Monday and Tuesday - Week 4

Week 4 went so fast and I was so busy working out my final presentation that I was unable to have much time to make several posts so I summarized the week in a few late posts.

Monday and Tuesday I began working with my mentor's team - Casualty Risks.  Matthew had me look at a slip regarding a renewal for a risk medical malpractice coverage for Puerto Rican doctors that was getting a slow start.  The slip when created in 2007 was expected to insure a risk of 100 doctors on the new plan.  Only 31 had signed on board and the object to hit 100 doctors on the island was pushed to 2009.  Matthew had drafted a 2008 renewal slip with this information and the both of us went to Lloyds to get the slip signed off by the re-insurers for another year.  Matthew threw the same pitch to each underwriter on the Lloyds floor and we got the renewal approved by all the syndicates that had originally signed on.  The only complaint we come from the Beasley box that had a 50% line and they stated they were going to sign on again but if the 100 doctors quota was not met in 2009 then he would no longer waste his time with such a slip.  

From a Marketing standpoint Matthew did an excellent job of portraying his company.  He had a good grasp of knowledge regarding the slip which allowed him to answer any questions the underwriters had for him.  He told me that BMS has an excellent reputation and portfolio in Lloyds and that comes from employees and brokers putting lots of effort learning and studying the cases they present to Lloyds in their slips. 

Tuesday we ate lunch with a  Lloyd's underwriter and got to sit at the box and see how busy Lloyd's can get in a matter of seconds.  We learned about the liabilities associated with Lloyds underwriters and the vigorous training associated with underwriting.  It wasn't really my cup of tea but the underwriter we met was Canadian! - his english sounded American which helped me in my dream of perhaps some day working in Lloyds.  

Much more to come soon...