To some businesses outside the US, Donald Trump’s presidency is a cause of concern given the incoming leader’s attitude to international trade. British insurance giant Jardine Lloyd Thompson (JLT), however, sees a different picture.
“Whether he aims at the London insurance market or not, we’re going to get caught in a baby-and-bathwater scenario,” JLT group deputy CEO Mark Drummond-Brady warned in the global broker’s latest
Risk Specialist publication.
Despite the uncertainties, Drummond-Brady believes that there may be some interesting opportunities for JLT and its clients, especially if Trump fulfils his promise to rebuild infrastructure in the US.
“We’ve been strengthening our expertise in the US, particularly when it comes to servicing multinational companies,” he said. “Construction is a strong sector for us, and a lot of the big European construction companies, especially the Spanish, are already building extensively in the US. They see a potential infrastructure boom as a great opportunity.
“So whatever may transpire under Trump’s presidency, brokers and the insurance market are well positioned to help clients take full advantage of any opportunities that arise as a result,” Drummond-Brady added.
Similar to JLT, Lloyd’s is another British insurance giant that depends on the US. It receives more than 40% of its revenue from the American market. Since this premium is exported currency, it could be targeted by the Trump government, according to JLT.
Lloyd’s CEO Inga Beale said they are waiting to see what Trump will do.
“Insurance isn’t usually high on their agenda,” she told the JLT publication. “As with Brexit, where we brought some expertise together very quickly, and delivered their output to the underwriting community, we’re lining up the same for the Trump situation. We’re looking to bring some experts over to work with.”
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