In part three of our special series of interviews with some of the people who have made Brokerslink a success over twenty years, we speak to Patrick Chan, the Managing Director of Nova Insurance Group. Patrick is a member of our executive board, and was the host of our very first global conference in Hong Kong in 2009.
Here we find out more about the role of independent broking in Hong Kong and learn of his proudest Brokerslink moments!
Here we find out more about the role of independent broking in Hong Kong and learn of his proudest Brokerslink moments!
How has the role of independent broking in Hong Kong changed over the years?
In HK we have over 800 licensed brokers, but a vast majority of them (over 90%) are very small because of the lower minimum capital requirements for setting one up. This has changed only fairly recently, increasing from HK$100k to HK$500k in 2019, yet still small by international standards. There are less than a dozen Independent brokers with sizeable operations operating in HK, and more and more of them have been sold to big international brokers. Today, Nova is probably the only Independent broker with more sizeable P&C business left.
Patrick, you hosted the very first Brokerslink Global Conference in 2009, and then our tenth edition in 2018, how did these events differ?
Our first conference was comparatively ‘basic’, and certainly much smaller in terms of attendees, we had maybe seventy people present. We were also presented with a unique challenge – just a month before the conference, Swine Flu came to Hong Kong and there was a chance we might have to cancel the event altogether. Luckily we were able to go ahead safely in the end, and were fortunate to be able to invite the then Commissioner of Insurance, Clement Cheung to be our guest of honour.
When the global conference returned to Hong Kong in 2018 it was much bigger. Nova had grown, and we were able to host a much larger, more spectacular event. Brokerslink had many more partners and affiliates by 2018, over 100, and we attracted broader sponsorship as well as some heavyweight speakers. As a nod to the first global conference, we also invited Clement Cheung to return as guest of honour, by this time he was the CEO of Insurance Authority, a new organisation.
How has the global insurance market evolved since 2004? And how did Brokerslink contribute to it?
Over the past two decades, Brokerslink has evolved into a truly global company, incorporated in Switzerland, with a strong Board of Directors and an Advisory Board comprised of highly experienced insurance practitioners. As globalization increasingly drives market trends, our clients demand more comprehensive global services, higher international support standards, sophisticated insurance products, and multinational insurance programs. Brokerslink is well-positioned to offer ideal solutions in all these areas.
At the same time, our partner and affiliate companies have grown significantly stronger. For instance, Alliant has become the 8th largest broker globally, while the Ardonagh Group ranks 16th. We've also witnessed mergers and acquisitions among our members, creating valuable synergies.
What are some of your proudest Brokerslink moments?
I have many proud moments!
Nova hosting the first and tenth conferences were both incredibly special occasions. Brokerslink partner and founder MDS Group had a wonderful 30th anniversary celebration in Porto. One stand-out memory for me was karaoke time at a dinner party hosted by Brokerslink partner Acclaim during their 40th anniversary celebrations in 2023. These events highlight the fun and friendship we enjoy with Brokerslink, as well as the incredible longevity of the independent brokers that make up our powerful, global network.
