Insurance Journal West 2022-05-02

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May 2, 2022 • Vol. 100 No. 8

Contents News & Markets

Special Report

8

Federal Judge Approves $85 Million Settlement in Zoom Case

12

Cyber Premiums Rapidly Grew 74% in 2021: Fitch

12

Dog-Related Claims Cost U.S. Home Insurers Nearly $900M in 2021

14

U.S. Trucking Downturn Foreshadows Possible Economic Gloom

20

Natural Disasters Cost Global Economy $32B in Q1, With Only $14B Insured: Aon

21

22

Closer Look: Nursing Malpractice Coverage Brings Peace of Mind

Idea Exchange

32

Is It Covered?: Insuring College Students

34

24

The Competitive Advantage: Policy Checking: It Is the Right Thing to Do

28

Ask the Insurance Recruiter: What It Takes to Hire Insurance Talent in Today’s Job Market

36

Why Carriers Partner with Agency Networks

Spotlight: A Paradigm Shift, from ‘Buying Insurance’ to ‘Selling Risk’ Special Report: Workers’ Comp: A Shining Star in the P/C Sky; But the Future Is Less Bright as Workforce Changes 2022 Workers’ Compensation Directory

Aspen Becomes 17th Insurer to Stop Insuring Canada’s Trans Mountain Pipeline

46

47 50

Closing Quote: The Booming FemaleOwned Home-Based Business Market

26

McDonald’s Beats Back Challenge to Settlement With U.S. Labor Agency

26

Allstate to Increase Magnitude of Auto Rate Hikes in 2022

27

Risky Driving Increases as Sleep Apnea Worsens

Departments

6 Opening Note

4 | INSURANCE JOURNAL | MAY 2, 2022

10 Figures

11 Declarations

16 Business Moves

18 People

INSURANCEJOURNAL.COM

Opening Note Write the Editor: awells@insurancejournal.com

Chairman of the Board Mark Wells | mwells@wellsmedia.com Chief Executive Officer Joshua Carlson | jcarlson@insurancejournal.com

ADMINISTRATION / CIRCULATION

New Working World

T

he world of work is experiencing a transformation driven by the pandemic’s ability to reshape the employment landscape, dominate economic activity and revolutionize the workforce.

That’s according to a recently released global study by ADP Research Institute, which identifies emerging and escalating workforce trends as employers continue to adjust their approach to managing amid changing dynamics. The survey polled more than 32,000 workers from 17 countries and found worldwide consistency of employee sentiment on the transformed workplace.

The study reveals a new prioritization among employees that extends beyond salary and a few perks to a complete package that aligns with their personal values, redefines what job security means, prioritizes their well-being and encourages flexibility. “The pandemic signaled a paradigm shift as today’s workers re-evaluate the presence of work in their lives, and the stakes have never been higher for employers,” said Nela Richardson, chief economist, ADP. A few key findings: • Change. Workers are evaluating personal wellbeing and life outside work more than ever before. They are seeking greater remote work options, increasingly interested in a company’s ethics and values — and are ready to go elsewhere if they don’t align with their own.

Seven in 10 workers (71%) say they have considered a major career move this year. Feelings toward flexibility and work-life balance are not limited to parents (74%) who would like to arrange working hours to be more flexible; 68% of non-parents have the same concerns.

• Pay equity is important. three quarters (76%) would consider looking for a new job if they discovered their company had an unfair gender pay gap or no diversity and inclusion policy.

• Mental health. Stress is increasing and work is suffering. While workers are surprisingly upbeat surrounding job satisfaction and outlook for the next five years, stress at work has reached critical levels, exasperated by a trend that was already in motion prior to the pandemic. Nearly seven in 10 (67%) workers say they experience stress at work at least once a week, up from 62% pre-pandemic. In fact, one in seven (15%) feel stressed every day. Key sources of stress include length of the working day (28%), problems with technology (26%) and concerns over job security (25%).

• Remote work. Remote and hybrid work are now an established feature of the working world and this shift from the traditional 9-to-5 office-based model cannot be undone. Two thirds (64%) of the workforce would consider looking for a new job if they were required to return to the office full time. Younger people (18-24-year-olds) are the most reluctant (71%) to return to the workplace full-time. If it came to it, employees are prepared to make compromises if it means more flexibility or a hybrid approach to work location with more than half (52%) willing to accept a pay cut — as much as 11% — to guarantee this arrangement.

Editor-in-Chief

‘The pandemic signaled a paradigm shift as today’s workers re-evaluate the presence of work in their lives, and the stakes have never been higher for employers.’

Andrea Wells

6 | INSURANCE JOURNAL | MAY 2, 2022

Chief Financial Officer Mark Wooster | mwooster@wellsmedia.com Circulation Manager Elizabeth Duffy | eduffy@wellsmedia.com Staff Accountant Sarah Kersbergen | skersbergen@wellsmedia.com

EDITORIAL

Chief Content Officer Andrew Simpson | asimpson@insurancejournal.com Editor-in-Chief Andrea Wells | awells@insurancejournal.com East Editor Elizabeth Blosfield | eblosfield@insurancejournal.com Southeast Editor William Rabb | wrabb@insurancejournal.com South Central Editor/Midwest Editor Ezra Amacher | eamacher@insurancejournal.com West Editor Don Jergler | djergler@insurancejournal.com International Editor L.S. Howard | lhoward@insurancejournal.com Columnists & Contributors Contributors: Lisa Baertlein, Jill Bryant, Joe Fisher, Hemant Shah Columnists: Chris Burand, Mary Newgard, Bill Wilson

SALES / MARKETING

Chief Marketing Officer Julie Tinney | jtinney@insurancejournal.com West Sales Dena Kaplan | dkaplan@insurancejournal.com Romeo Valdez | rvaldez@insurancejournal.com Kelly DeLaMora | kdelamora@wellsmedia.com South Central Sales Mindy Trammell | mtrammell@insurancejournal.com Southeast and East Sales (except for NY, PA, CT) Howard Simkin | hsimkin@insurancejournal.com Midwest Sales Lisa Whalen | (800) 897-9965 x180 East Sales (NY, PA and CT only) Dave Molchan | (800) 897-9965 x145 Advertising Coordinator Erin Burns | eburns@insurancejournal.com Insurance Markets Manager Kristine Honey | khoney@insurancejournal.com Sr. Sales & Marketing Coordinator Laura Roy | lroy@insurancejournal.com Marketing Administrator Alberto Vazquez | avazquez@insurancejournal.com Marketing Director Derence Walk | dwalk@insurancejournal.com

DESIGN / WEB / VIDEO

V.P. of Design Guy Boccia | gboccia@insurancejournal.com Web Team Lead Josh Whitlow | jwhitlow@insurancejournal.com Ad Ops Specialist Jeff Cardrant | jcardrant@insurancejournal.com Web Developer Terrance Woest | twoest@wellsmedia.com Web Developer Jason Chipp | jchipp@wellsmedia.com V.P. of New Media Bobbie Dodge | bdodge@insurancejournal.com Videographer/Editor Ashley Waldrop | awaldrop@insurancejournal.com

ACADEMY OF INSURANCE

Director Patrick Wraight | pwraight@ijacademy.com Online Training Coordinator George Jack | gjack@ijacademy.com

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News & Markets Federal Judge Approves $85 Million Settlement in Zoom Case

By Chad Hemenway

A

federal judge in California approved an $85 million settlement between Zoom Video Communications and millions of users who said the teleconference meeting application violated their privacy rights by sharing personal data to companies such as Facebook and Google, and allowing hackers to disrupt meetings in what became to be known as “Zoombombing.”

According to documents filed with the court, Judge Laurel Beeler of the U.S. District Court in the Northern District of California said the settlement was fair to the approximately 150 million settlement class members and Zoom, which denied any wrongdoing and agreed to a number of improvements to protect users’ privacy and data, and bolster security.

“Safety, security, and privacy are at the core of how we make decisions at Zoom 8 | INSURANCE JOURNAL | MAY 2, 2022

and enhance our platform,” said Jason Lee, chief information security officer of San Jose, California-based Zoom, in a statement announcing recent platform enhancements. “We remain committed to being a platform that users can trust for all of their online interactions, information, and business.”

Class members that paid for a Zoom subscription will receive the greater of $25 or 15% of the amount paid. Claimants who did not pay for a subscription can submit a claim and get $15, according to the settlement. Zoom, which gained popularity and was used widely during the COVID-19 pandemic, collected about $1.1 billion in subscriptions from class members, the settlement disclosed. There were about 10 objections to the settlement but the judge ruled they lacked standing or put forth ineffective arguments.

Funds available to the settlement class will be what’s left after about $21.4 million

in fees and costs to the class counsel, as well as service charges of $5,000 per plaintiff, settlement administration expenses of about $2.8 million, and taxes and tax expenses.

Co-lead counsel Mark Molumphy of Cotchett, Pitre & McCarthy said in a statement the “groundbreaking settlement will provide a substantial cash recovery to Zoom users and implement privacy practices that, going forward, will help ensure that users are safe and protected.”

The settlement “recognizes that data is the new oil and compensates consumers for unwittingly providing data in exchange for a ‘free’ service. It also compensates those who paid for a product they did not receive and commits Zoom to changing its corporate behavior to better inform consumers about their privacy choices and provide stronger cybersecurity,” added co-counsel Tina Wolfson of Ahdoot Wolfson.

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Figures

$1.5 Million

That’s how much a Southern California jury awarded the family of a man who was mistakenly declared dead by authorities, resulting in a stranger being buried in the family plot. A Superior Court jury found the Orange County coroner’s office committed negligence and intentional misrepresentation when it declared Frankie Kerrigan dead in 2017.

$79,000 The amount Agropur Inc., a dairy processor, will pay after the EEOC charged that the company violated federal law at its Grand Rapids, Michigan, plant by failing to provide reasonable accommodation to an employee with a disability. According to the EEOC’s lawsuit, Agropur refused to accommodate the employee’s severe dyshidrotic eczema, a skin condition. Agropur forced the employee to leave work when she had flare-ups. She was fired for accumulating attendance points that accrued as a direct result of the company’s failure to provide her with a reasonable accommodation.

$364,078 The amount a Texas metal fabricator may pay in proposed penalties after allegedly exposing employees to fall, machine and other safety hazards. The U.S. Department of Labor’s Occupational Safety and Health Administration opened an inspection of Kyoei Steel LTD on Oct. 18, 2021, after receiving notification from the employer that a worker was treated at a medical facility after suffering second-degree burns to his left hand. Based in Osaka, Japan, Kyoei Steel LTD operates as Vinton Steel in El Paso where the company employs approximately 400 employees represented by United Steelworkers Local 9424.

10 | INSURANCE JOURNAL | MAY 2, 2022

$4.1 Million

That’s how much Florida insurance agents must now return in unearned commissions from policies sold for Gulfstream Property and Casualty Insurance Co., which was liquidated in 2021. The Florida Department of Financial Services notified agents that bills will be sent by the end of May. About 985 agents will be asked to repay the commissions for policies that were canceled before they expired when the carrier was deemed insolvent.

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Declarations

Abuse of the Court System

“There is a good argument here that these companies don’t have any business in bankruptcy.”

— Patrick Jackson, a restructuring lawyer with Faegre Drinker Biddle & Reath based in Delaware, said about the Chapter 11 bankruptcy filing by three companies affiliated with radio host Alex Jones’s Infowars website. The three small entities are seeking to use bankruptcy to set up a trust to pay damages that may be won in court by relatives of children killed in the 2012 Sandy Hook massacre. The relatives of Sandy Hook victims won key court rulings in Connecticut and Texas against Jones after he called the shootings a hoax, and future trials will determine the size of the damages.

Light on the Horizon

“We began in a dark moment, but it’s getting brighter and brighter every day.”

— Rev. Gerald Toussaint of Mount Pleasant Baptist Church in Opelousas, one of three Black Baptist churches in rural Louisiana where rebuilding is underway after an arsonist set fire to the structures in 2020. A would-be “black metal” musician pleaded guilty in 2020, saying he set fire to the churches in late March and early April 2019 to promote himself in the heavy metal subgenre. Mount Baptist’s new sanctuary and fellowship hall are a few deliveries and final inspections short of being finished, Toussaint said.

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Stop the Photos

JUUL Suit

“While this provision made sense at the time it was enacted, today we have better ways of preventing insurance fraud that are far more cost effective.”

— New York Assemblyman Ken Zebrowski (D-Rockland) said about a bill that would make it possible for customers to obtain automobile comprehensive and collision insurance coverage without the photo requirement. Currently, state law makes photo inspections mandatory in order to obtain comprehensive or collision coverage. The industry contends the law enacted in the late 1970s no longer serves a purpose. The Auto Insurance Consumer Relief Act (S.6028) passed the New York State Assembly with bipartisan support. It awaits Senate action.

“JUUL put profits before people. The company fueled a staggering rise in vaping among teens. JUUL’s conduct reversed decades of progress fighting nicotine addiction, and today’s order compels JUUL to surrender tens of millions of dollars in profit and clean up its act by implementing a slate of corporate reforms that will keep JUUL products out of the hands of underage Washingtonians.”

— Washington Attorney General Bob Ferguson commented on his successful lawsuit against the vape company, which was ordered to pay $22.5 million total over the next four years.

Dismissal Challenged

‘Squatting Truck’

“That is up to a jury to weigh those facts and decide what actually happened in this incident.”

— Brian Coffman, an attorney representing the family of a Black man who was fatally shot by a white Indiana police officer in 2019, said of the family's challenge to a federal judge’s dismissal of their wrongful death lawsuit. Eric Logan's family filed an appeal in the 7th Circuit Court of Appeals in Chicago, arguing the judge was wrong to dismiss the suit and that he should have considered evidence regarding former South Bend police Sgt. Ryan O’Neill’s credibility and policing standards. Logan’s family sued the city of South Bend and O’Neill over the June 2019 shooting. O’Neill said the 54-year-old Logan refused his orders to drop a knife as the officer investigated a report of a person breaking into cars.

“The pedestrian, rather than striking the front of the vehicle and rolling off, was actually caught underneath the car and was killed.”

— A Myrtle Beach, South Carolina, policeman talking about an accident involving a “squatting truck,” which had its front end lifted so much that the driver could not fully see the road. Lawmakers in North Carolina and Virginia have outlawed the jacked-up vehicles, but a bill in the South Carolina General Assembly may not pass before the legislative session ends May 12.

MAY 2, 2022 INSURANCE JOURNAL | 11

News & Markets Cyber Premiums Rapidly Grew 74% in 2021: Fitch

A

ccording to estimates by Fitch Ratings, direct written premiums (DWP) for standalone and packaged cyber insurance increased 74% to nearly $5 billion in 2021 compared with overall growth for the property casualty industry of 9%, making cyber insurance the fastest growing product segment in the U.S. P/C market.

Fitch said in a new brief that standalone cyber coverage grew by 92% in 2021.

Standalone cyber represents about twothirds of premiums.

The credit rating agency said standalone cyber “will expand further as a proportion of industry cyber premiums as insurers strive to reduce exposure to ‘silent’ cyber risks and minimize any ambiguity in coverage terms. However, a large portion of cyber risk remains uninsured.”

The standalone cyber loss ratio

improved to 65% in 2021 from 72% in 2020 as premium growth exceeded losses despite claims filings doubling in the last three years, Fitch said. Renewal rates increased more than 34% in the fourth quarter 2021 compared with the previous quarter but, other than premium growth, the loss ratio likely improved thanks to changes in risk selection and policy terms and conditions.

The risk of a systemic incident or several large cyber catastrophes is concerning in light of companies’ continued expansion of digital footprints, but Fitch said: “Considerable future claims uncertainty is offset by an anticipation for further strong premium growth as insurers continue to sharply raise cyber premium

rates.”

Fitch said it will released a more detailed report on the cyber insurance market in May.

Dog-Related Claims Cost U.S. Home Insurers Nearly $900M in 2021

D

og bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2021, costing $881 million, according to an

analysis by the Insurance Information Institute (Triple-I) and State Farm.

The number of dog bite claims nationwide increased to 17,989 from 17,567 in 2020—a 2.2 percent increase. The average

Number and Cost of Dog Bite Claims (And Other Dog-Related Injuries*), 2012-2021

Year

Value of Claims ($ Million) 2012 $489.7 2013 483.7 2014 530.8 571.3 2015 602.2 2016 2017 686.3 2018 674.9 796.8 2019 853.7 2020 2021 881.8 % change, 202-2021 1.12% 44% % change, 2012-2021

Number of Claims 16,459 17,359 16,550 15,352 18,123 18,522 17,297 17,802 17,567 17,989 2.2% 9.0%

Average Cost Per Claim $29,752 27,862 32,072 37,214 33,230 37,051 39,017 44,760 50,245 40,025 -1.1% 39%

Source: Insurance Information Institute, State Farm *Claims costs are attributable not only to dog bites but also to dogs knocking down children, cyclists and the elderly, which can result in costly injuries.

12 | INSURANCE JOURNAL | MAY 2, 2022

cost per claim decreased 1.1 percent from 2020-2021, coming in at $49,025 in 2021 compared with $50,245 in 2020.

However, there was a steep increase (39 percent) in cost per claims over the past 10 years, according to the analysis.

That increase was “no doubt due to increased medical costs, as well as the size of settlements, judgments and jury awards given to plaintiffs,” said Janet Ruiz, director – Strategic Communication, Triple-I, in a statement.

She noted the value of claims also has risen 44 percent over that same period.

Number and Cost of Dog Bite Claims (And Other Dog-Related Injuries*), 2012-2021 California continued to have the largest number of claims in the U.S., at 2,026 in 2021, a slight decrease from 2,121 in 2020. California also had the highest value of claims in 2021, at $120.7 million, and the highest average cost per claim in 2021, at $59,561.

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News & Markets U.S. Trucking Downturn Foreshadows Possible Economic Gloom

By Lisa Baertlein

C

raig Fuller monitors millions of transactions between U.S. truckers and their customers as chief executive of transportation data company FreightWaves — and he does not like what he is seeing.

There has been an unexpectedly sharp downturn in demand to truck everything from food to furniture since the beginning of March and rates in the overheated segment that deals in on-demand trucking jobs — known as the spot market — are skidding.

“It basically just dropped off a cliff,” said Fuller, who is concerned that the United States is at the start of a trucking recession that could decimate truckers’ ability to dictate prices and push some small trucking firms into bankruptcy.

Meanwhile, investors and financial analysts worry what will happen if the trucking slump deepens and spreads.

History has proven trucking to be a possible indicator for the U.S. economy.

When people buy less, companies ship less — and business activity slows. Economic recessions followed six of the 12 trucking recessions since 1972, according to an analysis by trucking data company Convoy.

Experts predicted trucking would soften a bit as pandemic-weary consumers shifted some spending from goods to services in response to the United States lifting COVID prevention measures. But they did not foresee Russia’s invasion of Ukraine, which sent fuel prices to record highs, jolted already volatile stock markets, and forced shoppers to hit pause.

And now, trucking’s most demand-sensitive sector — the spot market — is in correction territory.

“It is the proverbial ‘canary in the mineshaft’,” said Joseph Rajkovacz, director of governmental affairs for the Western States Trucking Association. The group 14 | INSURANCE JOURNAL | MAY 2, 2022

represents small trucking companies that dominate the spot market, which handled as much as 30% of freight during the height of the pandemic.

The spot rate deterioration hit when diesel prices were roughly doubling, battering the take-home pay of truckers like Marco Padilla, 63. A few years ago, Californiabased Padilla spent 25-30 cents per mile to run his truck. “So for every dollar (of pay), I was pocketing 70 cents. Now it costs $1 a mile,” said Padilla.

Average first-quarter spot rates, excluding fuel, dove 55 cents from $2.78 per mile in mid-January to $2.23 on April 14. Spot rates normally drop about 22 cents per mile during that period, said Dean Croke, freight market analyst at DAT Freight & Analytics.

