Derek Spafford
Toronto,ON
Summary
A highly motivated and results focused insurance industry leader with nearly 20 years of experience moving through progressively more senior roles. A proven portfolio builder having led the expansion of HDI Global Specialty SE in Canada by more than 350% since the start of 2019. Experience leading teams that maximize results while challenging and creating growth opportunities for colleagues.
Overview
19
19
years of professional experience
Work History
Managing Director & Chief Agent
HDI Global Specialty SE
2023.01 - Current
- Manage the Canadian Specialty P&C Branch of HDI Global Specialty SE.
- Lead an agile cross disciplinary team of 42 individuals. Growth of team from 9 at the start of 2019.
- A true cost leader in the market operating consistently with a management expense ratio of.
- Led the expansion of Single Risk Business in Canada which consisted of the growth of Financial & Professional lines business by 300% over 5 years.
- Established new teams in Canada writing Aviation in 2020 and Entertainment & Contingency in 2021
- Grew the Single Risk business from GWP of CAD 8m in 2019 to CAD 55m at the end of 2023.
- Continued to build our MGA Portfolio, the companies largest segment in Canada representing 70% of our total premium.
- Track record of profitability achieving profit targets each year exhibited by a Combined Ratio of 74.1% and 84.9% in 2023 and 2022 respectively.
- Establishment of a local claims function with a Claims Head of Canada and four additional claims professionals.
- Established a local Distribution & Marketing position which supporting the underwriting teams in making inroads with selected strategic broker partners.
- Focus on digital enhancement including role out of market leading digital portal for general aviation business
- Legal representative of the company in Canada
General Manager & Chief Agent
HDI Global Specialty SE
2019.01 - 2022.12
Head of Canadian Branch
International Insurance Company of Hannover SE (Inter Hannover)
Toronto , Canada
2015.01 - 2018.12
- Built up a commercial P&C portfolio of CAD 95m consisting predominantly of MGA business.
- Key relationship contact and senior technical referral point for new business opportunities.
- Actively participate on the Branch Underwriting meetings that oversee acceptance of recommendations for delegated authority and binder business.
- Developed deep and sustaining relationship with key participants in the Canadian MGA channel.
- Responsible for business development in line with the business plan, risk appetite, and limits and threshold metrics approved by the Inter Hannover Board, including capital consumed.
- Receive and assess Management Information concerning the financial performance of the Branch.
- Manage and supervise the staff resources including disciplinary responsibility.
- Built team from 1 employee to 7 by the end of 2018.
Agency Manager
International Insurance Company of Hannover SE (Inter Hannover)
Toronto , Canada
2011.09 - 2014.12
- Led start-up in 2011 of a newly licensed Canadian primary insurance branch.
- Established relationships with some of the largest and most successful MGA's in Canada.
- Negotiated all points of the appointment contract with MGA's.
- Worked very closely with Hannover Re P&C Branch Colleagues.
- Relied on Hannover Re for the provision of various support services including being co-located.
- Responsible for the underwriting results of the Canadian branch.
- Responsible for day-to-day management of MGA relationships, third-party outsourcing agreements and internal operational functions.
Property Underwriter
Munich Reinsurance Company of Canada
Toronto , Canada
2009.08 - 2011.09
Property & Casualty Underwriter
Zurich Canada
Toronto , Canada
2006.11 - 2009.08
Associate
Zurich North America Commercial
Schaumburg , IL
2006.01 - 2006.11
Underwriting Assistant
The Economical Insurance Group
Toronto , Canada
2005.09 - 2006.01
Education
Master of Business Administration - Strategic Management
Wilfrid Laurier University
2014-10
European Summer School for Advanced Management (ESSAM) -
Arhus University
2013-07
Bachelor of Arts (Honours) -
Queen's University
2004-06
Skills
- Underwriting
- Strategic Planning
- Cost leadership
- Profitability
- Distribution and marketing
- Capital management
- Business development
- Relationship management
- Strategic management
- Cross-functional team leadership
- Financial Management
- Corporate Governance
Industry Associations
- Global Commercial Insurers Association (GCIA), Board Member (Director), 2022 to Present. Representative for HDI Global Specialty on the Board of Directors for GCIA. The GCIA is an association of foreign owned commercial lines focused property and casualty insurers. GCIA board comes to together to work jointly via various working groups on topics impacting the members collectively.
- Insurance Bureau of Canada (IBC), Commercial Lines Standing Committee Member, 02/2024 to Present.
- Insurance Bureau of Canada (IBC), Chair, IBC MGA Working Group, 05/2024 to Present
Professional Designation
- Chartered Insurance Professional (CIP), Underwriting Management Stream, 2008, Insurance Institute of Canada
- Canadian Risk Management (CRM), 2016, Global Risk Management Institute
Timeline
Managing Director & Chief Agent
HDI Global Specialty SE
2023.01 - Current
General Manager & Chief Agent
HDI Global Specialty SE
2019.01 - 2022.12
Head of Canadian Branch
International Insurance Company of Hannover SE (Inter Hannover)
2015.01 - 2018.12
Agency Manager
International Insurance Company of Hannover SE (Inter Hannover)
2011.09 - 2014.12
Property Underwriter
Munich Reinsurance Company of Canada
2009.08 - 2011.09
Property & Casualty Underwriter
Zurich Canada
2006.11 - 2009.08
Associate
Zurich North America Commercial
2006.01 - 2006.11
Underwriting Assistant
The Economical Insurance Group
2005.09 - 2006.01
Master of Business Administration - Strategic Management
Wilfrid Laurier University
European Summer School for Advanced Management (ESSAM) -
Arhus University
Bachelor of Arts (Honours) -
Queen's University
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