INED (Independent Non-Executive Director) For Lloyd’s Managing Agent

Our client is a Lloyd’s managing agent and a wholly-owned subsidiary of a prominent U.S. insurance firm. The syndicate, though relatively small, derives the majority of its premium from six key classes of business. It has cultivated a strong underwriting-focused culture, prioritising underwriting profitability over a growth-driven agenda.

The syndicate’s leadership team is deeply committed to establishing it as a best-in-class entity within the Lloyd’s market, excelling in both performance and culture. Their strategic priorities include optimising the underwriting portfolio, transforming the operating model, and fostering meaningful engagement with their people.

Key challenges included the relatively small size of the syndicate, which may not have offered the level of personal challenge sought by some NED candidates. Its status as a subsidiary could also deter candidates prioritising roles with direct influence at the “top table.”

The chair also aimed to enhance board diversity while including seasoned expertise capable of eventually assuming the role of chair of the Risk Committee. Finally, the selection process had to meet the regulator’s high expectations for the candidate’s quality and experience.

• Damhurst worked methodically through candidate pools in the insurance market and related financial services to identify high-quality, relevant talent.
• We identified over 130 individuals, carefully assessing each one and selecting the most appropriate for client review.
• The longlist presented 11 candidates, nine of whom were female and five whose career was predominantly outside of insurance.
• The longlist included short biographies on each candidate, including third-party validations.
• Five candidates were interviewed by the client, ensuring strong back up to the final choice.
• The client chose two candidates, one seasoned male NED who took on the role of Chair of Audit, and a highly experienced female insurance executive (with no NED experience) who later took on the role of Chair of Risk.

• Both candidates had executive insurance careers with considerable experience in the Lloyd’s and London (re)insurance market and early careers in consulting.
• One candidate had substantial NED experience (including chair and committee chair experience) and was considered a good ‘mentor’ for the other, who had no NED experience.
• Candidates’ broad experience encompassed insurance, finance, legal, actuarial, operations and risk.
• Both were very aligned to the client’s culture and have worked collaboratively with other board members and the leadership team since their appointment.

The campaign was highly successful, attracting a diverse pool of talented candidates. The client ultimately selected two candidates, achieving a balanced and pragmatic solution. One was a highly experienced NED who brought substantial expertise to the board, providing valuable support and “air cover” for an exceptional candidate with no prior NED experience. This approach not only enhanced board diversity but also ensured long-term stability by addressing the future need for a chair of the Risk Committee, eliminating the need for a repeat search in the near term.