While spot rates remained 37 cents per mile above what they were during the last bull market for trucking in April 2018, they fell 6 cents year-over-year in April 2022 — marking the first such reversal of the current cycle.

“That’s where the fear is. Is that the floor? Does this keep going?” Croke said of the demand-led decline.

Boom or bust?

The share of freight handled by the U.S. spot trucking market roughly doubled after consumer spending on durable goods surged some 20% during the pandemic. In their rush to keep up, retailers and other shippers focused on speed over efficiency — using more trucks and exacerbating demand for them.

At one point, the truckload spot market was handling more than 1 million loads per day, versus its historical average of about 400,000, said Brent Hutto, chief relationship officer at TruckStop. com, which — like DAT — matches truckers with spot market loads.

But demand tumbled in March, when retail sales excluding purchases of gasoline fell 0.3%. Online sales, which surged during the pandemic, declined for the second month in a row.

Skyrocketing diesel prices convinced shippers to wait to fill truck trailers, rather than rushing them out partially loaded — further moderating demand, analysts said.

Big trucking firms like JB Hunt Transport Services and Knight-Swift Transportation Holdings are somewhat insulated by their one-year, fixed-price contracts with companies ranging from Walmart and Home Depot to Procter & Gamble. Walmart and many other companies have in-house trucking while also employing outside firms.

Stifel transportation analyst Bert Subin said in a research note that he expects soft truckload demand in the second and third quarters, followed by a holiday season-fueled fourth-quarter rebound.

Deutsche Bank has predicted interest rate hikes will tip the United States into recession next year.

Meanwhile, some shippers are asking for shorter trucking contracts, “given their belief that rates may tick lower,” Cowen transportation analysts said in a note.

Indeed, some executives like Fraser Townley, CEO of video gaming controller seller T2M, are celebrating the declining trucking prices as a relief to their profit margins. “They’re about one-third down.

There’s still a long way to go,” Townley said.

Copyright 2022 Reuters.

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Business Moves

National

SIAA, Rogue Risk

SIAA (Strategic Insurance Agency Alliance) said it has acquired and partnered with Rogue Risk, a digital independent insurance agency.

Ryan Hanley, the founder of Rogue Risk, says his agency has a mission to deliver “a ‘No Customer Left Behind’ digital experience for small businesses, while providing insurance professionals a ‘No Ceiling’ insurance career.”

Hanley will continue as president of Rogue Risk and will join SIAA’s senior management team.

Terms of the transaction were not disclosed.

With the acquisition of Rogue Risk, SIAA says it continues its commitment to the creation, growth, retention, and evolution of independent insurance agents, agencies, and the IA channel as a whole.

East

Hilb, Paige & Campbell, Taylor Palmer

National insurance agency The Hilb Group acquired Vermont-based Paige & Campbell Inc., and its subsidiary the Taylor Palmer Agency in Bradford, expanding the company’s growing presence throughout New England.

Based in Barre, Vermont — with additional offices in Bristol, Bradford and Waitsfield — Paige & Campbell has served the area for more than 100 years.

Agency principals Steven and Jonathon Shea and their staff will join the Hilb 16 | INSURANCE JOURNAL | MAY 2, 2022

Group’s New England regional operations.

The Hilb Group, headquartered in Richmond, Virginia, is a portfolio company of The Carlyle Group, a global investment firm. The company has completed more than 130 acquisitions and now has more than 100 offices in 22 states.

One80, Seacoast Specialty

Boston-based specialty insurance broker One80 Intermediaries acquired New Yorkbased Seacoast Specialty Administrators Inc. Terms of the deal were not disclosed.

Established in 1997, Seacoast is a family-owned wholesale broker and program manager specializing in commercial marine risks such as commercial fishing vessels, inspected passenger vessels, and uninspected passenger vessels. Key lines of business include hull, protection and indemnity, pollution and marine liabilities.

Principals at Seacoast include Jane Saliba and Will Wells. The firm has staff in the Mid and North Atlantic region as well as the Pacific Northwest.

One80 Intermediaries is a privately held wholesaler with offices throughout the U.S. and Canada.

Midwest

Arthur J. Gallagher, G.A. Mavon & Co.

Arthur J. Gallagher & Co. acquired Hinsdale, Illinois-based G.A. Mavon & Co. and its Mavco Insurance Agency Inc. subsidiary.

Founded in 1916, G.A. Mavon & Co. is a fourth-generation, family-run, standard and specialty lines wholesale broker.

Mavco Insurance Agency, founded in 1972, is its retail insurance agency subsidiary.

Both firms serve the insurance needs of high-net-worth personal lines clients, as well as commercial business owners, with a focus on professional lines.

Phil Mavon and his associates will continue to operate from their current location under the direction of Matt Lynch, VP-Central Binding Region for Risk Placement Services Inc. — Gallagher’s US wholesale brokerage, binding authority and programs division — and Jeff Saunders, president of Personal Lines for Gallagher’s U.S. retail property/casualty brokerage operations.

South Central

Risk Strategies, Advisor Brokerage Services

Risk Strategies acquired full-service insurance brokerage and risk management consulting firm Advisor Brokerage Services.

Although well established in Texas, ABS is the first acquisition in Austin for Risk Strategies. Focused on serving alternative asset management firms, ABS offers highly specialized insurance coverages for large financial institutions, hedge funds, private equity firms and family offices.

Since its founding in 2014 by Charles Newman, ABS has had strong ties to the rapidly growing Austin community. ABS was structured to accommodate a wide variety of accounts while also handling complex risks.

The company’s capabilities include comprehensive insurance solutions for portfolio investments, support for smaller placements, private client services, internal and external diligence, as well as request for proposal (RFP) consulting for portfolio companies and subsidiaries.

Dean & Draper, Baty Worldwide

Dean & Draper Insurance Agency L.P. acquired Houston, Texas-based Baty Worldwide effective April 1, 2022.

“This acquisition will increase Dean & Draper’s revenue of commercial, personal, employee benefits, as well as risk management,” Dean & Draper President and CEO INSURANCEJOURNAL.COM

Kyle Dean commented.

Rick Baty, who started Baty Worldwide in July 2011, passed away on Sept. 30, 2021.

Baty Worldwide’s staff will remain working out of their Houston location.

Southeast

Relation, Yarborough Agency

Relation Insurance Services acquired the South Carolina-based Ernie Yarborough Insurance Agency. Yarborough, headquartered in Columbia, South Carolina, was previously part of Nationwide Mutual Insurance’s exclusive distribution model.

The agency offers personal and commercial lines insurance throughout the state.

It will join Relation’s Main Street/small commercial division and Ernie Yarborough will continue to lead the operations.

Relation, backed by the private equity firm Aquiline Partners, is an insurance brokerage that has 1,200 employees in 125 sites around the U.S., the company said.

King, Ameriway

The King Insurance brokerage firm acquired Ameriway Insurance Co., based in Fernandina Beach, Florida, near Jacksonville, the companies announced.

Ameriway provides commercial and personal lines coverage and was founded

by Charles Hayes. He will continue to run the operation until his retirement.

King was founded in 1974 in Gainesville, Florida, and provides property/casualty and employee benefits products.

Higginbotham, Lyon Fry Cadden

Alabama-based Lyon Fry Cadden Insurance is now part of Fort Worth, Texasbased Higginbotham.

Higginbotham said the acquisition marks the firm’s first move into Alabama.

The broker now has offices in most Southern states.

Gaylord Lyon Jr., president of Lyon Fry Cadden, will stay on as managing director of the 30-person operation in Mobile. The

agency began in 1905 and mostly serves middle-market businesses in a range of industries, with commercial insurnce, personal lines and surety bonds.

West

Hub, Evo Insurance Services

Hub International Ltd. acquired the assets of EVO Insurance Services Inc. in Chico, California. EVO is a privately held insurance agency specializing in employee benefits programs.

EVO Shawn Blofsky, president and founder of EVO Insurance Services, and the EVO Insurance Services team will join Hub Central and Northern California, and report into the Sacramento region.

Chicago, Illinois-based Hub is an insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.

Workers’ Compensation We distinguish our Workers’ Compensation coverage by providing value-added services before, during, and after a claim.

Upfront loss control measures Responsive claims handling Facilitation of quality medical care (when an accident does occur) We’ve been successfully protecting our policyholders and their employees since 1983.

Browse all of our products at www.guard.com.

APPLY TO BE AN AGENT: WWW.GUARD.COM/APPLY/ Our Workers’ Compensation policy is available nationwide except in monopolistic states: ND, OH, WA, and WY.

INSURANCEJOURNAL.COM

MAY 2, 2022 INSURANCE JOURNAL | 17

People National

American International Group (AIG) named Tom Bolt

executive vice president and chief risk officer, succeeding Sabra Purtill, who was appointed executive vice president and chief investment officer for AIG’s Life & Retirement business. Bolt previously served as chief underwriting officer, general insurance.

Kean Driscoll was named chief underwriting officer, general insurance. Since 2019, Driscoll served as global chief underwriting officer, property/ agriculture, as well as global head of reinsurance strategy, general insurance, since 2020.

Tokio Marine HCC – Cyber

& Professional Lines Group, a member of the Tokio Marine HCC group of companies, appointed Jacob Ingerslev as senior vice president of cyber and tech in the United States.

Ingerslev has over 20 years’ experience in a wide range of underwriting disciplines across the U.S., European and Lloyd’s insurance markets.

CAC Specialty welcomed Stephanie Snyder Frenier as

senior vice president, business development leader of professional and cyber solutions.

Frenier has over 18 years of experience in the insurance industry, focusing on cyber insurance and technology errors and omissions.

East

Boston-based specialty insurance brokerage Risk Strategies announced two hires in its Private Client Services practice. Tim deRosa joined as chief operating officer, Private Client Services,

and Eric Massi as senior vice president, West region leader, Private Client Services.

DeRosa comes to Risk Strategies with over 20 years of experience in the insurance industry, primarily serving the private client market. Prior to joining Risk Strategies, deRosa worked on both the carrier and wholesale sides of the business, first at Chubb and later founding Platinum Partners Insurance Services.

Massi joins Risk Strategies with more than 18 years of experience developing and managing risk management programs for ultra-high-networth individuals and family offices.

Sharon Price, an employee of over 25 years for Frederick Mutual, has been promoted to

vice president of Underwriting.

Over the course of her 25 years at Frederick Mutual, Price has served in various roles including commercial lines underwriter and assistant vice president of Commercial Lines.

Erica Cox White was promoted to assistant vice president, Human Resources and Operations director. White joined Frederick Mutual in 2018 as communications coordinator and executive assistant.

Frederick Mutual serves policyholders in Maryland, Pennsylvania, Virginia, Delaware, D.C., North Carolina, and South Carolina.

The MEMIC Group hired three regional underwriters.

Heidi L. Carter has been added as senior production underwriter in eastern and downstate New York, responsible for renewals and new business.

Bryant O. Turner is now

18 | INSURANCE JOURNAL | MAY 2, 2022

senior production underwriter in the Southeast region.

Matthew Raynard is an express production underwriter in the New England marketplace, targeting new business accounts under $50,000 in premium.

Carter has spent a majority of her career specializing in workers’ compensation, and comes to MEMIC with nearly three decades of experience handling multi-lines, including claims and risk management.

Turner comes to MEMIC with nearly two decades of experience in financial and underwriting roles.

Raynard began his career at Travelers Insurance as a subrogation specialist. After five years at Travelers, he transitioned to underwriting at First Comp Markel.

Midwest

United Fire Group Inc.

named Eric J. Martin as chief financial officer.

Martin brings more Eric Martin than 29 years of experience to UFG, including the last 21 years at Transamerica/AEGON Americas. He was most recently head of enterprise transformation at Transamerica.

Based in Cedar Rapids, Iowa, UFG, through its subsidiaries, is licensed as a property/casualty insurer in 50 states, plus the District of Columbia.

Schaumburg, Illinois-based

AmericanAg named Michael A. Conlon general counsel.

He succeeds Andrew Boris,

who transitioned to the role of executive vice president and CEO.

Conlon comes to AmericanAg from QBE North America, where he served as vice president – product development.

South Central

EPIC Insurance Brokers & Consultants added Kathleen Ponter to its Houston Property

& Casualty team as a producer.

Porter brings more than 25 years of commercial P&C experience to EPIC. She previously served as an account executive at Wortham Insurance & Risk Management (now Marsh Wortham), where she managed a large portfolio of P/C accounts.

CAC Specialty expanded its Houston-based Oil & Gas team with the hiring of Mike Dunbar, who recently joined CAC Natural Resources as vice president.

Dunbar has a 15-plus year risk management and insurance career. Most recently, Dunbar worked at ConocoPhillips where he served more than 10 years as a senior analyst on the risk management team.

He will work alongside Lisa Harris and the Houston team to further build CAC Specialty’s Natural Resources practice.

Alliant Insurance Services

hired Jeremy Mahoney as vice president within its employee benefits group. Based in Dallas, Mahoney joins Alliant amid continued growth in Texas and across its national employee benefits platform.

Mahoney is a seasoned veteran in the field of employee benefits. Prior to joining Alliant, he was vice president, employee benefits, with a national specialty INSURANCEJOURNAL.COM

insurance brokerage and risk management advisor.

Iroquois named Lucas Howard as regional manager

of Oklahoma and Arkansas.

He will partner with strong independent insurance agencies and select carriers to drive profitable growth.

Howard most recently served as territory sales consultant for Encompass Insurance, where he worked with hundreds of independent agents in multiple states.

Iroquois Midwest is part of The Iroquois Group.

Dallas, Texas-based CoVerica named Rhonda Cox as president and CEO. Cox was formerly vice president of operations at CoVerica and 2019-2020 Rhonda Cox president of the Independent Insurance Agents of Dallas (IIAD).

Former president John Sutter assumes the position of senior vice president – risk management and will continue to serve as a commercial producer/account executive to key agency clients.

Mike Sterlacci continues to oversee operations as chairperson.

Southeast

Rick Hawks joined Palomar Insurance Corp., based in

Montgomery, Alabama, as vice president of the Palomar Hart Group. Hawks has 17 years of experience in commercial risk management and transportation.

Palomar also named Jill Nicholson-Houston account executive for the transportation INSURANCEJOURNAL.COM

industry.

The Alabama Department of Insurance appointed Sheila Travis chief examiner.

Travis, a 22-year veteran of the department’s examination division, Sheila Travis succeeds Richard Ford, who recently retired from the role of chief examiner.

The International Association of Industrial Accident Boards and Commissions,

a guiding force for workers’ compensation Heather Lore regulators and the industry, named Heather Lore executive director.

Lore has been with IAIABC since 2007 and has served as interim director since January 2022.

Former Tennessee Insurance Commissioner Julie McPeak has been named senior vice president and general counsel for insurance at San Antoniobased USAA. Julie McPeak McPeak also once served as director of Kentucky’s department of insurance and was president of the National Association of Insurance Commissioners.

Lockton, the global insur-

ance brokerage firm based in Kansas City, Missouri, appointed Sou Ford as cyber practice

leader for the Southeast.

Ford has almost 25 years of experience in cyber insurance, most recently with Willis Towers Watson.

She is based in Atlanta.

FBB Insurance, a subsidiary of Mississippi-based Trustmark National Bank, named Jennifer Bone as business insurance consultant in Pensacola, Florida.

Jennifer Bone FBB Insurance started out as Fisher Brown Bottrell Insurance. It was acquired in 2004 by Trustmark, a subsidiary of Jackson, Mississippi-based Trustmark Corp.

West

Lockton promoted Ted Brown to president of property/

casualty for the Mountain West region. Brown will focus on client experience and growing Mountain Ted Brown West’s P/C business.

He joined Lockton in 2007.

Lockton also named Jennifer Franze senior vice president in its Mountain West group.

Franze has 15 years of experience.

Most recently, Jennifer Franze she was with Aon.

McGriff

added Justin

Anderson

as producer and senior

Justin Anderson

vice president for its mining practice based in Denver. He previously was a principal at Resource Capital Funds, a mining-focused private equity fund.

Insurance broker McGriff is a subsidiary of Truist Insurance Holdings.

Island Holdings Inc. named Robert Bruhl chief investment

officer and executive vice president. He most recently was president of DR Horton Hawai‘i, the local subsidiary of the national homebuilder.

Bruhl spent 18 years at DR Horton.

Island Holdings companies include: Island Insurance; Atlas Insurance Agency; Pyramid Insurance Centre; Pacxa and Tradewind Capital.

Builders & Tradesmen’s Insurance Services Inc. in California named Cole Bogue

vice president of surety.

Before joining BTIS, Cole was Cole Bogue president for CA Contractors Insurance Services in Sacramento.

BTIS is a managing general agency focused on serving small businesses with insurance services and is part of the Amynta Group.

Gorst & Compass Insurance

named Atley Peterson as senior underwriter for garage lines. He will assist with the expansion of garage business in the Pacific Northwest.

Peterson has more than 10 years of industry experience and previously was with Hull & Co.

MAY 2, 2022 INSURANCE JOURNAL | 19

News & Markets Natural Disasters Cost Global Economy $32B in Q1, With Only $14B Insured: Aon

By L.S. Howard

P

Windstorm Eunice

Diving into some of the quarter’s costliest events, Aon said Storm Eunice/ Zeynep, which hit during the period Feb. 18-19, was the costliest windstorm to affect the European Union since 2010, with insurance claims of approximately €4.0 billion ($4.3 billion). (The UK Met-Office and the Irish National Meteorological Service Met Éireann named the storm Eunice, while the Free University of Berlin named the storm Zeynep). Seventeen lives were lost during Windstorm Eunice.

Eunice/Zeynep was one windstorm in a series during the period Feb. 16-21 that also included: Dudley/Ylenia and and Franklin/ Antonia.

sustained some level of damage.

“The earthquake additionally left several manufacturing facilities closed. Some of these locations included microchip maker Renesas Electronics and electric components maker Murata Manufacturing,” said Aon in its report.

reliminary economic losses from natural hazards during the first quarter of 2022 totaled $32 billion, of which less than 50% (or $14 billion), was covered by public and private insurers, according to a report published by Aon. Severe Convective Storms Although the first quarter of the year is The month of March featured numerous typically the quietest, the report said, SCS outbreaks that resulted in deadly torQ1 2022 marked the sixth consecutive nadoes, very large hail, and strong straightyear to record more than $10 billion in line winds across the central, eastern, and insured losses, said the report titled Global southern U.S., said Aon, noting that Iowa, Catastrophe Recap – Q1 2022.

Texas, Mississippi, Louisiana and Alabama Some of the most significant natural were the hardest hit. hazard activity during the quarter occurred “The combined cost of Q1 U.S. SCS in: Western and Central Europe windstorms (Dudley/Ylenia, Eunice/Zeynep and activity was expected to result in a Japan Earthquake Franklin/Antonia); Australia’s east coast multi-billion-dollar loss for the insurance The magnitude-7.3 earthquake that floods; the Japan earthquake on March 16; industry. The country is well on its way to shook Japan on March 16 is likely to cost and the severe convective storms (SCS) recording its 15th consecutive year with seen in the United States in March. insurers more than $2 billion, with ecoinsured SCS losses topping $10 billion,” the nomic losses well into the billions of U.S. The Asia Pacific (APAC) region report continued. dollars, said Aon, recalling that the event accounted for the highest percentage of There were at least 290 tornado Local occurred just days after the 11th anniverQ1 economic losses at $15-plus billion, Storm Reports (LSRs), of which 222 have sary of the Great Tohoku Earthquake on followed by the Europe Middle East and thus far been unofficially confirmed March 11, 2011.

Africa (EMEA) at $8 billion and the U.S. at via National Weather Service surveys, Four people lost their lives, and 244 $6 billion. (Economic losses, or the overall said Aon, quoting data from the Storm costs of natural catastrophes to economies, others were injured.

