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Capsicum Reinsurance Brokers LLP
Patrick Bousfield joined Capsicum Reinsurance Brokers LLP in 2016 as a broker and was promoted to executive director in early 2018 and leads the firm’s cyber practice. Prior to that, he was with EC3 Brokers Ltd. brokers in London and Beach & Associates Ltd., where he started in the back office before moving into broking including facultative and treaty reinsurance.
What is the No. 1 concern in your specialty?
That the boilerplate property/casualty cyber solution will become the status quo. Right now, cyber is its own class of business, but competitive pressures are looking to embed it into property/casualty.
How do you see your job changing over the next 10 years?
I see it becoming much more digital. There’s a large lack of digital integration. I think we’re going to get a lot more digital and have a lot less paperwork.
What advice would you give to someone starting out in the business?
I have to be biased, since I started out as a nonspecialist: Don’t try to pigeonhole yourself too early or get too narrowly focused on one line of business, or you can’t move laterally.
What surprised you about the insurance industry?
How resistant to change people are in the insurance industry. For a risk-taking market, they’re incredibly risk averse.
What is something most people don’t know about you?
I read more books at once than I should. I’ve got three or four books going at the moment and finish a book about every two weeks.
What is your favorite app or gadget?
Probably my Garmin watch. I can see my heart rate, my step count, my elevation.
What would you/do you binge watch?
In the insurance industry’s battle for talent, there are plenty of incumbents to fight over.