MICHAEL WADE OBE
Michael Wade has enjoyed a dynamic career within the London Market insurance industry since 1975 culminating in his appointment in 2013 as the Crown Representative for Insurance at the Cabinet Office to advise the UK Government on insurance and reinsurance risks – this has included Pool Re, the formation of Flood Re and other projects until 2015. He also advised successive Chancellors of the Exchequer on the Insurance Linked Securities markets. From 2015 to 2020 he served as a Senior Advisor to the Cabinet Office.
Michael Wade is an Approved Person by both the UK Prudential Regulatory Authority and the Financial Conduct Authority.
Current ( 2023 ) Non-Executive portfolio:
Non-executive Chairman of Howden Tiger Capital Markets & Advisory (UK) Ltd.
Senior Advisor to Mitsui Sumitomo Insurance ( owner of MS Amlin and other entities )
Recent ( 2022 and prior ) appointments
Consultant to Brit Insurance Group. ( 2020 -2023 )
Senior Advisor to HMG at Department for Levelling Up, Housing & Communities ( 2020 - 2022 )
Senior Advisor to Swiss Re ( 2016 -2023 )
Michael was made an OBE in the Queen’s Birthday Honours List of 2018 for Services to Government & the Economy.
He is a member of the Worshipful Company of Insurers and a Liveryman; and a Freeman of the City of London
Michael began working at Lloyd’s as a trainee aviation underwriter with C E Heath in 1975; he then joined Hartley Cooper as a reinsurance broker before forming his own firm, Holman Wade Ltd in 1980 specialising in London Market reinsurance of which he was Chief Executive until 1993. In 1984 Holman Wade merged into H. Clarkson & Co shipbrokers and, once combined, was floated on the London Stock Exchange in 1986 as Horace Clarkson plc where he also remained as a Director until 1993.
Following the Lloyd’s crisis, Michael addressed the need for corporate capital and formed Corporate Lloyd’s Membership in partnership with Sedgwick Group plc. They launched CLM Insurance Fund plc which was the first listed Lloyd’s vehicle of 1993. He ran CLM until 1999 and during this time it developed from a spread portfolio to acquiring its own Managing Agency then merging with SVB at Lloyd’s ( now Novae Group owned by AXIS Capital Holdings ).
In 2000 Michael formed Rostrum Group – a specialist investment manager focussed upon Lloyd’s listed vehicles on behalf of a series of major UK pension funds on a five year contract; from 2006 he was a partner in Optex Group to develop the Industry Loss Warranty (ILW) market and, in 2011 merged Optex into Besso Insurance Group in which he had acquired the Wells Fargo shareholding and became Chairman. Michael sold these interests in November 2012 and retired from executive responsibilities. From 2017 to 2021 Michael served as the Senior Non-Executive Director at Neon Underwriting at Lloyd's and chaired the Risk Committee ( until the sale of the business to Riverstone ).
Michael was elected to the Council of Lloyd’s in 1988 and served until 1992; during which time he was also a member of the key Rowland Lloyd’s Taskforce, working closely with McKinsey & Co to analyse and recommend a route forward for the troubled Lloyd’s insurance market. He founded the Lloyd’s Community Programme in 1989. He was a Member of Lloyd’s from 1980 to 2014.
Michael’s interests include opera, orchestral music*, architecture and politics. He supports Moorfields Eye Charity Hospital, Chairman of London Festival Opera, President, Wiltshire Victoria County History, Trustee, Salisbury Cathedral Girls Choristers Fund and other charities. He has a son aged 25 who serves in the Met Police.
Personal E-mail: Michael.Wade@MichaelWade.Org Mob: 07976 233688