Prediction Center. “This was well above Damages included ruptured water pipes, the Doppler radar era (1990-2020) average include the insurance price tag). disruption to infrastructure such as railway of 83 and marked the first time that the Aon explained that these Q1 totals and utility poles. At least 10,414 homes will likely be revised upward, perhaps month of March surpassed the 200-tornado threshold.” considerably, as this type of loss In total, there were at least 354 development is standard and expected tornado LSRs in Q1 (and 265 unofficially in the aftermath of larger scale events. confirmed), with 12 tornado-related For public and private insurers, deaths, Aon continued. The strongest the $36 billion in Q1 weather-related tornado of the year to-date was a insured losses in 2021 and 2022 represented the second-highest two-year long-tracked EF4 tornado with up to total on record — second only to 2020 170 mph (275 kph) winds in Iowa on and 2021, which tallied $40 billion and March 5, which was one of at least was primarily driven by the $25 billion 14 confirmed tornadoes in the state of losses seen in Q1 2021, said Aon. on that day. The twister resulted in In third place was $33 billion for Q1 extensive damage in Madison County events in 1990 (dominated by major near the town of Winterset along its European windstorm events) and 1991.

70-mile (112 km) path.

Cleanup efforts are underway in Winterset, Iowa, on The two-year record for all natural Sunday, March 6, 2022, after a tornado tore through an Australia’s East Coast Floods hazards (including earthquakes, An historic period of torrential tsunamis, etc.) remains 2010 and 2011 area southwest of town on Saturday. Photo credit: Bryon Houlgrave/The Des Moines Register via AP. rainfall affected broad swaths of at $98 billion.

20 | INSURANCE JOURNAL | MAY 2, 2022

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Australia’s East Coast during the latter half of February through March, with parts of New South Wales and Queensland being among the hardest hit, according to Aon. Substantial flooding was seen in the greater Brisbane and Sydney metropolitan areas in addition to other localized communities in each state.

The Insurance Council of Australia said as of April 8, at least 173,346 claims had been filed with an estimated value of A$2.43 billion (US$1.81 billion). These totals will increase and agriculture will see additional insured losses, Aon added.

Climate Change

“The first quarter is typically the quietest of the year, though 2022 marked the sixth consecutive year to record more than $10 billion in insured losses,” commented Steve Bowen, managing director and head of Catastrophe Insight for Aon’s Impact Forecasting team.

The report noted January 2022 was the sixth-warmest January on record, while February was the seventh warmest, and March was the fifth warmest.

Aon quoted the National Oceanic and Atmospheric Administration, which com-

pared global records dating back to 1880.

Secondary Perils

The growing impact of “secondary perils,” such as winter weather, flooding, and severe convective storm, have accounted for a significant portion of the overall quarterly economic cost, explained Aon. “This reinforces the question as to whether the term ‘secondary peril’ has become obsolete because the losses associated with these perils are impacting more populated communities with increasing intensity and resulting in higher loss costs.”

Aspen Becomes 17th Insurer to Stop Insuring Canada’s Trans Mountain Pipeline

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loyd’s of London syndicate Aspen Insurance has decided to cut ties with the existing Trans Mountain pipeline when its current insurance policy expires this summer, according to the climate activist group, Coal Action Network. Aspen joins 16 other insurers that have dropped Trans Mountain or vowed not to insure its expansion, said the network in a statement.

“As a matter of corporate policy, Aspen does not comment on the specifics of any application for insurance we receive, any insurance or reinsurance contract we underwrite, or any claim we pay, however, we can confirm that we do not plan to renew the Trans Mountain Tar Sands Oil Pipeline project,” said a spokesperson for Aspen in an email to Coal Action Network. (Aspen confirmed the statement with Insurance Journal).

The 16 other insurers that have ruled out insuring Trans Mountain are Allianz, Argo, AXA, AXIS Capital, Chubb, Cincinnati Global Underwriting, Generali, Lancashire, MAPFRE, Munich Re, QBE, RSA, SCOR, Suncorp, Talanx and Zurich Insurance Group.

Insurers are being pressured by environmental activist groups to end their coverage of fossil fuel infrastructure to combat climate change. Without insurance, they reason, these projects possibly could be stopped.

“It’s time for the rest of the Lloyd’s

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syndicates and the whole insurance sector to follow suit before the climate crisis gets worse,” said Charlene Aleck of the TsleilWaututh Nation Sacred Trust Initiative, a Canadian First Nation activist group that has focused on stopping the proposed Trans Mountain Expansion (TMX) project.

The group is concerned the project will exacerbate climate change and pollute the environment.

The pipeline expansion is described by Trans Mountain’s website as a twinning of the existing 1,150-kilometer (750 mile) pipeline between Strathcona County, near Edmonton, Alberta, and Burnaby, British Columbia. “It will create a pipeline system with the nominal capacity of the system going from approximately 300,000 barrels per day to 890,000 barrels per day.”

(Strathcona is Canada’s hub for petrochemical industries.)

Despite the activists’ protests, the Canadian government is proceeding with the project.

“Over the last two years, insurers at Lloyd’s of London have come under increasing pressure to cut ties with Trans Mountain,” commented Andrew Taylor, organizer with Coal Action Network, which is seeking to end coal use in power generation and steel production, as well as coal extraction and coal imports, in the UK. “It’s brilliant that Aspen is listening, but Lloyd’s syndicates like Arch and Beazley must follow suit, and more broadly we

need a step-change across the whole Lloyd’s marketplace,” Taylor added.

“We are calling for leadership that mandates all insurers in their marketplace to end underwriting of new fossil fuel projects. While Lloyd’s CEO John Neal blocks meaningful climate action, we expect to see ongoing protests on Lloyd’s doorstep,” he cautioned.

Earlier this year, Lloyd’s had to close its London headquarters when about 60 climate change protesters from the climate activist group Extinction Rebellion blocked the main entrance of the building.

Lloyd’s has instituted a phased approach for exiting investments in and insurance for the fossil fuel industry, a plan it revealed in December 2020 in its Environmental, Social and Governance (ESG) report — but climate activist groups are demanding immediate action. The Coal Action Network described the Lloyd’s fossil fuel policy as “weak.”

The Lloyd’s ESG policy asked Lloyd’s insurers to stop providing new insurance cover by January 2022, for thermal coal-fired power plants, thermal coal mines, oil sands or new Arctic energy exploration activities tar sands projects.

Further, Lloyd’s said it will phase out the renewal of existing insurance cover for these types of businesses by January 2030.

MAY 2, 2022 INSURANCE JOURNAL | 21

Closer Look: Medical Liability Nursing Malpractice Coverage Brings Peace of Mind

By Andrea Wells

H

ealth care is a highly complex and ever-changing environment that can lend itself to high-risk, and life-threating, situations. Healthcare professionals, including nursing professionals, can make mistakes so having the appropriate malpractice coverage in place is crucial. While healthcare facilities must secure medical liability coverage for their organization and its employees there are benefits for nursing professionals having their own professional liability policy.

Georgia Reiner, a senior risk

specialist with Nurses Service Organization (NSO), says there are a few key differences between employer-provided malpractice coverage and an individual professional liability insurance policy.

First is peace of mind.

“If there were ever to be a conflict between a nurse’s best interests and their employer’s best interests, the employer provided coverage is intended to protect the employer first and foremost, and really only the nurse by extension,” Reiner said. “Whereas if the nurse has their own coverage, that can then afford them their own attorney, their own representa-

22 | INSURANCE JOURNAL | MAY 2, 2022

tion to defend them and their interests.”

Second, when nursing professionals secure their own professional liability coverage they are adding an extra layer of protection, Reiner added.

“So, if a nurse finds themselves involved in a lawsuit, the coverage provided by an individual policy can take effect if the primary policy winds up being exhausted,” she said. “And it can help protect the nurse from any excess judgments.”

Third, by purchasing their own policies, nurses alleviate the stress of having to worry whether the employer

Georgia Reiner provided coverage is adequate, or whether their employer is making any changes to coverage that may impact what level of protection could be afforded to the nurse if there were to be a lawsuit, she said.

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There could be serious cover gaps in an employer’s policy.

An employer’s policy could only provide coverage for a nurse for incidents that occur at work and coverage may not apply for State Board of Nursing (SBON) investigations.

Malpractice coverage isn't top of mind to nursing professionals.

“A lot of facilities won’t cover nurses for the cost of defense in a disciplinary investigation involving the State Board of Nursing,” Reiner said. “In fact, in many cases, it’s the nurse’s own employer or coworker who winds up reporting them to the State Board of Nursing for alleged misconduct. So, this alone is often reason enough for some nurses to want to purchase their own professional liability policy.”

Cases involving the State Board of Nursing can cost thousands of dollars, she said, noting that a recent report found that the average cost to defend a nurse in a State Board of Nursing matter tops $5,000.

In today’s competitive nursing job market, nurses are changing employers frequently and they should have coverage that can follow them from job to job. But employers only offer claims-made policies to employees. “So, if a suit winds up being filed against a nurse for work that they performed while working for a former employer, they probably won’t be afforded coverage by either their former employer or their new employer,” she said. “Whereas if you were to purchase your own individual occurrence policy, that covINSURANCEJOURNAL.COM

erage then follows the nurse from job to job, and provides coverage for nursing actions outside of work, such as if they decide to volunteer.”

Malpractice coverage isn’t top of mind to nursing professionals when switching employers, Reiner says. “But when they do switch roles, if they don’t have their own professional liability insurance policy, or if they’re even considering purchasing their own professional liability policy as

they’re switching jobs, nurses should have a clear understanding of what coverage is being provided for them and what the policy limits are.”

Reiner says that interest in the coverage has ticked up since the onset of the pandemic, which led to increased concerns about the risks that nurses face in their job. Coverage can be purchased by registered nurses for as little as $110 per year, she added.

“While we haven’t necessari-

ly seen an increase in litigation involving nurses, we have seen a lot of action coming from those State Boards of Nursing involving complaints against nurses,” she said. “So that again hammers home just why it’s important for them to have their own comprehensive coverage that can provide representation in those cases.”

Buying the coverage is worth it for the peace of mind, Reiner says, and for that extra layer of protection.

Malpractice Insurance Premiums Increased 22%, Despite Fewer Claims

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he number of malpractice claims filed against hospitals and physicians dropped 14% in 2020, even as premiums rose 22% on average, according to the most recent report by the American Society for Health Care Risk Management and Aon published in late 2021.

An analysis of Aon’s database found that 4,718 medical professional liability claims were filed within six months of occurrence in 2020, 14% lower than the average of 5,514 reported claims from 2015 to 2019. That translates to a claim frequency of 0.54% per occupied bed equivalent, compared to annual frequency rates that ranged from 0.63% to 0.71% from 2014 to 2019.

Also, the number of claims that closed within six months plummeted to 826 in 2020, compared to numbers that ranged from 1,587 to 2,072 in each of the preceding five years.

The researchers speculated that COVID-19 strategizing may have been a factor.

The report says average premium rates increased by 22% at renewal last year, based on a survey of 67 healthcare systems. Insureds paid an average of $50,000 for every $1 million in insurance limits, up from $42,000 under the preceding insurance program.

Aon said that overall capacity for the professional medical liability line was relatively unencumbered for the first half of 2020, but several carriers have stopped underwriting malpractice risks, leading to hard market conditions.

The survey results show that insured retentions increased in 2020, to an average of $7.8 million from $6.9 million in 2019. Also, purchased insurance limits decreased to $83.5 million in 2020 from $85.9 million the year before.

Medical professional liability exposures are expected to continue to increase. The report predicted no change in claim frequency, but established a 3% severity trend in 2022 for both general liability and physician professional liability.

MAY 2, 2022 INSURANCE JOURNAL | 23

Spotlight: Property A Paradigm Shift, from ‘Buying Insurance’ to ‘Selling Risk’

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ising commercial property insurance costs have gotten the attention of executives across a broad cross-section of corporate America.

Aon, a leading broker

By Hemant Shah of commercial insurance, reports that commercial property insurance premiums have experienced, on average, double-digit increases for five years in a row.

One driver of these increases has been an ongoing spate of catastrophic weather events.

For example, Munich Re reported that in 2021 the global insurance industry paid $120 billion in catastrophe claims, the second-largest annual loss ever recorded. Of that loss, $85 billion was in the U.S. alone, driven by the Texas freeze, Hurricane Ida, and the December tornado outbreak across the central and southern U.S. While it’s difficult to attribute any specific event, or any year’s activity, to climate change, experience, data and science tell us that volatility is increasing and that the frequency of severe weather events is almost certainly going to increase further in the coming decades. For example, NOAA’s recently published 2022 Sea Level Rise Technical Report projects about a foot of average sea-level rise along the U.S. coastline by 2030. By 2050, the frequency of major coastal flooding events will increase

by a factor of 5X from current rates. The consequences of our changing climate will not be limited to coastal flooding; warmer waters will spawn more severe hurricanes, and shifting weather patterns will likely lead to more extreme tornado and hail outbreaks, severe convective storms, polar

24 | INSURANCE JOURNAL | MAY 2, 2022

vortex disruptions, and inland flooding.

While insurance premiums can fluctuate due to the vagaries of market pricing cycles, the fundamentals are becoming clear: the costs of property risk will trend higher, forcing insurance buyers into a Hobbesian choice of higher

costs or less coverage. As many insurers price with a view to their entire portfolios, the impact will be felt broadly across the country and not just in catastrophe exposed regions.

On the front lines of these impacts are the owners of, and institutional investors in, commercial property. With INSURANCEJOURNAL.COM

trillions of dollars in property assets under management, most owners in the commercial real estate business have already experienced significant increases in their costs to insure the replacement costs of their buildings. Yet this goes beyond real estate companies: every major business leases property, and rising insurance costs are often allocated to the tenants via their leases.

Businesses of all stripes own, and insure, their own buildings; and in any case also purchase property insurance to cover the contents, equipment, and inventories inside of all the locations they operate from, not to mention insuring the business interruption losses linked to the disruption of the business due to physical damage to the structure where business is conducted.

Traditionally, corporations buy property insurance on an annual basis and often do so with policies that cover the entirety of the properties in the company’s portfolio.

Underlying a company’s insurance program is a schedule that for the larger buyers can involve hundreds or even thousands of insured locations.

Each year, their risk management teams work closely with their insurance brokers to update their exposures and loss histories, assess their needs, and then syndicate their ‘placements’ across a wide range of insurance companies. These insurers, in turn, underwrite and price the coverage based upon their analysis of the risks to the buildings, including from catastrophe and weather-related events. Ultimately, the policies are priced by the insurance markets using a mix of technical methods, INSURANCEJOURNAL.COM

underwriters’ experiences and judgment mixed with a shot of market ‘sentiment.’

Implied in this process is that the insurance markets understand how to price their customers’ risk better than their customers do. Buyers then react to this pricing and tune their buying decisions accordingly, yet often having to accept the prices offered to secure adequate coverage. Not surprisingly, a 2021 survey by Advisen reports that only 29% of property insurance buyers for large companies are “satisfied with their understanding of how their insurers price their risk”, and 79% report they are “likely to retain more risk” in the future than they do today.

‘While insurance premiums can fluctuate due to the vagaries of market pricing cycles, the fundamentals are becoming clear: the costs of property risk will trend higher, forcing insurance buyers into a Hobbesian choice of higher costs or less coverage.’

Given recent trends, there is now a paradigm shift underway in how large companies manage and insure their property. As consumers, when we buy insurance, we accept that insurers have more data and experience on the drivers of our risk than we do ourselves. Yet large corporations, with billions of dollars of insured property

values, across large portfolios, are increasingly aware they too can amass and integrate large datasets about their exposures; and that they too can equip themselves with tools to quantify their own risks, including from catastrophes. In fact, many large corporations, who develop, operate and maintain their own assets have at their disposal more knowledge of the detailed drivers of their exposures than their insurers do.

The science of climate and its impact on property is far more robust than even a few years ago, and it is becoming more actionable via a growing ecosystem of private firms and open/public-domain sources.

Leading insurers are also taking measures to open their own insights and expertise to their customers, empowering them to make more proactive decisions.

Empowered with these data-driven insights, leading corporations are taking control of their view of risk. They are shifting from a mindset of “buying insurance” and deferring to the insurance markets for pricing, to one in which they are “selling their risk,” if and only if it’s optimal to do so. This requires a proactive approach, an understanding of your total cost of risk, a readiness to retain more risk and a willingness to invest in resiliency strategies to mitigate and reduce risk.

An illustration of a shift in this paradigm is a growing number of companies that are complementing their traditional property insurance programs with innovative alternative risk transfer strategies, such as the use of catastrophe bonds. In 2021, it was reported that com-

panies as diverse as Prologis, Blackstone and Google all issued catastrophe bonds to ‘sell” a portion of their U.S. catastrophe risk into the capital markets. As summed up by Artemis, “When large corporations look at catastrophe bonds it is typically because the traditional insurance market either cannot service their needs, or is too expensive, at certain levels of loss and exposure. Being able to identify exactly where the capital markets could provide a more efficient source of insurance, is critical and today, with the explosion of new tools to help ceding companies better understand their risk exposures, that is becoming an easier task.”

A more volatile world is already upon us, and these trends will accelerate as the consequences of climate change manifest in more frequent extreme weather events. “Buying insurance” is no longer enough to ensure the resiliency of the buildings and infrastructure that powers our economy. Business leaders are taking an “all of the above” approach that integrates traditional insurance with alternative ways to define and “sell risk” (such as cat bonds) alongside proactive risk retention, resiliency, and mitigation-driven strategies for asset management and property operations.

This is what’s required, now, more than ever.

Shah is the CEO of Archipelago, an AI technology and data analytics company. He co-founded Risk Management Solutions (RMS), a risk modeling firm serving the global insurance industry.

He is passionate about risk and resiliency, and serves on the Board of the social venture, Build Change.

MAY 2, 2022 INSURANCE JOURNAL | 25

News & Markets McDonald’s Beats Back Challenge to Settlement With U.S. Labor Agency

M

cDonald’s Corp. last month defeated a union-backed organizing group’s challenge to a settlement with a U.S. labor agency over claims that the company helped franchisees across the country suppress workers’ demonstrations calling for higher wages.

The U.S. Court of Appeals for the D.C. Circuit rejected claims by the group, Fight for $15, that the 2019 settlement was inadequate because it did not resolve the key question of whether McDonald’s could be held liable for unlawful labor practices by its franchisees.

Fight for $15 also argued that a member of the National Labor Relations Board (NLRB) who took part in approving the settlement had a conflict of interest and should have been recused.

The D.C. Circuit on Friday, April 22, said those claims were

not properly presented to the court.

Illinois-based McDonald’s and the NLRB did not immediately respond to requests for comment. Nor did a lawyer for Fight for $15.

Demonstrations organized

by Fight for $15 swept the country in 2012, with workers calling for minimum pay of $15 an hour. The group that year began filing complaints

with the NLRB on behalf of McDonald’s franchise workers claiming they were fired or disciplined for participating in labor organizing.

The NLRB brought a case against McDonald’s and many franchisees in 2014. It was seen as a major test of the Obamaera NLRB’s attempt to expand the circumstances in which companies could be considered “joint employers” of franchise

or contract workers, requiring them to bargain with unions and exposing them to liability for labor law violations.

McDonald’s has denied wrongdoing and maintained that it does not exercise enough control over franchises to be considered a joint employer.

The NLRB opted to settle the case after former President Donald Trump took office, disappointing unions and worker advocates. The settlement required more than two dozen McDonald’s franchisees to pay up to $50,000 to individual workers, but did not address McDonald’s liability.

Under federal labor law, the board can settle claims against businesses over the objections of unions or workers involved in a case.

Copyright 2022 Reuters. Click for restrictions.

Allstate to Increase Magnitude of Auto Rate Hikes in 2022

By Chad Hemenway

A

llstate said it is raising auto insurance rates more due to continued upticks in physical damage and bodily injury severity.

