George Tsavliris has surprised the insurance market by joining a new Cyprus and Greek-based outfit set up by Lloyd’s of London marine broker SSL Endeavour.
Tsavliris has been appointed non-executive chairman of the recently formed SSL Endeavour Insurance Brokers Cyprus & Greece.
Tsavliris is better known to the insurance world as one of the owners of family-controlled Greek salvage company Tsavliris Salvage.
Conflict of interest
In the past, he has haggled with underwriters, sometimes “aggressively”, over payment for salvage services. But this week, he insisted there was no conflict of interest with his new position.
Tsavliris hopes to develop “synergies” between the Greek and Cypriot shipowning community and the insurance markets.
“There is no conflict of interest. On the contrary, it will bring more opportunity to have a more objective dialogue,” he said.
He added he is approaching his new role with a “childish enthusiasm" and said tha it would offer him the chance to be “creative”.
There is no conflict of interest. On the contrary, it will bring more opportunity to have a more objective dialogue
George Tsavliris
Tsavliris pointed out that this is not his first role in insurance. He was previously a “name”, providing private capital to the Lloyd’s of London market and acting as underwriter in the 1970s.
'Faceless' industry
Tsavliris said consolidation meant the traditional “personal” relationships between broker and client were breaking down as mega-firms emerged.
He said that marine insurance is in danger of becoming a “faceless” industry.
However, he said he hoped to develop closer broker, client and underwriter relationships in his new role.
Tsavliris will work alongside SSL Endeavour Cyprus & Greece chief executive Manos Sofronis, who worked at the SSL’s Greek office before owner private equity firmer JC Flowers merged the company with Endeavour Insurance Services earlier this year.
Sofronis said that there would initially be five brokers working the marine markets but that the newly formed company would also seek to expand into non-marine areas.
Brexit concerns
Sofonis added the new company would, by its location, be able to help “satisfy the Brexit concerns of our European clients”.
He said that he hoped to develop a more corporate structure to the new setup than the previous SSL office.
The brokerage would principally be working with the Lloyd’s market, he said, but added that there would also be opportunities to develop deals for clients in the London and global company markets.
