Addressing over 200 insurance professionals at the 2014 Brokerslink Global Conference, XL Group’s CEO Mike McGavick threw the spotlight on the audience highlighting the collective influence of the Brokerslink network on driving the insurance market to adapt and address the challenges facing it.
With over 70 countries represented in the room, Mr. McGavick delivered a clear message: “Globalization and regulation provide us with a challenge when supporting global companies. Increasingly our clients and their risks are not neatly contained in one territory, governed by one regulator; any company trading over the internet has a global exposure.
“But we must find a way to respond to new exposures and overcome the challenges, because it’s only going to get tougher and not delivering is not an option.”
In keeping with the conference theme, "Seizing the moment: creating a unique alternative", Mr. McGavick turned to the issue of third party capital and its impact on the insurance market. “I view this capital coming into our industry as an opportunity, not a threat. Supported by analytics and our deep understanding of risk, we must be adaptive in finding ways to use this capital to cover the long list of new and increasingly technology related risks to respond to the unmet needs of a global economy.”
Mr. McGavick concluded: “Being adaptive is key to survival. As brokers in a market with high levels of consolidation, you know this all too well. That is why Brokerslink, as one of the largest groups of independent insurance brokers in the world, is so important to the continued health of the market. We recognize that this alliance has, at its heart, a solution centered approach and that’s why I am here. Today Risk Managers and their boards are looking to you, their brokers and us, the underwriters, for answers. And here lies our opportunity, let’s take it.”
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.