The Worshipful Company of Insurers The Insurance Hall 20 Aldermanbury London EC2V 7HYT: 020 7600 4006 E: clerk@wci.org.uk www.wci.org.uk

Master Bronek Masojada | Senior Warden Graham Dickinson | Junior Warden Andrew Hubbard | Clerk Sarah V M Clark

Except where specifically stated, none of the material in this issue is to be taken as expressing the opinion of the Court of the Livery. Our thanks to David Worsfold, Guest Editor. Contributions in the form of letters, news of members, comment and opinion are invited and should be sent to the Clerk at The Hall.

Spring 2014

ReviewThe Worshipful Company of

Insurers

WCI promoting insurance as a force for economic and public benefit

Creating networking opportunities

Reaching out to the next generation Supporting professional education

Contributing vital charitable help Supporting our Armed Forces

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Bronek Masojada, who was installed as Master of the WCI in October, talks about his ambitious agenda of Reflection and Renewal in conversation with David Worsfold.

“We may not be an ancient Livery but we are a very well established modern company. Our drive this year to be granted a Royal Charter is an important rite of passage and gives us the opportunity to reflect on what has been, and to renew our organisation in the future”.

A key element of that renewal process is to raise the profile of the Company and with it the insurance industry as a whole: “The livery company has been valuable for people within the Company but it has lost visibility within the industry. The founder members were the movers and shakers of the industry at the time and that gave it a more prominent role in the industry thanit has had in the last decade.

“The challenge is to create a newrelevance to today’s industry and to today’s movers and shakers so we can become the pan-industry body for individuals. When WCI started it was broadly representative of the industry with life, general, brokers and the service side all identifying with it. Now we are strong in the general insurance market and service provider side but not in the wider industry”.

This requires the Company to look at the way it does things, the language it uses and the how it engages with the wider industry, he said.

“Openness is key if we are to attract new members. The current membership drive will only succeed if we explain what roles people can play in the Company and encourage volunteerism.”

The challenge goes far beyond the language used: “We don’t explain very clearly how the company works and what the different roles within it are. It might make sense to people already inside the tent but it means little to the people outside who we need to attract. A simple briefing pack for new members – written in clear English – will go a long way to address this.

“We also need to look at the way our committees operate. Things shouldn’t be forever with people on committees for life. Unless you have a turnover on the committees you don’t get fresh ideas”, he said. Alongside this he has encouraged the company to move the committee meetings to times that are convenient for those still working full-time.

An ideal opportunity over the last year to harness the experience and knowledge of Past Masters and others has been the work necessary to prepare and apply for the Royal Charter. This has been the catalyst for a thorough review of the governance of the company.

Looking beyond the internal renewal work, he highlights the Independent Non-Executive Directors’ Forum (iNED) launched on the initiative of the Past Masters Tim Ablett and Rick Hudson: “I think that it is brilliant. It’s relevant, it’s engaging members of the livery and people from outside the livery. The meeting in the autumn attracted people from all sectors of the market and was a huge success”.

He is keen the momentum created by the launch of iNED is harnessed: “I’ve asked a group of members and non-members to create one for women”.

“The principal aim of the WCI Women’s Forum will be to provide a receptive environment for women of all ages,

In conversation with Bronek Masojada

from across the insurance industry, to meet to discuss matters of interest from an insurance and also a diversity and inclusion perspective”.

He has also initiated discussions about creating an “Insurance Week of Giving” to highlight the huge contribution the industry and the Company make to wider society: “If we all focused our charitable activities into one week of the year it would make a significant impact and help raise the profile of the insurance industry. I have seen it work well in the US where it creates an opportunity for the industry to engage with wider community and show what it is doing that is over and above its business role”.

He concludes by returning to the need for renewal by stressing that this is being built on firm foundations: “Because I am not a Brit, because I am an immigrant I genuinely value some of the traditions and see how they are important. They enable us to contribute to the life of the City and the infrastructure that supports the financial services sector. This is vital in promoting London as a major financial centre. I want us to continue to do that as a modern, forward looking company”.

The Master, Bronek Masojada, Senior Warden, Graham Dickinson and Junior Warden Andrew Hubbard were installed in October. The Company also installed Court Assistants Keith Alderman, Tim Carroll, Angela Darling, Nick Dunlop, Terry Hayday, Terry Masters, Barbara Merry and Trevor Newbery and Court Liverymen, Reg Brown and Muir Stratford.

