Back to news
New Dawn Risk appoints Angus Simpson as Non-Executive Director

02 September 2021

New Dawn Risk Group Limited, the international specialty insurance broker, announced today the appointment of Angus Simpson as a non-executive director.

Max Carter, CEO of New Dawn Risk, said: “We are delighted to welcome Angus Simpson to our board.  He brings with him a rare depth of board-level experience in the independent London market broking sector, and we have no doubt that he will provide valuable insights and support to our management team.  New Dawn Risk is strongly positioned to become an increasingly influential participant in the specialty liability market, and Angus will be a major asset in helping us to achieve this.”

Commenting on his appointment, Angus Simpson, said: “I am hugely excited to be joining the Board of New Dawn Risk at what is, unquestionably, a time of immense opportunity for specialty, privately held, independent brokers in the London market. New Dawn Risk is committed to broadening the range of products and services that it can offer to its clients and is now very well positioned to grow its business over the next few years.”

Angus has a wealth of experience with a career spanning 35 years in the insurance industry. He has set up two businesses, an insurance broker and a Managing General Agency underwriting specialist personal lines business. Earlier in his career, he was a director of a Lloyd’s Broker and ran the Central Broking team at Aon Risk Solutions. Angus has also served as a non-executive director for Kite Warren and Wilson Limited, a Lloyd’s insurance and reinsurance broker.

Notes to Editors

Established in 2008, New Dawn Risk is a specialist insurance broker providing dynamic advisory solutions. We focus on complex, international liability and other specialty insurance and reinsurance. Clients large and small profit from our expertise, creativity and responsiveness – from risk assessment through to claims.

Can you describe what your current role involves?

I am currently a Treaty Analyst at New Dawn Risk. My team specialises in the structuring, negotiating and placement of treaties, spanning multiple classes of business such as casualty, crop, cyber and even parametric solutions.


What is your favourite insurance fact?

So I found this out quite recently – apparently, during the early 19th century, movie-goers were so scared of dying due to excessive laughter that they bought insurance through Lloyd’s of London. Definitely wasn’t expecting to hear that…


What did you do before joining New Dawn Risk?

I joined New Dawn Risk just after graduating from University College London with a Masters degree in Financial Mathematics.


Tell us one thing about your career we didn’t know:

I made the mistake of planning a business trip to the Middle East during the peak of Ramadan and had to starve myself until the end of the day to make sure I wasn’t being impolite to some of my clients!


What are your hobbies outside of work?

I enjoy playing tennis and it’s something I’ve picked up once again during the lockdown.  I tried my hand at the ukulele as well but gave up due to a lack of any musical talent!

The article below was originally published in Cannabis Law Report in July 2021. You can access the original article here.


Sean Hocking of Cannabis Law Report recently spoke with Max Carter, the founder and principal at New Dawn Risk, about insurance and risk in the current US cannabis market. The following interview was conducted on 8th July 2021.


Now that we have a Democratic administration with a majority in both houses, what are your feelings about the growth of the insurance market for cannabis as the federal legislation conversation edges forward?

There is a great deal of excitement in the insurance industry at the opportunities the cannabis market will present. We are pretty certain we will see a large number of players being willing to get involved as soon as they have the certainty that they won’t be breaching any federal regulations.

At CLR we have noticed that in some states there has been a marked increase in cannabis insurance services for the sector over the last 12 months. Are you able to give us any insights about what is happening in states like CA, IL, FL and whether comprehensive services are being offered to industry players, or are companies having to string together a patchwork of coverage from different insurance suppliers?

California, Illinois and Florida are in the top five states when it comes to general property and casualty insurance, so we would certainly expect them to be where there is more activity taking place.

As for suppliers being willing to provide a comprehensive suite of cover to cannabis businesses, it does very much depend on the size of the entity being insured and their activities.

Some classes of insurance, in particular, remain very challenging for larger companies, such as directors’ and officers’ liability for listed companies.

