The Asta Interview with Reece Gordon
Head of Underwriting Operations
In a career spanning over 13 years, Reece Gordon has risen to Head of Underwriting Operations at Asta, bringing extensive expertise in Delegated Underwriting Authority. In this latest Asta interview, Reece discusses the challenges of managing diverse syndicates, emphasising the importance of a robust yet adaptable governance framework. He also highlights Asta’s strategic expansion into Singapore, aligning with Lloyd’s broader goals in the Asia-Pacific market and shares insights into current projects, such as Blueprint Two and the development of AstaPoint. Reece also reveals his love for '90s music and a passion for travel…
Q. Tell us about your career to date.
RG. I've been in the insurance industry for 13 years now which feels both a long time and like it’s flown by. Like many in the industry, I fell into insurance. I was studying maths at Loughborough University and after a couple of years, I realised it wasn't for me. So, I left and soon found a job at Capita, just down the road from Asta. Ironically, I didn't realise it at the time, but I was working under a binding authority agreement for solicitors' professional indemnity insurance. It’s funny looking back and seeing that I was involved in binders before truly understanding what they were. After over two years at Capita, I saw a role at Asta and applied, joining in January 2014 as an Underwriting Team Assistant, working across underwriting oversight and Delegated Underwriting Authority (DUA).
Two years into my time at Asta, an opportunity arose to focus on DUA full-time, and I jumped at it. That was eight years ago and throughout that time I experienced significant personal growth, learning, and development, supported by some incredible colleagues and mentors. Thanks to the support from my former manager and the executive team, I became DUA Manager in 2019, Head of Delegated Underwriting in 2022, and this year, I was appointed Head of Underwriting Operations. Additionally, I am now a director of our Singaporean entity. Reflecting on my 10+ years at Asta, it’s a time of my life that has been both challenging and immensely rewarding.
Q. In your DUA management role, was that primarily oversight, or was it more hands-on?
RG. It’s a bit of both. While we do a lot of oversight, we also get involved directly, especially when helping syndicates grow and meet their business plans. As these syndicates mature and evolve into their own managing agencies, we gradually transition responsibilities but maintain a close relationship. The DUA community is quite collaborative, and we often exchange ideas to make our processes more efficient. Our independent oversight role is distinctive and valuable, offering an objective perspective that internal resources might not provide.
Q. With multiple syndicates under management, how do you ensure effective and consistent oversight, governance, and compliance?
RG. One of our core principles at Asta is recognising that each business we manage is unique and has different needs. For example, we manage syndicates like Oka that write niche products (carbon credits) and Greenlight, which brings innovative products to the market through platforms like the Lloyd's Lab. These require a different approach compared to established players like Everest with a more traditional DUA book. Our job is to manage these varying needs effectively by delivering a framework that is both robust and adaptable. This means we can respond to the specific requirements of the syndicates, not just at inception, but as they grow.
Q. Tell us more about Greenlight.
RG. They support several Insurtech businesses some of which are graduates of the Lloyd’s Lab, which I’ve always found fascinating. For instance, I was recently on a call discussing a product recall insurance aimed at leafy greens producers against contamination. It’s always interesting to hear someone talk about a product and a company they are truly passionate about. For us, it's about facilitating these innovative ideas, ensuring they meet both our and Lloyd’s expectations. It’s incredibly rewarding to help these concepts develop into viable insurance products.
Q. What are some of the biggest challenges you face in managing underwriting operations across different regions?
RG. The biggest challenge is ensuring we have an appropriate governance framework in place. Asta Europe is relatively new, at three to four years old, and Singapore is just two years old. Because these were new ventures, we had to build the frameworks from scratch. We've done this successfully by establishing an Overseas Operations Management Committee, which involves key stakeholders across the business, ensuring we have a comprehensive understanding of what's happening in each service company. This structure allows us to manage and escalate issues appropriately, ensuring effective day-to-day governance
Having strong local leaders like Audrey Lee in Singapore and Rhea Sawaya in Belgium has also been crucial. They embody Asta's values and reputation in these markets, which is essential for our success.
Q. Asia Pacific is a market full of potential. Are there any development plans for Singapore?
RG. The Asia-Pacific insurance market presents immense opportunities, but it also comes with unique challenges. Each country in the region has its regulatory environment, cultural nuances, and consumer preferences. For instance, Singapore is often seen as a gateway to Asia due to its well-established financial infrastructure, regulatory framework, and English proficiency. However, companies looking to enter the market must navigate complex regulations and build trust with local stakeholders.
For Asta, operating from our CapitaGreen office in Singapore offers significant strategic advantages. Local entities in the region as well as existing Asta syndicates can now access Lloyd's Asia more easily, thanks to our presence there. This expansion aligns perfectly with Lloyd's broader strategy to increase its footprint in Asia, capitalising on the region's growing demand for sophisticated insurance solutions. If there is demand from clients both in the region and outside of it to access Lloyd's, our local presence ensures that we can support them effectively.