The personal property insurer said in a statement on April 21 that first quarter unfavorable non-catastrophe prior-year reserves re-estimates were about $160 million, reflecting the impact of “rapid increases in loss costs since the second quarter of 2021.”

“Given the ongoing loss-cost impacts of the current inflationary environment, Allstate has increased the magnitude of

auto rate increases we expect to implement throughout 2022,” said Mario Rizzo, CFO in the statement.

Rizzo said Allstate increased auto rates in 15 states an average of 9.8% in March and has now implemented 53 rate increases in 41 locations averaging about 8.2% since the start of the fourth quarter.

Additionally, Allstate’s National General brand increased auto rates an average of 3.8% in seven locations in March.

Last month Allstate addressed the topic of auto rate hikes. Glen Shapiro, president

26 | INSURANCE JOURNAL | MAY 2, 2022

of property-liability, said auto-claim frequency remained below pre-pandemic levels even though miles driven increased, but claims from non-rush-hour accidents have returned to historical norms.

Repair costs have increased due to supply-chain delays and higher labor costs.

In the latest statement, Rizzo said Allstate continued to see “the impact of elevated severity inflation in the current report year” with incurred severity estimates to increase by 11% for property damage and 8% for bodily injury.

All Allstate brand rate increases totaled $862 million in Q1 2022 after $702 million of rate increases in the fourth quarter 2021, Allstate said.

Allstate also said first-quarter catastrophe losses totaled $462 million pre tax. Catastrophe losses, which primarily included tornado and wind losses from Texas and the southeast, were $227 million March.

INSURANCEJOURNAL.COM

News & Markets California Workers’ Comp Committee OKs 7.6% Pure Premium Filing

T

he governing committee of the Workers’ Compensation Insurance Rating Bureau of California authorized the WCIRB to submit a Sept. 1, 2022 pure premium rate filing to the California Insurance Commissioner that is on average 7.6% above the average approved Sept. 1, 2021 advisory pure premium rates.

The proposed Sept. 1, 2022 advisory pure premium rates, in addition to reflecting the loss experience as of Dec. 31, 2021, excluding COVID-19 claims, also reflect an average 0.5% provision for the projected cost of COVID-19 claims to be incurred on policies incepting between Sept. 1, 2022 and Aug, 31, 2023.

WCIRB Executive Vice President and Chief Actuary Dave Bellusci noted that the average of the proposed Sept. 1, 2022 advisory pure premium rates are fairly consistent with the average of the

2022 JM Wilson INS Journal OUTLINES.indd 1

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advisory pure premium rates proposed by the WCIRB in the Sept. 1, 2021 pure premium rate filing.

According to Bellusci, the increases in loss development and claim frequency over the last year were largely offset by

increased estimates of wage inflation.

The WCIRB expects to submit its filing to the California Department of Insurance during the week of April 25. The CDI will schedule a public hearing to consider the filing.

12/6/21 1:11 PM

MAY 2, 2022 INSURANCE JOURNAL | W1

News & Markets Department of Labor Eyeing Arizona OSHA Plan

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he U.S. Department of Labor announced a proposal to reconsider and revoke final approval of Arizona’s State OSHA plan, which the department says is in response to nearly a long “pattern of failures” to adopt and

W2 | INSURANCE JOURNAL | MAY 2, 2022

enforce standards and enforcement policies that are at least as effective as those used by the department’s Occupational Safety and Health Administration.

State plans are OSHA-approved job safety and health programs operated by

states. The OSH Act encourages states to develop and operate their programs.

OSHA approves and monitors all state plans, and provides up to 50% of each program’s funding.

According to the department, OSHA has grown increasingly concerned that actions by the Arizona State OSHA Plan suggest the state is either unable or unwilling to maintain its commitment to provide a program for worker safety and health protection as the OSH Act requires.

An example the department gave was that Arizona has failed to adopt adequate maximum penalty levels, occupational safety and health standards, National Emphasis Programs and – most recently – the COVID-19 Healthcare Emergency Temporary Standard.

The Industrial Commission of Arizona, which oversees the state’s OSHA plan, responded with the following statement: “The Industrial Commission of Arizona strongly disagrees with OSHA’s decision to reconsider approval of Arizona’s Final State Plan. Arizona has always, and will continue to, implement occupational safety and health standards in accordance with our mutually agreed upon State Plan and Arizona law. The reconsideration of Arizona’s State Plan status is a serious overreaction by OSHA.” If OSHA determines that a state plan is failing to comply with its obligation to remain at least as effective as OSHA, the agency may initiate proceedings to revoke final approval, and reinstate federal concurrent authority over occupational safety and health issues covered by the state plan.

INSURANCEJOURNAL.COM

News & Markets Risky Driving Increases as Sleep Apnea Worsens

D

rivers who have sleep apnea can be a high risk behind the wheel, according to new research that also suggests screening older drivers for the common disorder.

People with sleep apnea wake up tired in the morning, no matter how many hours they actually sleep. The condition causes them to briefly stop and restart breathing dozens or even hundreds of times a night.

Even though such breathing interruptions often don’t awaken those with apnea, they prevent them from sinking into deep, refreshing sleep.

A new study puts a number on how dangerous such chronic tiredness can be, at least in regard to driving.

For every eight additional breathing interruptions per hour, the odds of making a dangerous driving move such as speeding, braking hard or accelerating suddenly increase by 27%, according to a study by researchers at Washington University School of Medicine in St. Louis.

Older adults are more likely INSURANCEJOURNAL.COM

to develop sleep apnea. They also are more likely to be seriously injured or killed in a car accident. The findings, available online in the journal Sleep, suggest that screening older adults for sleep apnea and for treatment, if needed, may help older people continue driving safely for longer.

“The percentage of older adults with mild sleep apnea is 30% to 50%, but if such adults don’t have daytime sleepiness or other evidence of impairment, they may not come to medical attention,” said co-senior author Brendan Lucey, MD, an associate professor of neurology and director of Washington University’s Sleep Medicine Center. “However, these findings suggest that we might want a lower threshold to evaluate older adults for sleep apnea and track their breathing interruptions. If their conditions worsen by just eight interruptions an hour, that could have significant adverse effects on their driving and their risk of suffering serious injury.”

People 65 and over are the

most responsible drivers on the road. They obey speed limits. They drive defensively.

They avoid driving at night, in bad weather and in unfamiliar places. But the changes that often come with advancing age — such as deteriorating vision, slower reflexes and difficulty sleeping — can undermine even the safest habits.

Lucey teamed up with driving researcher Ganesh M. Babulal, PhD, OTD, an assistant professor of neurology and the paper’s co-senior author, to investigate the relationship between sleep apnea and risky driving behaviors. Participants were recruited from ongoing studies at Washington University’s Charles F. and Joanne Knight Alzheimer Disease Research Center.

Babulal and Lucey monitored the driving and sleep habits of 96 older adults under real-world conditions. They used a commercially available take-home test to identify people with sleep apnea and measure its severity. Less than five breathing interruptions per hour is considered normal,

five to 15 is mild sleep apnea, 15 to 30 is moderate, and greater than 30 is severe.

To assess driving habits, the researchers installed a chip developed by Babulal and colleagues into participants’ personal vehicles and monitored their driving for a year, focusing on episodes of hard braking, sudden acceleration and speeding. In total, they collected data on more than 100,000 trips. Participants also were evaluated by researchers at the Knight ADRC for cognitive impairments and molecular signs of early Alzheimer’s disease.

Even though all participants were cognitively normal, about a third had brain changes indicative of early Alzheimer’s disease. The researchers found that the frequency with which drivers made dangerous moves behind the wheel rose in parallel with the frequency with which their sleep was interrupted at night, regardless of whether their brains bore the marks of early Alzheimer’s.

“We didn’t have cameras in the vehicles, so we don’t know exactly what happened that caused someone to, say, brake hard suddenly,” Babulal said.

“But it could be something like a stoplight that they didn’t realize was red until they got close and had to stomp on the brakes. The more tired you are, the less attention you have to deploy to the task at hand.”

The study helps untangle the ways aging-associated risk factors such as poor sleep and Alzheimer’s disease put older adults in danger while driving, and could aid efforts to find ways to maximize years of safe driving, the researchers said.

MAY 2, 2022 INSURANCE JOURNAL | 27

Special Report: Workers' Compensation

Workers’ Comp: A Shining Star in the P/C Sky

But the Future Is Less Bright as Workforce Changes

By Andrea Wells

W

orkers’ compensation continues to be the shining star in the property/casualty insurance market. Despite a 9% decline in direct premiums written to $44.3 billion, and a combined ratio in 2020 (91.1%) that was just a few points higher than 2019 (88.5%), the workers’ comp line overall remains profitable, outperforming all other lines in the P/C market.

There are concerns percolating in the background over the future of workers’ comp, according to some experts.

Labor shortages, rising costs due to social inflation and medical inflation, remote work, and a rise in mental health concerns are a few of the industry’s worries.

Workers’ compensation rates have been trending down for years as a result of a decline in frequency and a stronger focus on safety in the workplace, according to Mark Wilhelm, chairman and CEO of Safety National, a specialty insurance and reinsurance company, and a member of Tokio Marine Group.

But there are pressures and unknowns on the horizon due to today’s economic environment and how risks from the pandemic might unfold, he added.

“We’re in an era now of less certainty in workers’ compensation,” according to Wilhelm.

There’s more risk from changing workforce trends and a threat of increases in claims frequency, he believes.

“We’re going to witness an increase in frequency and an increase in severity, as well, because of just people being overworked from so many industries seeing labor shortages today,” Wilhelm said. Somebody’s making up for those labor shortages and that’s leading to overworked employees, he said.

When new hires do enter the workplace, they may not be

getting the training they need.

“We’re certainly going to see an increase in frequency and consequently severity, and costs” ahead, he said.

That’s one of the risks with the changing workforce the U.S. is seeing today — the potential pressure on frequency due to newer hires and inexperienced workers, says Rick Poulin, vice president, business insurance, workers’ compensation product, at Travelers.

Travelers tracks newer workers and their increased exposure to workplace injuries.

According to a recent analysis of Travelers’ indemnity claim data from 2015-2019, 35% of workplace injuries occurred during a worker’s first year on the job. “These first-year injuries resulted in more than six million

lost days of work, representing 37% of all lost days,” Poulin told Insurance Journal.

The Travelers study also found the most common causes of first-year injuries were: overexertion (27% of claims); slips, trips and falls (22%); struck-by injuries (14%); cuts and punctures (6%); caught-in or -between hazards (6%); and motor vehicle accidents (6%).

“Our data shows that workers in their first year on the job account for a disproportionate number of workers’ compensation claims compared to workers with a year or more on the job,” Poulin said.

Jennifer Cogbill, senior vice president, GBCARE Client Services, at Gallagher Bassett, a global provider of risk and claims management services, agrees. The “Great Resignation” and the ongoing disruption of the pandemic have led to a greater share of new employees, some of whom may have received less robust on-the-job training, she told Insurance Journal.

“When we look at claim severity, it is often tied to employees with less experience,” Cogbill said.

“Coupled with fewer employees working longer hours to accomplish tasks, this

Remote Work and the Risks hile most remote workers tend to be in “white collar” jobs with less physical injury risk than other industries such as construction or manufacturing, there is still cause for concern, according to claims experts.

Jennifer Cogbill, senior vice president, GBCARE Client Services, at Gallagher Bassett, a global provider of risk and claims management services, says that as employers shift to more remote and hybrid work arrangements, there are significant changes in terms of how workers’ compensation claims are investigated, as well as new challenges to consider from a loss control perspective.

“The swift move to remote work eliminated many of the controls in place that previously ensured a safe and productive work environment,” she said. “For example, in a traditional office environment, attention is taken to have appropriate office furniture to avoid injury, including chairs that swivel and monitors set at appropriate eye level to avoid strain.”

Even so, Cogbill said that Gallagher Bassett is seeing a steeper decline in workers’ compensation claims for office occupations relative to other occupations, suggesting the COVID-19 environment has actually improved the picture of risk for most people who now work from home at least part of the time.

“During COVID-19, office clerical claims specifically have decreased by 39%, a much larger decrease compared to other job types,” she said. “However, the average severity of those claims increased by 17%, which could be tied to lack of employer oversight in a remote work environment.”

Without the ability to design and oversee the workspace, employers need to think about finding alternative ways to control risk and mitigate potential claims, she advised.

“Beyond sending a computer and phone, providing proper ergonomics and guidelines for the employee to set up and maintain an optimal workspace at home has become an important step.” If left unaddressed, we can expect to see an increase in related injuries, including carpal tunnel syndrome, tendonitis, rotator cuff injuries, and lower back injuries, she said.

When it comes to claim investigation, Cogbill says she’s seen a rise in new compensability considerations. For example, unwitnessed activities while at home may be more questionable or uncertain as to whether they are work related, she said.

“It is important for the employer to define duties and for the claim examiner to complete a timely and thorough investigation to determine compensability,” she said. “It is critical to review the risks associated with a less experienced workforce operating under stressful conditions and take decisive corrective action.”

again increases the risk of claims due to fatigue or lack of supervision.”

Risk management becomes especially important when there is so much change in the workforce, Poulin added. “It’ll be very important for insurers and agents to work with employers, utilizing risk control services and other means to better train new employees and minimize the potential for injuries that more experienced INSURANCEJOURNAL.COM

employees are less likely to experience.”

Competition

Competition in the market remains healthy, despite the risks being generated by a changing workforce.

“For almost 10 years we’ve seen rate reductions in many states across the board,” said Pat Edwards, senior vice president and workers’ compensation practice leader,

at Risk Placement Services (RPS), an E&S wholesale broker and managing general agency.

Edwards noted that rates are at 40% to 60% off where they were eight to 10 years ago.

“We have the largest casualty line by premium on the street that is performing at this level.” That’s driving more carriers to jump in. “We’re seeing more comp carriers in the stand-alone sector that are branching out and doing things

that traditionally they haven’t done before, like getting more aggressive in the specialty comp space, for example,” he said.

Edwards said while the calendar year loss ratio has been very favorable in workers’ comp, that’s a lagging indicator, suggesting things aren’t looking quite as bright as they did. “Some jurisdictions are beginning to see loss ratios over 100 and so that’s creating a little bit of angst,” he said.

Competition has been especially tough during the past 15 years, according to Emilio Figueroa, chief insurance officer at Foresight, a workers’ comp insurer focused on workers comp coverage for construction, manufacturing and agricultural business.

Figueroa contends that now is a good time to grow as rates seem to be stabilizing for the line. Foresight, which is currently underwriting in eight southwestern states, plans to expand further into the southeast and northeast this year.

“We’ve seen rate decreases across the board on a national basis … but as we come out of the pandemic, things are not only becoming more stable on a social sense, but also for the insurance line. Workers’ comp is stabilizing,” Figueroa maintains.

California is one of the first states showing signs of a significant rate increase ahead.

On April 20, the Workers’ Compensation Insurance Rating Bureau of California authorized the WCIRB to submit a Sept. 1, 2022, pure premium rate filing that is on average 7.6% above the average approved Sept. 1, 2021.

continued on page 30

MAY 2, 2022 INSURANCE JOURNAL | 29

Special Report: Workers' Compensation continued from page 29

Mental Health and Social Detriments of Health

“That’s probably the first significant increase I’ve seen in quite some time,” Edwards said. “And usually California tends to lead the way — it’s 24% of the U.S. workers’ comp market, so that was big.”

Edwards says the upcoming National Council on Compensation Insurance (NCCI) State of the Line report expected to be released on May 10 will also paint a picture of what’s to come in workers’ comp rates in 2023.

“That’s going to be big. I’m looking to see what their view is as to how the line is holding and the accident year loss ratio’s inflation,” he said.

he pandemic has led to a rise in mental health-related workers’ comp claims for first responders, according to Safety National’s Chairman and CEO Mark Wilhelm.

There is also an uptick in mental health issues for injured workers, he said.

“Almost all states cover mental health as it relates to a physical injury,” he said. “Many states have passed the PTSD presumption, post-traumatic stress syndrome presumptions for first responders, and in those states, we’re seeing mental health claims.”

In addition to the pandemic causing stress on first responders, civil unrest has been a driver, as well. “So yes, we’re seeing stress claims from those first responders.” Even outside of the first responders, Wilhelm says there’s been an uptick in mental health issues as a result of physical injuries.

Jennifer Cogbill, senior vice president, GBCARE Client Services, at Gallagher Bassett, says mental health issues compromise the injured worker’s recovery.

“Most people have been under an extreme level of stress and uncertainty, which has negatively impacted overall mental health on a large scale,” she said. “Unfortunately, lack of awareness and effective treatment of mental health issues also play a part in compromising recovery for individuals.” It is important to understand the risk factors that could compromise the successful recovery of an injured worker, she said.

“Multiple studies have shown the socioeconomic impact on an injured worker’s ability to recover. Some of the contributing factors for high-risk individuals include higher incidence of comorbid conditions, lack of stable employment or good employer relationships, lack of access to quality healthcare providers, as well as fear and mistrust of healthcare providers.”

“There’s no question that social determinants of health can have a significant impact on a worker's compensation,” Wilhelm said. Where they live, access to healthcare, transportation support systems, matter in the recovery of an injured worker, he said. “Work is a big part of people’s lives, so being away from work can lead to feelings of isolation and depression,” he said.

One of the most effective tools to combat health inequity of injured workers is targeted clinical advocacy, Cogbill said.

“Clinical advocates will build a relationship with the injured worker, identify their care needs, communicate the best provider options, and partner with them to develop a plan for recovery,” she said. “It is vital for employers to leverage the best data to identify candidates, as opposed to assigning a nurse across all claims. This strategy targets people at risk while lowering wasteful clinical spend.”

“We believe that adopting a biopsychosocial approach that looks at the whole person is the best way to understand the impact of a work-related injury on an individual and support them in their recovery,” said Dr. Marcos Iglesias, vice president, chief medical director, Travelers.

“Oftentimes, the gap between a prompt recovery from a work-related injury and a delayed one is a psychosocial barrier, such as fear of losing one’s job, perceived injustice or catastrophic thinking,” he said. Listening, identifying barriers and helping to find solutions to these barriers not only helps the injured employee and their employer, but could also lead to lower claim costs, according to Iglesias.

Bottomed Out?

Safety National’s Wilhelm has a lot of questions about the market and what comes next.

“The overall question is, have workers’ compensation rates finally bottomed out?” he asked. “Is the reserve redundancy in workers’ compensation going to be gone? It’s been trending down for the industry. We’ve been charging less premiums, and eventually that catches up with you, especially in a situation now where frequency might be spiking,” he said. “But then again, there’s investment income ticking up, and that helps the carrier with responding to increases in cost.”

U.S. economic inflation is roaring back, Wilhelm added.

“Inflation’s been very stable in workers’ compensation for a lot of years, and now you have social inflation as well as economic inflation, and both of those have an impact on workers’ compensation.”

Will carriers recognize their costs are going up? “I

think they will eventually, but how quickly will they realize that? Premiums rise with payrolls. Yes, but is it enough considering all the cost drivers out there?”

Even with all these unknowns, Wilhelm believes

30 | INSURANCE JOURNAL | MAY 2, 2022

it might take the market a little time to see rates and premiums finally start to go “the other direction.”

“Since workers’ compensation is a long-tailed line and claims can remain open for years, we have to be very

mindful of medical inflation,” Travelers’ Poulin added.

It’s been a bit of an oasis for years for workers’ comp insurers, Wilhelm noted. “That is where we were making money. Well, that’s possibly changing.”

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Idea Exchange: Is It Covered?

Logic & Language and Forms & Facts

Insuring College Students

“Whether four years of strenuous attention to football and fraternities is the best preparation for professional work has never been seriously investigated.”

