Episode 22
Nick Kirk
“The (insurance) industry has always given me a different perspective, a wider perspective – you get an experience that makes you think differently about the world.”
Listening to stories told by his Grandfather and Father about their travels with the armed services sealed Nick Kirk’s fate as an incurable global explorer. His belief that you “don’t get big rewards without taking big risks” and his desire to have “an interesting life” has propelled Nick to work in many locales including UK, Belgium, Holland, Vietnam and Australia. The epitome of the quiet achiever, Nick has transformed businesses globally and spearheaded the establishment of Calliden Insurance in Australia. His candid account of his business experiences and their personal impact is fascinating.
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About Nick Kirk:
PROFILE – NON EXECUTIVE, INTERIM EXECUTIVE AND CONSULTANT
Nick started in the insurance industry as an underwriter in London before developing a successful 30+ year career in senior leadership roles in Europe, Australia and Asia before returning to London in 2018. Specialising in leading people and insurance organisations through change including
• Start-up and growth;
• Strategic review and restructure;
• Mergers and acquisitions;
• Crisis management;
• Run-off and sale.
He is now focused on a select non-executive portfolio where his experience can make a difference to organisations.
NON-EXECUTIVE EXPERIENCE CHAIRMAN ARDONAGH MGA SEGMENT 2019- CURRENT
Ardonagh MGA segment writes £350m of GWP on behalf of A rated international insurers across a range of niche products. The role of chairman involves working with the CEO and board to ensure consistent governance as the business undergoes rapid change.
NON-EXECUTIVE DIRECTOR SYNDICATE HOLDINGS CORPORATION AND VIBE UK HOLDINGS 2019- CURRENT
Syndicate Holdings and Vibe UK holdings are the holding companies for the remaining assets in the group which is being progressively closed as part of the plan to return capital to shareholders. The role of non-executive is to oversee the closure of the remaining companies over the next two years and progressively return the capital.
Nick has also been a non-executive director of various joint ventures niche insurance organisations including MGAs and TPAs during his time as CEO of Calliden Group in Australia.
EXECUTIVE EXPERIENCE CEO SYNDICATE HOLDINGS CORPORATION & VIBE SYNDICATE MANAGEMENT LIMITED — 2019 – 2021
Syndicate Holdings was the holding company of an international re/insurance group including its principal business a Lloyd’s managing agent, Vibe Syndicate Management, managing syndicate 5678 at Lloyd’s.
Working closely with the CFO and executive team:
▪ Developed and executed a plan for the run-off of the live business, sale of group subsidiaries and return of capital to the shareholders;
▪ Raised £25m of new third party capital to support funds at Lloyd’s;
▪ Executed a new bank refinancing agreement without the need for any additional shareholder capital or guarantees;
▪ Sold Inceptum Insurance Company (a UK motor insurer in run-off) at the top end of our estimated value;
▪ Sold Vibe Corporate Member Ltd, Vibe Syndicate Management Ltd, and Vibe Services Management Ltd to R & Q after a successful auction process for more than our planned price;
▪ Maintained staff morale through the run-off process as measured by staff surveys.
COO VIBE SYNDICATE MANAGEMENT LIMITED — 2018 – 2019
Initially joining as a consultant to review strategy and performance of the MGA business, Nick was appointed COO at the end 2018.
▪ Raised £55m of third party capital for the 2019 year of account;
▪ Completed a strategic review of 3 MGA subsidiaries and subsequently sold 2 and closed down another;
▪ Raised £55m of new third party capital for the syndicate for the 2019 and prior years of account;
▪ Ran the process for the sale/reinvestment in the group. Together with the CFO then conducted a review for the private equity shareholders and recommended a run-off plan to return their capital.
DIRECTOR MCMAHON CONSULTING — 2015 – 2018
Macmahon provided consulting to insurance companies and MGAs in Australia, UK and Asia. Assignments included:
▪ Interim Deputy CEO – GIC Vietnam – GIC was the Vietnamese partner for Ergo, the direct insurance arm of Munich Re. The assignment was to lead the internal organisation through a period of change and restructure.
▪ Interim CEO Coastal Marine Asia – Malaysia. The assignment was to lead a review of underwriting and strategy for a marine MGA.
▪ Interim Deputy CEO for a mutual insurer in Australia and the UK. The assignment was to lead an early stage mutual as it refinanced and review the mutual group strategy.
MANAGING DIRECTOR AND CEO CALLIDEN GROUP SYDNEY AUSTRALIA — 2004 – 2015
Converted a locally listed international reinsurer in run-off (ReAC) into an Australian licensed insurer. At final sale Calliden was a top 3 MGA group in Australia with GWP in excess of AUD$250m operating nationally in Australia with its own APRA licensed insurer. The MGA businesses were backed by major international insurers including ACE, Lloyd’s and Great Lakes. The business was sold to a consortium of Munich Re and the Steadfast Group for a premium of more than 20% to its listed share price.
Highlights included:
▪ Granted the first insurer license by APRA since the collapse of HiH;
▪ Grew the premium income from a $0 base to $250m via acquisition and organic growth;
▪ Changed strategy to become 80% MGA and 20% insurer which increased the share price and led to the sale to Munich and Steadfast via a scheme of arrangement.
VARIOUS MANAGEMENT ROLES WITH SUN ALLIANCE AND ROYAL & SUNALLIANCE UK, HOLLAND, BELGIUM & AUSTRALIA — 1992 – 2004
▪ General Manager Underwriting and Pricing, General Manager Specialty & Operations Royal & SunAlliance Australia;
▪ Commercial Insurance Director Netherlands Royal & SunAlliance Benelux;
▪ Technical Director Sun Alliance Verzekering Netherlands;
▪ Property Underwriting Manager Europe Sun Alliance.
Nick is a Chartered Insurer and Associate of the Chartered Insurance Institute, He is a graduate of the Australian Institute of Directors 2017.