More than 300 insurance professionals are meeting in Philadelphia this week in an effort to promote business opportunities between the UK and London markets.
The CHART (Cover Holders and Risk Takers) Exchange, which runs October 12-14 at the Pennsylvania Convention Center, was created to allow London risk takers to meet US-based insurance agencies and cover holders and to support dialogue and information-sharing between the two markets.
The inaugural event will feature speakers, panel discussions and more than 40 workshops addressing topics like regulatory compliance, the Lloyd’s of London coverholder appointment process, marketing and social media, standard and surplus lines licensing, technology and new product submission strategies.
A “Shark Tank”-styled competition will also take place, giving attendees an opportunity to submit new product ideas for a chance to win $10,000 in funding. That event is being sponsored by Iris Insurance Brokers Ltd, a London-based specialty program broker that works with existing, new and potential coverholders to develop and place business with Lloyd’s syndicates.
Finally, Mark Cloutier, CEO of
Brit PLC since 2011 and a member of the Lloyd’s of London Franchise Board, is scheduled to address the theme of the event – “Interdependence.” In keeping with that theme, all of the CHART-Exchange attendees will sign a ceremonial “Declaration of Interdependence.”
Attendees include risk takers from a number of Lloyd’s syndicates, US coverholders, domestic insurance agencies and vendor partners.
Glenn Clark, owner and president of Rockwood Programs and earliest adopter of the CHART-Exchange expressed excitement and positivity about the new event and what it means for transatlantic industry development.
“CHART was established to facilitate open dialogue among London risk takers, existing coverholders and US-based insurance agencies. The goal is to bring together these decision makers to develop ideas and products, establish new relationships, and promote peer-to-peer networking,” Clark said. “We are excited about attendees exploring new business opportunities, interacting with each other and expanding their skill-set in our informative workshops.”
Lloyd’s provides specialized coverage for complex risks not typically provided through normal channels, and is the largest excess and surplus lines insurer and reinsurer in the United States. Almost 40% of Lloyd’s global business comes from the US, accounting for $14.6 billion in premiums last year.