We are particularly excited about the growth of Audrey’s team in Singapore where we are currently recruiting. This team plays a pivotal role in our operations, helping to bridge the gap between our clients and Lloyd's Asia. Recently, we acquired additional office space in the Capital Green Building, where Lloyd’s and the syndicates we manage are also based.
Expanding our footprint in Singapore is a key component of our broader strategy for the Asia-Pacific region. By building a strong local presence, we aim to foster closer relationships with regional stakeholders, provide more responsive service, and facilitate access to the extensive resources and opportunities available through Lloyd's.
Q. Asia Pacific is a market full of potential. Are there any plans for the future in terms of other territories?
RG. There are definitely broader opportunities, each one of which has to be assessed on its own merit and potential. Our expansion strategy is heavily influenced by the needs and demands of our clients and by the evolving regulatory environment. For instance, the establishment of Asta Europe was a direct response to the challenges posed by Brexit. We needed to ensure that our clients could continue their operations seamlessly despite the regulatory changes. Similarly, our expansion into Singapore was driven by local regulatory requirements and the strategic importance of the Asia-Pacific market.
While there are no current plans for new regions, we're always open to facilitating our clients' needs and being part of the Davies Group potentially opens up further opportunities for future expansion in other parts of the world. It’s an exciting prospect that brings a wealth of possibilities for growth and to continue delivering exceptional service and support to our clients, wherever they may need us.
Q. Let’s talk about the current projects you’re involved in, like Blueprint Two and others on the horizon.
RG. Blueprint Two is a critical project aimed at updating the infrastructure underpinning crucial market systems. It's a massive undertaking across the market with many stakeholders and is something we fully support.
Closer to home, we’re actively working on improving our own systems and processes, demonstrated by the recent development of AstaPoint in partnership with Decision Focus. Following Asta’s recent growth and with now over 20 entities under our management, we look for ever more sophisticated methods to share information effectively across the company and with our clients. Our current focus is on building a comprehensive picture of governance and oversight across all our managed clients. We've recently launched a risk module that identifies key risk areas, common themes, and potential issues early on. Leveraging the right technology allows us to manage our responsibilities more effectively and enhances our ability to deliver superior information and outcomes for our clients.
Q. Your role involves a lot of interaction with different teams. Is there a particular team you admire or work closely with?
RG. I interact with most of the Asta teams. Phil Pearce and the ESG initiatives he's working on are particularly interesting right now. He’s helping us develop an environmental risk management strategy for Singapore, driven by both local requirements and Lloyd’s expectations. Phil approached me after reviewing the Monetary Authority of Singapore’s guidance, and it’s reassuring to know not only that we have that collaborative work culture at Asta, but also that we’re thinking ahead on how to integrate changing regulatory requirements into our operations.
Q. Has underwriting ever appealed to you? Is there a particular syndicate you’d consider joining?
RG. Mosaic is particularly interesting with their syndicated capacity model, which seems obvious, but hasn't been done before. They’re bringing London capacity to overseas territories through service companies and hiring local expertise. Their speed to market is impressive, transitioning from London-only to global within a year or so. It’s a model that only by being on the Lloyd’s platform could they effectively deliver, with Asta guiding Mosaic through the process. Their growth is fascinating to watch.
Q. What's the most interesting place you've been to?
RG. Probably Singapore. On my first day, I did a lot of walking and visited the National History Museum of Singapore. Despite not being a history buff, I found it fascinating. It offered a rich tapestry of Singapore's history, from its early days as a fishing village to its transformation into a global financial hub. One of the most striking aspects of Singapore is the cultural diversity. The city is a melting pot of different cultures, and this is reflected in the wide choice of excellent food. The climate in Singapore was also a stark contrast to the UK. The tropical weather, with its high humidity and frequent rain showers, took some getting used to. I’m glad I took my umbrella!
During my week-long trip, I also had the opportunity to engage with local colleagues and clients. Their professionalism and hospitality left a lasting impression on me. We discussed various projects and the potential for growth in the Asia-Pacific region. It’s an exciting time for everyone involved.
Q. What's the soundtrack to your life?
RG. When I first thought about this, karaoke came to mind! Some of my colleagues will recall that I used to hog the microphone at company events, but I've toned that down over the years. Music is a huge part of my life, and I tend to fall back on '90s hits since I grew up in that era. However, I listen to a bit of everything, from Hans Zimmer movie soundtracks to contemporary tracks. It’s a real mishmash, reflecting different phases and moods in my life. If I had to pick one song though, it would be "Cry Me a River" by Justin Timberlake. Make of that what you will!