– Robert Maynard Hutchins

32 | INSURANCE JOURNAL | MAY 2, 2022

W

hile this quote from a former University of Chicago president may be of some consternation to

By Bill Wilson parents about to send their kids off to college, I would assert that a far greater concern should be the answer to the question, “Are they insured?”

But how many of your personal lines customers are thinking along those lines?

Probably a tiny percentage. When my son was a high school senior, I offered to do a free workshop for parents on college exposures and how to “risk manage” them. No one took me up on

the offer. That’s why you need to educate your customers and engage them in the exposure analysis process.

I blogged about this almost five years ago, and wrote and edited several more detailed articles that are still in the online research library of the Independent Agents & Brokers of America.

Due to space limitations, let me highlight some of the considerations for properly insuring college-bound students in general, then specifically under auto, homeowners and umbrella forms.

Under most personal lines forms, aside from named insureds, the broadest “insured” status is extended to resident family members. In general, the courts have found that kids away at college are still residents of the household and most INSURANCEJOURNAL.COM

policy forms today specifically address this, though with some limitations.

For example, in the current edition of ISO’s homeowners forms, coverage is extended to full-time students “as defined by the school” who are under the age of 24. What constitutes “full time” varies by institution, though probably most commonly it is 12 hours.

But this can result in coverage gaps, for example, if a student drops a course or two and falls below the “full time” threshold. Or the child may stay over for summer school and only take six to nine hours. ISO attempts to remedy this with endorsement HO 05 27 – Additional Insured – Student Away At School.

If these qualifications are not met, and that can happen without the parents’ knowledge, unfortunately there may be no coverage. There may be other limitations that apply, as well (e.g., for some theft losses), and those limitations may vary for non-ISO carriers.

Auto Insurance

If your child is taking one of your vehicles to school, make sure the insurer is aware of the new garaging location.

Also, caution your child about other parties operating the vehicle. Some forms cover permissive users on the basis of the users’ reasonable belief they have permission to do so, but other forms may require more specific grants, sometimes from the named insured on the policy.

If your child will not have an auto at school, that doesn’t mean they won’t ever drive a non-owned auto. When I was in college without an auto, I often used my roommate’s car. Most personal auto policies exclude the use of any auto furnished or available for the regular use of a family member. There may be a way to endorse this coverage, but often that is not the case.

Homeowners and Umbrella Insurance

In addition to my earlier comments, keep in mind that, under ISO homeowners forms, only 10% of Coverage C extends to personal property of an insured “usually located at” another INSURANCEJOURNAL.COM

residence. Under ISO’s program, this can be increased with endorsement HO 04 50 – Personal Property at Other Residences – Increased Limit. Options like this may vary considerably from one insurer to another, for better or worse.

‘Because of the elevated liability exposure for kids at college, the liability portion of homeowners policies is potentially the most important.’

Because of the elevated liability exposure for kids at college, the liability portion of homeowners policies is potentially the most important. All ISO homeowners forms extend liability coverage to premises where an insured temporarily resides, so liability coverage is likely but should be confirmed by the insurer.

The main issue is limits.

When my son went off to college, realizing that kids experiencing their first real taste of independence often do foolish things, I increased our liability coverage by doubling my umbrella liability limits.

The last issue I’ll discuss in this short overview is, what if a kid at college lives in an apartment off campus vs. a dorm, fraternity or sorority house on campus? Should the student get his or her own HO-4 renters policy or will the parents’ homeowners policy still cover them?

Over the years, I’ve had many agents tell me that an underwriter told them a student residing on campus was covered under a homeowners policy but not if they moved into an apartment. There is nothing in ISO’s homeowners

forms to support this interpretation.

There may or may not be in non-ISO forms. Regardless, if the insurer says there is no coverage without an HO-4, you know what their response will be if there’s a claim on the homeowners policy.

But, if there is a choice between the parents’ homeowners policy and an HO-4 for the student, which is preferable? Such a question was submitted to the Big I’s “Ask an Expert” service several years ago and, the responses from their Virtual University’s volunteer faculty was 10-2 in favor of the HO-4. I was one of the two dissenters.

The reason I voted in favor of the homeowners form is that my wife and I have an excellent homeowners policy, better than most HO-4s in the marketplace. We also have a true, quite broad umbrella policy which, as I mentioned earlier, we doubled the limits on. We were also able to continue insuring our son at college under our family auto policy. To provide him the same level and extent of coverage under his own insurance package would have been extremely expensive.

By keeping him on our family package, it was far cheaper and the coverage was almost certainly superior to what would be available to him alone.

So, what do you think?

How have you handled these issues in the past? What other coverage questions come to mind? Feel free to start a dialogue in the comments section in the online version of this article, or send me an email.

Wilson, CPCU, ARM, AIM, AAM is the founder and CEO of InsuranceCommentary.com and the author of seven books, including “When Words Collide…Resolving Insurance Coverage and Claims Disputes.” He can be reached at Bill@InsuranceCommentary.com.

MAY 2, 2022 INSURANCE JOURNAL | 33

Idea Exchange: The Competitive Advantage Policy Checking: It Is the Right Thing to Do

I

recently read an E&O claim in which the agency involved seemed to have completely blown it. The policy was surplus lines and did not provide the coverages the retail agent thought were promised by the excess and surplus lines (E&S) broker.

The agency failed to

By Chris Burand check the policy to identify if the forms/coverages requested were included in the policy delivered.

The insured discovered later, when they incurred a claim, that they had coverage only under the agency’s E&O policy. The actual insurance policy they bought did not provide any coverage.

I read an article by a claims specialist at one of the large E&O carriers discussing how much care is required in handling brokered business. The author described a hypothetical claim involving a subcontractor where the retail agency did not check the policy when it arrived. The client — a general contractor’s subcontractor — later had a fatal claim and found the policy delivered (and not checked) was not identical to the proposal made by the broker.

In surplus lines, the ultimate responsibility for policy checking lies with the retail agent. Period.

Retail agents usually argue that the surplus lines carrier or broker, or both, have a duty to provide the coverages requested and that the policy delivered must match the proposal. Also, a renewal policy should match the expiring policy, and if not, the broker should notify the retail agency of the decrease in coverages. These well intentioned arguments fail.

This is surplus lines. Surplus lines carriers are non-admitted. Non-admitted means the carrier and in some ways, the broker, does not need to comply with the rules and regulations required of admitted carriers by the state. If you or your staff do not understand all of the differences between writing with admitted carriers 34 | INSURANCE JOURNAL | MAY 2, 2022

versus non-admitted carriers, it is in your best interest for you and your staff to take an in-depth class regarding these crucial differences. In fact, it might be fatal for you to continue to sell insurance and not know the differences between admitted and non-admitted carriers. Many differences in the rules and regulations of states exist, and you need to know all of them.

Ultimate Responsibility

The retail agent is ultimately responsible for always checking whether the forms and coverages in the policy match the proposal, or with a renewal, match the expiring policy. When a coverage difference appears, it is the retail agent’s duty to notify the client. No one else has a duty to notify the insured that they do not have the coverages they think they purchased.

A timing issue may exist. If the retail agency is working far enough in advance and assuming the broker is delivering policies fairly quickly — which I know is not reality — then the retail agent can review the policy prior to the effective date. At that point, the retail agent can go back to the broker and argue over why the broker failed to provide the coverage requested.

Hopefully, the situation can be remedied prior to the effective date.

If the policy is delivered past the effective date, for whatever reason, the retail agent cannot tell the insured that the policy is wrong and they will have it corrected. The retail agent cannot make this statement because they do not have the authority to correct the coverage.

The policy is what it is. From the issuer’s perspective, the policy may have been issued correctly. They may not intend to offer the coverages requested.

The agent must advise the insured that the policy, as issued, does not meet the requested specifications. But not meeting the requested specifications does not mean it has errors if the issuer issued it as they, the issuer, intended. An agent can also advise that they will try to get the broker to provide better coverage back to

the effective date, but for the time being, the insured has inadequate coverage. Do not make a bad situation worse by telling an insured you can do something about a discrepancy over which you have no authority.

Policy checking can be a major pain and many solutions have been tried to decrease the cost of this process, including outsourcing. One of the shortcomings of many such outsourcing solutions, including outsourcing it internally to a lower paid person, is the policy checker must check against something. On renewals, this is easier if the agency is doing even a halfway decent job of record keeping.

The bigger exposure is with new business. For an outsourced policy checker to adequately check a policy, they must have all the documentation related to the negotiation with the surplus lines broker. This is true even if the producer is negotiating the deal and their key account manager will do the policy checking. The producer must make detailed notes or obtain the correct and desired proposal from the broker that contains all the applicable forms.

Form names are inadequate.

The

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forms list must, at the very least, contain the form name, the form number, and the edition date. If the forms list does not contain all three identifiers, the policy checking process is impossible to complete accurately. I have seen too many forms where the name and number were the same, but the coverages were severely reduced. The only way to know something has changed, if the brokers did not provide any advisory notice, is to

note that the edition date has changed or compare the forms line by line.

Admitted Business

So far, I have emphasized non-admitted coverages but I am a fan of policy checking on admitted business too. While it is mostly true that admitted carriers must notify insureds (and hopefully their agents) of coverage reductions, two holes exist in this premise. The first is that carriers make mistakes. They are ultimately responsible, but the insured will be far better served if the agent identifies the mistake early on and has it corrected prior to a claim.

The second hole is more serious and not well known. It is in the statutes of various states — many allow reductions in coverage without notification to the insured or agent for specific lines of business. I first learned of this problem in a claim involving a dwelling policy. A major personal lines carrier had reduced all DP-3s to DP-1s without notification. The agency’s saving grace was they had no idea this had happened and therefore, the court ruled they had no duty to notify the insured of the decrease.

The court also ruled that the agency was incompetent across the board or else they would have known through policy checking of the decrease.

More recently, I saw a carrier reduce UM/UIM coverage by about 90% without notification. They had found a loophole in a specific state’s regulations.

Did the agency have a duty to notify their insureds? I am not sure. But is it the right thing to do? YES Burand is founder and owner of Burand & Associates LLC based in Pueblo, Colo.

Phone: 719-4853868. E-mail: chris@ burand-associates. com.

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MAY 2, 2022 INSURANCE JOURNAL | 35

2022 Workers’ Compensation Directory

Searching for a workers’ compensation market? Look no further than Insurance Journal’s 2022 Workers’ Comp Directory, a comprehensive listing of intermediaries and carriers offering workers’ compensation coverage throughout the country. The information listed in this directory serves as a resource guide for independent agents and brokers looking for workers’ compensation markets.

Intermediaries and carriers writing workers’ compensation coverage and profiled in this directory submit updated information directly to Insurance Journal.

7710 Insurance Co.

Contact: William M. Wahl, CIC Phone: 931-272-5224 Email: Bill.wahl@trean.com Website: www.7710insurance.com ■ Markets Offered: Workers’ Comp: Fire Districts and Ambulance ■ Phone Inquiries: Accepted ■ Minimum Premium: $20,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: All except monopolistic, CA NY ■ Admitted Status: Admitted Built by first responders, 7710 Insurance provides guaranteed cost workers compensation for fire and ambulance. Nonrated and admitted in 8 states and authority to write in 43 states through fronting agreement with A rated Benchmark Insurance. Value proposition focuses on safety, fitness, cost containment, speed of care and claim service.

36 | INSURANCE JOURNAL | NATIONAL MAY 2, 2022

We make every attempt to ensure the accuracy of all information listed in this directory. You may also view Insurance Journal’s Workers’ Comp Directory online at: www.insurancejournal.com/directories. Also visit that link to submit a listing for future workers’ compensation directories, or e-mail Kristine Honey at: khoney@insurancejournal.com.

We hope you find the 2022 Workers’ Comp Directory to be a useful tool when searching for markets. To comment on this directory, or any other Insurance Journal resource, please e-mail: editorial@insurancejournal.com.

AAU, A division of USG Insurance Services Contact: Lisa Esselstyn Phone: 724-754-9078 ; Fax: 724-265-5751 Email: lesselstyn@aauins.com Website: www.aauins.com ■ Markets Offered: Standard, Hazardous & Excess Workers’ Comp, USL&H, Staffing Workers’ Comp ■ Phone Inquiries & Brokered Business: Accepted ■ Minimum Premium: $500 ■ Limits: Varies ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: 20+ carriers

Agency Resources Contact: MaryEllen Mazzo Phone: 973-315-0716 ; Fax: 610-537-2035 Email: maryellen.mazzo@agencyresources.com Website: www.agencyresources.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1M / $1M / $1M ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: Amerisafe, AmTrust, Applied Underwriters, Cornerstone, Employers, GuideOne, Hartford, ICW, Key Risk, Markel, Normandy, Omaha National, Southeast Personnel, Travelers, V3 Insurance

Agency Underwriters Contact: Darren Thompson Phone: 619-333-2500 or 818-825-6181 Email: info@agencyunderwriters.com Website: www.agencyunderwriters.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: 32 States ■ Admitted Status: Admitted Align General Insurance Agency, LLC Contact: Mike Tudman Phone: 619-333-2500 or 818-825-6181 Email: info@aligngeneral.com Website: www.aligngeneral.com ■ Markets Offered: Workers’ Comp - MODS above 1.05 ■ Phone Inquiries: Not Accepted ■ Minimum Premium: $40,000 with $75,000 Artisan Contractors ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: CA ■ Admitted Status: Admitted ■ Carriers Represented: Call For Details

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AllComp Solutions

Contact: Jim Gara Phone: 610-808-9586 ; Fax: 610-941-9889 Email: workerscomp@nsminc.com Website: www.nsmworkcomp.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: 30+ Carriers Named one of the country’s top 10 workers’ compensation solutions, AllComp Solutions — a best-in-class program from NSM Insurance Group — has been providing high-quality, low-cost workers’ comp insurance for 25+ years. We offer convenient coverage for 200+ approved class codes, work with top-rated carriers and provide agents unparalleled service.

American Management Corporation Contact: Todd Flagg Phone: 501-932-5809 Email: todd.flagg@amcins.com Website: www.amcinsurance.com ■ Markets Offered: USL&H, Managed Care, Excess Workers’ Comp, 24 Hour Policy, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: $1,000,000 or higher ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers: Berkely, AmTrust, Guard, Applied, Amerisafe, AIG, Crum and forster, PLM, ALU AMERISAFE Contact: Customer Service Phone: 800-256-9052 Email: asksales@amerisafe.com Website: www.amerisafe.com ■ Markets Offered: Hazardous Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 ■ Limits: Statutory ■ Brokered Business: Not Accepted ■ States Entered in: Most States AmeriTrust Group Contact: Phillip J. Gajewski, CPCU, ARM Phone: 800-482-2726 Email: underwriting@ameritrustgroup.com Website: www.ameritrustgroup.com ■ Markets Offered: Workers’ Compensation, Excess Workers’ Compensation, Specialty/Niche Programs ■ Phone Inquiries: Accepted ■ Minimum Premium: N/A ■ Limits: Varies by Program ■ Brokered Business: Yes; Varies by Program ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers: Star Ins. Co, Williamsburg National Ins. Co, Ameritrust Ins. Corp, ProCentury Ins. Co.

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AMIS/Alliance Marketing & Insurance Svcs, LLC Contact: Sean Nowell Phone: 800-843-8550 ; Fax: 800-573-8550 Email: snowell@amiscorp.com Website: www.amisinsurance.com ■ Markets Offered: Workers’ Comp for Private Investigators Ins. Adjusters, Security Guards & Alarm Co’s ■ Phone Inquiries: Accepted ■ Minimum Premium: $297 ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: Employers

Amwins - 120+ Offices Nationwide

See Website for Locations, HQ - Charlotte, NC Contact: Maureen Caviston Phone: 203-388-2610 Email: maureen.caviston@amwins.com Website: www.amwins.com ■ Markets Offered: Workers’ Comp, Excess Workers’ Comp, Non-Subscriber Programs for Texas Employers, DBA & MEL ■ Phone Inquiries: Accepted ■ Minimum Premium: $100,000 ■ Limits: Various ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: We have strategic partnerships with many carriers. Inquire for details.

For more info, see our ad on page 15 (National).

Amwins Program Underwriters Contact: Matt McCue or Dan Curran Phone: 717-214-7622 (Matt) ; 603-334-3027 (Dan) Email: matt.mccue@amwins.com Email: daniel.curran@amwins.com Website: www.amwins.com/apu ■ Markets Offered: Workers’ Comp, Healthcare Workers’ Comp, Recycling Workers’ Comp, Multiple Classes ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by state ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: Various AM Best A- Rated or Higher Amwins Specialty Casualty Solutions Contact: Terrence Butler Phone: 312-601-9295 Email: terrence.butler@amwins.com Website: www.amwins.com ■ Markets Offered: Workers’ Comp, Excess WC, Buffer WC, Healthcare, PEO/Alternative Staffing WC, Public Entity WC, Transportation WC, Resorts WC, Guaranteed Cost, Loss Sensitive, Rating Plans, Multiple Classes ■ Phone Inquiries: Accepted ■ Minimum Premium: Various ■ Limits: Various ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Various AM Best A- Rated or Higher

Applied Underwriters, Inc.

Phone: 877-234-4450 ; Fax: 877-234-4452 Email: sales@auw.com Website: www.auw.com ■ Markets Offered: Workers’ Compensation ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 annual ■ Limits: None ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Alliances With: Promesa Health For more info, check out our ad on pages 2 & 3 (National) & on the Back Cover.

Applied Underwriters designs workers’ compensation insurance and risk management solutions for businesses across the U.S. Other markets offered include: EPLI, Commercial Auto, Primary & Excess Liability, Homeowners – Including California Wildfire & Gulf Region Hurricane, Fine Art & Collections, Structured Insurance, Financial Lines, Environmental & Pollution Liability, Shared & Layered Property, Fronting & Program Business, Reinsurance.

Arrowhead General Insurance Agency, Inc.

Contact: Marketing Dept.

Phone: 800-669-1889 ; Fax: 619-881-8695 Email: MarketingInfo@ArrowheadGrp.com Website: www.ArrowheadGrp.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by Carrier ■ Brokered Business: Accepted ■ States Entered in: AZ CA NV ■ Admitted Status: Admitted ■ Carriers Represented: Multiple “A” rated carriers Artex Risk Solutions, Inc. Contact: Christine Mikel Phone: 630-438-1560 Email: Christine_Mikel@artexrisk.com Website: www.artexrisk.com ■ Markets Offered: Excess WC, Workers’ Comp, Guaranteed Cost & Alternative Risk (Captives) ■ Phone Inquiries: Accepted ■ Minimum Premium: $100,000 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Several All “A” rated or higher Atlas General Insurance Services Contact: Mark Williams, EVP of Marketing Phone: 858-724-5012 Email: mark@atlas.us.com Website: atlas.us.com ■ Markets Offered: Workers’ Comp with broad underwriting appetite.

■ Phone Inquiries: Accepted ■ Minimum Premium: Minimums vary per state, new ventures accepted.

■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers: Multiple exclusive“A” rated carriers MAY 2, 2022 INSURANCE JOURNAL | NATIONAL | 37

2022 Workers’ Compensation Directory

Berkshire Hathaway GUARD Insurance Companies Phone: 570- 825-9900 ; Fax: 570- 823-5930 Email: csr@guard.com Website: www.guard.com ■ Markets Offered: Workers’ Comp & related Property & Casualty lines.

■ Phone Inquiries: Accepted ■ Minimum Premium: No Standard Minimum ■ Limits: Statutory ■ Brokered Business: Not Accepted ■ States Entered in: Nationwide ■ Alliances With: An internal affiliate and some other vendors that vary by state.

For more info, see our ad on page 17 (National).