New Court Assistants installed

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Spring 2014Review

The first Independent Non-Executive Directors (iNED) Forum held during the autumn attracted a bumper attendance to hear Julian Adams, deputy head of the Prudential Regulation Authority, talk about ‘The Regulatory landscape for Insurers and what the PRA expects of Insurance iNEDs’.

The forums are organised by the Company’s new iNED Committee, chaired by Terry Hayday, established on the initiative of Immediate Past Master Rick Hudson. The aim is to run series of educational forums that will enhance the professional development of Non-executive Directors (iNEDs) across the UK insurance industry. The forums are open to all members of the livery and others engaged in insurance, particularly those from the London insurance market. The iNED Forums will normally be held three or four times a year and will comprise educational presentations, platforms for the exchange of ideas and

iNed Forums make their debut

Every month – on the first Friday – an informal Livery lunch takes place at the City University Club in Cornhill.

These are an ideal, inexpensive opportunity for members and their guests to meet in an informal setting.

They are part of a range of social and networking events organised by the Livery Committee under the chairmanshipof Nick Dunlop (pictured), details of which appear in the WCI’s regular e-bulletin.

Informal networking the theme for Livery lunches

opportunities for networking. Emphasis will be placed on providing practical help for existing and aspiring NEDs, along with their executive board colleagues and their compliance community.

As part of this initiative, the Worshipful Company of Insurers hopes to develop and publish guidance that will provide practical help for those in insurance boardrooms across both the general insurance and life sectors.

Royal Charter aim for WCI

The ultimate accolade for a professional body is to be granted a Royal Charter by Her Majesty the Queen. A Royal Charter is a recognition by the monarch of a body’s professionalism and quality.

The Chartered Insurance Institute is one such body and an increasing number of Livery Companies have also received, or are applying for, a Charter.

The Court of the WCI has decided that the Company has reached the point where it would be appropriate to seek a Royal Charter, to recognise the Company’s professional standards and the work that it does in the insurance industry and the community. The Charter documents were approved in principle at Common Hall in October. The documents now require approval by the Lord Mayor and Aldermen of the City before they are submitted to the Privy Council Office, which advises Her Majesty.

It is hoped that Royal approval will be granted later this year.

Women in the City Award

The WCI endorses the insurance sector of the prestigious Women in the City awards, and we were delighted to hear in October that Sarah Turvill, Chairman of Willis International, had been recognised for her career achievements and support for women in the insurance industry with Women of Achievement Award for Insurance Services.

The Women of Achievement Awardsrecognise remarkable female executives who, in addition to fulfilling a demanding role, are making sure that other skilled and intelligent women

are being supported to remain and progress in the workplace.

Both last year’s winner, Jacqueline McNamee of Chaucer, and the previous year’s winner, Claire Bowler, of DWF are members of WCI.

Sarah Turvill (left) with Amanda Blanc, a previous winner of the overall Woman of

Achievement Award

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Terry HaydayJulian Adams

Brokerage Citylink: promoting young talent

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The WCI has a long standing affiliation with the Royal Navy which was brought into being under the guidance, perseverance and inspiration of two Past Masters, Roger Taylor and Tony Lancaster.

The WCI has been exclusively affiliated, (which is rare in recent times due to the reduced numbers of Naval vessels) to HMS Edinburgh, a picture of which is proudly displayed in the Clerk’s office.

We have, through the affiliation, been granted ”time at sea”, with over 40 of our members seeing her and her crew in action, and each year have presented to the highest achieving rating a tankard for which there is intense competition as the award is held in great esteem. HMS Edinburgh’s crew have also supported the WCI in our annual quest to win the Inter Livery Yacht Race.

The Company has two charitable trusts that support the work of a wide range of good causes every year.

These include educational initiatives such as Brokerage Citylink (see this page), The Mansion House Scholarship Scheme, City schools and prizes for success in Chartered Insurance Institute exams. In addition, the trusts grant-aid other organisations such as Whizz-Kidz, St Paul’s Cathedral Foundation, the City of London Festival and the City Mission as well as the Guildhall School of Music and Drama and the armed forces (see pages 5 and 6).

WCI’s charitable support reaches many good causes

The Company is proud to support talented young people from disadvantaged backgrounds, to help them establish careers in the City.

