Are you a glass-half-full or a glass-half-empty kind of person? That positive or negative outlook to the world will probably influence how you see the insurance market now too.
For the glass-half-empty types, we are in the middle of another challenging nat-cat season with Beryl and Debby among the early big hitters to leave their mark, and worse expected. Populations also continue to rise in the most at-risk areas, inflation is impacting repair costs, and the geopolitical landscape has only become more tense with the ongoing Russia-Ukraine and Israel-Palestine issues and, of course, a looming US election.
Not only that, but we’re starting from a low base – AM Best described 2023 as the worst underwriting loss for US home insurers this century at $15.2 billion. Figures in the first half of 2024 suggest that landscape has barely improved; according to Munich Re, flooding events and two earthquakes led to global insured losses of about $60 billion in H1 2024, markedly higher than the 10-year average of $37 billion. According to Ben Beazley, executive vice president of property at Jencap Group, speaking to Insurance Business in August, we may only be one big hit away from another hard market.
There are definitely areas where pricing is going down… Additionally, there is new capacity coming into the market
“If we experience bad storms, we could be thrown back into a hard market like 2023, making placements difficult,” he said.
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Yet, that only tells half the story. On the flip side, inflation has dropped significantly from its peak and now appears relatively under control, insurers have largely reported impressive half-year results, and that property market Beazley mentioned has actually been softening.
“There are definitely areas where pricing is going down. Retentions are staying the same,” he said.
“Additionally, there is new capacity coming into the market. There is available capacity in Florida, which is probably the toughest place to find coverage. There’s plenty of capacity along the coastline of Texas, Louisiana, Mississippi, and Alabama.”
So what does all this mean for your business?
It means we’re in a soft market that you should still treat as though it was hard. Be vigilant. Be thorough. Make sure your clients consider all eventualities. Educate them to avoid under-insurance, and seize the opportunities that current capacity levels dictate.
In other words, positive or negative, do what only a broker can.
The team at Insurance Business America
Insuring your success is our specialty
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5-STAR PROGRAM ADMINISTRATORS
AND CARRIERS 2024
DRIVERS OF EXPONENTIAL GROWTH
THE UNITED STATES program space has grown dramatically, with data showing a 352 percent leap between 2010 and 2022. Latest figures from the Target Markets Program Administrators Association (TMPAA) showed the market exceeded $80 billion in 2023, with future estimates above $100 billion.
This upward trend is the product of program administrators (PAs) carving out a niche and specialist lines. Carriers are also relying on PAs to manage niche risks resulting
in lower loss ratios. TMPAA research also shows that 83 percent of PAs plan to introduce new programs in the next two years and 96 percent of carriers plan to add new programs in the next three years. Carriers have become more appreciative of these specialists rather than a team of generalists.
Gene Abbey, director of insurance services and education at TMPAA, says, “It lowers expenses for the carrier, offers a specialty underwriting expertise, and results in better loss ratios overall. Additionally, it allows the carrier to quickly enter a new line or class of business without the extensive groundwork already handled by the PA.”
“We are solving for our clients’ needs and helping them become successful”
Russell Duffey, Risk Placement Services
And he adds, “For the program administrator, it enables them to enhance their specialized niche products by customizing coverages and pricing to effectively execute a profitable program. Oftentimes, within just a few years, the profitable programs are sold or acquired for multiples on EBITA.”
Insurance Business America surveyed brokers, carriers, and PAs to determine the best performers over the past 12 months. Following this extensive process, 14 program administrators and 10 carriers were awarded 5-Star status for outstanding performance.
What are the best Program Administrators doing?
While there’s plenty of momentum for PAs to thrive, only the top performers are being rewarded by partnering with carriers.
One of them is MiniCo Insurance Agency, which, over the past decade, has gone from a handful of programs to 19.
“We plan to launch another two to three new programs prior to the end of 2024,” says Jim Henry, president of MiniCo’s national programs division.
The firm’s largest programs include Nonprofit and Social Services, New York Contractors Liability, Artisan Contractors, and Hired and Non-Owned Auto for Food/ Cannabis Couriers.
“Our agents and brokers come to us because of our specialization, expertise, and experience in the program space throughout our underwriting and claims teams,” comments Henry. “We have teams dedicated to each program with specialized underwriters who fully understand the risk, exposures, market trends, and the unique industries that we serve.”
This strong service mandate is integral for fellow 5-Star winner REInsurePro.
“We always try to put ourselves in their seat and make decisions based upon the right one for our agency partners that are writing
through our program,” says vice president of business operations Casey Carter. “We’re a program manager and if we don’t have our independent agents writing through our program, we’re not making any money.”
The catalyst behind MiniCo’s program development are long-lasting relationships forged by CEO Shawn Woedl with top residential/commercial insurers. Woedl’s sterling work allows carrier contracts on master policies to be written with the REInsurePro National Real Estate Insurance Group.
Carter adds, “We have made significant strides to train our agents in the space of surplus investment properties, DP3, etc., and making sure that they have all the tools necessary to write through our program, and to understand and accurately represent our program to their insureds.”
REInsurePro, like several of the leading PAs, has little communication with insureds.
“It’s up to our agents to communicate everything about our program. If we’re not treating our agent as a client, our team would fail,” explains Carter.
Ryan Specialty National Programs, also a 5-Star winner, focuses on identifying niche industries where they can provide a product that tackles unique coverage issues.
“Our pest control operation has coverage specific to addressing wood-destroying insects like termites. In the fire suppression space, forms address halon gas-related risks in detail,” says co-president Chris Kelleher. “These are risks that our underwriters encounter every day but may only filter through a retail agent’s office a few times a year. Retailers can take advantage of the program underwriters’ expertise to assist with finding solutions for their clients.”
The firm further differentiates itself with a dedicated focus on niche industries supported by a robust infrastructure including actuarial, claims, and modeling resources. Its 40+ underwriters, many with over 20 years of
METHODOLOGY
In May, Insurance Business America issued a call for nominations for the third annual 5-Star Program Administrators and Carriers list. Nominees were ranked based on their achievements and initiatives across a range of areas, including the largest programs, expertise and stability, and innovations in program development. Program administrators were also asked to provide feedback on the carriers they work with, which IBA used to determine the 5-Star Program Carriers. Carriers were evaluated on a scale of 1 (poor) to 5 (excellent) in 10 categories. Those that received an average score of 4.00 or higher were named 5-Star Award winners.
“We offer financial strength but also breadth of capabilities to meet a number of program administrator and insured needs”
Paul Sullivan, Arch Insurance
industry expertise, bring stakeholders a deep understanding of common perils.
Co-president Bill Evans adds, “Our underwriters use their expertise to collaborate with carriers to build coverage forms that are
5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2024
“We are confident in our ability to deliver mutually beneficial results. Collaborating with carriers who understand this model is critical to our shared success”
Chris Kelleher, Ryan Specialty National Programs
bespoke for the industry classes we underwrite. We focus on strategic risk selection and pricing, while providing an exceptional customer service experience for our clients.”
Being able to differentiate itself is something Professional Program Insurance Brokerage (PPIB) works hard to deliver. Its programs are developed in close collaboration with carriers.
“These programs thrive only when both partners are fully engaged. As a program administrator, exclusivity is crucial for building strong, profitable programs that endure over time,” says business development manager Colleen Ryan.
The firm has comprehensive grassroots
understanding, which it projects to the market.
“The clients who benefit most from working with PPIB are those who need expert coverage paired with personalized service. We collaborate directly with insureds, retail agents, and wholesale brokers, delivering competitive coverage with a smile,” adds Ryan. “Marketing is often a key element our carrier partners rely on us to deliver. In our partnerships, we specialize in handling that crucial marketing aspect.”