Do you think that NY’s recent move towards legalisation and developing a regulated sector will help with providing both greater opportunity for insurance providers as well as better options for companies and organisations looking for coverage?

We don’t think we are going to see any particular difference in approach for New York compared to other large states at this point.

The key to really unlocking the market for insurance will be the passing of the Claim Act.

As mentioned above, providers in the main areas appear to be US state-based organisations providing limited coverage on a state by state basis. Do you concur with this analysis?

Yes, absolutely at the smaller end of the spectrum coverage is being provided by local state-based carriers.

Where we see international interest is more on the larger risks, although at this point there is very little capacity in the market for US risks with very few exceptions (such as Relm in Bermuda).

There really is no international appetite to write US cannabis risks. This is for the same reasons as domestic carriers, namely that they don’t want to fall foul of federal regulators and risk their ability to trade in the US for all of their business.

If you were to highlight where coverage is most needed in the industry are there certain sectors that you feel need solutions now rather than later?

For most businesses, product liability is an essential coverage and it would be nice to see a stronger supply of this coverage being available immediately.

Outside the US and especially in the EU & UK – where there still isn’t really any hard and fast regulation with regard to cannabis but an ever-increasing amount of CBD, medical cannabis & hemp businesses launching in the sector – what options are there for these companies to get coverage?

The market is still very limited in the UK and EU because of the lack of clarity around the regulation of CBD, medical cannabis and hemp.

However, solutions are available.

We think that there needs to be more clarity around regulation in order for insurers to enter the market with enthusiasm.

New Dawn Risk Group is an established specialist insurance intermediary responsible for servicing a worldwide portfolio of UK and International clients.  We focus on placing complex liability and other speciality insurance and reinsurance risks with insurers in all major markets including Lloyd’s of London.

We are currently looking for a permanent full-time senior professional liability broker, specialising in malpractice and healthcare to join our rapidly growing business.  This role reports directly to the Head of Professional Risks.

Key activities & responsibilities:

This is a new senior position at New Dawn Risk and is intended to bring a level of market experience and product knowledge to the team.  We are looking for a self-motivated broker who will focus on client retention and new business production.

Key activities and responsibilities are envisaged as follows:

  • Developing strategic sales / business development plans to grow our US and international medical malpractice and healthcare business.
  • Proven experience in placing insurance for US healthcare professions from miscellaneous medical professional liability to medical malpractice for healthcare institutions.
  • Providing mentoring for less-experienced brokers.
  • Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
  • Travelling internationally to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
  • Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable skills & qualifications:

  • 4-7 years+ of proven experience in US malpractice and healthcare broking in Lloyd’s and the London market.
  • Experience in handling large medical malpractice risks.
  • Strong relationships with all key underwriters across the Healthcare market, whether US or International.
  • Strong insurance product knowledge across Professional & General Liability, HNOA, EBL, and SML product lines for healthcare professions.
  • Able to demonstrate strong relationships with producing brokers across the healthcare sector.

Personal qualities:

  • Excellent interpersonal / communication skills.
  • Ability to write grammatically correct English.
  • A high level of competency with Microsoft Office.
  • Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
  • A personal style with integrity that engenders confidence in others and the ability to build effective relationships internally and externally.
  • A self-starter.
  • Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
  • Ability to work with individuals across departments and liaise with external customers and contacts.
  • Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
  • Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

The compensation package for this role will include a competitive salary, a performance-based bonus based on new business production and renewal retention (in respect of renewing any new business produced).

This is a new senior position that will require a high level of market experience.  We are looking for a self-motivated and experienced salesperson, who will develop our UK business with their product knowledge, networking and sales skills.

The creation of this role signifies a key expansion for New Dawn Risk, a specialist insurance and reinsurance broker operating in the London Market. The company has recently invested in building a UK-focused wholesale division, and this next step into direct corporate retail business is a natural progression of the company’s strategy.  