One of the key vehicles for achieving this is Brokerage Citylink, and the 4th. Annual Reception and Networking Event was held in July. The Guest of Honour, Sheriff Nigel Pullman, was generous with his time, mixing with the students and hearing first hand about their hopes of a City career.

Liveryman Reg Brown, our link with Brokerage Citylink, gave an excellent speech at the Reception, and in reply

In 2013 we witnessed the decommissioning of HMS Edinburgh, a very moving ceremony during which the captain made several references to the WCI and expressed great appreciation for our involvement with the ship and her company.So where are we today? We have been granted a further exclusive affiliation to HMS Audacious, an A class submarine currently nearing completion and which will be hometo 98 crew when in service.

Her nuclear reactor will not need to be refuelled during the boat’s 25-year service and she can replenish her air supply and purify water while submerged, which will allow her to circumnavigate the planet without resurfacing. She will carry a mix of 38 weapons including torpedoes and Tomahawk cruise missiles.

The Company is now affiliated to one of the most powerful ships in the Royal Navy and as soon as the appointment of the Captain is made we will be arranging visits to the yard to see her under construction. This will be open to all members, though obviously numbers will be limited. We also hope to arrange trips after her sea trials, but due to the highly classified nature of her work these will be limited.

The WCI extends its support of the Royal Navy

The Mistress’s event at the Royal Opera HouseThe Mistress Mrs Anne Hudson (pictured) was delighted to host her event in Covent Garden in May.

Ten ladies lunched in operatic style, surrounded by vintage furnishings from the Royal Opera House. The party then had a private tour backstage of the Royal Opera House and were entranced to watch the Royal Ballet’s principal dancers warming up. Court Ladies were thrilled to visit another corner of hidden London and declared the day a great success.

Josh Oluwafemi and Helen Williams, both placed at Beazley in the summer of 2013

he was congratulated on receiving the prestigious Achievement Award at the British Insurance Awards 2013.

CII prizewinner Zoe Thompson

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Spring 2014Review

The WCI’s support for the armed forces includes the 265 (Kent and County of London Yeomanry (Sharpshooters)) Support Squadron (Volunteers) and 71st (City ofLondon) Yeomanry Signal Regiment.

During 2013 three soldiers from the Sharpshooters served in Afghanistan and the WCI donated £500 towards the cost of the parcels which are sent out monthly. The money has gone towards the cost of buying the boxes and wrapping paper and filling them with an extraordinary variety of items including baby wipes (an essential bit of kit for cleaning away sand), travel games, sweets, nuts, coffee, sugar, memory sticks, shower gel, razors, toothpaste and toothbrush, non-water soap, blank CDs, DVDs and books. Each box also contains a card which says the following: ‘The contents of this box, which is the gift of The Worshipful Company of Insurers and comes with their very best wishes, has been packed by members of the Kent and Sharpshooters Yeomanry Association.’

Tragically, James Dunsby, the third reservist to die following the highly publicised training exercise accident for the SAS in the summer was one of our Sharpshooter soldiers. Cpl James Dunsby, age 31, died in Queen Elizabeth Hospital, Birmingham on 30 July having collapsed during a hike in the Brecon Beacons on 13 July. James had served with our Sharpshooter affiliated squadron C (KSY) Sqn Royal Yeomanry, as well as with A (RWY) Sqn of the Royal Yeomanry in Afghanistan.

The Company plays a full part in thelife of the City, supporting its manycivic activities and proudly promotingthe insurance industry.

The Company was delighted to welcome Alderman Sir David Howard Bt, Representing the Lord Mayor and Lady Howard, and the Principal Guest, Lord Hunt MBE and Lady Hunt.

Taking our place in the City Civic

Soldiers from C Sqn Royal Yeomanry on deployment in Ex Askari Thunder (Kenya)

Golf Society clocks up a winning firstOne of the many networking opportunities under the wing of the Company is its golf society – WIGS.

2013 was a successful year for the society’s golfers as for the first time they entered a team in the Marketors Company ‘Ryder Cup‘ event at Verulam Golf Club, St Albans and won! Each team of four played one round during the popular two-day event and the WIGS team of Tony Lancaster, Paul Hosking, Ian Chippendale and Terry Sparkes emerged as winners. The WIGS annual meeting saw the usual large gathering of golfers from the Company at the New Zealand Gold Club in Addlestone, Surrey. Alan Turner was elected as Captain and issued an invitation to members of the Livery – especially Ladies – who play golf to get in touch and join the society.

