CUO (Chief Underwriting Officer) For a Large Lloyd’s Managing Agent

Our client is one of the larger Lloyd’s syndicates, writing nearly £2bn GWP annually. Their operations span key business lines including property, casualty, marine, energy, specialty, and reinsurance, each led by experienced divisional heads. However, after years of unsatisfactory loss ratios, the syndicate faced increasing pressure from group management and the regulators to deliver evidence of systemic change. The need for transformational leadership at board level became critical to addressing these challenges and rebuilding confidence.

The newly appointed CUO would play a pivotal role in overseeing the underwriting portfolio, driving turnaround strategies, and re-engaging key brokers. As the sole underwriter on the senior leadership team, they would sit on the executive committee, chair the underwriting committee, and contribute to the risk and audit committees. This unique and complex mandate demanded a leader with exceptional technical skills, a proven track record in underwriting turnarounds, and a forward-thinking leadership style capable of modernising distribution practices and building a cohesive team culture.

The syndicate’s poor performance and declining brand reputation presented a significant obstacle in attracting high-calibre talent. Additionally, the CUO needed to have not only technical excellence but also the ability to navigate complex regulatory environments and unify divisional leaders under a cohesive strategy.

The position required expertise in areas such as pricing, modelling, reinsurance buying, delegated underwriting, and strategic account management. Cultural transformation was another critical factor, as the organisation sought a leader who could balance humility with ambition and foster a collaborative, results-driven ethos.

The search had to be conducted with the utmost discretion due to the sensitive nature of the assignment and the potential instability it could cause amongst the existing underwriting population. The client needed a process that could deliver the right talent without risking leaks that might harm the organisation’s standing in the market.

• We conducted extensive global research, identifying companies that had successfully delivered underwriting turnarounds over the past decade.
• We analysed each case to determine whether success stemmed from leadership, teamwork, or external factors such as market conditions.
• We engaged with a wide network of industry experts, including heads of casualty, specialty, and innovation at leading insurers, brokers, and regulatory bodies, to gather nuanced insights into potential candidates and their achievements.
• We built a candidate pool of 86 individuals from Bermuda, London, Munich, Zurich, Singapore, and other key global hubs.
• We developed a narrative to address brand concerns and effectively communicate the syndicate’s vision for transformation. This involved close collaboration with the client’s senior leadership to ensure we were aligned on messaging and strategy.

• The candidate pool represented diverse geographies and expertise, with individuals sourced from Lloyd’s managing agencies, global insurers, brokers, and consultancy firms.
• Candidates included CUOs, active underwriters, directors of underwriting, division presidents, and heads of pricing and analytics, ensuring a broad spectrum of expertise.
• Of the 15 candidates presented, 12 were shortlisted for further scrutiny by the client, resulting in seven being approached for initial conversations.
• Damhurst conducted in-depth meetings with all seven candidates, none of whom were actively seeking new roles. However, once we articulated the scale of the challenge and the client’s commitment to investment and change, all expressed keen interest.
•  Five candidates progressed to client interviews, with three rounds leading to the selection of an exceptional leader who aligned with the role’s technical demands and cultural aspirations.

The appointed CUO brought a remarkable track record of portfolio turnarounds and underwriting optimisation, delivering immediate and sustained impact. Within months, the CUO had implemented significant cultural and operational changes, driving improvements in key areas such as aviation, property, and proportional treaty. Broker engagement was revitalised through modern relationship management strategies, and the organisation began to see meaningful improvements in profitability despite challenging market conditions.

Damhurst’s comprehensive candidate pool not only helped the client secure the ideal leader but also offered valuable insights into the level of change achievable and the cultural shifts required for long-term success. Following the appointment, Damhurst was further engaged to build out key underwriting divisions, enhance the risk function, and support other critical board-level initiatives.