Peninsula Underwriting Limited (PUL), part of the Callaghan Insurance Group, and a leading Gibraltar-based insurance intermediary specialising in Property and Casualty as well as Financial and Professional Lines insurance, has recently appointed a new Head of Underwriting and Director: James Andlaw.
James was born and brought up in London, but with both parents being Gibraltarian, spent all of his holidays during his formative years here on the Rock along with his extended Gibraltarian family. James relocated to Gibraltar with his family at the beginning of this year, and brings with him a wealth of experience having been underwriting Financial Lines insurance for more than a decade, and working in the London insurance market since 2002.
Having held senior underwriting and managerial positions within large insurance firms, QBE and Zurich, and more recently a Lloyds Syndicate start-up, Probitas 1492, James brings both London market and international commercial underwriting experience to PUL and further strengthens their experienced team.
Q: How is work and how are you enjoying Gibraltar?
A: There is so much happening here it is very exciting. With the Government of Gibraltar and the Financial Services Commission’s introduction of the Distributed Ledger Technology Framework and regulations at the beginning of this year it is evident that Gibraltar is way ahead of the game and has quickly emerged a leader in the Blockchain, DLT, Fintech space. Gibraltar is agile, and innovative, and able to adapt and make change quickly.
‘Quickly’ is the operative word. With the speed of technological developments and the eruption of new businesses in this fast-moving sector, Gibraltar too has responded quickly resulting in many of the more reputable start-ups seeking regulation wanting to establish themselves here in Gibraltar. This will be further accelerated with the imminent introduction of the Token Regulations that cater for ICO’s. It is fair to say all parties involved are very busy, but pulling together to succeed.
Q: How does insurance play a part in this fast moving space?
A: Even though the underlying technology facilitating these business has changed, the need for businesses and their executives to bolster their risk management practices and protect themselves hasn’t. Traditional and newly emerging commercial risks can be mitigated with viable insurance solutions, and is further supported by the requirements under the Gibraltar DLT regulations that stipulate the need for entities to be covered by adequate insurances.
Company directors and officers operate in an extremely difficult and complex environment from a corporate, legal and regulatory perspective – particularly in areas such as corporate governance, trading standards and health and safety. The increase in corporate and cyber fraud and a growing compensation culture means the need for protection has never been greater, especially in the Fintech space.
Q: How does PUL play its part in this exciting space?
A: The key covers to protect businesses, the individuals running the businesses and their customers, include: Professional Indemnity, Directors and Officers, Crime and Cyber. It is important, however, to highlight that the general appetite of insurers in this space is limited. PUL have invested in people and collaborated with industry leaders in London, Paragon Insurance Brokers, who specialise in Financial and Professional lines insurance and the Fintech space, and we are working tirelessly to educate insurers about the regulations, those involved and significant due diligence undertaken to protect Gib plc, to ensure that we can consistently provide insurance solutions that cater for business risks and satisfy the regulatory requirements. I consider PUL to be insurance leaders in the Blockchain, DLT, Fintech space here in Gibraltar.