Best Reinsurance Broker for Innovation (revenues of less than $1bn) winner: JLT Towers Re

JLT Towers Re, the reinsurance arm of JLT Group, was rated highly throughout the survey and received numerous positive comments.

The broker was particularly applauded on its innovation within the insurance-linked securities (ILS) market. One respondent said that the broker offered “creative solutions with collateralised markets and cat-bond lite structures”.

A number of respondents commented very positively on the merging of Towers Watson’s reinsurance broking business and JLT Re. One respondent said: “The merger created an excellent combination of client centricity and analytical capabilities.” Another commented that the team have “learned much from the consulting/modelling side and brought it over”.

Structured products, great tools and the willingness to look for alternative solutions were also listed as reasons for commending the company.

The broker was also commended by one respondent on its “ability to deal with a particularly demanding client in differing ways to ensure presentations are made to market as quickly and efficiently as possible”.

Beach & Associates clinched second place with 6.476 out of 10. The broker, set up by Jonathan Beach in 1988, provide services mainly for large US and international property and casualty commercial lines insurers underwriting specialty lines insurance products.

The broker was praised on its innovation by a number of respondents. One said: “Beach & Associates have provided new solutions and continue to suggest alternative methods of protection.”

The team at the broker, while offering good technical knowledge, provide an innovative and personal service, according to a number of respondents.

BMS took third place with a score of 6.45. Founded in 1980 as an independent specialist US treaty reinsurance broker, BMS now operates from locations in London, Bermuda, Sydney and North America.

The broker was commended on its experience in the market and its relationships with reinsurers as it continues to come up with new ideas.

R K Harrison secured fourth place with a score of 6.36, and Holborn followed into fifth place with a score of 6.33 out of 10.

Founded in 1882, R K Harrison is the UK’s largest employee-owned, independent broking business. The broker received a multitude of praise for the innovativeness and experience of its team and the agility with which they act.

Holborn, a broker formed in 1920, took fifth place with a score of 6.33. Chartered by the State of New York as an insurance brokerage firm back in the 1920s, the firm narrowed its focus exclusively to reinsurance broking and continued to grow.

One respondent said that Holborn received his vote for innovation as it has “recently successfully implemented a new web-based transaction system to service clients and markets”.

The companies in the shortlists seen here were selected based on the first stage of the research, conducted via phone interviews and open online polls. Respondents were asked to name three companies they regard highly in this category. They were then asked to give details of why they had chosen these firms.

The shortlist for this category reflects the companies mentioned the most frequently.

The researchers then approached the market a second time and, using this shortlist presented in a random order, asked respondents to score each company out of ten based on how they perceive the firm based on the criteria of this category. It is the results of this part of the survey that are shown here.

More than 500 respondents took part in each part of the survey respectively.

The score shows the average score out of ten that each company received in stage two of the survey.

The shortlist was presented to respondents in a random order.