TigerRisk head count up 20% in 2020 amid broker consolidation
TigerRisk has already grown its headcount by 20 percent in 2020 and the reinsurance broker expects to add yet more staff to its roster by the end of the year as it takes advantage of the significant consolidation among its rivals to broaden its footprint.
“We’ve grown by about 20 percent, and we expect that to continue to grow as we finish off this year and move into 2021,” Wade Gulbransen, TigerRisk’s head of North America, told The ReInsurer.
“I expect that number to rise even further as we garner more talent and bring more people into the Tiger organisation and family. We’ve certainly been focused in North America and London, but I can see that growth expanding beyond that,” he said.
“Our efforts have been focused on growing our team, and our areas of expertise, and simply put, we’re trying to attract the very best people in the industry,” he added.
The consolidation that has already taken place will help fuel that growth, as will prospective deals that are on the horizon. Individuals and teams may look for new starts, and Gulbransen suggested that clients are looking for alternatives to some of the larger companies.
“Clients are looking for alternatives and more avenues of having partnerships, and we at Tiger are naturally in a great position to take advantage of that changing environment,” Gulbransen said.
“People are looking for choice, people are looking for different ideas,” he said.
With reinsurance broker consolidation having placed much of the market’s distribution into the hands of a select group of intermediaries, limiting the amount of choice available to clients, Gulbransen reiterated that opportunities will come from this shift.
Consolidation helps foster innovation, Gulbransen said, and pushes the industry to become better and more efficient.
“It challenges technology [and] it challenges how we think about packaging risk,” the executive said.
“While there are disadvantages of consolidation, I think it can bring out some of the best in new ideas and thoughts around how we should structure [business] and be the industry we want to be as we continue to look towards insuring risks of the future.”