Stuart Reid joins Harbour Underwriting as NED

Reid stepped up to the board position in April having worked for the managing general agent as a consultant since January.

He has been tasked with supporting the growth of the after-the-event specialist which uses capacity provided by A- rated Hamilton Insurance and sits alongside sister company, Harbour Litigation Funding.

As previously reported by Insurance Age, Harbour Underwriting widened its footprint in 2020 having brought in managing director Sharon Brown the year before.

Formerly known as QLCC, which opened for business in 2016, the development saw it look to get out to the broker market generally rather than dealing with a few specific brokers.

“What attracted me to this business was fundamentally that it was an MGA, a specialist and that is where the future lies and where MGAs really score,” Reid told Insurance Age.

“This is a business that is already growing tremendously well both in top line and bottom line. It is not a business that is needing repair, it is to look at all the opportunities that might be available to such a business.”

Adding: “It is a business that places significant risks through its MGA and would stand in the top quartile in both profitability and placement with many of the MGAs out there.”

Support

Reid will support Brown – who joined the board of the Managing General Agents’ Association’s board this February – and the Harbour Underwriting board to “get to where its ambition lies”, he stated listing connections in the market, relationships with insurers and help on marketing among the qualities he would bring to the role.

The business currently has around 15 staff and Reid acknowledged it would be looking to expand the headcount.

“One of the issues we want to look at is employing in areas where we have distinct success. We have a very good underwriting team but we need more,” he stated.

In a statement Harbour Underwriting chairman Martin Tonnby said: “Stuart has a wealth of experience in the insurance industry which will assist in raising awareness of our specialist commercial dispute insurance products and growing the business.”

In the Harbour announcement Reid reported: “With litigation and insolvencies on the rise, Harbour Underwriting’s commercial ATE insurance proposition has huge potential and gives brokers a valuable opportunity to cement their role as clients’ risk advisors.”

Continuing: “I look forward to assisting with the development and growth of this new line of business for brokers, as well as increasing the business’ reach with lawyers and litigation funders.”

CV

Reid’s broking CV includes leadership of Stuart Alexander, CEO of UK retail broking at Gallagher as well as CEO and executive chairman at Bluefin. He has served as vice president of the Chartered Insurance Institute, chair of the CII Broking Faculty, deputy chair of the British Insurance Brokers’ Association and chair of Biba’s Large Brokers Committee.

However, he flagged that during this time he had experience of MGAs with Bluefin having a substantial offering and Gallagher owning Pen underwriting.

“Harbour Underwriting is a highly specialised MGA and one that can make a difference in the market and that is what attracted me as well as the team itself,” he noted.

Portfolio

The latest appointment takes Reid’s current portfolio up to three.

As previously revealed by Insurance Age he joined sharing economy insurance specialist Pikl as chairman in 2020. Pikl launched an MGA later that year in partnership with First Underwriting, Accredited Insurance, and the Claims Consortium Group.

He is also currently chairman of broker Partners&.

At Harbour he has signed up for 30 days a year and Reid detailed that the development completed his suite of insurance-related positions.

“It is a serious job and commitment and I am seriously interested [in it],” he concluded.

“I would like a fourth, something in the charitable arena and not insurance, that would fill the portfolio. I am looking at the moment.”

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