August 11, 2023

NAME: Tom Leonardo

NEW JOB TITLE: New York-based global head of accident & health, SiriusPoint Ltd.

PREVIOUS POSITION: New York-based senior vice president and U.S. head of accident & health, Sirius Group

INDUSTRY OUTLOOK: Focusing on the accident and health space, it’s highly competitive and there are some meaningful pressures on costs. It’s a robust marketplace, it’s a growing marketplace, principally on the U.S. medical side, but is fraught with peril for those who aren’t vigilant and disciplined. In particular, there has been some false positivity about COVID-19. Fewer people were being treated for other medical conditions during the pandemic, and there was a real lull in utilization. This may have initially looked positive from a loss-ratio perspective, but now we are seeing a large spike in large loss activity for people that should have sought care much earlier. For example, later detection of cancer that could have been developing within your system during the pandemic years when you didn’t go to a doctor.

GOALS FOR NEW POSITION: To bring us together as One SiriusPoint – as one team. We have previously been siloed: London carried on with what they were doing, the Zurich team was really focused on their markets, and the U.S. team was focused on the primary U.S. program space. I feel like we’ve got a meaningful opportunity now to bring everybody together and be a bit more supportive of each other and become a more global presence in the accident and health space.

CHALLENGES FACING THE INDUSTRY: The challenges are many and vary by market segment and in product line. There are some good creative opportunities with some insurtechs, or new product delivery systems, and I still believe the competitive marketplace is robust. New capacity is still coming in, there’s expanding capacity, and I think it’s going to be a challenge that we’re prepared to meet, but a challenge nonetheless.

FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I started out with Paul Revere Insurance Co. as a group sales rep back in 1994. I was like a fish out of water, a New York Yankee working in the rural North Carolina marketplace. I learned so much in those two years, working in that environment and going door-to-door trying to find brokers who might have an interest in selling group disability business on our behalf. It was a humbling learning experience, but we had some success. And I kind of got the insurance bug. Before insurance, I started out in broadcasting and radio and TV, but I couldn't cut it there. Insurance had a strong appeal to me when I found it, so it all worked out.

ADVICE: We have a responsibility to be mentors to young people who come into this market. I know that the U.S. market, in particular, is struggling to attract talent. My advice to newcomers is you only have one reputation. Do business with integrity and in a way that you can look yourself in the mirror the next day. Think about the decisions you make and the way you behave, because although it is a very large marketplace, it’s also very small. If you ever lose your integrity or reputation, I think it’s very hard to come back from.

OUTSIDE THE INDUSTRY, A DREAM JOB: I’ve always wanted to be in movies. Probably a movie producer because I am a big fan of some of the classic movies like “Casablanca” and “Chinatown.” Anything to be on a movie set I think would be great fun.

COLLEGE MAJOR: Broadcasting radio and TV. I did that for a while. As I often say, I have a face for radio but unfortunately not the voice.

LOOKING FORWARD TO: The opportunity to take on a much broader community of people within our team, the brokers that we trade with and in different territories and jurisdictions where I don’t have as much experience. I’ve been so focused on the U.S. primary market space that the opportunity to do business in India, to do business in Brazil, and in some of these other territories is going to be a fascinating challenge. I am curious to see what else is out there.

FAVORITE MEAL: Any kind of pasta or Italian food. Anything up from mac and cheese would be right in my wheelhouse.

BOOK: “The Hitchhiker’s Guide to the Galaxy,” by Douglas Adams

HOBBIES: My hobbies are mostly centered on the kids. Watching my son play American football, and for a time before that, soccer and a bit of golf. Otherwise, my wife and I are avid moviegoers.

TV SHOW: “Breaking Bad”

ON A SATURDAY AFTERNOON: I like to play golf. My kids have shown an interest in it so that just takes it to a whole new level for me. So, going out and hitting balls with the kids.