Key activities and responsibilities:

  • Developing strategic sales / business development plans to grow our UK professional and financial lines and other target business.
  • Identifying classes of business in which opportunities exist for New Dawn Risk to play a relevant role and developing a strategy to take advantage of such opportunities.
  • Engaging with prospective clients by phone, by email and through networking opportunities.
  • Building a portfolio of high-value clients (target minimum total commission £10,000 per client) with renewable policies across the UK.
  • Travelling nationally to meet with new and existing clients to build and enhance relationships and generate new business referrals.
  • Contributing to New Dawn Risk’s ongoing strategy development and planning.
  • Supporting New Dawn Risk’s training objectives through structured training sessions of the broking and account management teams.
  • Engaging with key insurers and supporting our broking teams in placing new and renewal business.

Key attributes and experience:

  • A proven and experienced retail producer, who can hit the ground running.
  • Established product knowledge, particularly in Professional Indemnity and Directors & Officers Liability.
  • An individual who wants to drive their own business responsibilities and to accelerate their career.
  • Confident, motivated and experienced at cold calling and presenting.
  • Experienced in networking.
  • Gravitas to represent the company in a highly professional manner.
  • Ability to travel nationally.
  • Exemplary client care and service.
  • Excellent written and verbal communication skills.

Compensation package:

The compensation package for this role will include a competitive salary, commission on new business production and renewal retention (in respect of renewing any new business produced), and participation in a company health insurance programme and pension scheme.

New Dawn Risk Group is an established specialist insurance intermediary responsible for servicing a worldwide portfolio of UK and International clients.  We focus on placing complex liability and other speciality insurance and reinsurance risks with insurers in all major markets including Lloyd’s of London.  

We are currently looking for a permanent full-time senior professional liability broker to join our rapidly growing business.  This role reports directly to the Head of Professional Risks.

Key activities and responsibilities:

This is a new senior position at New Dawn Risk and is intended to bring a level of market experience and product knowledge to the team.  We are looking for a self-motivated broker who will focus on client retention and new business production.

Key activities and responsibilities are envisaged as follows:

  • Developing strategic sales / business development plans to grow our US and international professional liability business.
  • Proven experience in placing professional liability for architects & engineers, lawyers, accountants and healthcare.
  • Providing mentoring on broking tactics and technique for less-experienced brokers.
  • Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
  • Travelling internationally to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
  • Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable skills and qualifications:

  • 5 years-plus of proven experience in US professional liability broking in Lloyd’s and the London market.
  • Strong relationships with all key underwriters in the relevant sectors.
  • Strong insurance product knowledge.

Personal qualities:

  • Excellent interpersonal/communication skills
  • A high level of competency with Microsoft Office.
  • Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
  • A personal style with integrity which engenders confidence in others and the ability to build effective relationships internally and externally.
  • A self-starter.
  • Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
  • Ability to work with individuals across departments and liaise with external customers and contacts.
  • Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
  • Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

The compensation package for this role will include a competitive salary, a performance-based bonus based on new business production and renewal retention (in respect of renewing any new business produced).

A part-time Claims Associate who has experience in professional liability and directors’ and officers’ insurance is needed to join a leading Lloyd’s of London broker based in the City of London. Expect to become a key team member, coordinating multiple projects in a fast-paced environment.

This is a part-time role at 25 hours per week. Flexible work from home options available.

Founded in 2008, New Dawn Risk is a specialist insurance broker that focuses on placing complex liability and other speciality insurance and reinsurance risks with insurers across all major markets (including Lloyds and the London Market, Bermuda, DIFC, Singapore and many others). Due to an exciting period of growth, we are now seeking a proactive part-time Claims Associate to work closely with the Claims Manager.

The Claims Associate will be responsible for assisting in the coordination and broking of all claims within the company. Whether you are maintaining client files, building relationships with clients, understanding market changes, resolving issues, liaising with overseas brokers, maintaining claims files, obtaining loss runs or assisting in the preparation of claims reports and statistics, it will be your strong insurance product knowledge across PI & DO that ensures accurate and timely payments for clients. 

