers and carriers.
- Finance director – Sean McDermott: McDermott is also a founder of Tempo and is responsible for the business’s financial oversight. As a chartered accountant with a specialisation in insurance restructuring and acquisitions, he has significant international experience having worked on a variety of international transactions and restructurings.
- Claims Director – Jeremy Fall: Fall is a Fellow of the CII and has worked with claims for the majority of his career, becoming highly skilled in managing contentious disputes, litigation, arbitration and mediation. He is also the founder and CEO of Quest Consulting London Ltd, which provides run-off services to insurance and reinsurance companies.
CSR at Tempo Underwriting
Tempo Underwriting is underpinned by several values which reflect the way in which the business operates and behaviours both internally and within the context of wider society. Some of these values include:
- Service excellence – Tempo Underwriting strives to deliver the best service possible inside and outside the company, and pledges to continuously monitor and improve the quality of its performance.
- Empowerment and accountability – Tempo Underwriting believes that empowering its people allows it to make informed decisions as quickly as possible, and to take responsibility for their actions. Due to its flat organisational structure, underwriting heads have P&L accountability.
- Integrity – This is imperative for the business which aims to always do business the right way for its clients, colleagues and business partners, and to continuously build on its reputation of trust, quality, professionalism and experience.
- Innovation – Tempo Underwriting encourages its people to develop unique and innovative solutions which are capable of enhancing the business’s products, services and processes and add value to customers and partners.