MAPFRE Global Risks interviews Michael Lombardi, Executive Vice President of Global Solutions at Lockton Companies, during the FERMA Forum 2024 held in Madrid.
What’s your business model for the Lockton Global Partnership? What sets your model apart from others on the market?
Lockton is the largest independent, family-owned and privately held insurance broker in the world. Together with our Lockton Global Partners, our global capabilities extend to more than 150 countries.
Lockton Global LLP is a unique, equity and legal Partnership made up of all the Lockton offices worldwide, alongside 30+ independent and family-owned insurance broking companies, who share the same culture and philosophy. The Partnership is mutually beneficial, we each service each other’s clients and provide general, property and casualty, employee benefits and risk management services in over 130 countries.
Lockton Global LLP was launched in 2012, today we have over 5000 multinational clients now being served worldwide and having the Partnership has been key to the success of our growth.
Each of our Partners are well known their local territory and markets, they are leading independents, with their own large domestic books of business. Understanding local culture, language and most importantly, regulations.
A combination of best in class Partners, alongside Lockton, in the right locations is our chosen strategy. Our model was designed deliberately to provide clients access to the best expertise and resources in every country, without barriers or borders. We don’t just plant flags in a country, instead we choose the best people, with the best market expertise, to give a better outcome and service to our clients.
The shared investment of our equity Partnership means there is a real desire for us all to perform, for our mutual success, which in turn benefits our clients.
How are you going to participate in the FERMA Forum and what do you expect from this edition?
The brokerage landscape in Europe is changing. FERMA is an excellent opportunity for Lockton and our Global Partners to stay ahead of these changes and come together as independent, privately-held firms. It is an opportunity to engage with and learn from our global clients and insurance carrier partners.
In cooperation with Diot-Siaci, Vanbreda, and Funk, we are hosting a European Partner Conference which will explore perspectives, challenges, and opportunities for Independent Brokers in the changing marketplace. We will hear from clients and discuss the importance of relationships, the challenges and opportunities M&A has created in the market, and how the power of relationships will help us work better together.
As presenting sponsors of FERMA, we will also host an informative session on the evolution of the U.S. insurance market and how European firms can arbitrage the market to create cost-effective solutions for the complexities presented by the US market, including Workers Compensation, Auto Liability and Casualty.
MAPFRE Global has introduced a new initiative to reach out to customers based in Europe, the United States, and Canada who have insurable risks in Latin America. What opportunities do you see for future collaboration?
More than 35 carriers offer a multinational insurance product, however as our client’s international risks become more complex and sophisticated, clients are becoming discerning on their carrier partners’ global capabilities. For many, this means that a carrier must have a defined global network of owned offices, or strongly managed network partners with the essential administrative controls to meet the important KPI’s of global programs. Global carriers must have a reliable global network, strong communication between offices and the ability to execute on the complex but essential administrative elements of global programs. Latin America represents a tremendous growth opportunity for global clients. Within Lockton, it is one of our fastest growing regions and the opportunities to partner with one of the largest global carriers in an important market are significant. We have been successful in targeting large multinational and multi-Latina retail, manufacturing, and specialty clients. We have leveraged MAPFRE’s global experience and capacity to create best-in-class solutions for clients and look forward to continued partnership opportunities in the future in this regard.
Lastly, what added value do you think MAPFRE Global Risks brings to your customers and what aspect would you highlight about us?
MAPFRE has the credibility and experience to deliver solutions for global clients in an important segment of our business. Together we have partnered our industry experts and global teams to address the evolving complex needs of multinational and multi-Latina insureds. MAPFRE have been an important partner in our growth and expansion, and we look forward to all the opportunities ahead as strategic partners.