Qualifications:

The ideal candidate will have previously served as a Claims Associate / Insurance Claims Associate / Claims Handler / Claims Broker / Insurance Claims Handler / Insurance Claims Consultant / Claims Support Administrator or similar with a CV that demonstrates:

  • Experience of working in Claims with Professional Liability and Directors & Officers insurance.
  • Strong insurance product knowledge across PI & DO.
  • Strong relationships within the sector.
  • Knowledge of London Market Systems, particularly ECF.
  • Excellent interpersonal / communication skills.
  • The ability to write grammatically correct English.
  • A high level of competency with Microsoft Office.
  • You are an outgoing and engaging person who has the confidence in communicating with clients.
  • A self-starter.
  • A strong work and service ethics to achieve desired outputs working in a fast-paced environment.
  • The ability to work with individuals across departments and liaise with external customers and contacts.
  • You are open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
  • You are adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.
  • Lloyd’s experience is desirable but not essential.

This is an excellent opportunity for a Claims Associate with a strong work ethic to join a fast-moving and forward-thinking team. Expect to grow your skills and experience within a refreshing and approachable environment where you will be well-rewarded for your efforts. 

New Dawn Risk Group is an established specialist insurance intermediary responsible for servicing a worldwide portfolio of UK and International clients.  We focus on placing complex liability and other specialty insurance and reinsurance risks with insurers in all major markets including Lloyd’s of London.

We are currently looking for a permanent full-time senior directors & officers’ liability broker to join our rapidly growing business.  This role reports directly to the Head of Management Liability and Financial Institutions.

Key activities and responsibilities:

  • Developing strategic sales / business development plans to grow our international D&O portfolio and other target business.
  • Developing new management liability business, with a focus on larger deals and facilities.
  • Identifying classes of business in which opportunities exist for New Dawn Risk to play a relevant role and developing strategy to take advantage of such opportunities.
  • Providing mentoring on broking tactics and technique for less-experienced brokers.
  • Providing technical product expertise to enhance our client offerings both at individual risk level and portfolio level.
  • Travelling internationally (between 6 – 8 trips per year) to meet with producing brokers, cedants and clients to generate new business and enhance existing relationships.
  • Contributing to New Dawn Risk’s ongoing strategy development and planning.

Desirable attributes and experience:

  • Excellent interpersonal/communication skills
  • A high level of competency with Microsoft Office.
  • Outgoing and engaging person who has the gravitas and confidence in communicating with and influencing clients.
  • A personal style with integrity which engenders confidence in others and the ability to build effective relationships internally and externally.
  • A self-starter.
  • Strong work and service ethics to achieve desired outputs working in a fast-paced environment.
  • Ability to work with individuals across departments and liaise with external customers and contacts.
  • Open, engaging, approachable and collaborative with a down to earth personality and a sense of personal ownership to achieve results and meet deadlines.
  • Adaptable, methodical, versatile with a keen eye for attention to detail and accuracy.

Compensation package:

The compensation package for this role will include a competitive salary, a performance-based bonus based on new business production and renewal retention (in respect of renewing any new business produced).

The article below, by Nicky Stokes, Head of Management Liability and Financial Institutions at New Dawn Risk, was originally published in Insurance Day in July 2021.

It is a tough time to be a di­rector or officer. Few can remember an operating en­vironment characterised by quite such a level of uncertainty and array of emerging risks. At the same time, for those looking to transfer some of that risk, the directors’ and officers’ (D&O) lia­bility insurance market has been going through a long overdue pe­riod of price corrections, coupled with restrictions on coverage.

The full impact of Covid-19 has yet to be felt and is unlikely to be until governments begin to wind back the unprecedented levels of financial support they have put in place. With the near-term eco­nomic and political outlook still uncertain, D&O liabilities linked to company insolvencies are like­ly to increase.

