Dandridge looks forward to a spot of DIY

Published October 22, 2007

Christine Dandridge retires at the end of this year as a leading Lloyd's of London war risk underwriter and as executive director of Atrium Underwriting P.L.C. Her retirement coincides with the recently completed purchase of Atrium by Bermuda-based Ariel Holdings Ltd., which she wholly supports. Stacy Shapiro talked to Ms. Dandridge about her nearly 30 years' experience in the market.

Q. What changes have you seen in the time you have been at Lloyd's?

A. Mainly the balance of power in the market because in the early 1980s, brokers did not dominate underwriters. We had not gone through the broker consolidations which mean that now three brokers provide 60% of the Lloyd's income. The underwriters were free spirits and they were not bullied by the brokers as so many of them are today. I learned in those days that if people pushed you around, you stood up to them. I still do that now, but you have to be a bit more subtle about it, and use your wit and charm.

Q. What was the most exciting part of your career?

A. The most exciting part of my career came after 9/11 (the terrorist attacks on the United States on Sept. 11, 2001.)

It was an extraordinary market for two or three years (particularly 2003) with great results and we grew the business dramatically ... Those days, after 9/11, I suddenly realized how capable we were and how analytical and logical I could be in the face of all that.

Q. What was it like in the early days of your underwriting career to be a woman in a man's world?

A. I am not sure that I was that aware of it. There were people who were extraordinarily prejudiced against women for all sorts of reasons. Someone said to me once, 'Oh, we cannot employ females--they will all go off and have babies.' The thought of employing somebody who was going to take extended leave two or three or four times in her career, that burden on a small business like a Lloyd's syndicate is very considerable. So, it is not surprising that those kinds of attitudes were slow to change here. Fortunately, people now have more career protection and are entitled to have their careers back. I took three months off for each of my children, so I have only ever had six months off. I have literally had less time off than most of my male colleagues who will have, at some stage, changed jobs and had gardening leave. I am long overdue for a

nice lady-of-leisure spell.

Q. What was the high point of your career?

A. When syndicate 609 won "Lloyd's syndicate of the year" in the Royal Albert Hall back in 2001. All of the team who were there then, except one, I still work with now. So it just proves that it is not just about making money but with whom you make it! It was my birthday, too, so they all sang happy birthday as I walked back up the red carpet.

Q. What was the low point of your career?

A. It was the bottom of the last soft market in 1998 when I had just taken over the syndicate and the quoted rates in the market were being halved sometimes for particular risks. I remember I quoted a 15% reduction on one particular risk and one of my fellow underwriters who was second on the slip quoted a 50% reduction.

Q. Do you think we are at the bottom of a soft market now?

A. No. While there is still new money wanting to come in, the competitive pressure will continue for--I would have thought--three years maybe. We have a combined ratio of 66% this half year--it is one of the best. We are miles off from people actually losing money absent (of) loss frequency or severity, and then there is lots of latent capital waiting to back underwriting businesses.

Q. What changes do you see for the market in the future?

A. I am not sure I know, or that anyone would predict, because it is so contingent on catastrophe risk. If there were no earthquakes and no windstorms of any size, then you will see a slowly declining market, with people making an operational loss and investors becoming bored with the whole story and the market naturally shrinking. But I suspect it will not happen like that because catastrophes cost so much now and people are so much more aware of that. So if Florida gets a wallop in a valuable area, it will have a fundamental effect on how the market structures itself.

Q. What will you be doing in your retirement?

A. I hope to do a couple of non-executive directorships in allied businesses, but not in Lloyd's insurers, and I am hoping to build a house and spend more time with my children who are long overdue my attention. I will also be special adviser to Atrium.

Christine Dandridge began her career at Lloyd's of London in 1978 as a graduate trainee broker with Stewart Wrightson Ltd., now a part of Chicago-based Aon Corp., but moved to underwriting in 1980, starting as an underwriting assistant with Ian Posgate, eventually becoming underwriter for Atrium syndicate 609 in 1997.