UK insurance broker Jardine Lloyd Thompson (JLT) has recruited former Britannia Club chief executive John Trew to lead a fresh push into the protection and indemnity insurance sector, starting with a marketing campaign in Japan.
Mark Cracknell, senior partner of JLT’s marine and cargo division, said Trew’s appointment followed a business review that showed that the company was light on P&I brokerage business compared with its hull and machinery book.
“We want to be a leading broker in every specialty, and we are looking at where we can advance things,” Cracknell said.
“In hull and machinery, we’ve been tremendously successful, but with P&I, although it is significant, it is not the same weight.
“We felt we could beef it up, and then John became available.
Inside track
“We felt John could add experience and insider knowledge,” Cracknell added.
Trew has since taken on the role of senior advisor at JLT.
Trew’s time at Britannia came during its ill-fated negotiations to merge with the UK P&I Club in 2016.
But Trew is also strongly associated with Britannia’s business in Japan where it has operated since 1985, and is a respected figure in the country. He retired from Britannia in 2017.
Britannia has by far the largest share of business among the non-Japanese International Group (IG) members in Japan. While Japanese shipping companies have traditionally shown strong loyalty to the Japan P&I Club.
But the market is opening up to brokers: NYK Line recently appointed Aon and MOL issued a tender for brokers to bid on its insurance business.
There are now seven IG members with licences to operate in the country. The size of the market is estimated to be between 160 million gt and 170 million gt.
While Trew is keen to stress that he has a good knowledge of all the main P&I markets, Japan has been chosen as the launchpad for JLT’s P&I marketing drive due to the number of opportunities opening up.
“There now is an acceptance in Japan that brokers can add value and that is an important development,” Trew said.
He explained that Japanese owners had shown strong loyalty over the years and that JLT’s policy would be “not to disturb but to enhance the relationships”.
JLT could help owners get a “fair deal” from P&I clubs, he said.
“That is at the core of it,” Trew said. “The choice available to Japanese owners is greater than it has ever been.”
Asked if his move from a P&I club to brokerage is a case of gamekeeper turned poacher, he said: “It could be the other way around, it depends on your point of view.
“Of course there is a difference, and that is one of the exciting elements of the challenge I have taken on.”