Berkshire Hathaway Homestate Companies Contact: Customer Service Phone: 888-495-8949 ; Fax: 415-675-5482 Email: marketing-wc@bhhc.com Website: www.bhhc.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted

Boston Insurance Brokerage, LLC

Contact: Cara MacDonald – 617-556-7038 Email: CMacDonald@bib-llc.com Contact: John Roderiques – 617-556-7036 Email: JRoderiques@bib-llc.com Website: www.bib-llc.com ■ Markets Offered: Guaranteed Cost, Loss Sensitive, Debt MOD, Excess Workers’ Comp, Rating Plans, Aviation Exposures, USL&H – State & Federal Acts, Large Construction, New Ventures ■ Phone Inquiries & Brokered Business: Accepted ■ Minimum Premium: $1,000 | Limits: Standard ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AIG, AIM Mutual, Atlantic Charter, AEU, AMTRUST, Beacon Aviation, Church Mutual, Guard, GuideOne, Crum & Forster, Employers, Markel FirstComp, Sentry, Starr Indemnity (CV Starr), Starstone, State Auto, The Hartford, Tangram, Travelers, V3, XL Catlin Boston Insurance Brokerage (BIB) is a premier national wholesale brokerage offering market access and commercial insurance solutions for hard-to-place risks. BIB can find coverage for almost any risk through 5 key practice groups: Executive & Professional Liability, High Value Personal Lines, Healthcare & Professional Liability, PropertyCasualty and Environmental and Workers’ Compensation.

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Breckenridge Insurance Brokerage Email: solved@breckis.com Website: www.breckis.com/brokerage/workers-comp ■ Markets: Guaranteed cost, excess for self-insureds, large deductible, alternative markets, any/all classes.

■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 - 15,000 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AIG, American Mining, Amerisafe, AmTrust, BerkleyNet, Berkshire Hathaway, Employers, FirstComp, Liberty Mutual, Guard, Hartford, Markel, RTW, Starstone, V3 Insurance Partners and more.

Breckenridge Insurance Contractors Workers’ Comp Program Email: solved@breckis.com www.breckis.com/program/contractors-workers-comp ■ Markets: Monoline Workers’ Comp – nearly 80 eligible contractor class codes ■ Phone Inquiries: Accepted ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States except FL, OH, ND, NY, WA and WY ■ Admitted Status: Admitted ■ Carriers Represented: AM Best A Rated Carriers Breckenridge Insurance Workers’ Comp Program Email: solved@breckis.com Website: www.breckis.com/program/workers-comp ■ Markets: Monoline Workers’ Comp – close to 400 eligible class codes.

■ Phone Inquiries: Accepted ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: AL AR AZ CA CO GA ID IL IN IA KS KY LA MA MI MS MO NE NM NV NC OR SC TN TX UT VA WI ■ Admitted Status: Admitted ■ Carriers Represented: AM Best A Rated Carriers Brownyard Group Contact: Jennifer Brownyard Phone: 800-645-5820 ; Fax: 631-666-5723 Email: info@brownyard.com Website: www.brownyard.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 ■ Limits: EL up to $1M ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers: Arch Insurance Company, Employers

Builders & Tradesmen’s Ins. Services, Inc. Contact: Brad Dowling Phone: 916-772-9200 ; Fax: 916-772-9292 Email: bdowling@btisinc.com Website: www.btisinc.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: $1M ■ Brokered Business: Not Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: AIG, AmTrust, Clear Spring, CNA, Employers, Great American, Cornerstone, ICW, Liberty Mutual, Pie, Travelers, Zenith

Charity First Insurance Services, Inc. Contact: Frank Tarantino Phone: 415-536-4037 ; Fax: 415-536-4033 Email: frank_tarantino@charityfirst.com Website: www.charityfirst.com ■ Markets Offered: Workers’ Comp, Nonprofits and Social Services ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Brokered Business: Not Accepted ■ States Entered in: All States ■ Admitted Status: Admitted in most states ■ Carriers Represented: Nova, Berkshire Hathaway, ICW (California Only) CID Insurance Programs, Inc. Contact: Darby Fisher Phone: 800-922-7283 ; Fax: 619-593-2008 Email: darby@cidinsurance.com Website: www.cidinsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $350 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: AZ CA CO ID MD NE NM NV OR PA TN TX UT ■ Admitted Status: Admitted ■ Carriers Represented: Over 25 insurance companies Cluett Commercial Insurance Agency, Inc. Contact: Michelle Dempsey, Senior Underwriter, Workers’ Comp Division Manager Phone: 800-926-6771 ext. 124 ; Fax: 781-585-4180 Email: mdempsey@cluettinsurance.com Website: www.cluettinsurance.com ■ Markets Offered: Workers’ Comp , 24 Hour Policy, Excess Workers’ Comp, USL&H, PEO ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: No Limits ■ Brokered Business: Accepted ■ States Entered in: All except Monopolistic or AK, HI ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Over 30 carriers represented.

Commercial Sector Insurance Brokers Contact: Jake Roberts - 205-328-3982 Email: jroberts@comsectorins.com Contact: Chandler Diercks - 205-776-1615 Email: cdiercks@comsectorins.com Website: www.comsectorins.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 ■ Limits: $1M/$1M/$1M ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: Chartis, Am Trust, Crum & Forester, Guarantee Insurance Co., Munich, Zurich

Commercial Sector is a National Wholesaler. We specialize in assisting retail agents solve P & C problems, including Workers’ Comp.

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Community Association Insurance Solutions, LLC Contact: Gary J. Deck, Director of Sales and Distribution, Managing Member Phone: 916-212-8310, 888-833-4158 ; Fax: 888-833-4159 Email: gary@mgalive.com Website: www.caislive.com ■ Markets Offered: Workers’ Comp If-Any & Payroll for Community Associations ■ Phone Inquiries: Accepted ■ Minimum Premium: $280 and up – Depending on the state ■ Limits: Statutory/up to $1M Employers Liability ■ Brokered Business: Accepted ■ States Entered in: All except ND OH WA WY ■ Admitted Status: Admitted ■ Carriers Represented: PMA Companies Comp Solutions Network, Inc. Contact: Dianne Favro Phone: 713-690-3500 Ext. 101 ; Fax: 713-690-8484 Email: diannef@compsolutionsnetwork.com Website: www.compsolutionsnetwork.com ■ Markets Offered: Monoline Workers’ Comp, NonSubscriber Programs for Texas Employers ■ Phone Inquiries: Accepted ■ Minimum Premium: $250 ■ Limits: $500K to $10M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers (WC:) Accident Fund, American International, Amerisafe, AmTrust, Berkshire Hathaway, Service Lloyds, Pie Insurance, Midwest Ins., Markel (First Comp), Texas Mutual, Incline Casualty Ins., Bridgefield Casualty, Retailers Casualty, ICW Group CompWest Insurance Company Contact: Kristi Houston Phone: 714-641-9570 Email: kristi.houston@compwestinsurance.com Website: www.compwestinsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: $1,000 ■ Limits: No Ex-Mod or Premium Limits ■ Brokered Business: Not Accepted ■ States Entered in: AZ, CA, CO, ID, NV, OR, UT ■ Admitted Status: Admitted ■ Alliances With: AF Group, California Manufacturers & Technology Association (CMTA) Continental Brokers, Inc. Contact: Collier Simpson Phone: 866-386-4136 ; Fax: 601-898-4793 Email: cs@continentalbrokers.biz Website: www.continentalbrokers.biz ■ Markets Offered: Health Insurance, Managed Care, HMO, Short Term Medical, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: None ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: CNA, Hartford, Assurant, BCBS (some states) United HealthCare, Colonial

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Continental Underwriters, Inc. Contact: C. Preston Herrington, III Phone: 804-643-7800 ; Fax: 804-643-5800 Email: preston@contund.com Website: www.contund.com ■ Markets Offered: Workers’ Comp for the forestry and wood working industry ■ Phone Inquiries: Accepted ■ Minimum Premium: N/A ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Multiple Costanza Insurance Agency, Inc. Contact: Brian Costanza Phone: 800-346-0942 ; Fax: 972-991-2139 Email: b.costanza@cia-tx.com Website: www.costanzainsurance.com ■ Markets Offered: Workers’ Comp, GL, Comm Auto, Crime, EPL, EBL, Umbrella ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Carriers Represented: Zurich Insurance Co. CRES Insurance Services Contact: Alita Hawksworth Phone: 858-618-1648 Email: info@cresinsurance.com Website: www.cresinsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $750 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted Don R. Jensen & Company Contact: Don R. Jensen & Company Phone: 630-734-3240 ; Fax: 630-734-3250 Email: apps@drjco.com Website: www.drjco.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: None ■ Brokered Business: Not Accepted ■ States Entered in: All States except Monopolistic & AK, HI ■ Admitted Status: Admitted ■ Carriers Represented: Multiple AM Best “A” Rated Carriers Dynamic Employer Solutions, Inc. Contact: Logan Tuck Phone: 352-212-5568 ; Fax: 813-527-9993 Email: logantuck@dynamicemployer.com Website: www.dynamicemployer.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Brokered Business: Accepted ■ States Entered in: All States

FFVA Mutual Insurance Co.

Contact: Angie Helgeson Phone: 800-346-4825 ; Fax: 321-214-0220 Email: Angie.Helgeson@ffvamutual.com Website: www.ffvamutual.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: Varies by Industry ■ Limits: Statutory ■ Brokered Business: By Appointment ■ States Entered in: AL FL GA IN KY MS NC SC TN VA ■ Admitted Status: Admitted FFVA Mutual is a Florida-based regional insurance carrier specializing in workers’ compensation since 1956. Rated A(Excellent) by A.M. Best, we insure a variety of businesses in all major industry groups and write business in 10 states (AL, FL, GA, IN, KY, MS, NC, SC, TN and VA).

Flux Insurance Services, LLC Contact: Curtis Prince Phone: 888-358-9467 Email: cprince@fluxins.com Website: www.fluxins.com ■ Markets Offered: Workers’ Comp, Pay As You Go, HR, Payroll ■ Phone Inquiries: Accepted ■ Minimum Premium: No minimum / New Ventures Eligible ■ Limits: $10 MIL ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Various A rated carriers including (Accredited, Benchmark, Berkshire Hathaway, Berkley Net, Cimarron, Protective)

Foresight Phone: 800-965-3012 Contact: Christine Garza (South) ; Michael Bibeau (West) christine@getforesight.com ; michael@getforesight.com Website: www.getforesight.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: No less than $25,000 annual ■ Limits: No Max ■ Brokered Business: Accepted ■ States Entered in: AR AZ CA LA NM NV OK TX ■ Admitted Status: Admitted Foresight is the first insurtech specializing in workers compensation for the hard-to-place middle market. We wrap innovative risk management technology into every policy, reducing workplace incident frequency by an average of 31% and rewarding policyholders with lower premiums. Writing on AM Best A- XIII-rated paper. Ask your broker about Foresight!

MAY 2, 2022 INSURANCE JOURNAL | NATIONAL | 39

2022 Workers’ Compensation Directory Frank Winston Crum Contact: Tyler Huerkamp Phone: 866-218-4219 x 1426 ; Fax: 727-450-7911 Email: wc@fwcrum.com Website: www.frankwinstoncrum.com ■ Markets Offered: Workers’ Comp, General and Excess Liability ■ Phone Inquiries: Accepted ■ Minimum Premium: $500/$1000 ■ Limits: 1M/1M/1M ■ Brokered Business: Not Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: Frank Winston Crum Insurance, Benchmark Insurance, Clear Blue Insurance Freedom Risk Insurance Services Contact: Ryan Wakefield Phone: 253-432-9495 Email: ryan.wakefield@freedomrisk.net Website: www.freedomrisk.net ■ Markets Offered: Workers’ Comp, PEO ■ Phone Inquiries: Accepted ■ Minimum Premium: $25,000 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: Several specialty markets for hard to place clients Friedlander Group, Inc. Contact: Cosmo Preaito Phone: 914-694-6000 Ext. 203 ; Fax: 914-694-6004 Email: cosmop@friedlandergroup.com Website: www.friedlandergroup.com ■ Markets Offered: Workers’ Comp & NYSIF Safety Groups ■ Phone Inquiries: Accepted ■ Minimum Premium: $3,500 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: NY & Most States ■ Admitted Status: Admitted ■ Alliances With: NYS Insurance Fund, Employers Ins. Co. & Amtrust Gateway Specialty Insurance Contact: Anthony Vellutato Phone: 877-977-4474 ; Fax: 610-254-1855 Email: info@gatewayspecialty.com Website: www.gatewayspecialty.com ■ Markets Offered: Workers’ Comp for Nonprofits ■ Phone Inquiries: Accepted ■ Brokered Business: Accepted ■ States Entered in: 33 States ■ Admitted Status: Admitted GJS Co., an Amwins Company Contact: Sue Scurti, CIC Phone: 714-221-9570 Email: sue.scurti@amwins.com Website: www.amwins.com/gjsco ■ Markets Offered: Workers’ Comp, Scrap Metal Dealers Workers’ Comp, Auto Dismantlers Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by state ■ Limits: Employers’ liability min. - $500K / Employers’ liability max. - $1M ■ Brokered Business: Select group of retail brokers ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: A.M. Best rated “A”

40 | INSURANCE JOURNAL | NATIONAL MAY 2, 2022

Gorst & Compass Insurance

ICW Group Insurance Companies Contact: Jessica Northrup Phone: 800-877-1111 Email: enterprisemarketing@icwgroup.com Website: www.icwgroup.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: $1,500 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: CA FL GA IA IL IN KY MD MI MN MO NC NJ NV OK PA SC TN TX VA WI ■ Admitted Status: Admitted

Grand General Agency Contact: Andy, Brandi or David Phone: 800-869-2022 ; Fax: 888-767-0826 Email: commercial@thehelpfulpeople.com Website: www.thehelpfulpeople.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by class ■ Limits: $1,000,000/1,000,000/1,000,000 ■ Brokered Business: Not Accepted ■ States Entered in: All States except Monopolistic & AK, AL, HI ■ Admitted Status: Admitted ■ Carriers Represented: Various - traditional and pay as you go options available

Integrated Underwriters ® Contact: Curtis Prince Phone: 567-233-2667 Email: cprince@integrateduw.com Website: www.integrateduw.com ■ Markets Offered: Workers’ Comp, Pay As You Go, HR, Payroll ■ Phone Inquiries: Accepted ■ Minimum Premium: $50,000 ■ Limits: $10 MIL ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Various integrated insurance programs all back by A rated carriers including (Ace, Accident Fund, AIG, AmTrust, Benchmark, Clear Spring, Sunz, Zurich)

Contact: Paul Laufer Phone: 818-507-1980 ; Fax: 818-545-3818 Email: plaufer@gorstcompass.com Website: www.gorstcompass.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: AZ CA NV OR ■ Admitted Status: Admitted ■ Carriers Represented: 20+ Markets

Gray Specialty Contact: Robert Swayze Phone: 504-754-6701 Email: rswayze@grayspecialty.com Website: www.grayspecialty.com ■ Markets Offered: Excess Workers Comp, Excess Workers Comp Buffer Layer, USL&H, Alternative Risk, Reinsurance, Captives ■ Phone Inquiries: Accepted ■ Minimum Premium: $20,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: The Gray Insurance Co. Halcyon Underwriters Contact: Jason Mata Phone: 321-527-2180 ; Fax: 407-660-0525 Email: marketing@halcyonuw.com Website: www.halcyonuw.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 ■ Limits: 500/500/500 ■ Brokered Business: Not Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Amerisafe, AmTrust, Chubb, CNA, Cornerstone, Crum & Forster, Employers, Everest, FFVA, Guard, Hartford, ICW, Liberty Mutual, Markel, Nationwide, Sentry, Starr, State Auto, Travelers, Zenith, Zurich IAAC, Inc. (Membership Services Div. of IIABNY) Contact: Customer Service Phone: 800-962-7950 ; Fax: 888-432-0510 Email: iiabny@iiabny.org ■ Markets Offered: USL&H, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $2,000 ■ Brokered Business: Not Accepted ■ States Entered in: NY ■ Admitted Status: Admitted ■ Carriers Represented: Independent Market Solutions (www.imsaccess.com)

International Underwriting Agency Contact: Edward Ha Phone: 718-461-8088 Email: marketing@iua.bz Website: www.iua.bz ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: $500 ■ Limits: 1/2Mil & 2/4Mil ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Travelers, Amtrust, The Hartford, CNA, Employers, PEO companies INVO Underwriting, LLC Contact: Tina Mullins Phone: 865-482-8142 Email: Tina.Mullins@invopeo.com Website: www.invounderwriting.com ■ Markets Offered: Excess Workers’ Comp, Workers’ Comp ■ Phone Inquiries: Accepted ■ Brokered Business: Accepted ■ States Entered: Most States IPA Risk Management, LLC Contact: Greg or Chase Phone: 201-797-1084 Ext. 201 or 202 ; Fax: 201-797-1076 Email: g. or c.heitmann@ipariskmanagement.com Website: www.ipariskmanagement.com ■ Markets Offered: Health Insurance, HMO, Managed Care, PEO, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $25,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: Most States & Multiple states on one account.

■ Admitted Status: Admitted & Non-admitted ■ Alliances With: Yes - health benefits are integrated with workers’ comp benefits

INSURANCEJOURNAL.COM

Irving Weber Associates, Inc. Contact: Tina Brazier Phone: 631-619-9207 ; Fax: 631-913-6035 Email: Info@iwains.com Website: www.iwains.com ■ Markets Offered: All Lines including Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Brokered Business: Accepted ■ States Entered in: All States except AK & HI ■ Admitted Status: Admitted ■ Carriers Represented: QBE, Hartford, Travelers, Liberty Mutual, Employers, & More

Izzo Insurance Services, A division of Hull & Company, LLC

Contact: Mike Jones Phone: 800-800-1704 ; Fax: 630-582-2803 Email: MJones@IzzoInsurance.com Website: www.IzzoInsurance.com ■ Markets Offered: Workers’ Compensation, Exclusive Security Guard Workers’ Compensation ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 ■ Limits: Varies ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AIG, AmeriTrust, AmTrust Companies, BerkleyNet, Chubb, CNA, Employers Ins. Group, Everest, Great American, GUARD, ICW Group, MCIM, National Liability & Fire, Normandy, Omaha National, Normandy, Starr, State Auto, Travelers, Zenith Insurance and several other carriers.

Jencap Specialty Insurance Services - Buffalo Contact: Rick Smith Phone: 800-333-7226 ; Fax: 800-677-6779 Email: rsmith@russellbond.com Website: www.russellbond.com ■ Markets Offered: Workers’ Comp, Excess EL Public Entities (NY Only), Excess Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1M EL - Statutory WC ■ Brokered Business: Accepted ■ States Entered in: All States except HI UT WY ■ Admitted Status: Admitted ■ Carriers Represented: AIG, AmTrust, Crum & Forster, Lion, Starr, and National Liability & Fire Insurance.