Risk Placement Services (RPS) is another 5-Star winner that prioritizes strong relationships. Its model of maintaining high performance enables clients to focus on their business operations.
Russell Duffey, president of programs, shares, “In an industry where relationships and expertise are paramount, our commitment to recruiting, retaining, and developing top talent who align with our culture of creativity and collaboration has led to significant growth in both the diversity and experience of our teams over recent years.”
RPS’s standout programs include a Public Entity All-Lines Aggregate package program providing a solution for municipalities, schools, states, and other public entities, plus their Golf and Country Clubs Package/Specialty Lines focusing on private golf and country clubs, semi-private and daily fee courses, private tennis clubs, and golf management companies.
Duffey adds, “Our exclusive programs are backed by unparalleled industry expertise, with RPS Signature Programs’ managers having 25–30 years of experience under-
5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2024
“We manage relationships with our carriers by being fully engaged partners. We stay connected through frequent virtual and in-person meetings, addressing issues as they arise”
Colleen Ryan, Professional Program Insurance Brokerage
writing specific classes and lines of business. This deep well of knowledge is a distinctive advantage that is difficult to replicate, ensuring that our clients receive the most informed and effective solutions.”
What are the best carriers doing?
Arch Insurance is renowned for industryleading practices, which include ensuring each program manager has at least 15 years of experience. The firm is also aware of the significance of exclusivity to PAs.
“We know the importance of exclusivity and commit that we will not set up a competing program that conflicts with the program administrator,” explains Paul Sullivan, executive vice president, P&C Programs. “If there are nuances based on class specifics or geography, we make sure to discuss those issues upfront for transparency.”
The depth of talent in Arch’s ranks enables it to stand out as a carrier because it can offer extensive insurance expertise in industry issues, solutions, loss control, and claims.
Sullivan says, “We seek to partner with PAs, each bringing expertise, information, and value to find the best solutions in achieving profitability and growth. This approach leads to mutually beneficial outcomes and is why over half of our business is with PAs who have been our partners for over 10 years.”
The burning question is, what do the best carriers want from their PAs? Sullivan shares that insight and highlights how the best PAs offer more value-added services to their clients than just an insurance quote.
“Robust in-house loss prevention services are a good example of what a program administrator can offer to provide value to their agents and insureds. Educational materials on loss prevention, industry issues, and business management advice are other examples of how a program administrator can differentiate what they offer,” he explains.
5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2024
PROGRAM ADMINISTRATORS
RPS Signature Programs
Phone: 866 595 8413
Email: contactRPS@rpsins.com
Website: rpsins.com/signatureprograms
Gridiron Insurance Underwriters
Phone: 954 331 3000
Email: dmugge@gridironins.com
Website: gridironins.com
MiniCo Insurance Agency
Phone: 800 528 1056
Email: sales@minico.com
Website: minico.com
Professional Program Insurance Brokerage (PPIB)
Phone: 415-985-2705
Email: colleen.ryan@ppibcorp.com
Website: ppibcorp.com
REInsurePro
Phone: 816 398 4080
Email: info@reinsurepro.com
Website: reinsurepro.com
Phone: 800-366-581
Email: programs@ryansg.com
Website: RyanPrograms.com
Risk Placement Services Signature Programs
RPS Signature Programs is delivering innovative insurance solutions and risk management services. With a client-focused approach and deep industry expertise, RPS Signature Programs provides tailored coverage, ensuring comprehensive protection and peace of mind for diverse businesses
RISK PLACEMENT SERVICES (RPS) has long been a powerhouse in the US insurance landscape. Founded from the ground up in 1997 with just four employees, RPS has evolved into one of the nation’s largest specialty insurance distributors, renowned for its breadth of services and market reach, offering solutions in wholesale brokerage, binding authority, program administration, and standard lines.
Among its numerous accomplishments is RPS Signature Programs. Headquartered in Rolling Meadows, Illinois, RPS Signature Programs includes over 40 niche program offerings spanning across areas such as workers’ compensation, construction, public entity, and sports. This extensive portfolio caters to a diverse array of specialized businesses and insureds, meeting their unique coverage needs with precision and care.
RPS’s innovation is evident in its state-ofthe-art online services, including a powerful quote-bind-issue platform. This advanced tool empowers independent agents and brokers to secure comprehensive coverage for their clients in mere minutes, revolutionizing the speed and efficiency of the insurance process.
Driven by a passion for delivering top-tier insurance solutions, RPS Signature Programs attracts and retains elite talent, ensuring that clients benefit from unmatched expertise and exceptional service. Whether addressing the most unique, emerging, or future insurance needs, RPS Signature Programs stands as a trusted partner in exploring what’s possible.
Embrace the future of insurance with RPS Signature Programs – where innovation meets precision and every challenge is an opportunity for groundbreaking solutions and unparalleled success.
RUSSELL DUFFEY, PRESIDENT, RPS SIGNATURE PROGRAMS
RUSSELL DUFFEY is the president of RPS Signature Programs, where he oversees all operational activities. With a strategic vision and leadership acumen, Duffey drives the division’s success through strategic planning and market relationship management.
With 24 years of experience at RPS, Duffey’s journey began as a broker and advanced to the role of vice president of marketing relations before taking on his current leadership position. His extensive background equips him with a deep understanding of client needs and innovative solutions.
Duffey has a robust background in insurance and risk management. He holds a bachelor’s degree in business administration with a focus on risk management and insurance from Georgia State University. His academic credentials are complemented by the Certified Insurance Counselor (CIC) designation from the National Alliance for Insurance Education & Research, underscoring his expertise and commitment to the industry. Duffey’s strategic foresight, focus on innovation, and collaborative approach make him a pivotal figure at RPS Signature Programs.
PROGRAMS
RPS Signature Programs for your client’s unique risks:
Public entity
• First-dollar public entity (under 75,000 population): municipalities, cities, townships, water and sanitation, and special districts
• Large public entity (above 75,000 population): municipality populations and entities with a total risk cost in excess of $400,000
Sports
• Golf & country club: private old and country clubs, semiprivate clubs, city clubs, golf course communities, tennis clubs, golf management companies, and national, state, and local golf associations
• Amateur sports: youth and adult teams, leagues, tournaments, sports camps, and clinics
Health
• Social services: Foster/adaptation placement agencies, drug and alcohol rehab facilities, sober living, senior homes, group homes for the developmentally disabled, home healthcare, outpatient hospice care, crisis hotlines, and shelters
Workers’ compensation
• PEO & temporary staffing: specializes in professional employer organizations (PEO) and temporary staffing programs countrywide, with a broad class code appetite; guaranteed cost, intermediate, and high-deductible options
Construction
• Crane and rigging: crane rental with operator, bare crane rental, rigging, millwright, and specialized transportation
The insurance industry is inherently relationship driven, and recruiting the right talent is no exception. Tony Chimera, chief talent officer at Westfield Specialty , shares his perspective on its standout recruitment approach
THE INSURANCE INDUSTRY is no stranger to negative portrayals in the media, with a quick Google search revealing a slew of memes about excruciatingly long customer service wait times and jokes about the slow pace of claim payouts. This perception of inefficiency and sluggishness has long plagued the industry. In an era where information – and misinformation – spreads rapidly online, reputation is everything. A single negative review or viral meme can have far-reaching effects on an insurance company’s image and customers’ trust.
While relatively new to the market, innovative players like Westfield Specialty are determined to change the perception of the insurance industry. Recognizing that a company’s reputation is closely tied to the quality of its workforce, Westfield Specialty invests just as much time and effort into the people they recruit as they do into their products and services.
