Page 184 - harryDEC12_clean.iba

MONDAY MORNING
The reception was warm and cordial and marked by an atmosphere of goodwill and many an expectation on both sides. The meeting occurred in the boardroom of the firm. Beside Terence and myself there were James Duck, the managing director, six other directors of the firm, and John Gibbs, who later was to become my partner, friend, and mentor.
We took the decision to found a subsidiary firm with the name Anglo Continental Insurance Services Ltd. John and I were appointed directors and each of us received 20% of the share capital as an advance bonus for our undivided commitment.
The business plan that was drawn up was based on my draft consisting of two pages typed out on a Commodore VC20 Computer with 5 kb Ram my secretary. I had never done a business plan before and I had let my phantasy flow freely, focused on Re-insurance and so-called special risks and under that heading exotic sections were encompassed, such as insurance against “kidnap for ransom," extortion, terrorism and political risks, all suiting my adventurous mind. My "Broker Letter of Record" for the CARGO RE-INSURANCE contract for the AIU was favorably received, as it was a significant contract, even for a company like Cayzer Steel, as the commission would cover the operational costs of the newly founded subsidiary for the whole year and additionally it was for a high prestige client, since AIU was a subsidiary firm of the powerful AIG Group in the USA, one of the world’s biggest insurers. It was my first Business Plan but it was received with accolade from the seasoned directors. “Anglo Continental” was to work under the parent company CSB to have unhindered access to Lloyd’s. Hence I would receive my entry ticket to Lloyd’s - the Lloyd’s Pass - from one of the most prestigious and successful brokers in the Market, a company which has the financial backing of cash-rich owners. The Bowater Paper Corporation, Steel Bros, and Cayzer Shipping, three important names in the British corporate environment of the time. The most eminent shareholder was Cayzer Irvine Shipping under the leadership of Lord Nicholas Cayzer, a grandson of the founder, who was giving up step by step, all interests in shipping and would lead the company as a financing and investment enterprise over decades. This Lord Cayzer had manifold interests: restoration of old vehicles of the type of Rolls Royce, the Viennese Opera, and the architecture of stately homes. He belonged to the "upper class" a bunch of people, that would call a "lounge" a "drawing room" and a "mirror" a "looking glass" - a class that uttered rather than pronounced words. Insurance was not one of his prime focuses; it was one investment among several. I am doubtful whether any of the usual directors of the firm have ever met that Lord Cayzer. He belonged to the upper crust of the former Empire – a man known from the gossip columns of the tabloid press. At CSB there were specialists for everything:
183