Board

Our experience is in sourcing and placing independent non executive Chairman and Directors to public and private boards of companies operating in the international insurance markets.

Insurance boards operating in the London Market are heavily regulated and board Directors need to be approved persons under the guidelines set by the UK Regulators of the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).

In addition Directors of the insurance companies operating within the Lloyd’s Market need to be approved by the Lloyd’s Franchise Board.

The heavily regulated UK environment has lead to the increasing need for non UK domiciled organisations conducting international insurance business to hire a greater ratio of independent Directors onto their UK Boards. This in turn has lead to greater competition for independent non executives (INEDs) who bring good corporate governance, who have the qualifications required to sit on and/or chair one or more of the board committees and are able to have the capacity to remain up to speed with latest regulatory requirement and Solvency II.

Consequently the process of hiring an independent non executive chairman or director has to be as thorough and robust as hiring an executive director.

Clients looking to hire INEDs also require them to add value by bringing specific subject matter expertise to the board ranging from financial, investment, insurance risk, operations expertise through to broader enterprise wide risk.

Schonhofer offers clients access to a broader range of potential board candidates through our deep knowledge of insurance companies and their boards and our ability to complement this with our substantial networks into related industries and government.

We conduct the rigour of selection process necessary in such a heavily regulated environment.