Spencer Looks Back with Stephen P. McGill, 2010 Gala Honoree

"It is incredible to think how much has changed since I was honored at the Spencer Gala a decade ago in 2010. At that time, I was working at Aon where I was Chairman and CEO of Aon Risk Solutions. Two years later, I was appointed as Group President of Aon and relocated to London where I stayed until I left the company in 2017 after 12 wonderful years with the exceptional firm. I saw a gap in the market for a high quality, specialty, boutique firm which led to the formation of McGill and Partners, which I founded in May 2019 in partnership with Warburg Pincus. We have just completed our first full year of trading, hired 249 colleagues, won 200+ clients and established a presence in London, New York and Miami.

It’s not surprising that I consider my tenure at Aon and founding of McGill and Partners to be my two greatest professional accomplishments. A little more unexpected, though, is that my greatest personal accomplishment is so closely related to these feats: I’m extraordinarily proud that Queen Elizabeth II awarded me a CBE (Commander of the British Empire) for services to the insurance industry and humanitarian efforts.

We have seen a huge amount of change occur in the last decade across the insurance industry as well, which currently positions us in a marketplace that has never been experienced before. Primarily, we have seen the relentless trend of broker M&A with consolidation occurring at a rapid rate. Next year, we will see the greatest structural change in broking history when Aon takes over Willis Towers Watson, which will have a significant impact on the marketplace as a whole. In addition, we are now experiencing the hardest market seen for decades globally across most products, geographies and client industries and this is reinforced by the impact of Covid-19, which is expected to be the largest Non-Cat event experienced in the industry. We are seeing a challenging market that is ever-changing, but one with a huge amount of opportunity and this year has certainly been one of the most exciting and interesting periods of my career!

For our industry to continue to be successful through these periods, we need to continually bring in young, diverse talent that can help to build the next chapter for the insurance industry. The Spencer Educational Foundation is beneficial to the insurance and risk management community because it helps to nurture the next generation of talent by providing them with tools and programs that present the industry, and the many jobs within it, as attractive career paths.

I was incredibly privileged to accept Spencer’s Honor in 2010. Leadership, innovation and education are integral to the future of our industry. I am passionate about supporting those in education and providing them with the means to succeed. The work that the Spencer Foundation does and the extraordinary fundraising that supports young talent is a fantastic output of the industry.

My advice for this young talent: strive for perfection and settle for excellence, never stop learning, and be a team player."

View Steve’s full acceptance speech from the 2010 Gala here.

Spencer Looks Back with John Lumelleau, 2011 Gala Honoree

"I think that the work of the Spencer Educational Foundation – educating and supporting the flow of talented young individuals – plays a critical role in our industry. Spencer is both a conduit for and a facilitator of talent and is at the epicenter of expanding the talent pool within the insurance industry. That’s why I was excited to accept the honor at the 2011 Spencer Gala, and viewed the honor as confirmation of our long-standing commitment to developing excellence in those entering the business. Lockton and Spencer have been aligned for many years – both our company and the Foundation see the education experience as core to our industry’s expansion and continuing sophistication.

After retiring in 2017, I’ve continued to stay involved in many facets of the industry. I remain on the board of Lockton, Inc. and other publicly traded and privately held companies, and serve as an advisor to a Private Equity firm. Additionally, I serve as a Trustee of Fordham University, my Alma Mater, and have served as a Director of the CIAB and on the Advisory Board of the Maurice Greenberg School of Risk Management at St John’s.

I am very proud and feel incredibly fortunate to have had the successes I have over the last 40 plus years. Unquestionably, the high-point was leading Lockton through a period of explosive growth and global expansion. During my tenure, we grew from a mid-sized broker to one with a national footprint and reputation for excellence. That was the jumping off point for an acquisition that allowed us to further expand around the world. The talented people that made it all possible were a team that I was truly fortunate to be part of. Watching Lockton continue to add industry leaders to the team and expand the portfolio of competencies around the world is gratifying to watch.

Our industry continues to be a magnet for diverse sources of capital. Capital is drawn to the insurance industry to take advantage of opportunities to refresh and revamp long-standing practices across the spectrum of underwriting, claims and risk management. The role technology plays in every sector drives data development and analysis today that allows for incredible value to underwriters, brokers and our clients.