Of course, the pandemic has by no means been all doom and gloom. Pent-up capital has been seeking an outlet, which has re­sulted in a wave of transaction activity, driven in no small part by the rise of special-purpose ac­quisition companies (SPACs). This has brought its own set of risks. A SPAC has just two years to deploy investor capital, which puts the onus on swift action. Rushing to market brings with it the risk of bad deals being negotiated and we should expect claims to be brought against directors and of­ficers as a consequence.

Company executives must also contend with the rising cyber threat, which has been exacerbat­ed by the shift to remote working. Additionally, environmental, so­cial and governance (ESG) issues are climbing up the agenda. With more personal accountability, changing attitudes and the rise of social media, directors and of­ficers are increasingly exposed to claims related to employment­related risks, ethics and culture.

Looking ahead, though, the big­gest threat over the coming years will be claims that result from cli­mate change and other environ­mental issues. These are already behind a number of D&O claims, a trend that is only going to accel­erate, driven by a combination of three groups of actors: activists, regulators and investors.

Activist efforts

The recent case brought by Greenpeace, five other environ­mental organisations and more than 17,000 individual claimants against Royal Dutch Shell in the Netherlands has brought this issue sharply into focus. Dutch judges ordered the oil and gas major to implement stringent carbon dioxide emissions cuts within the next few years.

On the same day, a tiny hedge fund – Engine No.1 – mobilised by a dissident shareholder group dealt a major blow to Exxon Mo­bil, unseating a number of board members in a bid to force the company’s leadership to reckon with the risk of failing to adjust its business strategy to match global efforts to combat climate change.

Given mounting public concern about the environment, activism is only going to increase and it will not just be oil and gas companies that are targeted. They may be first in the firing line as some of the world’s biggest polluters but firms across agriculture, industry, manufacturing, transportation, the list goes on … should expect to come under scrutiny as well.

Climate change is also being tak­en increasingly seriously by regu­lators. In 2019 the UK’s Prudential Regulation Authority applied new rules that require certain finan­cial services firms to nominate a senior manager responsible for identifying and managing finan­cial risks from climate change.

In the US, the Securities and Exchange Commission (SEC) is expected to require public com­panies to publish data on a whole range of new areas, including greenhouse gas emissions, work­force turnover and diversity, as its new chairman looks to enhance the SEC’s disclosure regime.
Gary Gensler, SEC chair, has already said it plans to introduce new climate-related and human capital rules as it steps up ESG disclosures and earlier this month closed a public consultation on a potential new rule, which is likely to be proposed in October.

Investor behaviour

But it is investors that probably hold the strongest hand when it comes to forcing companies to change their behaviour concern­ing climate change and, by exten­sion, raising the level of risk facing directors and officers should they fail to do so.

Last year, BlackRock – the world’s largest investor – an­nounced it was making climate change central to its strategy for 2021, putting environmental and social priorities at the forefront of its investment approach. With as­sets under management of more than $7trn, BlackRock has signifi­cant influence on most of the com­panies in the S&P 500.

Interestingly, BlackRock and fel­low investors Vanguard and State Street gave powerful support to Engine No.1 in its case against Exx­on’s leadership. These huge invest­ment companies rarely side with activists on such issues, so this marks something of a sea change.

Investor pressure is building elsewhere. Launched last year, the Net Zero Asset Managers initiative saw 30 of the world’s largest asset managers commit to supporting investing aligned with net zero emissions by 2050 or sooner. Just last week Amundi, Franklin Templeton, Sumitomo Mitsui Trust Asset Management and HSBC Asset Management an­nounced they were among the latest big investors joining the ini­tiative, bringing the total on board to 128, which means $43trn in assets are now committed to a net zero emissions target.

This is a now a one-way street. Companies across the board need to understand that failing to un­derstand and take seriously their exposures to climate change will have significant ramifications for them and, ultimately, their direc­tors and officers too.

The original article can be viewed here

The article below, by Tom Malcolm, Head of UK Broking at New Dawn Risk, was originally published in Insurance Day in June 2021.

