60 seconds with Ed Hochberg
Ed Hochberg, the newly appointed chief executive officer of JLT Re in North America talks to Intelligent Insurer about gaining marketshare, chocolate chip cookies and juggling.
Why is this move right for you at this stage in your career?
JLT is a dynamic organisation that is now investing heavily in growth in the US in both reinsurance and specialty retail. It is truly exciting for me to be one of the key leaders to take the business forward in this key marketplace, and it represents an amazing opportunity for me.
What will you bring to the role?
I bring a skillset and perspective that reflects the changing requirements of our market. My background in analytics, finance, and capital management will be enormously helpful in finding ways to assist our clients manage their challenges. It’s also important to recognise though, that I haven’t been just about analytics; I’ve been a broker too, so I bring a bit of a balanced perspective to the role.
What are your initial objectives in the new role?
We have an excellent opportunity to gain marketshare. While I have the utmost respect for our competitors, we are able to bring a set of perspectives that they can’t always bring. As such, we represent an excellent alternative. So, in many respects, it comes down to execution – delivering top-notch service and solutions to our clients and prospects.
We also have a unique opportunity to work closely with our new retail specialty operation in the US, JLT Specialty US. In doing so, we can deliver differentiated solutions to both our retail and reinsurance clients, which will be value-added. So, it will be important for us to create the proper mechanisms to allow for that type of collaboration.
What will be your biggest challenge in the new role?
The obvious answer is the market. The confluence of declining prices, increased retentions, and increasing competition among intermediaries provide a pretty challenging backdrop. That means delivering on our promise of a differentiated value proposition is that much more important.
Why did you choose to work in this industry initially?
They gave the role of Henry Hill in “Goodfellas” to Ray Liotta instead of me. No, actually, like many of us, I fell into it. Working at Deloitte & Touche at the start of my career, I happened to gravitate towards insurance jobs. I had some excellent mentors along the way that helped push me along in the industry.
If you had chosen a different profession/career path, what would it have been?
I actually started out college as a pre-med. Chemistry 2, second semester freshman year cured me of that. It’s a lucky thing too, because it turns out that I faint at the sight of blood.
What are you doing when you are not at work?
You mean those 15 minutes I get each year? I’m an avid skier, and I just enjoy hanging out with my family.
What is your secret vice?
Chocolate chip cookies…and single malt scotch…not necessarily in that order.
Tell us an interesting fact about yourself.
I can juggle.