Recruitment in the insurance sector
is particularly critical due to the industry’s reliance on skilled professionals to effectively navigate complex claims, build strong client relationships, and drive product development. The right talent can transform customer service, enhance operational efficiency, and build a more positive industry image. By focusing on attracting, developing, and retaining exceptional talent, Westfield Specialty aims to not only meet but exceed customer expectations.
Invest in your people
One of the most crucial strategies for building a winning culture and a successful organization is investing in your team. Emphasizing this point, Tony Chimera, chief talent officer at Westfield Specialty, says, “In the early days, our development was largely about building a company. Now, as we’ve grown, we have focused on creative ways to support people’s development needs.”
An example of such innovation is Westfield Specialty’s new on-demand
“On-demand coaching aligns with Westfield Specialty’s goal to offer tailored, accessible development solutions, ensuring that our team can thrive and adapt in a rapidly evolving industry”
Tony Chimera, Westfield Specialty
Brought to you by
coaching program. This initiative allows team members, from executives to newer hires, to create a personalized development plan and access personalized online coaching whenever needed, promoting immediate skill enhancement. Chimera explains how it works: “If I’m facing a problem at work, and I need somebody’s opinion, I can send my coach a note. It is like BetterHelp or some of those online services. We have demoed it with a small group and received great feedback, and now we are expanding it to a larger cohort.”
By providing comprehensive and flexible, just-in-time coaching support, Westfield Specialty enables employees to address their development, tackle challenges, and seize
opportunities in real time. Underscoring the significance of this initiative, Chimera says, “On-demand coaching aligns with Westfield Specialty’s goal to offer tailored, accessible development solutions, ensuring that our team can thrive and adapt in a rapidly evolving industry.”
By integrating this innovative approach, Westfield Specialty cultivates a culture where continuous learning and development are integral to the employee experience.
Celebrate and promote DEI
Fostering a culture that prioritizes diversity, equity, and inclusion (DEI) is essential for building a thriving and successful organization.
Diversity brings invaluable viewpoints and perspectives, enriching corporate environments and cultivating a better flow of ideas. It is also beneficial for the bottom line, as numerous studies show that companies with diverse leadership teams report higher profits.
“Until prospective and existing staff see people who look like them at board and senior management levels, DEI has to be at the forefront,” confirms Chimera. Westfield Specialty’s employee resource groups, internship programs, and graduate development programs help facilitate a diverse talent pool from entry-level positions upwards.
TALENT
Brought to you by
“When I deliver significant results as an employee, I should see that reflected in my year-end compensation. Unfortunately, many companies intend to reward exceptional performance but end up diluting the impact”
Tony Chimera, Westfield Specialty
Additionally, Westfield Specialty is committed to providing newer staff members with opportunities to contribute and develop in many ways including attending industry events, giving them the chance to network. Chimera adds, “Being really intentional about that is important, and it’s only a starting point. Hopefully, in the coming years, DEI in the insurance space will continue to develop, but there is still a lot of room for improvement industry wide.”
Recognize and reward top performers
In the insurance industry, recognizing and rewarding top performers is essential for maintaining a motivated and highachieving workforce.
As organizations expand and responsibilities grow, it is easy for employees to feel like just another cog in the machine. Creating a culture that emphasizes rewards and recognition not only boosts morale but also motivates employees to continue delivering exceptional service to clients.
“Differentiating performance is the cheat code. When I deliver significant results as
an employee, I should see that reflected in my year-end compensation. Unfortunately, many companies intend to reward exceptional performance but end up diluting the impact,” shares Chimera.
When insurance companies fail to effectively recognize and reward their top talent, they risk demotivating high achievers who may feel their contributions go unrecognized. This lack of differentiation can undermine employee morale and performance and lead to higher turnover rates, as top performers seek recognition and rewards elsewhere. Speaking on experiences from onboarding candidates from other firms, Chimera often finds that even after delivering strong quarterly or annual results, these individuals felt their achievements were not adequately acknowledged.
“That’s not how you keep high performers over time,” Chimera asserts. “We’re very, very dogmatic about making sure our top 20 percent know they are our top performers.”
By establishing a robust system for rewarding outstanding contributions, insurance companies can enhance employee satisfaction and reduce attrition, leading to
improved client service and a competitive edge in the industry.
What makes a top insurance professional?
Reflecting on what makes a motivated and effective insurance professional, Chimera says recruiters in the insurance industry should look for the following qualities when hiring:
· Curiosity and continuous learning: A deep-seated curiosity and commitment to ongoing education are crucial. This ensures insurance professionals continually question assumptions, seek comprehensive information, and stay current with industry trends, which enhances their ability to assess risks and provide effective solutions.
· Passion: Genuine enthusiasm for the insurance industry, the products they manage, and their role within the company is vital. Passion drives professionals to engage fully with their work, pursue excellence, and contribute positively to their team’s and clients’ success.
· Adaptability and agility: The ability to quickly adjust to new information, evolving client needs, and industry changes is essential. Insurance professionals must be flexible, ready to tackle unforeseen challenges, and capable of taking on various responsibilities to maintain high performance in a dynamic environment.
“If a candidate can demonstrate these traits, I’ll take that. You can always train skills, but these qualities are hard to teach,” says Chimera.
Get to know Amwins Instant Quote™
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With new markets and products to come, we’ve built a tool tailor-made for even the most niche of risks. Visit amwins.com/quote-online today.
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PASSING THE TORCH, LEAVING A LEGACY
Risk
Placement Services’
co-founder Joel Cavaness reflects on his career as he passes the torch to a new generation
RISK PLACEMENT SERVICES
(RPS)
co-founder Joel Cavaness stepped into the role of chairman for the Americas, specialty, at the firm this year after serving as president from 1997 to 2023. Under Cavaness’ leadership, RPS experienced remarkable growth and expansion, becoming one of the largest US wholesale brokers, managing general agents, and program managers.
In January, however, he handed over the reins – with Kevin Doyle becoming the firm’s new chief executive officer and Adam Mazan taking the role of president.
As he passed the torch to a new generation of leaders at RPS, Cavaness expressed confidence in the organization’s continued growth. The transition occurred “very methodically,” he shared, and with the certainty that incoming leaders could steer RPS into its new phase.
“I maintain that 100 percent confidence
level that the company will thrive under its new leadership and leadership structure. They will do very, very well going forward, and I’m excited to watch where the next generation of leadership takes RPS.”
Riding the ‘tidal wave of opportunities’ for RPS
In an interview with Insurance Business, Cavaness reflected on his tenure and attributed much of RPS’s success to the calibre of its team.
“You’re only as successful as the people that you surround yourself with,” he said.
“If you surround yourself with a good team, the opportunity for you to succeed is exponentially better.”
Building a culture of loyalty and excellence has proved instrumental in propelling RPS to new heights. But another defining strategy has been RPS’s approach to mergers and acquisitions.
Cavaness recounted that RPS’s first two mergers happened on the same day in 1998.
“We bought a delegated authority business in Tulsa, Oklahoma, and a brokerage operation in Southern California; then we were off to the races,” he said.
“You’re only as successful as the people that you surround yourself with. If you surround yourself with a good team, the opportunity for you to succeed is exponentially better”
“Mergers brought friends who were friendly competitors in different states, regions, and specialties, and those friends wanted to join their other friends. It was like a tidal wave of opportunities for us.”
The network that RPS built has been pivotal to its growth under Arthur J. Gallagher. RPS has more than 3,000 employees nationwide.
Awards success
During Cavaness’ tenure, RPS has scooped a host of awards – including the co-founder himself being named among the Insurance Business Global 100, which recognizes the most influential names in the industry worldwide.
