In conversation with Michael Ring, Assistant Underwriter in the Contingency team, we explore how Arch is navigating an increasingly complex risk landscape for events coverage. Michael shares insights on the team’s approach to emerging challenges and how his journey from university graduate to Dip CII qualified underwriter reflects the dynamic opportunities within the contingency market.
Congratulations on your recent promotion to Assistant Underwriter in the Contingency team. How has this new role changed the scope of your responsibilities?
In terms of my day-to-day responsibilities, while I’m still focused on many of the same areas, my role has expanded, with brokers now sending submissions directly to me for both event cancellation and non-appearance coverage. I look at submissions for events across Europe, the US, and Asia, from music shows and entertainment events to sporting events.
In my new position, there is also more hands-on involvement with the underwriting as well as the general account handling and interacting with a wider range of brokers from across our key broking partners. It’s also interesting to be included in some of the more quirky risks that we see.
The contingency risk landscape is becoming increasingly challenging, with evolving exposures such as cyber and climate risks playing a greater role. How is Arch responding to this dynamic exposure environment?
It’s a dynamic marketplace, with a diversity of event types and potential risks, covering an extensive risk landscape. At Arch, we’re always looking for the best ways to overcome evolving challenges. When it comes to climate exposures, we invest in innovative technology and systems to help us evaluate risks more effectively across the world.
The contingency market is relatively small, which enables insurers to be agile and develop tailor-made products. For example, we have created our own cyber product which can be applied to event cancellation and non-appearance risks, and provides clients with broad cover for cancellation, abandonment, curtailment, interruption, postponement or relocation of the insured event resulting from a cyber act or computer system failure. Coverage also includes failure or interruption to third party infrastructure.
Operating in such a market, what does it mean for you as an underwriter when it comes to developing robust and effective solutions?
That is part of the challenge, and what makes working in the contingency arena so interesting. Simply put, our objective as a team is to provide the best possible solutions and service for our brokers and clients. We take a collaborative approach, working with our brokers to spot and fill gaps in the market. For example, Arch IQ, our instant quote and bind platform for event cancellation and liability coverage was developed to provide quick and simple access to complex events coverage for insureds that may have traditionally found it difficult to get this type of protection.
I’m very fortunate to work within a very experienced team who use lessons learnt from the past to help develop products that provide the most relevant and comprehensive cover for clients.
You joined Arch three years ago in your first role in insurance. How did you get into the industry and what’s the best part about your role?
I went to university after finishing school and studied business management, a broad degree that covered subjects such as economics and accounting. When I graduated, I spoke to several of my friends who didn’t go to uni and instead pursued careers in insurance and spoke very positively about the industry, so I decided to take a look at entry-level positions. I was quickly interested by the underwriting side which I felt suited my skill set.
The best part of my role is the variety of risks we see. As someone with a keen interest in sport and music, it’s exciting to gain an inside perspective and support some of the largest global sporting events and music tours.
You are also Dip CII qualified. How important do you see professional qualifications being to your ongoing development and success?
The first few qualifications were very important, as this was my first role in insurance and they helped me better understand what I was seeing in meetings and when reviewing the specifics of policies. I would observe one thing in practice, while also studying the textbooks, which gave me a clearer understanding of the mechanics of the industry. Yes, they can be hard work but I would definitely recommend doing
the CII qualifications to anyone new to the industry as they significantly supported my learning and understanding of the insurance market.
Finally, what would your dream job outside of insurance be?
As a keen sports person, I would have loved to pursue a career centred around football or tennis, the two sports I am particularly passionate about, although I’m not sure I would have been good enough at either! I support West Ham, which is something of a sore subject at the moment…