I run my own business; which is an insurance company. An MGA to be precise (Managing General Agent). Essentially an Underwriting Agency to those in the industry, using the old fashioned (and more accurate) parlance.
What do you do?
Arrange niche terrorism covers for enterprising brokers on behalf of insurers under delegated authority arrangements. Whilst I have a number of areas of expertise and interest, the current project and likely long time specialism and focus will be terrorism insurance solutions in the UK and worldwide.
What do you love about it?
I like creating creative solutions and solving problems clients have. We pride ourselves on flexibility, service and collaboration so coming up with a bespoke solution for a client and enabling a broker to win/retain the business is satisfying. The people in insurance actually tend to be pretty good as well. I have some excellent friends whom I've met through the industry and I've never even done business with most of them. Its an extremely event focus and contact focussed and people centric industry. Deals can still be done at the cricket, on the golf course and in the pub (although its becoming increasingly more difficult to be fair)
What are your stresses?
That you can always achieve more and that its hard not to think about missed opportunities. I tend to think of the phrase 'grant me the serenity to accept those things which I cannot change; the courage to change the things I can change and the wisdom to know the difference'. The problem is knowing you can't change something and having the wisdom is one thing, but the serenity to accept the things you don't like and cannot change is very difficult. You can't turn back the clock! (Although with insurance, you very often get another bite of the cherry the next year)
What size is your business?
Small; maybe £500,000 gross written premium.
How longs it been going?
Could you ever go back to employment?
Yes; but probably more likely actually on a consultancy style arrangement so I suppose I'd still be self-employed. If the right, exciting role came along, I couldn't rule it out, but only of course once I'd exited this vehicle in the desired way and time.