Sharpshooters

At the time of his collapse he was undertaking part of the gruelling tests for those who join the Special Forces. Originally from Tasmania, James worked as an analyst for the MOD and was a visiting Fellow to Pembroke College, Oxford. James was buried in St James’s Church, Trowbridge on 15 August with full military honours. Our thoughts and prayers are with his family.

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One of the many pleasures of being a Clerk, especially one to such a thriving, forward-looking modern Livery, is the marvellous variety of the role: splendid events, meetings, City Civic contacts, new member recruitment, care of our treasures, support of our charities, and the day to day contact and support of our members in making the most of their involvement with WCI.

On joining WCI in 2011 one of my ambitions was to support the Court with their aim for the Insurers Livery to achieve greater recognition and influence in the City Civic. Much has been achieved but we have more to do.

In achieving our all objectives the lead role must always be taken by our Committees. We, the ‘Clerk’s office’ support the work of the Committees. We have limited resources (‘we’ are

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less than the equivalent of two people); however, we are an ‘A’ team and in October 2013 I was delighted to welcome a new member, Cheryl Pardey, as our new Accountant. Cheryl works for us for one day a week. Our Assistant Clerk, Kristy Tunstall, continues to focus, with admirable charm and efficiency, on our membership support and Company events. Kristy joined us in May 2012 and works for us on Wednesdays and Thursdays.

A very important aim is to provide an excellent service to our membership, to organise top quality events for members, family and guests and to help members to make the most of their membership. In signing off may I urge all members to respond to our Master, Bronek Masojada’s invitation: volunteer, become properly involved, enjoy your Company!

The Clerk’s Column

The Company has a close association with the City Guild Church of St Lawrence Jewry Next Guildhall and the Guild Vicar, Canon David Parrott is Chaplain to the Worshipful Company of Insurers.

The Company makes an annual grant of £2500 from its charitable funds to support the work of St Lawrence.

Support for St Lawrence

The Company’s Great Events

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Winter Lunch - 2013 The Master, Rick Hudson, Alderman Sir Robert Finch; Junior Warden, Bronek

Masojada and Past Master, Michael Bewes

Mansion House - 2013 Past Master, Mike Cooper-Mitchell, his lady and guests

Winter Lunch - 2013 The Master, Rick Hudson and Prize Winner, Heather Pugh

Mansion House - 2013 Court Assistant, Ian Richardson, his lady and guests

Installation Dinner - 2013 The Master, Bronek Masojada, Mistress, family and guest

Mansion House - 2013 Liveryman, Branko Bjelobaba and guests

Installation Dinner - 2013 Andrew Hubbard, Junior Warden and his lady

Winter Lunch - 2014 Senior Warden, Graham Dickinson with his wife and fellow

member, Ms Claire Bowler

Spring 2014Review

The Company lost four of its most prominent and dedicated supporters during 2013.

Tim Ablett, Past MasterFrom the moment we shared the same Freedom ceremony at Guildhall, I was in no doubt that to know and be a friend of Tim Ablett was a privilege and that it would be fun.

From that first meeting it was clear he had a vision for the WCI and that he was there to serve the Company in any way that he could. Once on Court, Tim threw himself into the management and direction of the company and was instrumental in raising the profile of the Company and leading new and highly relevant projects linkedto the Charities.

A tireless worker on behalf of the company and with an unmatched generosity of spirit, he was destined to make a great success of his Mastership of the Company.

We will all have our personal memories of his year as Master, be they his highly successful Installation Dinner and opening speech committing us to a year of fun; his hard work assisting our new Clerk settle into her role; championing the role of women within the City Civic and our Company at the Mansion House and his work with our Chaplain looking at waysin which our Livery could best supportour church at St Lawrence Jewry.

Being Master of our Company filled Tim with enormous pride personally and he ensured that he represented the Company to the highest of standards culminating in his joyous participation in the celebration of Her Majesty’s Diamond Jubilee luncheon at Westminster Hall where he hosted a group of students from our nominated charity, Brokerage Citylink.