Jimcor Agencies WC: Chris Hudson - 201-573-8200 Ext. 1204 Staffing WC: Michael Hayes - 201-573-8200 Ext. 1109 Email: marketing@jimcor.com Website: www.jimcor.com ■ Markets Offered: Workers’ Comp, Temporary Staffing Workers’ Comp, Medical Workers’ Comp including Temporary Staffing ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: Any Applicable per State ■ Brokered Business: Accepted ■ States Entered in: All Nonmonopolistic States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: AIG, AmTrust, Applied, Employers, Hanover, National Liability & Fire, Travelers, Crum & Forster, Zurich, Falls Lake, OneBeacon, SouthEast Personnel Leasing, Key Risk, CORE/Starstone, Liberty Mutual, Markel Specialty/FirstComp

INSURANCEJOURNAL.COM

Keating Brokerage Contact: Tim Palmer Phone: 508-229-4710 Email: tpalmer@keating.insurance Website: www.keating.insurance ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $2,500 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Over 25 Monoline WC Markets Legacy Employer Concepts, LLC Contact: Brett Arthur Phone: 813-460-9166 Email: brett@legacyemployerconcepts.com Website: www.legacyemployerconcepts.com ■ Markets Offered: Excess Workers’ Comp, EPLI, Teladoc, Health Insurance, HMO, USL&H, Workers’ Comp, Human Resources, Payroll ■ Phone Inquiries: Accepted ■ Minimum Premium: $100 ■ Limits: 99999999999999 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Multiple Carriers Libertate Insurance Services, LLC Contact: Sharlie Reynolds Phone: 305-495-5173 ; Fax: 407-613-5477 Email: sreynolds@libertateins.com Website: www.libertateins.com ■ Markets Offered: Workers’ Compensation, EPLI, PL/GL, Property, Cyber, Commercial Auto/Fleet ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by program ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Multiple LIG Marine Managers Contact: Karen Tischler Phone: 727-578-2800 ; Fax: 727-578-9977 Email: KLT@LIGMarine.com Website: www.LIGMarine.com ■ Markets Offered: USL&H (Longshore), Workers’ Comp, MEL ■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Various London Underwriters Contact: Jessica Gutheil Phone: 786-870-4092 Email: marketing@londonuw.com Website: www.londonuw.com ■ Markets Offered: Workers’ Comp, Excess Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: $180 a year ■ Limits: Up to $2M in employers liability ■ Brokered Business: Accepted ■ States: All except AK HI ND OH WA WY ■ Admitted Status: Admitted ■ Carriers Represented: Next Insurance, Pie Insurance, Employers, MCIM, AmTrust, The Hartford, Employers Preferred Insurance Company

Markel Contact: Aaron Heithoff Phone: 888-500-3344 Email: aaron.heithoff@markel.com Website: markelinsurance.com/small-business ■ Markets Offered: Workers’ Comp, BOP, Misc. E&O, and specialty package policies ■ Phone Inquiries: Accepted ■ Minimum Premium: N/A ■ Limits: Varies by product ■ Brokered Business: Limited ■ States Entered in: Most. See website for details.

■ Admitted Status: Admitted MartinoWest Business & Insurance Solutions Phone: 844-333-2005 ; Fax: 916-751-5911 Email: info@martinowest.com Website: www.martinowest.com ■ Markets Offered: PEO, Workers’ Comp, PayGo ■ Phone Inquiries: Accepted ■ Minimum Premium: N/A ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: All Carriers McLeckie Insurance Group Contact: Bill McLeckie Phone: 903-897-9090 ; Fax: 760-462-1696 Email: bill@mcleckie.com Website: www.mcleckie.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries & Brokered Business: Accepted ■ Minimum Premium: $500 ■ States Entered in: AR FL LA OK TN TX ■ Admitted Status: Admitted ■ Carriers Represented: Travelers and various others.

Midlands Management Corp.

Oklahoma City, OK & Dallas, TX Phone: 800-800-4007 ; Fax: 405-840-5432 Email: marketing@midman.com Website: www.midlandsmgt.com ■ Markets Offered: Excess Workers’ Comp, Primary Workers’ Comp, Texas Non-Subscriber, Public Entity, Occupational Accident, P&C Lines ■ Phone Inquiries: Accepted ■ Minimum Premium: As low as NCCI Minimums ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: AM Best “A” Rated Carriers Midwest Employers Casualty Contact: Renée Lunceford Phone: 636-449-7022 ; Fax: 636-449-7199 Email: rlunceford@mecasualty.com Website: www.mecasualty.com ■ Markets Offered: Workers’ Compensation: Excess Workers’ Compensation, Captives (WC, AL, GL), Large Deductible ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by risk ■ Limits: Up to Statutory ■ Brokered Business: Accepted ■ States Entered in: All States, District of Columbia ■ Admitted Status: Admitted

MAY 2, 2022 INSURANCE JOURNAL | NATIONAL | 41

2022 Workers’ Compensation Directory

Midwestern Insurance Alliance, LLC Contact: Theresa Bailey Phone: 619-450-1739 ; Fax: 502-426-7067 Email: tbailey@mwiainsurance.com Website: www.midwesterninsurance.com ■ Markets Offered: Workers’ Comp, Trucking, Milk Haulers, Fuel Haulers, Commercial Roofing, Towing, Charter Bus, Limousine, Parcel Delivery, OA/ CL, Wood Products ■ Phone Inquiries: Accepted ■ Minimum Premium: $5,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Multiple “A” rated carriers MiniCo Insurance Agency, LLC Contact: Angela Cozzo Phone: 800-528-1056 Email: info@minico.com Website: www.minico.com ■ Markets Offered: Workers’ Comp for Self-Storage Facilities ■ Phone Inquiries: Accepted ■ Minimum Premium: None ■ Limits: $1,000,000/$1,000,000/$1,000,000 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Liberty Mutual NBIS Contact: Chris Fiorentino Phone: 770-257-1502 ; Fax: 770-257-1500 Email: cfiorentino@nbis.com Website: www.NBIS.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Min Premium: $2,500 (NO mono-line WC – must be in conjunction with other lines GL, Auto, IM) ■ Limits: 1m/1m/1m ■ Brokered Business: NotAccepted ■ States Entered in: All States except NY ■ Admitted Status: Admitted all states New Age Underwriters Agency, Inc. Contact: Marty Ascher Phone: 516-488-2500 X238 ; Fax: 516-488-2508 Email: M.Ascher@NewAgeIns.com Website: www.newageins.com ■ Markets Offered: Workers’ Comp, Excess Workers’ Comp, Cannabis, Hard to Place ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by Carrier ■ Limits: Varies by State ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: 30 carriers including Allianz, Amtrust, Cimarron, Employers, National Liability, Normandy, Utica National, Zurich and others

42 | INSURANCE JOURNAL | NATIONAL MAY 2, 2022

Norman-Spencer Agency, Inc. Contact: David George Phone: 937-432-3513 ; Fax: 937-432-1635 Email: davidgeorge@norman-spencer.com Website: www.norman-spencer.com ■ Markets: Excess Workers’ Comp, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AmTrust, Crum & Forster, Everest, Hartford, Liberty Mutual

Normandy Insurance Company

Contact: Laura Lieberman, Marketing Phone: 866-688-6448 ; Fax: 866-688-6448 Email: applications@normandyins.com Website: www.normandyins.com ■ Markets Offered: Workers’ Comp, General Liability and Yacht ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: Standard ■ Brokered Business: Accepted ■ States Entered in: AL AR CT FL GA LA MO MS NC OK PA RI SC TN TX VA ■ Admitted Status: Admitted ■ Alliances With: Various Brokers / Direct appointment may be available For more info, see our ad on page 2 (East & S. Central) ; page 4 (Southeast).

Number One Insurance Agency, Inc. Contact: Michelle St. Angelo Phone: 508-634-7364 ; Fax: 508-634-2930 Email: mstangelo@massagent.com Website: www.massagent.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $100 ■ Limits: 100 / 500 / 100 + ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AmTrust Group, Norfolk & Dedham Group, The Hartford, A.I.M. Mutual Ins Companies and more.

Omaha National Underwriters, LLC

Contact: Chris LaMantia Phone: 844-761-8400 Email: sales@omahanational.com Website: www.omahanational.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Must be experience rated ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: AZ CA IL NE NJ NV PA ■ Admitted Status: Admitted ■ Carriers Represented: PPIC For more info, see our ad on page 1 (National).

Omega Insurance Solutions Contact: Keith Steverson Phone: 866-997-0711 ; Fax: 888-611-9598 Email: wc@omega4agents.com Website: www.Omega4agents.com ■ Markets Offered: USL&H, Workers’ Comp, Hardto-Place WC, GL, Commercial Auto, Small BOPs ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: WC standard limits or increased to $1M ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: 17 WC carriers/4 PEOs – Writing most classes depending on state.

One80 Intermediaries Contact: Janet Elliott, Sr. Underwriter Phone: 858-444-3260 x 1058 Email: jelliott@one80intermediaries.com Website: www.one80intermediaries.com ■ Markets Offered: Workers’ Comp, Texas NonSubscriber, PEO, Occupational Accident, Group Accident ■ Phone Inquiries: Accepted ■ Minimum Premium: WC: $10,000. Accident: $1,000.

■ Limits: WC: Statutory. Accident: Various limits & benefit packages available.

■ Brokered Business: Accepted ■ States Entered in: WC: All States except ND, OH, WA, WY. Accident: Nationwide.

■ Admitted Status: WC: Admitted. Accident: Admitted & Non-Admitted.

■ Carriers Represented: Various Oryx Insurance Brokerage, Inc. Contact: Tom Pasquale Phone: D 607-304-4230 ; Fax: 607-724-7266 Email: marketing@oryxinsurance.com Website: www.oryxinsurance.com ■ Markets Offered: Workers’ Compensation, GL, BA ■ Phone Inquiries: Accepted ■ Minimum Premium: $15,000 ■ Brokered Business: Not Accepted ■ States Entered in: NY – Other States Eligible: CT DE IL MD NJ PA VA VT ■ Admitted Status: Admitted ■ Carriers Represented: Various A rated Carriers Pacific Excess Insurance Marketing Contact: Barry Colburn Phone: 800-222-5582 ; Fax: 714-228-7899 Email: Marketing@pacificexcess.com Website: www.pacificexcess.com ■ Markets Offered: Workers’ Comp, All P&C Risks ■ Phone Inquiries: Accepted ■ Minimum Premium: As Low As $500 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: 35 States ■ Admitted Status: Admitted ■ Carriers: Multiple Carriers Represented PEO/Insurance Emperor Contact: Nick Minetos Phone: 505-610-6885 ; Fax: 505-212-0366 Email: nick@peoemperor.net Website: www.peoemperor.net ■ Markets Offered: Workers’ Comp, Health Insurance, Wellnes Program/Tax Savings ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: 999999999 ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Several Carriers and PEOs, ASOs and EORs INSURANCEJOURNAL.COM

PEO Brokers Group Contact: Steve Brown Phone: 877-810-9355 Email: swbrown@peobrokersgroup.com Website: www.peobrokersgroup.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: None ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Multiple

Pro Group International Contact: Bryan Peterson Phone: 800-489-9914 Email: info@progroupins.com Website: www.progroupins.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Limits: Varies ■ Brokered Business: Not Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Various

PEO Insurance Brokers Network Contact: Garrett Barbera Phone: 714-693-0005 Email: garrett@peobrokersnetwork.com Website: www.peobrokersnetwork.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $50,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: AIG, United Wisconsin, Sunz, Zurich

Program Brokerage Corporation Contact: Cynthia O’Brien, President - Wholesale Div. Phone: 866-607-8370 ; Fax: 212-338-2910 Email: info@programbrokerage.com Website: www.programbrokerage.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $2,500 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AmTrust, C&F, CNA, Everest, Guard, Hanover, Hartford, Star, Travelers, Zurich

Pie Insurance Contact: Business Development Email: partnerships@pieinsurance.com Website: agencies.pieinsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Not Accepted ■ Minimum Premium: No minimum ■ Limits: $125,000 ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted

Red Rock Financial Group, Inc. DBA: The Workers Compensation Insurance Place Contact: Lawrence Levine Phone: 520-975-2505 Email: info@redrockfg.com Website: www.redrockfg.com ■ Markets Offered: Workers’ Comp (High Risk) (High mode 1.75+): Roofers, Framers, Excavators, Truckers and many other class codes.

■ Phone Inquiries: Accepted ■ Minimum Premium: $7,500 ■ Limits: None ■ Brokered Business: Accepted ■ States Entered in: Majority of states 42 ■ Admitted Status: Admitted & Non-admitted ■ Alliances With: PEOs

PMC Insurance Group Phone: 877-762-2667 Email: info@pmcinsurance.com Website: www.pmcinsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $2,500 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Carriers: Multiple National and Regional Carriers

Risk Innovations, LLC

Preferred Property Programs

Contact: Carmen Suarez Phone: 888-548-2465 ; Fax: 732-946-0547 Email: info@ppp-quotes.com Website: www.ppp-quotes.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $300 ■ Limits: 100/500/100 ; 500/500/500 ; 1,000/1,000/1,000 ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: A- X rating by AM Best Specializing in the commercial real estate marketplace. We offer D&O, Umbrellas, EIL & WC for Condos, HOA’S, PUD’S, Apartments and Timeshare Associations. We also offer umbrella for commercial lessors risk only (LRO).

INSURANCEJOURNAL.COM

Risk Placement Services, Inc. (RPS) Phone: 866-595-8413 Email: Contact_Us @RPSins.com Website: www.rpsins.com ■ Markets Offered: Excess WC, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: ACE, AIG, CNA, Hartford, Safeco & Zurich RT Specialty Phone: 888-884-1900 ; Fax: 312-784-6002 Email: marketing@rtspecialty.com Website: rtspecialty.com ■ Markets Offered: Workers’ Comp, Excess Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by class ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States except Monopolistic ■ Admitted Status: Admitted ■ Carriers Represented: We have strategic partnerships with many carriers. Inquire for details.

Safety National Casualty Corporation

Phone: 888-995-5300 ; Fax: 314-995-3843 Email: info@safetynational.com Website: www.safetynational.com ■ Markets Offered: Excess WC, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by state ■ Limits: Varies by state ■ Brokered Business: Accepted ■ States Entered in: All States & Canada ■ Admitted Status: Admitted For more info, see our ad on page 9 (National).

Contact: Jeff Sandy, VP of Workers’ Comp Brokerage Phone: 1-800-913-6696 Email: marketing@riskinnovations.com Website: www.riskinnovations.com ■ Markets Offered: Guaranteed Cost Plans, Large Deductible Plans, Small and Mid-Sized Deductible Plans, ASO’s, PEO’s, Excess Workers’ Comp, USL&H ■ Phone Inquiries: Accepted ■ Minimum Premium: None ■ Limits: None ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: 60+

Safety National® is a multi-line specialty insurance carrier that offers risk solutions for large commercial and public entity clients, providing specialized expertise, flexible program design and unique claims proficiency supported by relationship-driven customer service. The company is a Tokio Marine Group member and is A.M. Best rated A++, FSC XV.

SAGE Program Underwriters Contact: Chuck Holdren Phone: 833-724-3111 Email: chuck@sageuw.com Website: www.sageuw.com ■ Markets Offered: Workers’ Comp for the Shooting Sports/Firearms and Ground Delivery/Last Mile Industries ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1,000,000 Workers’ Compensation is not a generalist’s game. That’s why at Risk Innovations, it’s the only line of business we write. As a ■ Brokered Business: Accepted upon approval specialized Workers’ Compensation wholesaler, we have several ■ States Entered in: All States except AK, DE, HI & MA exclusive access points and niche programs - along with broader ■ Admitted Status: Admitted underwriting guidelines with our carriers due to our size and strong relationships. Our team is geographically from coast to coast and understands the unique intricacies of each region countrywide.

MAY 2, 2022 INSURANCE JOURNAL | NATIONAL | 43

2022 Workers’ Compensation Directory SDS General Insurance Services, Inc. Contact: Heidi Schaible Phone: 714-462-8044 Email: heidis@sdsins.com Website: www.sdsins.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1,000,000 ■ Brokered Business: Not Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: Oakriver/Cypress/Redwood, Republic Indemnity, Markel, AmTrust North America, Risk Placement Services Insurance Brokers (Atlas), Omaha National

Sports & Fitness Insurance Corporation (SFIC) Contact: Kim Tucker Phone: 800-844-0536 ; Fax: 601-853-6141 Email: askus@sportsfitness.com Website: www.sportsfitness.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Liberty Mutual, Hartford

Shield Commercial Insurance Services

Staffing Lines

Contact: Rob Anderson Phone: 760-345-9029 ; Fax: 800-345-4851 Email: info@shieldins.net Website: www.shieldins.net ■ Markets Offered: Workers’ Compensation: cannabis, contractors, country clubs, freight forwarders, health care, hotel/motel, HVAC, indoor gun ranges, light manufacturing, restaurants, retail storage warehouse, staffing, telecommunications, trucking ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Nationwide, MidSouth, Normandy, Cimarron, Omaha National

Contact: Jim Gara Phone: 610-808-9586 ; Fax: 610-941-9889 Email: jagara@nsminc.com Website: www.staffinglines.com ■ Markets Offered: Workers’ Comp for the Staffing Industry ■ Phone Inquiries: Accepted ■ Minimum Premium: $15K for Professional/Clerical Risks; $25K for Pick/Pack and Hospitality; $10k Medical; $30k Social Services, Non-profits, schools; $50K for Light Industrial ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted

Staffing Lines insurance program, a division of NSM Insurance Group, is the industry leader in specialized insurance for We have functioned as a program manager providing contractor temporary, permanent and outplacement staffing agencies. insurance products to retail brokers and wholesalers since 2004. Named one of the country’s top 10 workers’ compensation Rate, quote and bind online. All carriers are A rated by A.M. solutions, we provide agents a dedicated underwriting team, Best. Easily register as a producer today on our website for full access to multiple A-rated markets and unmatched service. program access.

SouthEast Personnel Leasing Inc. Contact: Emanuel Molina Phone: 727-692-8801 ; Fax: 727-682-0182 Email: emanuel.m@spli.com Website: www.spli.com ■ Markets Offered: Workers’ Comp, USL&H ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies by State ■ Limits: $ 1,000,000 ■ Brokered Business: Accepted ■ States Entered in: AL AZ CA CO DC FL GA IL IN KY LA MD MS NC NJ NM NV NY OK PA SC TN TX VA Specialty Comp Insurance Solutions Contact: Julianna Copeland-Jager Phone: 214-918-5667 Email: Julianna.CopelandJag@specialtycompins.com Website: www.specialtycompins.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $75,500 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: QBE, Core Specialty, AmeriTrust, State Auto, BerkleyNet, Pie, Everest 44 | INSURANCE JOURNAL | NATIONAL MAY 2, 2022

StateFund First, a division of Arthur J Gallagher & Co. Insurance Brokers of CA, Inc. Contact: Erica Bro Phone: 855-784-4433 ; Fax: 415-536-4003 Email: Service@statefundfirst.com Website: www.statefundfirst.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: CA ■ Admitted Status: Admitted ■ Carriers Represented: California State Compensation Insurance Fund, ICW, Berkshire Hathaway

Stonetrust Workers’ Compensation Contact: Trey Day Phone: 225-368-6474 ; Fax: 866-923-1871 Email: Trey.Day@StonetrustInsurance.com Website: www.StonetrustInsurance.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Exposure ■ Limits: 3,000,000/3,000,000/3,000,000 ■ Brokered Business: Not Accepted ■ States: AL AR KS LA MO MS NE OK TN TX ■ Admitted Status: Admitted SWBC Contact: Lisa Pinto Phone: 210-525-1241 ; Fax: 210-321-7530 Email: swbcinfo@swbc.com Website: www.swbc.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: No minimum ■ Limits: 100/100/500 minimum ■ Brokered Business: Not Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: All Major Carriers Target Managers Insurance Services, Inc. Contact: Michael Kiger Phone: 702-588-5300 ; Fax: 702-588-5310 Email: Submissions@targetmanagers.com Website: www.targetmanagers.com ■ Markets Offered: USL&H, Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $1,000 ■ Limits: $1M ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted ■ Carriers Represented: AIG, Amerisafe, AmTrust, California Insurance Company, Continental Indemnity, Employers Compensation, National Liability, Zurich & many others.

Tejas American General Agency

Contact: Robert Starcher Phone: 888-999-8242 ; Fax: 512-342-2803 Email: marketing@taga1.com Website: www.taga1.com ■ Markets: Workers’ Comp, Non-Subscription ■ Phone Inquiries: Accepted ■ Minimum Premium: $250 ■ Limits: $1M/$1M/$1M ■ Brokered Business: Not Accepted ■ States Entered in: TX AL AR AZ CA CO FL GA IN KS KY LA MI MO NV NM NC OK SC SD TN WA ■ Admitted Status: Admitted ■ Carriers Represented: Accident Fund, ACE USA, AIG, Amerisafe, AmTrust, Berkshire GUARD, Convex, Employers, Hanover, ICW Group, Liberty Mutual, Markel Specialty, Method, Nationwide, Normandy, Old Glory, Pie, RTW, State Auto, Third Coast, Travelers, Trean For more info, see our ad on page 1 (S. Central) & page 3 (Southeast).