Even though four years have passed, issues in cladding have still not been resolved since the Grenfell Tower tragedy. Individuals and families across the UK are stuck living in dangerously clad properties that are more vulnerable to fire and have plummeted in value, nearing the point of being unsellable unless expensive remediation work is carried out.

In February, the Housing Secretary announced that the government would finally be intervening and will pay to remove unsafe cladding for all leaseholders in high-rise buildings, providing reassurance and protecting them from costs. It will also introduce measures to boost the housing market and free up homeowners to once again buy and sell their properties. This is a very welcome development for affected homeowners but does little to address the issues still faced by architects, another key group impacted by Grenfell.

Architects are unable to practice without a professional indemnity insurance policy in place that protects them against a broad range of potential risks, including professional negligence that might result in property damage, personal injury or financial loss, which might stetch back over many years. The problem is the cost of this insurance has risen astronomically to the point where it poses an existential threat to some architects.

Underpriced cover

Why exactly has this happened? To find the answer you need to look back some time. Architects’ PI insurance had been under-priced for many years prior to the 2017 Grenfell Tower fire. The tragedy (and subsequent Hackitt Report) called into question the safety of accepted design and building practices for high-rise buildings, including the use of many types of common cladding, fire-safety management and the principles and responsibility for the sign-off of any building as being ‘safe’. What this brought to the fore was a number of systemic issues with the UK’s Building Regulations regime. 

Previously, any architect’s insurer could rely on the standards and efficacy of all architects’ work being guaranteed by adherence to building regulations, but the confidence of insurers in this as a protection against large-scale claims was undermined by the failings that Grenfell Tower uncovered, including a lack of any clarity over who was ultimately responsible for a building’s safety.

Since 2017, that uncertainty, combined with multiple claims post-Grenfell, has generated fear in the insurance market, with large concerns that the liability may be passed back to the architects and thus the insurers. We have seen many insurers withdrawing from the professional indemnity market altogether. This has caused demand to far outstrip supply, driving up prices to an unprecedented level.

In addition, insurers have also put strict restrictions on the limits they will cover for any one claim, as well as excluding any buildings with ACM cladding from their cover – a significant restriction for commercial architects.

Restrictions in cover also severely limit the types of work architects can carry out, (for example basements, swimming pools, anything fire related) meaning some bread-and-butter architecture project types are becoming close to uninsurable.

The virtually universal restriction on protection for fire safety and strategy in professional indemnity insurance policies issued to architects has led to mistrust of insurers, while insurers have been obliged to take defensive action in response to brokers seeking quickly to “block notify” all projects which may in the future face a challenge to their fire strategy. The ultimate outcome in some cases, and, depending on the breadth of the fire safety exclusion, has been that some firms have had to cease practising.

A way forward

A solution to all this lies with the government. Its announcement in February included a proposal to provide a state-backed indemnity scheme for qualified professionals unable to obtain professional indemnity insurance for the completion of EWS1 forms. Our view at New Dawn Risk is that this proposal should be expanded to include a provision to provide PI insurance covering architects and engineers who specified cladding materials that were within building regulations at the time.

This fund can either be delivered in the form of indemnities directed to the architect, or, we believe more practically, via a reinsurance scheme for insurers of architects, engineers, and other professionals to carve out exposures relating to the specification, inspection and installation of cladding materials that are now deemed to be unsafe. The scheme could be administered through a commercial third-party administrator and claims would be continued to be handled by the insurance industry. Participating insurers would contribute a levy of a percentage of the premium (maybe 5%) to obtain access to the reinsurance fund and would not be permitted to exclude cover for cladding or fire safety claims. We think this will allow the PII insurers to remove the exclusions that are crippling the industry – such as those involving tall buildings, specifications of cladding, etc. – and to moderate the premiums being charged to professionals that are exposed to such historical projects.

Ultimately, this issue has underlined the importance of all parties working together. Insurance brokers and underwriters, lawyers and professional bodies should continue to engage closely to lobby local and national government to broker an effective, long-term solution that supports architects and the wider construction industry.

The original article can be viewed here