Yet it is the team’s success that Cavaness takes particular pride in. RPS was named among the Insurance Business 2023 Top Insurance Employers, for example.
As far as selecting the right talent is concerned, Cavaness said RPS considers the people and not necessarily their education, even though the company has been successful in hiring those with risk management degrees. He believes that if the company hires people from a wide range of competencies, it can always put them in the right roles.
“When we look at candidates or candidates look at us, we need to have a clear picture of what they want and what we’re willing and able to provide,” he explained. “And matching that up, I think, is very important. If those don’t match, there’s really no reason to go forward because the expectations are not going to be aligned.”
“When we look at candidates or candidates look at us, we need to have a clear picture of what they want and what we’re willing and able to provide... If those don’t match, there’s really no reason to go forward”
Facing the future, looking to the past
Unlike many in the industry, Cavaness didn’t fall into insurance; he was born into it. His early days were spent navigating the inner workings of his father’s small retail agency in southern Illinois.
“I grew up in the industry,” Cavaness said. “I knew I wanted to get into insurance, and, early on, I thought I would go back and be part of the family business.”
His career path took him in a different direction. Cavaness took underwriting roles at two insurance companies before transitioning to Arthur J. Gallagher, where he honed his skills as a broker.
The turning point came in 1997 when Cavaness established RPS alongside David McGurn.
“We decided that we should be in the wholesale business, and on a very early Monday morning, we hired four individuals in downtown Chicago,” he said. “That afternoon, we created the name Risk Placement Services. We had a rough logo, and we already had licences, but we didn’t have any business or any markets.
“Over the next year, we spent our time
telling our story, which fortunately worked out for us. We set out to open offices, hire people, and get our markets and our business.”
What legacy does Cavaness want to leave at RPS?
Cavaness’ dedication to RPS led him to a personal touchstone.
“[One of] my fondest memories has been meeting my wife through the company. I would say that’s a pretty fantastic moment,” he said. “We’re still happily married.
“But seeing how many successful people have been inside of RPS and what we’ve created together, at this point in my career, is my fondest memory.”
For Cavaness, the legacy he leaves is not just about accomplishments but about nurturing a thriving community of professionals poised to shape the future of the industry.
“An old mentor told me that it’s not what you take out of life – it’s what you leave behind,” said Cavaness. “I believe that I’m leaving behind to the next generation a great business and a great opportunity.”
MANAGE RISK. CHOOSE A WSIA MEMBER.
Some decisions are too precarious to take on alone. Sometimes you need a partner who can help you create the right solution for your client’s risk, while minimizing yours. In fact, it’s so cost-effective that a recent analysis by Conning, Inc. concludes that wholesale distribution does not increase the cost to the insured. That’s a good decision.
SECTOR FOCUS: CYBER INSURANCE
Cyber lessons from CrowdStrike event
It may not have been a ‘cyberattack,’ but there are still plenty of lessons to be learned from the high-profile incident
OVER EIGHT million computers crashed worldwide after cybersecurity firm CrowdStrike’s software update allowed a bug to pass through and trigger a meltdown. The July 19 outage struck thousands of businesses and disrupted banking, media, aviation, and healthcare industries.
The recent outage has significant implications for businesses, particularly when it comes to their cyber insurance. A report by Moody’s Ratings looking at the downstream impact of the CrowdStrike
companies with cyber insurance globally were affected.
One reason: compared to a cyberattack, this outage’s non-malicious nature limited overall impact.
Also important for insurers, according to experts, was the speedy deployment of a fix. This allowed many organizations to deal with the issue before the typical four- to 12-hour waiting period for BI claims expired.
London-based Rory Egan is head of cyber analytics for Aon’s Reinsurance Solutions.
“It has given IT security stakeholders within organizations a strong case to bring to their C-suite”
Vannessa Smith, CAC Specialty
disruption on cyber insurance indicated that determining final losses for the industry will take time, as insurers need to determine which policyholders suffered losses from the outage and whether those losses are covered. Still, estimates of insured losses range between $300 million and $1 billion. Global reinsurance broker Guy Carpenter has reported that less than 1 percent of
He described the disruption as “the most important widespread event for the cyber insurance market since NotPetya in 2017.”
NotPetya was a ransomware attack, originating in Ukraine, that impacted dozens of countries and, according to some estimates, caused more than $4 billion in damage costs.
However, he offered an arguably
CROWDSTRIKE INCIDENT
Date: On July 19, 2024, American cybersecurity company CrowdStrike distributed a faulty update to its Falcon Sensor security software.
Impact: The update caused widespread problems with Microsoft Windows computers running the software, affecting nearly 8.5 million devices globally.
Outage: This incident led to a significant IT outage, disrupting critical services across various industries, including airlines, airports, banks, hospitals, and more.
Fix: Although a fix was released promptly, manual repairs were necessary for many affected computers, resulting in lingering outages.
“At this stage, the loss potential might be Source: Wikipedia
reassuring estimate of losses from the CrowdStrike event.
between 5 percent and 15 percent of total annual cyber premiums,” said Egan. “That is interesting as it roughly aligns with the annual ‘catastrophe load’ set aside by cyber insurers to cover widespread cyber and IT events, so-called Cyber CATs.”
Experts who spoke to Insurance Business noted that potential coverage gaps may emerge, and companies may need to reassess their coverage to address future incidents.
Corrie Hurm, VP of claims at Embroker, said she expects business interruption claims to roll in over the coming weeks and months.
“There will likely be a tail,” Hurm said. “Companies are still assessing their losses, especially those that don’t generate revenue but dealt with operational difficulties.”
A cyber insurance wake-up call?
According to an analysis by Lloyd’s coverholder Parametrix, insured losses from the global IT outage could run from $540 million to over $1 billion among Fortune 500 companies. The company also estimated only 10 percent to 20 percent of these costs will be recovered through
existing cyber insurance policies.
Business interruption coverage is generally included under cyber policies, but the extent of coverage varies. Some policies cover only interruptions caused by network security breaches or cyber events, whereas the CrowdStrike incident was caused by defective software in an update.
“Not every company opts for the more extensive – and costly – policies,” Hurm noted. “Just like with car or property insurance, cyber insurance comes in different levels, and the more comprehensive
SECTOR FOCUS: CYBER INSURANCE
the coverage, the higher the price.”
The CrowdStrike event could prompt companies to reassess their insurance needs, realizing they might be underinsured or exposed to certain risks – something brokers must address with their clients.
Vannessa Smith, VP at CAC Specialty, said it could also draw more attention to the importance of system failures that aren’t caused by bad actors.
“It has given IT security stakeholders within organizations a strong case to bring to their C-suite, emphasizing why robust security measures and funding are critical,” Smith told Insurance Business
“We’ve already seen IT budgets and dedicated security teams grow in response to recent events, and I think this trend will continue. Organizations tend to be reactive,
CROWDSTRIKE OUTAGE LOSS ESTIMATE
“Cyber insurance comes in different levels, and the more comprehensive the coverage, the higher the price”
Corrie Hurm, Embroker
learning from incidents and then asking, ‘What can we do to prevent this in the future?’ This outage will likely prompt further improvements in how companies approach system security and resilience.”
Secondary cyber claims?
On top of the business disruption, experts also shared concerns that the widespread IT outage could serve as a springboard for opportunistic cybercriminals to launch phishing or social engineering attacks.
Affected organizations may have scrambled to recover their systems and have been more vulnerable to suspicious emails
or communication requesting personal details.
