Damhurst, an international insurance headhunter, is excited to announce the release of the Damhurst NED Report 2019. This is the first report of its kind to present comprehensive pay and compensation data of Non-Executive Directors in the London insurance market.
As one of the leading insurance executive search firms, Damhurst recognised the need to shed light on this increasingly important topic. Using extensive industry knowledge and a wide-ranging network, Damhurst has been able to collate and analyse information from across the insurance Non-Executive sector. Key findings include:
- Non-life NEDs are paid around £54,580 for an average annual commitment of 27 days p.a.
- Non-Executive Chairs can earn as much as £13,000 a day.
- Lloyd’s businesses pay nearly 20% more than their company market, or MGA counterparts.
- Day rates are an increasingly common way for NEDs to work out their compensation.
- Group NED salaries are almost 15% higher than the average salary for a Subsidiary Board.
- Brokers pay NEDs 18% less than carriers
Damhurst Director, James Cooper, explained that the catalyst for putting the report together was a combination of intrigue and market demand. “Having realised, and been somewhat surprised by, the scarcity of available data on NED remuneration, coupled with both clients and candidates alike requesting clarity, we decided to find it out for ourselves.”
John Gillespie, Advisor to Damhurst, and driving force behind the report went on to say just how important the findings are for NEDs in the insurance industry: “We felt that the insurance market would benefit from being able to benchmark Non-Executive Directors’ remuneration, ensuring it is aligned to the requirements of the 21st century NED. We are pleased with the results of the first report, the positive response from Clients and to have had the opportunity to give historically unavailable data back to the market."
To request a copy of the report, please click here.