My advice to this year’s Spencer Scholars: as you enter the business, absorb what you learn and experience at every point along the way. Be curious, commit to your careers and be your own career architects. We are a very broad, sophisticated industry and different paths will present themselves to you. Be open to diversifying because while where you start is important what you build will bring you success and professional satisfaction. Be part of changing our industry for the better."

View John’s full acceptance speech from the 2011 Gala here.

Spencer Looks Back with Michael Kerner, 2013 Gala Honoree

"I believe that education opens the door to a fulfilling career and a successful life. But who opens the door to an education? For many people, access to an education is elusive – either the money isn’t there, or the guidance and support is lacking. The Spencer Educational Foundation opens the door through scholarships that help meet the individual’s financial needs, as well as through programs that introduce young people to a rewarding career in insurance and risk management, thus providing guidance and support.

Helping young people get started on their career journey has always been energizing to me. So when I was honored at the Spencer Educational Foundation’s annual gala back in 2013, I was more than pleased to accept the honor and do what I could to contribute to this very worthy cause.

At the time I was honored, I was in a global role with responsibility for a large multi-national general insurance business. Since then, I have seen continued consolidation on both the carrier and distribution sides of the business. There has been massive growth in new, technology-driven business models called insurtech. We’ve also seen a massive expansion in how “traditional” players in our profession are using technology and data to improve the way they manage risk, both through risk mitigation and risk assessment. The world has also become a riskier place: Mother Nature is driving a significant piece of this increased risk but man-made activities are also creating a riskier world – whether due to the tort environment or new exposures, such as cyber. All of this makes what we do in the risk management community all the more challenging and important. 

This is where the work of the Spencer Educational Foundation is so critical. Through scholarships, grants, partnerships, and other vehicles, Spencer introduces the risk management profession to the next generation of professionals, providing them with a foundation of knowledge and guiding them on the journey to a fulfilling career. 

And our industry is in need of this incoming talent. The insurance industry and the risk management profession are seeing a steady increase in the breadth, depth and complexity of our roles within society. Navigating these ever-increasing challenges requires professionals with broad skills along with deep expertise. We need to be able to attract and encourage the next generation of risk management professionals to join the industry and make a contribution.

Today, I am responsible for a North American-based unit of a global re/insurance company. In this pandemic environment, I am now working from home and spending more time with family, friends and hobbies. However, I continue to have the pleasure of working with a great team of people and face interesting and important challenges every day.

My biggest personal accomplishment, by far, is a successful marriage of 26+ years along with two wonderful, worldly and thoughtful young adult children. I think my biggest professional accomplishment is being a respected and trusted member of the insurance business community, someone who has helped colleagues achieve their goals, advance their careers and enjoy the journey.

To this year’s scholars, my advice is to take the time and make the effort to learn the business. Risk management is a skills business, and those who are successful in it tend to have a strong foundation in the fundamental skills that underpin the business – whether that be underwriting, claims, loss control, actuarial, finance, negotiation, or communication. I’m not aware of any short cuts to building those skills – they come from classroom training and on-the-job experiences. Build the right foundation of skills and let your energy, commitment and wits take you to the career you aspire to have!"

View Michael’s full acceptance speech from the 2013 Gala here.

Spencer Looks Back with 2013 Gala Honoree Patrick G. Ryan

"I had known of the Spencer Educational Foundation for quite a long time before I was honored at their 2013 gala. Several of my close friends were early adaptors to the culture and principals of the Foundation, and I had seen how the contributions they were making to the industry through Spencer allowed them to prosper. Stimulated by these good friends who I hold in high esteem, I was thrilled to be chosen. My involvement with Spencer since then has further convinced me that everyone should help our industry’s future professionals through the Spencer Educational Foundation. And, of course, we are continuing to do that at RSG.

When I was honored in 2013, Ryan Specialty Group was only three years old. Throughout the last seven years, RSG has grown exponentially. Consistent with the principals of the Spencer Educational Foundation, we have been developing our recruiting and training program to attract young people coming into the insurance industry. This has been a big contributor to our success over these past 10 years. Recently, we made the decision to merge with All Risks, Ltd., who has developed one of the premier recruiting and training programs in the insurance brokerage industry. This merger is a big step in terms of the developing, recruiting, training, inspiring, and educating young people in our industry.