“We’ve already seen threat actors sending phishing emails posing as CrowdStrike IT, exploiting the panic to gain access to systems, install malware, or steal confidential information,” noted Hurm. “I anticipate we’ll see more of these secondary social engineering claims as a result of this outage, so it’s crucial for folks to stay vigilant.”
Smith is more optimistic, believing improved cyber vigilance from organizations would mitigate the impact of social engineering attempts.
“Over the past three to five years,
Source: Guy Carpenter
we’ve seen companies take cybersecurity very seriously – it’s top of mind for most boards, and there’s a much more open line of communication between CISOs, CFOs, and CEOs,” Smith said.
Still, Smith believes it’s too early to tell whether the CrowdStrike outage would be a “needle-moving” event for the cyber insurance industry.
“From a rate perspective, I don’t think there will be significant changes. I’ve spoken with underwriters and claims professionals, and, for most policyholders, the waiting period did its job,” she said. “While some experienced downtime, it wasn’t long enough to trigger a full business interruption.
“However, from an underwriting standpoint, there’s a challenge in assessing the risk of your vendor’s vendor. Many clients weren’t directly affected by the CrowdStrike outage but were impacted by vendors who were raising issues of contingent business interruption.”
1. These figures exclude loss estimates relating to CrowdStrike insurance tower as quantified by CyberCube. When included, the range becomes $400 million – $1.5 billion. 2. These figures are economic estimates.
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TOP INSURANCE EMPLOYERS 2024
AMERICA’S LEADING INSURANCE WORKPLACES
INSURANCE BUSINESS AMERICA
crowned the Top Insurance Employers of 2024 after thousands of employees nationwide evaluated their workplaces on a number of metrics such as benefits, compensation, culture, and employee development.
One of IBA’s criteria was a concerted commitment to diversity, equity, and inclusion, echoed in the 2024 Global Insurance Outlook by Deloitte, which states:
“Leaders should make an ongoing commitment to ensure diversity, equity, and inclusion (DE&I), both in their workforce and the customer demographics they serve. Demonstrating such commitment could help close the trust gap that has often undermined the industry’s credibility with key stakeholders, including regulators, legisla-
tors, and rating agencies, as well as society at large, and even their own employees. This could not only prove to be a differentiator in the market, but also help resolve societal issues such as the insurance protection gap.”
All of IBA’s winners innovate and seek ways to engage their workforces. This is highlighted as a key priority in the insurance sector in Deloitte’s report, with IBA’s winners implementing its recommendations, such as introducing enhanced technology, boosting their brands, and removing siloed internal structures.
Further emphasizing the need for firms to be better employers is this statement in EY’s 2024 Global Insurance Outlook:
“As competition for workers remains intense, insurers must look to engage talent
in all its forms. By aiming to become ‘postbias’ employers and leveraging unique attributes, insurers will foster competition in the workplace and help all individuals progress, regardless of their starting points. And they should not overlook how diverse hiring may have financial implications in terms of reduced turnover and lower recruiting costs.”
There is also a clear emphasis within the industry on responding to this need, even with the adoption of AI.
“With training and clear communication regarding permitted use, making AI tools generally available will instill a sense of competence and agency among workers, as well as promote accountability for work products,” says Frank Schmid, chief technology officer of General Reinsurance Corporation (Gen Re).
“This is how AI can amplify workers’ problem-solving skills, adaptability, and creativity, as well as their emotional intelligence, good judgment, and leadership.”
BEST INSURANCE EMPLOYERS’ RECIPE FOR SUCCESS
Orion180
Headquarters: Melbourne, FL
Type of company: Carrier/Insurer or Reinsurer
Organization size: 101–500
Employee satisfaction rating: 87 percent
The firm has continued to make significant strides in a short period of time, as it has won back-to-back IBA Top Insurance Employers awards.
Established in 2018, Orion180 has grown exponentially in recent years. From a workforce of 19 employees in 2020, the company now has 135 employees.
Founder and CEO Ken Gregg has steered the firm through this tremendous organic growth, and the proof is in the pudding –they crossed the $200 million threshold in top-line premium in April 2024.
“At the executive level, we view our employees like customers, and we think, ‘What are we doing to make sure they have a great experience?,’” he says. “We collaborate with all the members of the company. Everyone gets to have a say, and we listen to feedback, which I believe is appreciated.”
The organization provides competitive benefits plans to all employees in the form of full medical and dental cover, matching 401(k) dollar-for-dollar on the first four percent and 50 cents on the dollar for the next two percent, and educational reimbursement.
“The employees are recognized and have an opportunity to grow themselves. We give people vertical opportunity to move within the organization,” Gregg adds.
Ollis/Akers/Arney Insurance & Business Advisors
Headquarters: Springfield, MO
Type of company: Retail Agency/ Brokerage
Organization size: 26–100
Employee satisfaction rating: 87 percent
Giving autonomy to its employees has instilled a positive attitude in the employeeowned firm.
On top of ownership in the organization, which earns eight to 10 percent a share per annum, employees are also afforded an impressive benefits package that includes
401(k) matching of 50 percent on the first four percent, medical benefits, a wellness program, and a strong PTO plan.
“For our wellness program, we will pay 100 percent of the employee’s medical benefits, and we offer two or three plan options,” says director of operations Joe Gaunt. “If you participate in the program, we’ll pay for the premium and we have all the voluntary pieces for vision, dental, and various other things. They can have their family on a voluntary basis, too.”
The firm strives to provide a flexible work environment with a positive culture.
“I am a firm believer that culture starts with your hiring process. With targeted selection interviewing, we’re trying to get an idea of how a person is going to fit our company from a culture perspective, because you can really throw all that off with just one bad hire,” Gaunt says.
There is also a clear commitment to DE&I and a focus on helping minority groups.
“This year, we’re sponsoring the Student African American Brotherhood and participating in their program. We actively look for opportunities to engage with organizations in our community.”
SeibertKeck Insurance Partners
Headquarters: Akron, OH
Type of company: Retail Agency/ Brokerage
Organization size: 101–500
Employee satisfaction rating: 81 percent
A blend of flexibility, generous PTO, and an uber-friendly environment have been the bedrock of the firm’s success in its 19 offices.
“Some of my colleagues are my best friends, and I go to them for life advice,” says marketing manager Leah Schrock. “Sometimes we take little breaks during the day to have a chat, go for a coffee before work, or go out to eat at lunch, just to decompress from work.”
SeibertKeck’s hybrid work model sets it apart from other insurance companies via
METHODOLOGY
To find and recognize the best employers in the insurance industry, Insurance Business America first invited organizations to participate by filling out an employer form that asked companies to explain their various offerings and practices.
Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development, and commitment to diversity and inclusion.
To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75 percent or greater average satisfaction rating from employees were named Top Insurance Employers for 2024.
“It’s the culture here that’s a big driver of what we have to offer, and a lot of people are excited about our growth”
Ken Gregg, Orion180
features like two days in-office and three remote, good PTO and vacation days, and half-days in summer.
“Everybody loves that we have a ‘fun committee,’” Schrock reveals. “Someone brings in donuts on National Donut Day and
TOP INSURANCE EMPLOYERS 2024
ice cream for National Ice Cream Day.”
The company’s DE&I efforts are also impressive, as up to 67 percent of the workforce is female.
“We have 210 employees, which is rather big for an independent insurance agency, but it’s so rewarding to say that the majority of our staff are women. We have several women in upper management positions, too.”
The Liberty Company Insurance Brokers Headquarters: Gainesville, FL
Type of company: Retail Agency/ Brokerage Organization size: 501–1,000
Employee satisfaction rating: 80 percent
The firm’s continued success is straight out of a Hollywood movie.
