On this episode of the Insurance Coffee House Investor Series, Nick Hoadley is joined by Tom Kim, founder of Clarity Risk Advisors and former Global Risk Manager at KKR.
Tom shares his unconventional route into insurance, beginning with aspirations to become a sports agent before moving through sports marketing, venture capital and the startup world. Following the collapse of the dot-com market, he joined Aon and began building a career spanning product development, client management and private equity insurance.
After working with Aon’s private equity practice, Tom moved in-house with Cerberus Capital Management and later joined KKR. He explains how his team supported the firm across corporate insurance, deal due diligence, portfolio company risk management, cross-portfolio insurance programmes and relationships with brokers and insurers.
Tom also discusses how data and analytics helped KKR understand insurance expenditure across its wider ecosystem. This enabled the team to identify trends, improve insurance outcomes and build stronger relationships with its insurance partners.
The conversation provides a practical introduction to how private equity firms operate and create value. Tom explains why alignment, speed, discipline and rigorous processes matter to investors, alongside the importance of improving performance through areas including go-to-market strategy, technology, risk management, procurement, HR and M&A.
Nick and Tom explore what insurance business owners should consider before accepting private equity investment. Tom highlights the importance of understanding the culture and investment philosophy of the firm, getting to know the individuals involved and being prepared for an environment built around questions, accountability and a strong sense of urgency.
They also examine what makes an insurance company or executive attractive to private equity investors. Tom discusses the need for a clear understanding of the numbers, a compelling growth strategy and a management team that combines sector expertise with commercial judgment, collaboration and concise communication.
For insurance executives considering a role within a private equity-backed business, Tom recommends conducting thorough due diligence on the investor. This includes reviewing its previous investments, speaking with former portfolio company executives and understanding the operating resources that will support the management team.
The discussion then turns to how brokers, insurers and MGAs can build stronger private equity propositions. Tom explains why businesses must begin with the needs of the customer, understand how they can contribute to portfolio value creation and communicate insurance in clear commercial terms. His advice for anyone meeting a private equity prospect is straightforward: stop selling, ask better questions and listen.
Tom closes by reflecting on the opportunities presented by technology, the importance of investing in the next generation of insurance leaders and why private equity will remain an influential part of the insurance market.
Connect with Tom Kim on LinkedIn and learn more about Clarity Risk Advisors.
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