I am living proof that anybody can succeed in this industry through hard work and equipped with the right mentors and education. I’m very proud to have founded three sizeable companies that have become prominent in the industry: The Warranty Group, which is now owned by Assurant; Aon Corporation; and Ryan Specialty Group, which has built a prominent position in wholesale broking and managing underwriting facilities. But nothing is more valuable than my greatest personal accomplishment, my wonderful family. I pride myself on my family, not only immediate but also my extended family. Thank God my family is healthy. Thank God my family is tightknit and close together. The community and bonds that we build are essential to our personal and professional success – therefore, we need to actively work to keep our RMI community healthy, strong and tightknit. To do this, we need to invest in our future.

Spencer has been a highly impactful organization to attract high-quality talent to the insurance industry. It is a vehicle where young people are enabled to enter the industry with a solid foundation, and are exposed to seasoned professionals who can serve as mentors and guide them through the early stages of learning this fabulous business.

Since I was honored at the 2013 gala, the most important change in the industry is the complexity of risk in the world and how our great industry addresses those risks. We’re seeing this through COVID-19; we’re seeing it in multiple ways beyond COVID-19. Right now, there have been two hurricanes that have descended on the coasts of the United States at the same time. Social inflation liability, cyber and transactional exposures, among a myriad of other emerging and ever-present unforeseen threats are driving the complexity and severity of risks. This kind of magnitude of risk, scale, scope and aggregate impact is a dramatic change in these last seven years. The losses that are hitting global society are dramatically increased. And there’s every reason to believe this will continue to escalate. This is a big impact on our industry – it’s testing us, and I think our industry is standing up well to those tests.

It’s currently a unique time to enter our industry. The world is much riskier than it ever has been before. But the expertise that Spencer Scholars bring when they enter this industry grant them the unparalleled opportunity to contribute to society, while still making them extremely valuable to clients, their company, and all of the stakeholders with whom they are involved. The insurance industry has never been more important to the welfare of humanity, or to the welfare of economies all around the world. So my message to today’s Spencer Scholars is: you have made a good decision in selecting this industry. Now, focus on your development and find out what you enjoy. Remember that expertise is the ultimate differentiator in our industry. Your value grows exponentially as you make yourself stand out with knowledge and the quality of services you bring to your clients and employer."

View Pat’s full acceptance speech from the 2013 Gala here.

Spencer Looks Back with 2015 Gala Honoree Chris Maleno

"It’s incredible to think about how much has changed since I was honored at the Spencer Gala back in 2015. On a personal level, I’ve gone from running the Major Accounts practice for Chubb, to taking over North America Field Operations. They’re very different roles, going from underwriting management to distribution management. The industry at-large has also changed massively since then: we’ve seen broker consolidation; continued emphasis on making underwriting profit while balancing growth and exposures; more collection, analysis and application of data in decision-making; and the development of self-service tools that agents, brokers and clients can utilize.

At the same time, there are many things that have remained the same since 2015. Personally, I have been married for 27 years to the same person, I have three kids that continue to amaze me (none of which have given me an award, but there’s always next year!), and after 32 years in insurance I still find myself challenged, building new skills and learning the business. I’m very grateful for this consistency.

Looking back on my quote from the 2015 Spencer Gala, I’m amazed at how relevant those same issues are today: recent college grads still face increasingly large amounts of debt and a disappointing job market, especially at this particular moment with the crushing economic consequences of the pandemic. It’s for these reasons that the Spencer Educational Foundation is so essential.

Spencer’s mission to fund the education of tomorrow’s risk management remains a fixture of our industry, helping students tackle debt and employability challenges, and maintaining a healthy talent pipeline for our industry. Spencer builds that bridge between carriers, risk advisors and the educational institutions that are developing our next generation. Not to mention, the Spencer board is made up of seasoned professionals from all different areas of our business, which ensures they get creative in how they engage with students and their schools. It's a terrific link to young adults already interested in risk management.

Since I spent over a decade as a board member, I witnessed firsthand all the good work that Spencer does. DeAnna Young, for example, caught my (and the entire audience’s) attention with her Spencer Scholar speech the same year that I was honored. She is now a successful Chubb underwriter in our Medical Risk group. Knowing her experience and those of many other students, I felt especially privileged to accept the honor in 2015.

My advice to this year’s Spencer Scholars: join our dynamic industry. It has so many facets, from risk taking and risk advising, underwriting and loss control, to technology, analytics and all the other support required to design and deliver our products and services. If you have an interest in business, there's something in insurance that will attract you, and then keep you in."

View Chris’s full acceptance speech from the 2015 Gala here.