Ep318 Jack Kuhn Westfield Specialty: Taking the long-term view

Mark Geoghegan (0:03)

I'm Mark Geoghegan, and you're listening to The Voice of Insurance podcast, produced in association with AdvantageGo, now part of Sapiens. Release your underwriters to underwrite, with the Sapiens AdvantageGo underwriting workbench.

Today's guest is an insurance professional who's just completed 40 years in the market. Over that time, he's built a reputation as the consummate underwriters underwriter. But by some strange coincidence, our paths hadn't crossed. Until now.

We can complain about Monte Carlo all we want, but it never fails to throw out wonderful opportunities to meet the most senior and prestigious figures in the global insurance and reinsurance industry. So it was that I finally met Jack Kuhn, president of Westfield Specialty, at a meeting table in a conference hall in the bowels of the Fairmont Hotel. At Monte Carlo, everyone's in talking mode, and what follows is the classic fast-paced kind of conversation you have 10 times a day when down at the Rendez-Vous. But listening back in the cold light of day, it's Jack's underwriting leadership qualities that really stand out, even in such a frenetic environment. He's calm and focused and has a clear idea of what he wants to achieve. Like all the best underwriters, he's never dismissive of new ideas, but weighs them carefully and leaves you in no doubt where he stands. Now writing about $2.4 billion of gross premium as part of a mutual group with 178 year pedigree, Westfield Specialty can evaluate and navigate the market on its merits without pressure to grow. And that's where this conversation shines. It's liberating to talk to an underwriter with such a long and successful career being given the chance to design an underwriting shop that is applying the full benefit of all that experience. Jack is clearly in his element and really enjoying this latest chapter in his career. And this conversation encompasses all the big themes. The challenges of a highly competitive insurance and reinsurance market, emerging automatic digital underwriting, and AI as an emerging casualty peril all have strong showings, among many other themes.

It's always great to finally meet someone you've heard a lot about, but it can sometimes be a little anticlimactic. I'm pleased to report that this meeting exceeded all expectations, and my only regret is not having met Jack 20 years earlier.

Enjoy the podcast. Jack, it's really nice to meet you. We're sitting down in Monte Carlo. I'm sure anyone listening at home can hear the hubbub, and it's great to be here. I always enjoy this. We're not going to complain about the noise because it's what it's all about. So anyone out there who doesn't know you, for the benefit of them, I'm sure a lot of people do know you. Why don't you introduce yourself, run us through your career today, and maybe we'll start with the question we often ask each other when we're meeting people for the first time in insurance industry, we ask them how they got into the industry.

Jack Kuhn (2:45)

Sure. Thanks, Mark. I appreciate you having me on the podcast. I ended up as being one of those falling into the industry, so to speak. I was at university, was thinking I was going to really focus on the financial services side. I had a fraternity brother of mine come back to the campus, said they were looking to fill out interview slots.

I was like, I'm not really that interested in the insurance thing. I think I really want to get into the investment banking.

Mark Geoghegan (3:11)

What were you majoring in?

Jack Kuhn (3:13)

History and a minor in English.

Mark Geoghegan (3:15)

Well, I guess it wasn't economics or mathematics.

Jack Kuhn (3:18)

My father was in banking, so that was my role model.

He then gave me this proposition of we would go play a game of racquetball, best out of five. If he won an interview, he takes me out for dinner and drinks. If I win, he takes me out for dinner and drinks. So to me, it was a no-lose situation. I'm getting dinner and drinks one way or the other. Needless to say, I lost. I went for the interview and just really was very interested in insurance after spending some time. That's how I started my career at Chubb back in 1986 So over 40 years now in the industry. So it's been a great run.

Spent my first 13 years there.

Mark Geoghegan (3:58)

What were you underwriting?

Jack Kuhn (4:00)

Mainly D&O.

Mark Geoghegan (4:01)

So that was a good time to be a D&O underwriter. You're catching a tiger by the tail there with the growth you were having.

Jack Kuhn (4:07)

It was unbelievable when I go back and think about the stuff that was going on in the marketplace and only having three carriers really being viable on offering capacity in the 85-86 time period. It was a very fun market to be a part of.