Founder, chairman, and CEO Bill Johnson has produced over 30 films with stars such as Tom Hanks, Dwayne “The Rock” Johnson, Nicole Kidman, and Margot Robbie.
Johnson founded The Liberty Company in 1987, stepping away to focus on producing films before returning in 2018, and since then, the organization has enjoyed extraordinary growth.
“The movie business is very transitory. When you’re developing a script, you pull the big team together, you make a movie, but then after, everybody goes their separate ways,” says Johnson.
“But in the insurance business, there are long-term relationships and the opportunity to give service, create opportunities for people, and inspire a special culture by helping people be healthier and happier by providing a platform to pursue their entrepreneurial dreams.”
The Liberty Company’s culture is built on the following core values: caring, excellence,
fun, integrity, kindness, and teamwork.
“Our goal is to have the best work experience and environment in the industry so that we can attract and retain talent and help people be their best, healthiest, and happiest selves, because that’s going to translate into them being their most successful selves,” he continues.
“Bill and I constantly get messages on LinkedIn from people looking to see if they can join our organization,” says COO Adam Baillie.
“We have a very entrepreneurial platform that creates a lot of positive energy, that attracts positive people, and that starts to snowball, where people want to be part of the winning team.”
Worthy Insurance
Headquarters: Skokie, IL (operates in all 50 states)
Type of company: Retail Agency/ Brokerage
Organization size: 26–100
Employee satisfaction rating: 83 percent
Despite being a relatively small group, the firm empowers employees through forward-thinking initiatives, as it tends to hire people from a service background.
Director of human resources Halima Cegur says, “We’re a young group overall, so we really care about growth and opportunity. As our company grows, we want to give that advancement and opportunity to the people here.”
She adds, “We focus on education and training and being mentors to one another.”
The organization has a strong employee benefits scheme in place, which features company-sponsored life insurance, full medical coverage, a generous PTO policy with four weeks’ vacation, and 401(k) matching contributions.
“We care about work-life balance. However, we like the presence to be in person, so we are flexible within the workday. We want people to be in the office to collaborate and train,” explains Cegur.
“When you come here, you have an amount of respect and credibility, and you’re able to have a seat at the table immediately. That is something that sets us apart from other, larger organizations.”
The firm embraces technology to improve its efficiency in HR.
“We’re agile – we try different software and programs to see whether they’ll work for us, work for our clients’ needs,” she states. “We have done a lot of these things in-house, as we don’t have huge corporate backing and a corporate IT department. We want to make things more automated or streamlined for our employees.”
Worthy Insurance’s DE&I strategy is organic and reflects the community it is part of on the outskirts of Chicago.
“We’re very lucky that we live in a city of seven million people, and that creates an organic, diverse workforce. We look for the best candidate for the job, but try to ensure our company is at least 60 to 65 percent women.”
Brown & Riding
Headquarters: Dallas, TX
Type of company: Retail Agency/ Brokerage
Organization size: 101–500
Employee satisfaction rating: 89 percent
The awards keep rolling in for Brown & Riding, following its 5-Star Wholesale Brokers and MGAs win by being recognized as one of IBA’s Top Insurance Employers of 2024.
The firm has enjoyed tremendous success since its inception in 1980, maintaining a happy workforce.
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AT SKYWARD SPECIALTY, WE DON’T JUST MANAGE RISKS, WE REDEFINE THEM.
Our team of specialty experts approach insurance differently, digging deeper to help you deliver the impactful solutions your clients need. Our solutions are data-driven, fueled by innovation, and designed to solve the most challenging and niche risks. When it comes to specialty solutions, we move to our own rhythm, making risk management anything but conventional.
TOP INSURANCE EMPLOYERS 2024
“We want to create opportunities, inspire a special culture, and help our people be healthier and happier”
Bill Johnson, The Liberty Company Insurance Brokers
Operating in all major cities, the organization has sustained employee satisfaction through many exciting initiatives.
“We are expanding our support positions on the production side, and that’s very important, because as we’ve grown, our teams have drastically expanded and become more complex,” says chief human resources officer Christopher Welty.
“We want to give people more opportunities to expand their careers and grow. We’ve added some leadership positions within the team, so that brokers can delegate some of their authority in managing and leading the day-to-day operations of the teams.”
The company is 100 percent employeeowned and operated internally, which gives all workers an opportunity to grow.
The company also has a rich benefit plan with programs such as a health reimbursement arrangement for anyone who can stay in-network, when their health care provider signs an agreement with the carrier to accept a discounted rate, and encourages a holistic work-life balance through wellness programs.
“We’re very proud of our medical benefits and what we’re able to provide for our employees. We have the richest medical plan that exists in the market,” comments Welty.
The firm is devoted to improving
employees’ capabilities through internal training, with the option for upskilling outside the company.
“We start an action plan to help develop those skills further. We find that really helps individuals move along in their careers and become experts. The only way we can stay independent long-term is if we have individuals developing throughout the firm into the future,” says Welty.
“We reimburse for licensing, courses, and designations. We find it so valuable because it helps to expand an individual’s knowledge in a relevant area.”
Brown & Riding embraces HR technology, enabling its team to select benefits, manage their personal profiles, and request PTO. The firm has a strong attitude toward DE&I and is also a founding sponsor of Insurance Transformation, which aims to create certificate programs in historically Black colleges and plans to expand to community colleges.
“We’re trying to help young people throughout the country, who have less opportunity financially, realize that insurance is a great industry,” explains Welty. “It’s one of the biggest initiatives that we’ve helped launch, and it’s also turned into our first class of graduates, who graduated this year. We have also connected every one of those graduates with an internship. We have many interns, not just in our company, but also in other companies.”
“It’s very familyoriented. We like an open-door policy for clients and staff”
Leah Schrock, SeibertKeck Insurance Partners
Burns & Wilcox
Headquarters: Farmington Hills, MI
Type of company: Wholesaler (Brokerage, MGA, MGU, etc.)
Organization size: 1,000+
Employee satisfaction rating: 80 percent
As a family-owned and -operated organization, Burns & Wilcox has the freedom to make substantial investments for the benefit of its associates, clients, and partners.
The company has 60+ offices spanning the US, Canada, the UK, Europe, South America, and the Middle East.
“We have invested more than $100 million to transform our technology capabilities, which will enable our associates to make faster, smarter, and more data-driven decisions,” says president Danny Kaufman, whose grandfather Herbert is the firm’s founder.
“We are already realizing the benefits. As a nimbler organization that operates with significant speed, we are delivering an improved experience for our clients and driving even greater financial results.”
Burns & Wilcox aims to leverage that investment into HR technology, which strengthens employees by analyzing employee feedback, HR metrics, and market trends. This elicits valuable insights that shape talent strategies and optimize programs.
“Our HR team has revolutionized the talent experience by implementing cuttingedge initiatives that prioritize the well-being, growth, and engagement of our workforce based on data,” states Kaufman.
Burns & Wilcox aims to foster a workplace for all through its DE&I initiatives.
“Our associates are encouraged to participate in designated ERGs that align with a multitude of communities represented by our associates. Together, they are leaning into their diverse backgrounds, experiences, and perspectives to tackle complex business challenges and ensure that Burns & Wilcox will always be a place where associates can thrive,” adds Kaufman.
RightSure Insurance Group
Headquarters: Tucson, AZ
Type of company: Retail Agency/ Brokerage
Organization size: 26–100
Employee satisfaction rating:
82 percent
With a snappy tagline – Famously Friendly Humans – the company is steered by its president and best-selling author Jeff Arnold, whose passion for insurance feeds through to employees.
“When a real company culture exists, you can feel it the minute you call them, the minute you walk into the headquarters, the minute you walk into retail. It’s an energy that transcends time and space, and you feel very welcomed by these people who love what they do,” says Arnold.
