A different take on ratings AM Best wants to grow its local footprint by bringing its unique methodology to Australian insurers By Terry McMullan
AM BEST IS THE ONLY RATINGS agency to specialise solely in insurance, which gives it a few advantages when it comes to drilling down into an insurer’s operations. While the US-based company has had a relatively low profile in the Australian market over the past few years, it has nevertheless continued to work with a number of local insurers. But it will take on more prominence with the recent appointment of Doron Grossman as the ratings agency’s Director, Market Development – Southeast Asia. Singapore-based Mr Grossman took up the appointment in August after 18 years at QBE in a variety of locations and roles, most recently at its Singapore office as head of distribution – Asia Pacific. Best known to brokers as the founding chief executive of Insurance Brokers Network Australia, he has been charged with further developing AM Best’s business activities and profile across Southeast Asia, Australia and New Zealand. Apart from his long familiarity with those markets, he is moving into the role with the strength of a global heavyweight at his back. “In the US, AM Best is head and shoulders above the competition in terms of market lead, and it’s a company you’ll find operating in all of the major insurance markets,” Mr Grossman tells Insurance News. He says he is looking forward to bringing the company’s insights and experience to more Australian insurers. “I think there is a lack of awareness or even a perceived need for an insurer to have an AM Best rating, because there
Digging deeper for more accuracy: AM Best’s Doron Grossman
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insuranceNEWS
October/November 2018
