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Richard Webster CEO is interviewed by Insurance Times
28/06/2010
The loss adjuster market has evolved and changed considerably over the past two decades, and the people now at the top have had to adapt quickly. Muireann Bolger of Insurance Times spoke to a number of key figures in the industry and in this extract from the published article; she speaks to Richard Webster, CEO of Merlin.
Richard Webster started his career as a chartered engineer, before taking an MBA at Manchester Business School. After holding director posts in Amey plc and Westinghouse, in 2002 he was headhunted for the role of chief executive of credit insurer Euler Hermes.
Webster says the pinnacle of his six-year tenure there was steering the loss-making company towards a £25m profit. In 2008, he took up the reins at Merlin and faced his greatest career challenge yet in re-structuring the firm. “Obviously, when I took over I didn’t know we had to refinance the company,” he admits. “The low point was taking the business through that process, and it has been quite difficult for our investors. That said, there is a great deal of satisfaction that we have come out the other side with a far more sensible financing restructure that the business is able to sustain and build from,” he says.
With an annual turnover of £63m, Webster says the company is trying to “get back to business” and expand market share. Looking ahead, he believes one of the major challenges for the sector lies in the financial structure of many major players.
“Looking at the pain that we have just gone through in terms of our financial restructuring, I think there will be others who need to address their financial structures as well,” he warns.
Webster believes that Merlin provides a “holistic” approach to claims services that sets it apart from more conservative rivals. “It is about using adjusters when appropriate and not using adjusters when not appropriate. It is about being more flexible to create a more optimal route for the way a claim is managed.” He explains.
Extract from Alter egos – Insurance Times 24 June 2010
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