Ep186 Todd Davison & Keir Cox of Purbeck Insurance: Introducing Personal Guarantee Insurance
Normally I interview well-known senior executives in the global insurance industry, often with long and distinguished track records and a public persona within our sector, but today I’m talking to two people who I would expect only a few of the regular Voice of Insurance listeners to know. They’re here because I think what they have achieved to date is interesting and genuinely unique and deserves to be brought to wider attention. Todd Davison (Managing Director – left) and Keir Cox (Director of Operations - right) of UK MGA Purbeck Insurance Services are pioneers in Personal Guarantee Insurance. This is insurance looking to cover the personal guarantees that are often required by financial institutions of directors when lending to small businesses. When I first met Keir and Todd and heard what they are doing I loved the idea.Firstly, that I know of, no-one else is doing this and secondly, this idea goes to the core of what insurance does best. Directors running exciting small business are often put off seeking the finance they need to make their growth plans a reality because of these guarantees that are almost always backed by the equity in their homes. You’ve read too many biographies of successful entrepreneurs if you think everyone wants to take that kind of risk. Meanwhile lenders might lend more if they knew an insurer was aligned with them and had done the additional diligence needed to become comfortable underwriting the risk. Here it’s insurance that is the big economic enabler, helping fast-growing dynamic businesses get the finance they need to drive the economy forwards. I like it when we’re the good guys. So listen on and prepare to be enlightened about a whole new class of business that I’m sure will be a standard product in decades to come. Just remember that you heard it hear first from Keir and Todd.NOTES: Some Abbreviations made it through: PCC is Protected Cell Company – these are used to form captives and ILS vehicles, among other things.API is Application Programming Interface – Something that connects different computer systems together.Todd and Keir mention Dean Cox and Neil Wadsworth as key figures in the founding of Purbeck.LINKS: www.purbeckinsurance.co.ukWe thank our naming sponsor AdvantageGo:https://www.advantagego.com/We also thank our audio advertiser, Aventum GroupPlease contact them on: [email protected]