Navigators boss eyes
global growth goals
post Hartford deal
THE BOSS OF US RE/INSURER NAVIGATORS
believes the company will go from strength to
strength under the ownership of The Hartford—
especially in its international operations and its
reinsurance unit—as it rolls out a wider range
of products and is backed by an even bigger
Stan Galanski, the president and chief
executive officer of Navigators, told PCI Today
that the portfolios of the two companies are
very complementary, with little overlap. While
broadly true in the US domestic market there is
almost no overlap globally, as The Hartford has
very little presence outside the US.
“If you look at the three segments, they are
mostly complementary,” Galanski said. “In
terms of our global reinsurance business, there
Blanch intends new broker COIN Re to be a disruptive force
INDUSTRY VETERAN TED BLANCH WANTS
and intends his new venture, a reinsurance
broker that will be part-owned by its clients,
to be a disruptive force in the industry, he told
“What we are doing is innovative and unique;
no reinsurance broker has ever attempted to
operate in this way. We hope it will be a gamechanger
for the industry,” Blanch said.
He has unveiled details of COIN Re (an
acronym of Client Owned Intermediary
Nexus), a new reinsurance broker focused
on catastrophe business, at PCI this week.
Its clients will own a 55 percent stake in the
company, aligning their interests, much like a
The other 45 percent will be owned by
private investors and employees. It will initially
focus on catastrophe risk in Florida.
As founder and chief executive, Blanch said
the business (continued on bottom of page 2) >>
TUESDAY OCTOBER 30 2018
to mortgage risk
to shun ILS’
top five place
is no conflict. We expect that to continue as it is
perhaps boosted by a bigger balance sheet. We
saw it as a growth engine before the deal, and we
definitely see it as a growth engine now.
“For the international business segment,
there is also no conflict; instead, we see
opportunities here to roll out additional
products. In the US, the two portfolios are also
complementary, we just need to figure out the
best way to go to market.”
The Hartford will acquire Navigators for
$2.1 billion in a deal expected to close towards
the end of the first quarter of 2019. Galanski
said initial discussions have begun on how best
to integrate the two companies, a discussion
that, he said, is “focused on growth and the
future rather than cutting jobs”.
He expects to remain in charge of the insurer’s
speciality and international operations.
“The Hartford has identified the fact that
success in this industry will increasingly be
determined by developing specialised expertise
and niche products.
“I don’t mean the traditional lines described
as speciality, such as marine or aviation, but
across the board, you will do better if you
have deeper expertise and a real specialism,”
Galanski said. (continued on top of page 2) >>
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