Graham Dickinson, Senior Warden

John Scott Greig,Past Master andFounder MemberJohn Greig’s career in insurance began in 1950 when he joined WT Greig Ltd, the modest but influential firm of international reinsurance brokers founded in the twenties by his father, Walter. Initially John assumed responsibility for the firm’s early contacts in Argentina

Obituaries and in Latin America but soon began to develop a broader vision for the company which would see it transformed into a major industry force. He became Chairman on the death of his father in 1973 and in 1974 successfully orchestrated the merger with the old established business of Fester Fothergill and Hartung to create Greig Fester.

John was elected to the Council of Lloyd’s, against considerable odds, in 1986, when Lloyd’s manifold problems were coming to a head. It was entirely in character when he resigned in 1989 in response to the Neil Committee recommendations for a reduction in the size of the Council. In the 1991 Council election, however, he topped the poll.

John was one of the founder members of the Worshipful Company of Insurers and became Master in 1992 and launched the Company’s first initiative on Ethics, which has proved the foundation of all the work on this subject subsequently undertaken by the Company and the Chartered Insurance Institute. John retired as Chairman of Greig Fester in 1995 and retained his seat on the board until the Company was sold in 1997 to become Benfield Greig.

Sadly, John’s retirement years were marked by the progressive impact of Parkinson’s disease, which he bore stoically but which weighed heavily on him and those around him. He never lost interest in the progress of his old company and his former business friends and colleagues, and was delighted when surrounded by many of them he was honoured by the Livery at a lunch early in 2010 when he received the Founder Master’s Award. It was one of his last public visits to the City, where he worked for almost 50 years.

Dieter Losse, Past Master

Peter Henry Purchon, Past MasterPeter Purchon was a distinguished and valued member of the Company for 33 years. He joined Royal Insurance at the age of 16 following in the steps of both his father and grandfather, serving in Leeds, Harrogate and Manchester. At the age of 19 he joined the Army to do his National Service and commissioned into the RASC, serving with the Amphibious Warfare Division, where he learned to sail. While at Manchester Peter joined insurance broker Matthews Wrightson and in 1972 he moved to Kingston upon Thames as

Managing Director of Stewart Wrightson UK. Subsequently he became Chairman of Stewart Wrightson’s UK Division based in the City and for the next 20 years was regarded as one of the leading brokers in the City of London. In 1987 he became President of the Insurance Institute of London and President of the Chartered Insurance Institute in 1990. He was an extremely active and popular Master in 1998 who did much to ensure that this Livery played its full part in the life of the City Civic. An able and effective communicator, he combined these personal skills with a clarity of thought and a determination to get things done.

Highly successful in his business career and his public life, Peter Purchon was much more. He was a dedicated and devoted family man and a friend to many. He married Sylvia in 1957 and for over 50 years they were very much a team both in their public and private lives. With son Simon and daughter Claire together with grandchildren Sarah, James, Jessica and George they were a close knit family unit.

Tom Roberts, Past Master

Paul MaynardPaul Maynard of Willis died on 13 October aged 60. Described as a ‘colossus’ of the industry, Paul worked extensively with many market bodies in recent years, including the WCI, the CII and the AIRMIC and will be remembered for his wisdom, enthusiasm and willingness to put others before his own interests.

Paul joined Willis in September 2006 as an established senior insurance broking professional and became the Chief Placement Officer of Willis UK Retail – responsible for broking, technical standards, training and competence, and the overall market relationship.

“We are all saddened by Paul’s premature passing and there is broad consensus across colleagues, competitors and insurers that we have lost somebody who was uniquely talented. Few people will ever match his contribution to our market in terms of influence, education and fun,” said David Martin, CEO, Willis UK.

Paul was a vice president of both the Chartered Insurance Institute (CII) and the Insurance Institute of London. He was a Freeman of the City of Londonand member of the Worshipful Company of Insurers.

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Stephen Wilkinson Massimo Vascotto Malcolm Newman

Jasvinder Saggu Veronica Wilkinson Rosemary Beaver

Jacqueline McNamee Tony Latham Philip Kennedy

Hassan Karim Richard Ward John Young George Spragg

David Howden Robert Reid Karen Graves Elaine Mason

Martin Campbell Geoff Bromley Jonathan Graham Sean McGovern

New Members2014 The Company has been pleased to welcome new Freemen from across the industry

Vicky Carter