Sharing economy insurance specialist Pikl has named its new chairman.
Stuart Reid, who has had a distinguished career in the broker sector, joins deputy chairman Angela Seymour-Jackson who joined last year.
Reid has worked for Stuart Alexander, Bluefin and Arthur J Gallagher and is also well known in the sharing economy market, having been involved with lobbying efforts that included representing the insurance industry at sharing economy talks and chairing meetings with UK government.
As chairman of Pikl, his role will be to share his experience and provide leadership to the board to help the start-up with its strategy for growing the business and to raise the profile of the need for specialist short-term letting insurance.
Reid said: “I am very excited about joining forces with Pikl. Being at the forefront of innovation in our industry is where I love to be and, with Pikl’s innovative products and approach to a new and blossoming market, I cannot wait to get started.
“Without doubt, Pikl has identified a clear gap in the market. It not only has superb commercial potential but will also make a real difference to the millions of people who rent out their rooms, whole properties or even car parking spaces, effectively ring fencing the valuable income they receive from the risk of theft, damage or liability.
“My main business focus for the next 12 months is to provide a link between the Board and the senior management to ensure that the strategy is carried out successfully and to speak to the key players in the broker market to make sure they understand the business opportunities there are for getting into this sector of the market.
“This is a business with huge potential and any part I can play in realising that potential is something I am excited to start.”
This is Reid’s first role since leaving Arthur J Gallagher. In 2012, he was named the Insurance Times Chief Executive of the Year. He was vice president of the Chartered Insurance Institute (CII) and chair of the CII Broking Faculty from 2012-18 and was deputy chairman of the British Insurance Brokers Association (BIBA) from 2014 to 2015.
Pikl chief executive and founder, Louise Birritteri, said: “It’s a fantastic coup to have secured Stuart’s support.
“I have known him for many years and believe he will bring so much experience to the Board role, in helping to formulate and execute our strategy and obviously to take full advantage of his many industry contacts built up over his 30 plus years in the industry.
“This is another significant step in the rapid growth of Pikl and provides us with the expertise and insight we need to scale up.”
In May 2019, Pikl announced that it had secured £2.5 million funding that included a significant stake Sir Peter Wood, founder of Direct Line and esure.
In November of last year, Pikl announced a partnership with specialist insurer Hiscox to develop a scheme to provide insurance for customers using the sharing economy.
The first policies will be aimed at people who let out their properties on a short-term basis.