Sophisticated young talent means opportunities in China
The insurance market in China has rapidly developed in terms of its sophistication and the calibre of personnel it attracts in the past 15 years meaning greater opportunities for international players that invest in establishing a foothold there.
That is the view of Alistair Lockhart-Smith, managing director of broker JLT Re, speaking in the context of the company’s recent move to appoint Henry To as chairman and chief executive officer of its reinsurance operations in China and Hong Kong.
JLT Re is expanding throughout the Asian region and it is looking to capitalise on the amount of growth which is occurring, particularly in China.
“Growth in China has been phenomenal, and the size and sophistication of companies is impressive,” said Lockhart-Smith. “Compared to the 1990s the level of sophistication in China is chalk and cheese. It’s a totally different world out there.”
He added that younger executives operating in the market, who are less influenced by the state, have a better understanding of what role reinsurance can play in the development and growth of their companies.
“They are looking for opportunities slightly longer term and outside of China, allowing them to diversify their account and develop new products,” he said.
The recent appointment by JLT Re illustrates the potential it sees in the region. To, the new regional chairman, has 30 years’ reinsurance experience in Asia and has been involved in a range of reinsurance classes and sectors including marine, non-marine, personal accident, motor, and liability.
“He is particularly recognised for his pioneering efforts in building the agricultural reinsurance business in China, when the government started subsidising the sector in 2004,” said Lockhart-Smith.
He is not new to the JLT organisation. After graduating from Hong Kong Polytechnic, he joined Jardine Matheson Insurance Brokers (JMIB) as a graduate trainee during the period July 1980 to August 1982, where he overlapped with Alastair Speare-Cole, now CEO of JLT Re.