The organization aims to attract people who exhibit certain qualities.
“It is people who have high energy and passion. They can be reserved and wellspoken, but they have an energy, an attraction, a charisma about them that you can feel, maybe not see, but it’s palpable,” he comments.
“This firm keeps winning all these awards by getting the right people, hiring, recruiting, training, re-recruiting them. Our long-term goal is not only to be North America’s most awarded insurance firm, but to become a global brand.”
The company’s benefits program rewards employees with generous PTO, including 24 days annual leave, 100 percent life insurance, dental, and vision cover, 50 percent health insurance, on-site gym, and meals catered two days a week.
“We work hard; we’re not a 40-hour week firm, we’re a get-it-done firm. I’m trying to eliminate decision fatigue, because thinking about food when it’s crazy busy can be a distraction,” he says.
“We also provide company-branded gear, because deciding what you’re going to wear every morning can also cause decision fatigue – plus, we all look aligned.”
TOP INSURANCE EMPLOYERS 2024
INSURANCE EMPLOYERS 2024 Top
Jencap Group
Email: info@jencapgroup.com
Website: jencapgroup.com
Risk Placement Services
Phone: 866 595 8413
Email: Contact_Us@RPSins.com
Website: RPSins.com
Burns & Wilcox
Phone: 248 539 6081
Email: tamadigan@hwkaufman.com
Website: burnsandwilcox.com
Ryan Specialty
Phone: 312 784 6001
Email: info@ryansg.com
Website: ryanspecialty.com
USI Insurance Services
Phone: 914 749 8500
Website: usi.com
Utica National Insurance
Phone: 1 800 598 8422
Website: uticanational.com
International
EMPLOYEES
Gridiron Insurance Underwriters
Phone: 954 331 3000
Email: pvidal@gridironins.com
Website: dmugge@gridironins.com
RightSure
Phone: 520 917 5295
Email: info@rightsure.com
Website: rightsure.com
Tangram Insurance Services
Phone: 707 781 7381
Email: info@tangramins.com
Website: tangramins.com
Worthy Insurance
Phone: 773 945 9000
Email: hello@worthyinsurance.com
Website: worthyinsurance.com
Allied Trust Insurance Company
The
Phone: 888 918 3960
Website: libertycompany.com DUAL North
Orion180
Phone: 321 294 5992
Website: orion180.com
Brown & Riding
Phone: 972 402 6669
Email: info@brcins.com
Website: brownandriding.com
SeibertKeck Insurance Partners
Phone: 330 867 3140
Email: contactus@seibertkeck.com
Website: seibertkeck.com
USG
Phone: 1 800 886 3897
Email: GetConnected@usgins.com
Website: usgins.com
America’s Choice Insurance Partners Chris-Leef General Agency
Deland, Gibson Insurance
Ellerbrock-Norris
Euclid Transactional
General Indemnity Group
Great Lakes
Harmon Dennis Bradshaw
MountainOne Insurance Agency Ollis/Akers/Arney
Bulow
SPECIAL REPORT
2024
Throughout the year, our 30-strong Intelligence Unit researches a series of Special Reports, each showcasing the top-performing insurance professionals and companies across key categories. This prestigious list represents a comprehensive annual collection of those who have achieved exceptional results, launched innovative initiatives, improved existing practices, and inspired their peers.
2024 SPECIAL REPORT AWARD WINNERS
ELITE WOMEN
Alanna Schultz
Senior Vice President, Head of Sales & Client Management
Swiss Re
Alexandra (Sasha) Korol
Senior Director, Product Management
Formerly of Duck Creek Technologies
Alice Phillips Topping
Chief Marketing and Communications Officer Ryan Specialty
Alison Williams (formerly Bowers)
Senior Vice President and Human Services
Segment Leader
Christensen Group Insurance
Allison Chan
Senior Vice President/Senior Underwriter
Munich Re
Allison Nixon
Producer and Principal
Roach Howard Smith and Barton
Amaly Homer
Inclusion, Diversity & Belonging Leader
Andrea Dickinson
Executive Vice President, Branch Leader Amwins
Andrea Goodkin
Executive Vice President, Benefits Consultant HUB International
Transportation Product Lead, New Business Underwriter Jencap Specialty Insurance Services
Rikki Concannon, CPL Area Vice President Risk Placement Services
Robert Hughes VP, Brokerage and Risk Management APEX
Sebastian Swain Director RT Specialty
Stefanie McLeod
Vice President, Personal Lines Leader
Monarch E&S Insurance Services
Ted Cornell Executive Vice President RT Specialty
Wana McNeal Vice President, Director of Underwriting MDP Programs
TOP RETAIL BROKERS
Alka Manaktala
Managing Partner IOA Insurance
Bob Middleton Director, Arts Insurance Program Maury, Donnelly and Parr
Brandon Cooney Chief Operating Officer Capital Gate Insurance
Brian Gilberg Vice President Acrisure
Brian Johnson Senior Executive Vice President
FBBInsurance – a Marsh McLennan Agency LLC Company
Brian Schneider Managing Director Higginbotham
Brigitte Egbert Managing Principal Acrisure
Brooks Barbee Vice President Rogers Insurance Agency
Carlos Chinchilla Executive Vice President Acrisure
Chase Carlisle Energy Practice Leader Acrisure
Chip Renno, CIC, ARM, CRM, CPIA
Commercial P&C Agent/Agency Principal Snellings Walters Insurance Agency
Dane Beasley
Business Insurance and Surety Consultant FBBInsurance
Dave Wissel
Client Advisor and Partner Acrisure
David McKinnon
Executive Vice President FBBInsurance
2024 SPECIAL REPORT AWARD WINNERS
David W. Clausen
Chief Executive Officer
Coastal Insurance Solutions
Edward Nagel
Energy Practice Leader Acrisure
Garet Marr
Regional Managing Director Franklin Street
Greg Tober
Executive Vice President Acrisure
Gregory W. Havemeier
Client Advisor Partner Acrisure
Hiroki Baba
Vice President and Japanese Practice Leader The J. Morey Company
Hunter Cox
Executive Vice President
FBBInsurance
James Singleton
Assistant Vice President
The Glatfelter Agency
Jason Hollis
Executive Vice President
FBBInsurance
Jason Young
Senior Vice President FBBInsurance
Jeff Mentel
Principal AssuredPartners
Jeffrey Sanders
Client Advisor and Partner Acrisure
Jim Untiedt
Construction Practice Leader Acrisure
Joe Thompson
Client Advisor/Partner Acrisure
John Baldwin
Construction Insurance and Bond Consultant FBBInsurance
John Sirabella Jr.
