London Market comes together in ‘major’ talent drive

The London Market Group (LMG) has launched its Futures Academy, a collaborative effort of almost 50 London market firms to offer industry exposure and work experience to over 100 Year 12 students. The initiative aims to nurture young talent in an industry where a significant proportion of workers are aged over fifty.

The Futures Academy will host up to 115 students in total.

In the first week, starting July 3, a different broker or underwriter will host the students for a day in their office in EC3. Students will participate in collective activities designed to increase their knowledge of the industry and build awareness of specialty insurance as a career option. The students will then each spend their second week in an individual host insurance business. The fortnight will culminate in a careers’ fair on Friday, July 14th.

The aim of the initiative is to build the profile of specialty insurance as a positive career choice among students at a point in their life when they are thinking about entry level roles, apprenticeships or university, the LMG explained. The long-term goal is to shift the age profile of the London Market, where more workers are aged over fifty than under thirty.

Sean McGovern, CEO of AXA XL UK and chair of the London Market Group, said: “The London market has long needed to advertise itself as a desirable career option for young people entering the workforce. We want to shine a spotlight on specialty insurance as an interesting and exciting place to work. For too long, we have complained about the market’s talent problem. Let this be the beginning of its talent solution.”

Caroline Wagstaff (pictured), CEO of the London Market Group, said: “Every day the London insurance market comes together to pool capital and share risk. This initiative reflects that collaborative spirit as we make specialty insurance a destination career. It is a landmark moment for the industry. I am looking forward to welcoming the next generation of insurance professionals into the London Market, and I hope to see many of them take up careers within our industry in years to come.”

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