RE-ESTABLISHING CREDIBILITY IN THE MARKETPLACE – SCOTT EGAN, CEO, SIRIUSPOINT
A recent guest on The Voice of Insurance podcast, Scott Egan, CEO, SiriusPoint, is an industry veteran. Joining the company only five months ago, Scott has acted decisively and clearly conveyed his plan for the business going forward. In this episode, Scott is candid about the organisation´s strategy, focus, and why getting the culture right starts with him.
Having navigated numerous strategic pivots and shifts, Mark starts the conversation by asking Scott to distil his core vision for the company. Scott discusses how he sees SiriusPoint as comprising three core businesses – the Underwriting business, the business related to MGAs, and the investment business. Commenting on these three areas, Scott says, “We see that as a great source of differentiation in the marketplace” and an attractive mix for investors in the company.
Regarding perceptions around the strategy and decisions made by the previous management, Scott remarks, “I was very clear when I came in here that, first and foremost, this organisation is an underwriting organisation. I want us to be better at it, I think we deserve to be, but I´m a happy owner of distribution where it overlaps with our underwriting strategy.”
Mark raises the point about business targets, asking Scott to share some of his business goals for SiriusPoint. “I´m very clear coming in here that this organisation has to reestablish its credibility in the marketplace.” Speaking further on this, Scott mentions that in the near term, the focus is on underwriting and that much has been done recently to reduce volatility in the business and to work on becoming best in class in the markets in which they operate.
Although not ready to share company milestones externally, Scott offers a glimpse, “But I have an ambition that this business could and should be bigger. I think it´s built on the specialisms that we have, and it´s one of the things that I´m most proud about in working in SiriusPoint.” Commenting on the organisation´s specialisms and deep expertise, Scott discusses how these areas are SiriusPoint´s biggest strengths and in the DNA of everything the company does.
Specifically discussing company growth, Scott comments, “I want to grow where we have that expertise and that confidence, and that overall underwriting return.” Exploring the topic of growth further, Scott remarks, “One of the real opportunities here is to really make sure that we have an infrastructure across our specialisms that act as one SiriusPoint. And one of my challenges for the group and for myself is to make sure we operate in a much more global way as opposed perhaps to a legacy way which is founded in the two organisations that were brought together.”
Speaking about the merger and cultural differences, Scott discusses how both companies brought a depth of talent and relationships, which are strengths being leveraged. Scott acknowledges that driving company culture starts with him and that “Our aim is to be one SiriusPoint working for our customers in a way which they respect our expertise.”
Enjoy the podcast.