Senior Vice President, Client Advisor, New York Region Acrisure
John Henry Ward Agency President AssuredPartners
Justin Failoni
Senior Vice President Acrisure
Karl Henley
Executive Vice President
SeibertKeck Insurance Partners
Kenneth Christian
Vice President/Producer Fisher Brown Bottrell Insurance
Kevin Turner Vice President Acrisure
Kirk Aguilera
Managing Partner, National Workers’ Compensation Practice Leader The Liberty Company Insurance Brokers
Kyle Schielack Managing Director Higginbotham
Marcus Eagan Vice President Eagan Insurance
Matt Armstrong Senior Vice President FBBInsurance
Matt Bevins
Agency President AssuredPartners
Michael Malinowski President and CEO EHD
Mitch Noguchi President Noguchi & Associates
Nick Rallo Principal AssuredPartners
Nick Wichmanowski Client Advisor and Partner Acrisure
Paul Praxmarer Executive Vice President AssuredPartners
Paul Zizzo SE Transportation Practice Leader Acrisure
Phillip Masi Agency President AssuredPartners
Rob Foote Risk Advisor Acrisure
Robert McLendon Executive Vice President FBBInsurance
Ruben Medina Commercial Producer Acrisure
Ryan Moses Managing Partner Acrisure
Ryan Schmidt Area President and Partner Acrisure
Sam Sackler Senior Vice President FBBInsurance
Sean King Agent Acrisure
Steve Callaway Growth and Practice Leader, Entrepreneur Team Acrisure
Steven Payne Agency Managing Partner Insurance Placement Alternatives
Timothy Spear Client Advisor, Partner Acrisure
Tony Bozzuto Partner Bozzuto Insurance Services
Trevor Gilstrap Senior Vice President AssuredPartners
Walter Kiyota Producer Noguchi & Associates
Will Denbo President Commercial Insurance Associates
Zachary Fanberg Managing Director Eagan Insurance
2024 SPECIAL REPORT AWARD WINNERS
SPECIAL FEATURE
Commercial driver shortages impacting safety
The talent crunch is exacerbating risks for fleet operators
THE COMMERCIAL auto industry has been facing an ever-growing shortage of drivers in the wake of the COVID-19 pandemic, driven by decades-long issues such as an aging workforce and historically low wages.
But is the prolonged talent crunch compounding safety risks for fleet operators?
New research has shown a potential link between staffing shortages and longer driving hours, more pressure on drivers to conduct business on the road, and distracted behavior behind the wheel.
Nationwide included commercial drivers in its latest driving behavior survey, which revealed that one third (34 percent) are often or sometimes distracted while driving for work.
At the same time, four in 10 say their employer is struggling to find qualified drivers. According to the survey, drivers believe the shortage has led to increased workloads (61 percent); being required to work longer hours (58 percent); increased pressure to meet deadlines (47 percent); their employer being forced to lower hiring criteria (42 percent); and decreases in the quality of employee training (39 percent).
Most commercial drivers surveyed also
expressed concern about their safety and liability behind the wheel, and 72 percent said they want more safety training to prevent road accidents.
Liability and legal risks heightened
These challenges also come amid intensifying legal and liability risks for fleet owners and operators.
Claims associated with trucking accidents, driven by increased litigation, have risen considerably. A study from the US Chamber of Commerce Institute for Legal Reform showed that between 2020 and April 2023, the average jury award for transportation litigation was $27.5 million.
This increase in litigation is pushing up overall costs, which are passed on to consumers through higher insurance premiums and coverage limits for commercial auto insurance.
“The number of claims that are litigated, even before first notice of loss to us, is going up every single year,” said Nationwide mid-market commercial lines leader Kristina Talkowski (pictured).
The driving behavior survey also underscored the importance of prioritizing
safety protocols in commercial fleets. Talkowski noted the willingness of commercial drivers to engage in safety training and embrace new technologies as a surprising yet positive finding.
“They appreciate being recognized as professionals and welcome measures that ensure their safety on the road,” she said.
Commercial drivers support telematics
The adoption of telematics technology, which involves using devices, sensors, and GPS to collect and analyze vehicle and driver data, has grown in the commercial auto industry over the past few years.
However, while company drivers (small to mid-duty commercial vehicles) are overwhelmingly supportive of dash cams and telematics, only 38 percent of business owners require these with their fleets, according to Nationwide’s survey.
Talkowski urged companies with large fleets to leverage telematics data effectively to achieve substantial safety improvements and reduce loss ratios. She said firms have seen as much as a 30 percent improvement in their business auto loss ratios.
“You can’t just have telematics and not utilize it to give that important information back to the driver to improve how they’re driving and the things that would be considered riskier,” she said.
Telematics use can also draw high-quality drivers, helping fleet owners fill staffing gaps.
Amid continuing challenges for commercial auto insureds, brokers must continue to stress improved safety measures among clients to better manage the cost of their risks, Talkowski said.
FROM THE historic moment in 1969 when Neil Armstrong first set foot on the moon, marking mankind’s giant leap, technological progress has been remarkable.
Scorpius Space Launch Company (SSLC) made headlines this past February as the firstever commercial company to successfully land their type V propellant tanks on the moon. Following closely, Virgin Galactic completed its most recent commercial space trip just last month. Indeed, the race to space tourism is in full swing with trailblazers like Blue Origin and SpaceX also leading the charge.
With the global market for space tourism estimated at $977.4 million in 2023 and projected to exceed $6 billion by 2030, the sector is poised to be a lucrative opportunity for insurance brokers too. As developments unfold, the reality of a mainstream space tourism insurance market might be closer than we think, making understanding the risks of space travel increasingly crucial.
When does coverage start and end?
When it comes to insuring small-space satellites and launch vehicles, coverage is relatively straightforward, noted Rob Schenone (pictured), head of aerospace and underwriting manager, North America, at AXA XL. However, as commercial space travel develops and mankind prepares to venture farther into space, it is likely to open a whole new floodgate of insurance risks.
Reflecting on the complexities of commercial space travel, Schenone emphasized that policies of the future will need to address a
broad range of challenges. “With space tourism, the coverage requirements are completely different,” he said. “You need to consider when coverage should start – whether it should begin the moment passengers leave their homes or when they arrive at the launch facility. And when should it end? Should it cover them until they return home, or only until they land? Additionally, what if passengers experience health issues weeks later that are linked to their flight? Insurance needs to address these uncertainties and provide clear guidelines on coverage timelines and conditions.”
The specificity of coverage conditions is particularly intriguing in cases like Virgin Galactic, which blends elements of airline and space travel. (The innovative launch system uses both an aircraft and a spaceplane.) This complexity makes it essential for underwriters to pinpoint precisely where airline insurance coverage ends and where space coverage begins.
An innovative insurance opportunity
Speaking on the overall landscape of the market, Schenone noted that only a handful of policies currently exist to insure commercial space travel. One of the main challenges with the sector is that commercial space travel is still relatively new, so insurers are not fully aware of all potential risks and are unclear about the obligations that parties involved – such as space tourism companies, customers, launch providers, and ground support – should have to each other.
“There have only been a handful of
policies issued so far, and they’ve been very specific in their coverage. These policies have mostly been driven by companies in the field buying a couple of million dollars in coverage for a defined period. However, as space tourism becomes more popular, there will be better insight into what needs to be covered, and insurance will evolve to fill those gaps,” said Schenone.
For brokers, this evolving market represents an exciting opportunity to leverage the untapped potential of commercial space travel insurance. Brokers can develop and offer specialized insurance solutions that address the unique risks and challenges of this emerging sector, positioning themselves as leaders in a rapidly growing industry.
Why care about space tourism?
In addition to the opportunity to develop innovative solutions for a burgeoning market, commercial space tourism can offer brokers a collection of other advantages:
Partnerships and networking: The space tourism industry involves collaboration with a range of stakeholders, including space travel companies, regulatory bodies, and technology providers. Brokers can benefit from networking and building partnerships within this dynamic and high-tech field.
Diversification: Adding space tourism to their portfolio allows brokers to diversify their offerings and stay ahead of industry trends. This diversification can enhance brokers’ market position and attract a new client base interested in space travel.
Risk management expertise: Space tourism involves unique risks that differ from traditional travel. Brokers who develop expertise in these areas can offer valuable risk management advice, enhancing their reputation as specialists in niche markets.
High-profile clients: The space tourism market includes high-net-worth individuals and prestigious companies. Working in this sector can help brokers create opportunities for high-value, high-profile clients.
Rob Schenone, head of aerospace and underwriting manager, North America, AXA XL
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