A View From Macauley: Insights From Almost A Decade in Wholesale Broking
Key Points
- Relationships still win: long-term, integrity-based relationships drive placement and renewal success.
- Adaptability matters: market cycles and technology have shifted how we trade, but human judgement remains central.
- Specialism + collaboration: deep product knowledge combined with proactive partnership with retail brokers and underwriters creates value.
- Resilience and humility: the market rewards brokers who work hard, show humility, and learn from mistakes.
- Rapport is a differentiator: being relatable and using shared interests (sports, life experiences and making friends in the market) opens doors and builds trust.
After ten years in wholesale broking at the Lloyd’s market, I still find the job boils down to two things: knowing your product and knowing people. You can learn coverage wordings, coverage and appetite changes - but when markets are stressed or decisions are tight, relationships and credibility determine outcomes. That simple truth has shaped how I approach every placement and every relationship. I am fortunate enough to work with some great underwriters, but fortunate enough to call some of my best markets, friends and people I have known for a number of years now. COVID was an eye opener for me, people could of hid and run from my calls… but during COVID was when some of my best relationships developed. Getting to see everyone in the market after was something we all loved.
How wholesale broking has evolved
The last decade has seen significant shifts: tighter capacity at times of stress, the rise of alternative capital, commoditisation of standard lines, and now we are in the opposite, larger line sizes, cheaper premiums.
What makes strong relationships in the market – For me, Sport!
Relatability and rapport: People do business with people they like and trust. I’ve found shared interests - particularly sport - creates instant connection. A match-day chat or a mutual club allegiance often opens doors that formal emails cannot. I have attended football matches with clients, underwriters, NFL games, world cup and Euro matches and the list goes on. Along with attending games, I have even made some great friends in the market, through football as well, playing in tournaments with clients, playing in the Lloyds Cup, Matthew Harding, Local 5 a sides… etc. Of recent have even had the pleasure of training and competing with one of my underwriters, in a Hyrox event… with more events in the pipeline. Another great connection, but now friend built through Sport and a passion!
Core principles
Integrity: The most important one to MAINTAIN, a long relationship. Do what you say you’ll do. Underwriters and retail partners value predictability and honesty, especially when markets harden or claims surface.
Consistency and hard work: Show up. Deliver on time. Know the file better than anyone else. Long-standing accounts are built on repeated, reliable performance.
Value-add communication: Don’t just push paperwork. Provide market context, explain the risk through thorough brokers, and offer options.
Collaborative mindset: Treat underwriters and retail brokers as partners. Shared problem-solving beats adversarial positioning every time.
Examples and lessons from the desk
Your technical skills earn access; your personality earns loyalty. I’ve leaned on my love of sport - playing and watching -as a bridge in conversations. It’s simple: sports create shared narratives, defuse tension, and help people see you as human. Combine that with meticulous file work and integrity, and you create a durable mix that wins renewals and referrals.
Practical advice for retail brokers and underwriters
For retail brokers: Provide concise, well-structured submissions with clear priorities and attachments. Help wholesale brokers help you by being reasonable about client tolerance and budget.
For underwriters: Reward brokers who bring insight, not just paper. When brokers take time to explain intent and risk dynamics, capacity decisions are easier and more sustainable.
The decade ahead
The market will continue to be shaped by cycles, climate-driven loss patterns and tech innovation. Brokers who succeed will be those who combine agility with steadfast relationship skills: quick with data and calm in a crisis, technically sharp yet personally engaged. The industry has been a big part of my growth as an individual, and I am grateful for the opportunities and friendships its created. Along with the market relationships, I have the pleasure of sharing the board with 2 other directors, who are now life long friends to me, who I have also shared some great and hilarious times with, but lets save those for another day!!
So to summarise, wholesale broking is equal parts craft and conversation. Over ten years I’ve learned that being relatable opens the door, doing the work wins the placement, and integrity keeps the business. If I had one pitch to the next generation joining this market: know your product, know your people, and never underestimate the power of showing up.