Texas Mutual Insurance Company

Contact: Customer Service Phone: 800-859-5995 Email: information@texasmutual.com Website: www.texasmutual.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Competitive premiums ■ Brokered Business: Accepted ■ States Entered in: TX For more info, see our ad on page 3 (S. Central).

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Texas Oil & Gas Association Workers’ Comp Safety Group Contact: Jim Sierra Phone: 512-796-5467 Email: jsierra@txoga.org Website: www.txogainsurance.com ■ Markets Offered: Oil & Gas Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $0 ■ Brokered Business: Accepted ■ States Entered in: TX ■ Admitted Status: Admitted ■ Carriers Represented: Texas Mutual Ins. Company

The American Equity Underwriters, Inc. Contact: Marketing Department Phone: 251-690-4230 Email: aeu.marketing@amequity.com Website: www.amequity.com ■ Markets Offered: USL&H ■ Phone Inquiries: Accepted ■ Minimum Premium: $10,000 ■ Limits: Federal Acts - Statutory, EL - $1M ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: N/A, U.S. Dept. of Labor Approved ■ Carriers Represented: American Longshore Mutual Association (ALMA) a U.S. Department of Labor approved group mutual association AEU is a program administrator for a group self-insurance fund authorized by the U.S. Department of Labor to provide USL&H coverage for the liabilities of its members, which are waterfront employers of all sizes. AEU can also provide State Act workers’ compensation and MEL coverage.

The Mechanic Group, Inc. , A Division of Specialty Programs Group, LLC

Contact: Marc Katz Phone: 845-735-0700 ; Fax: 845-735-8383 Email: mkatz@mechanicgroup.com Website: www.mechanicgroup.com ■ Markets Offered: Workers’ Comp and all other lines for Security Guards, Alarms and Investigators.

■ Phone Inquiries: Accepted ■ Minimum Manual Premium: $3,500 ■ Limits: All ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: The Hartford, Berkshire Hathaway, AIG

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The MEMIC Group Contact: Ashley Fuller Phone: 207-482-4131 Email: afuller@memic.com Website: www.thememicdifference.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Brokered Business: Not Accepted ■ States Entered in: All Non-monopolistic States ■ Admitted Status: Admitted

Universal Insurance Programs Contact: Jenny Bortman Phone: 800-844-2101 ; Fax: 866-512-2272 Email: info@uiprograms.com Website: www.uiprograms.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: None ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted

theWCmarketplace.com Phone: 704-574-1422 ; Fax: 800-603-1702 Email: service@theWCmarketplace.com Website: theWCmarketplace.com ■ Markets Offered: Workers’ Comp ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: $1,000,000 ■ Brokered Business: Accepted ■ States Entered in: NC & SC ■ Admitted Status: Admitted ■ Carriers Represented: 3 dozen - One-stop shopping

World Wide Specialty , a Division of Philadelphia Insurance Companies

Total Program Management Contact: Rhianna Jackson Phone: 631-676-1537 ; Fax: 888-773-2239 Email: rhianna.jackson@tpmrisk.com Website: www.tpmrisk.com ■ Markets Offered: Workers’ Comp for Senior Living & Care (Facilities, Home Health Care Aides); Guaranteed Cost and Loss Sensitive ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Limits: Varies ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AmTrust Financial, Berkshire Hathaway Homestate, Pharmacists Mutual, Crum & Forster, Berkley Industrial Comp, Pie Insurance U.S. Risk, LLC Contact: Brian Rudolph Phone: 941-444-1643 Email: WCsubmissions@usrisk.com Website: www.usrisk.com ■ Markets Offered: Workers’ Comp (All Lines), Monoline Workers’ Comp, Excess Workers’ Comp, USL&H, Occupational Accident, Non-Subscriber ■ Phone Inquiries: Accepted ■ Minimum Premium: Varies ■ Limits: Varies ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: We access Work Comp from 25+ Carriers

Contact: Robert Thompson or Margarita Hambrock Phone: 516-743-3262 or 516-743-3257 Office: 631-390-0900 Email: Bob.Thompson@phly.com or Margarita.

Hambrock@phly.com Website: www.wwspi.com ■ Markets Offered: Workers’ Comp, All other Staffing Lines ■ Phone Inquiries: Accepted ■ Minimum Premium: Call to discuss ■ Limits: State Mandated ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted ■ Carriers Represented: AmTrust Financial Services, Work First Casualty, Sunz Insurance, InSource Employer Solutions, Key Risk, Synergy and WorkCentric World Wide Specialty has lead the market with the most comprehensive program for the staffing industry for over 50 years. Our partnership & understanding of how the staffing industry works allows us to be the premier source for all Staffing insurance lines including Staffing Workers’ Comp.

Wrap Up Insurance Solutions Contact: Brian Billhartz Phone: 636-489-0185 ; Fax: 636-536-7473 Email: bbillhartz@wrapupsolutions.com Website: www.wrapupsolutions.com ■ Markets Offered: Excess Workers’ Comp, Workers’ Comp, Wrap Ups ■ Phone Inquiries: Accepted ■ Minimum Premium: N/A ■ Limits: $100MM ■ Brokered Business: Accepted ■ States Entered in: All States ■ Admitted Status: Admitted & Non-admitted ■ Carriers Represented: Zurich, AIG, ACE, Liberty Mutual, ARCH, Old Republic, Travelers Wright Specialty Insurance Contact: Hillary Smith Phone: 516-750-3923 ; Fax: 516-227-2352 Email: hsmith@wrightinsurance.com Website: www.wrightinsurance.com ■ Markets Offered: Workers’Compensation available for Educational Institutions ■ Phone Inquiries: Accepted ■ Minimum Premium: $500 ■ Limits: Statutory ■ Brokered Business: Accepted ■ States Entered in: Most States ■ Admitted Status: Admitted

MAY 2, 2022 INSURANCE JOURNAL | NATIONAL | 45

Idea Exchange: Ask the Insurance Recruiter What It Takes to Hire Insurance Talent in Today’s Job Market Dear Mary,

Y

our team is in the thick of recruiting every day, not only for our open roles but for positions across the nation. I’m curious what you are seeing with:

• Candidate willingness (or not) to move to a new employer; • Motivations that drive job change; and • What’s important to job seekers as they explore job opportunities?

I appreciate your time in helping us understand the market out there. ~ HR Director Candidate Engagement

Willingness is engagement. Do insurance professionals apply to jobs? Will they respond to direct messages? Will they seriously entertain an offer? The answer is “yes” if several factors line up: 1. Job Advertisements: Brief, informative and engaging job ads with simple calls to action — How to Apply, How to Learn More About Us and How to Connect with Us — attract job seekers.

2. Direct Solicitation: Experienced insurance professionals engage on unique and compelling career opportunities.

3. Process: Insurance professionals have little patience for disorganized companies.

The more efficient your hiring process, the more you will attract and hire top talent.

Takeaway Questions:

• Do we track and review data on job advertisement performance?

• Is our writing style appropriate for our target audience?

• Are we getting the right ROI on paid job boards?

• Is our LinkedIn Inmail response rate satisfactory?

• Do we build, refresh and engage a candidate database?

• Do hiring managers follow a uniform, company approved hiring process?

• Do we communicate the entire interview process ahead of time?

• Have we missed hires because other companies moved faster?

Search Motivation

The top three reasons experienced insurance professionals start a job search:

1. Location

a. They want to work remotely. b. They want a hybrid work schedule. c. They want to relocate.

2. Compensation

a. They want a salary increase; b. A bonus they can directly influence; c. Higher commissions.

3. Job Dissatisfaction

a. There are no short or long-term career advancement opportunities. b. Their employer lacks stability, struggles to be profitable/grow, or has a high likelihood to be acquired. c. They do not like the company culture, their direct supervisor or their peers.

Takeaway Questions:

• Have we done enough with remote, work-from-home opportunities to substantially increase our talent pool?

By Mary Newgard • Will our retention suffer if we do not embrace a virtual workforce?

• Do our careers stand out to candidates interested in moving to our market?

• Do we need to change our compensation structure to compete for talent?

• Does our variable compensation program give us a competitive advantage?

• Is our benefits package a selling point?

• Does our PTO address the needs of a diverse, multi-generational workforce?

• Will candidates find more career opportunities with us or our competitors?

• What are the statistics we should cite about growth, tenure, retention, stability and ownership longevity?

• How do candidates experience our culture during the interview process?

What Candidates Want and Need

Pique an insurance professional’s interest in new career opportunities with: 1. An overview of your brand identity.

2. Insight into what makes your company and position different.

3. An outline of the interview process.

4. The facts of the job.

Takeaway Questions:

• What are our two to three biggest hiring and recruiting challenges?

• Are the right leaders consistently engaged in talent acquisition strategies?

• Can we tackle this on our own, or do we need outside expertise to help us?

Newgard is partner and senior search consultant for Capstone Search Group, a national recruiting firm dedicated to the insurance industry.

Email: asktherecruiter@ csgrecruiting.com.

46 | INSURANCE JOURNAL | MAY 2, 2022

INSURANCEJOURNAL.COM

Idea Exchange: Agency Networks

Why Carriers Partner with Agency Networks

I

f you’re an independent agent who is thinking about joining a network, you probably want to know what networks can offer

By Joe Fisher you. Access to the top 10 carriers is often the highest priority on an agency’s wish list. So, it stands to reason that you should look for a network with the power to attract top carriers.

What do carriers want? Carriers turn to networks for six main reasons: access, reach, quality, collaboration, agility and organic new business growth. As it turns out, what’s good for the carrier is also good for the agency. Let’s take a closer look.

gling to gain access to top carriers, it might surprise you to learn that carriers can also struggle to gain access to independent agents.

Yes, insurers often have high production requirements that can become a barrier for agents trying to utilize more than one market to do the best thing for each customer. At the same time, carriers that use independent agents absolutely depend on those agents for sales. As a result, they’re hungry for top-notch agents who can sell their products wisely and efficiently.

A great network connects carriers with quality agents who may not usually be part of their distribution network. It’s a win-win.

Access

Reach is all about casting a wider net.

You can’t make sales to prospects who

If you’re an independent agent strug-

INSURANCEJOURNAL.COM

Reach

don’t know about you. Well, it’s the same for carriers.

Carriers can’t have a presence in every city of every size in every state.

Independent agents provide carriers an opportunity to be represented in a wider number of agencies so that they can effectively penetrate the market. Also, consider how independent agents can be the “tip of the spear” in regions that are experiencing dramatic growth.

Carriers can use networks to gain access and expansion in towns, cities and other areas where they wouldn’t otherwise have a presence. This enables carriers to expand their reach, and conversely helps the agents who are selling the carrier’s products. With the assistance of the specialized carrier training to guide them through the process, as well as local mentorship from

continued on page 48 MAY 2, 2022 INSURANCE JOURNAL | 47

Idea Exchange: Agency Networks continued from page 47 their network, these agents can write for and gain access to markets where they may have had limited prior experience.

Quality

“There are many traits and characteristics required to become a successful agent,” says Gerald Ladner, vice president strategic agency partnerships and external affairs at State Auto Insurance.

“The insurance industry evolves like every other industry. Changes occur all the time, and it is essential to stay up to date on policies and state regulations and meet continuing education requirements. Great agents commit to the discipline of keeping current and understanding all aspects of the products they sell, as well as how they fit into a customer’s risk management needs. They also must anticipate new trends and opportunities,” he explains.

Carrier production requirements might be frustrating, but carriers use them because they want to work with agents who have what it takes to succeed and who will represent the carrier well in the marketplace. More specifically, they want agents who write smart business, and

have the business acumen, knowledge, and cross-selling capabilities needed to get ahead. Creating carrier production requirements is one way to achieve quality.

Working with networks is another.

Network agents have access to a wealth of training from both carrier and local network mentorship, allowing them to stay on the cutting edge of the industry. The guidance and coaching from experienced leaders at the network means that agents who work with networks tend to operate at a higher level to generate higher quality business for carriers, which can be positive for both agents and carriers.

Collaboration

Networks are continuously taking the pulse of the industry to see what’s happening now and to predict what might happen next. To do this, they need information from many sources, including carriers.

While networks definitely benefit from the carrier’s influence and connections, carriers also benefit from the insights that the network offers.

Agents are another key part of the puzzle. They’re the feet on the street — the ones actually making sales and dealing

with clients and their needs each and every day.

When agents have a problem, the network can reach out to the carrier for a solution. Networks act as a conduit between carriers and agents, facilitating an efficient process that produces real results.

Rodney Ledford, vice president, national partners, for small business at Chubb, says Chubb started working with a network because they wanted to see how they could benefit from a strategic partnership. “It’s really just been a great partnership with a lot of collaboration.”

Agility

“With crisis comes opportunity,” says Joan Woodward, founder and president of the Traveler’s Institute, Traveler’s thought leadership and public policy platform. She explains the market has been changing rapidly, but that isn’t necessarily a bad thing. “There’s this real window to take advantage of right now. It’s a good time to get out there and thrive,” she says.

The insurance industry can move slowly at times, which is a problem when carriers need to rapidly expand

SURANCE JOURNAL | MAY 2, 2022

May 2, 2022

network can help agencies achieve organic new business growth of 20% or more.

Agents aren’t the only ones who are hungry for this growth. Carriers want it, too. As they roll out national growth plans, a network partner can help them execute.

As Ledford explains, “When you’re expanding countrywide, different geographies have different product needs, CAT exposures and competitive environments.”

A national network with a ready and capable distribution force can help carriers penetrate new markets quickly.

‘There’s this real window to take advantage of right now.

It’s a good time to get out there and thrive.’

into a new niche or geographical area.

Time wasted is opportunity lost.

By working with a network, carriers gain the agility needed to expand and pivot fast. Agents benefit from this, too. If a new niche market emerges, an agency has a much better chance of getting in on the opportunity through its network access to products and services.

“At times, it seems like chaos, and the proliferation of change may be overwhelming,” Woodward says. “But I really do believe there are great opportunities for agents here. It’s critical that they seek out resources that can help them stay updated on shifts in our industry — both what’s impacting us now and what’s ahead in the coming years,” she adds.

Marc Behrhorst, national relationship executive for Safeco and Liberty Mutual, agrees that agents need to adapt. “You can either accept and adapt or you can get run over,” he says. “Investing in the business and looking at the ways to diversify are definitely good efforts for agencies to consider.”

Organic Growth

By providing agencies with market access, training and coaching, an effective INSURANCEJOURNAL.COM

If you want to find the best network, look for one that attracts the top 10 carriers by providing access, reach, quality, collaboration, agility and organic new business growth. If the network is good for carriers, there’s a good chance that it will be a good partnership for your agency as well. It’s a win-win.

Fisher is the chief operating officer at Smart Choice.

Advertisers Index AmWins www.amwins.com Applied Underwriters www.auw.com DOXA Insurance Holdings www.doxaagent.com Guard Insurance Companies www.guard.com Iroquois Group www.iroquoisgroup.com JM Wilson www.jmwilson.com Nationwide Mutual www.nationwide.com Normandy Harbor www.normandyins.com Omaha National Underwriters www.omahanational.com ProAssurance Companies www.proassurance.com Safety National www.safetynational.com Staff Boom www.staffboom.com Summit www.summitholdings.com Tejas American General Agency www.taga1.com Texas Mutual www.texasmutual.com The Hartford Insurance Group www.thehartford.com

Concert Insurance Company 1701 Golf Road, Suite 1-1110 Rolling Meadows, IL 60008 The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.

Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.

May 2, 2022 GBU Life Insurance 4254 Saw Mill Run Blvd.

Pittsburgh, PA 15227 The above company has made application to the Division of Insurance to obtain a Certificate of Authority to transact Life, Accident and Health Insurance in the Commonwealth of Massachusetts.

Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.

15 2, 3, 52

May 2, 2022

51 17 5 W2, S2, M2 31 SC2, S4, E2 1

DB Insurance Company, Ltd. (US Branch) 222 S. Harbor Boulevard, Suite 710 Anaheim, CA 92805 The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty Insurance in the Commonwealth of Massachusetts.

13 9 W4 SC4, S4,E1 SC1, S3 SC3 7

Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, 1000 Washington Street, Suite 810, Boston, MA 021186200, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.

MAY 2, 2022 INSURANCE JOURNAL | 49

Closing Quote The Booming Female-Owned Home-Based Business Market

T

he

world of work is changing fast, with

By Jill Bryant the pull of the digital revolution and the push of the pandemic shifting mindsets and introducing far greater flexibility in how we organize our working lives.

In the two years since the pandemic struck, those that could worked from home.

Some are now retuning to the office for the first time and many will happily never set foot in a physical workplace again.

Of the many interlinked labor trends currently being seen — from the great resignation to the intense competition for talent — one that arguably has fallen under the insurance industry's radar for too long is the growth in new businesses being created and run from home.

The disruption over the past two years opened eyes to show what’s possible when it

comes to how we work. It’s no coincidence the home-based business sector is thriving, driven by entrepreneurs, many of whom have turned their backs on corporate America to become their own bosses.

The insurance industry’s role as experts in risk is to understand how these big social and economic shifts impact customers and to respond with products and services that they might not know they need.

Incredibly, there are some 15 million home-based businesses across the U.S. Think of any industry, and more than likely there already will be homebased businesses doing their bit within it.

This growing section of the economy is underserved by existing insurance policies.

As a result, it is necessary to build solutions to address the specific needs of home-based business owners. These are not brick and mortar businesses; they need something different from products created for traditional small businesses.

An AXIS Insurance survey of 1,000 home-based businesses owners across the U.S. (in Q4

50 | INSURANCE JOURNAL | MAY 2, 2022

2021) provided a snapshot of the rich diversity and reach of home-based business. Almost two-thirds (64%) of the owners were women.

The survey results showed what kinds of businesses women were setting up — revealing an incredibly diverse range of sectors, from fitness and marketing to IT and tutoring. The top sectors operated by female home-based business owners were e-commerce, home crafts and professional services (including consulting). Each of these women had an idea and made it a reality, whether it was trying something completely new or turning a side hustle into a career.

Home-based businesses have been around for a long time, but there has been a real boom in recent years. With more time spent at home during the pandemic, what was a real upheaval in our lives also provided a lightbulb moment for many that prompted them to reassess how they organized their lives. For some women, that meant leaving traditional corporate jobs and striking out on their own. Indeed, 42% of women started their own business to pursue a passion and an opportunity that they may not have felt possible before.

Starting a home-based business takes guts, but what gets the owner through is a passion and a determination to succeed.

The second biggest motivation, at 36%, was to be their own boss, with 34% of respondents saying they went into business to achieve more financial freedom.

Running your own business

can be empowering, and this is a big motivator for the women surveyed.

The most important quality identified for owning a homebased business was passion, which provides the staying power and energy to remain positive and ultimately succeed. The next most important quality was an entrepreneurial mindset. Ambition came third and the desire to succeed. All help these women to own it in their own way.

Discovering how motivated and ambitious these women are to embark on a new journey has been inspiring — 44% said they were happy with the decision to start a business.

There is a clear opportunity for the insurance industry to get behind these home-based businesses and provide them with high quality products that provide protection and help them as they realize their ambitions.

Of the total respondents to the survey, 91% know they need insurance for their homebased business, but around 44% don’t have it, finding the whole experience of getting the right insurance difficult to navigate.

With this gap between demand and supply, there is a chance for the insurance industry to step up and back this dynamic sector by designing, distributing and clearly explaining the insurance solutions these businesses need.

Bryant is head of Digital Small Commercial at AXIS Capital and leads the team behind the pioneering AXIS Home Based Business product.

INSURANCEJOURNAL.COM

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