Insurance Business America 7.12

IBAMAG.COM ISSUE 7.12 | $12.95

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Get to know the top producers, tech visionaries and innovative executives who are driving the industry forward HOSPITALITY AT THE HOLIDAYS

How to prepare restaurant clients for an onslaught of seasonal risks

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INSURING AGRIBUSINESS

A closer look at the sector’s top exposures, from climate change to new technology

PREPARING FOR THE WORST

Why risk management is increasingly crucial for CAT-exposed properties

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ISSUE 7.12

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CONTENTS

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UPFRONT 04 Editorial

Reflecting on a year of constant change

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FEATURES

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‘TIS THE SEASON FOR RESTAURANT RISKS

What hospitality clients need to be on the lookout for during the holidays

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INDUSTRY ICON

Woodruff Sawyer CEO Andy Barrengos on the importance of remaining independent and taking a people-first approach

18 2

08 Head to head

How important is it for agents to get on board with insurtech?

10 News analysis

Risk management comes to the forefront in the CAT space

12 Intelligence

This month’s big movers and shakers

14 Workers’ comp update

The key to curbing workers’ comp losses in the retail sector

16 Technology update

What global insurers are doing to further innovation Insurance needs to jump on the remote work bandwagon or be left behind

HOT 100 2020

PEOPLE

Key data that should be on your radar

21 Opinion

SPECIAL REPORT

IBA shines a spotlight on 100 men and women who have moved the needle for the industry over the past 12 months

06 Statistics

FEATURES

A HUNDRED YEARS YOUNG

Plastridge Insurance CEO Connor Lynch on how his agency has established deep community roots

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FEATURES 55 Climate change and emerging agricultural risks How a shifting climate is altering the landscape for agricultural insurers

PEOPLE 63 Career path

Susan Froman is no stranger to trying on a new brand

64 Other life

Rocking out with insurance executive and singer Brian Cummins

FEATURES

A SEED WORTH SOWING?

Agribusiness presents big opportunities – but also some significant and unpredictable risks

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UPFRONT

EDITORIAL

The year in review

W

hat a year 2019 has been. We’ve had wildfires, hurricanes, US cities crippled by cyber attacks, sexual harassment claims, endless market consolidation, disgraced CEOs and increased competition from non-insurance players like tech and automotive giants.

Throughout 2019, insurance firms continued to steamroll their way toward digitization, targeting simplicity and efficiency in both back-office and customer-facing capabilities. Data and analytics have become household names, enabling insurers and brokers to tackle exposures with a sharper eye.

And emerging risks like the sharing economy and industrial automation are prompting insurance product and service innovation the likes of which the industry has never seen before.

And let’s not forget the firming market. After years of flat or underpriced business across many P&C lines, many carriers, including the Lloyd’s market, are tightening their belts, shoring up their underwriting processes and asking for more rate to try to rebalance their portfolios. This has changed the dynamic in the US insurance industry, causing headaches for primary carriers and bringing joy to E&S players.

Emerging risks are prompting product and service innovation the likes of which the industry has never seen before And 2019 saw a continuation of the country’s hard luck when it comes to natural catastrophes. Hurricane Dorian was declared by the National Weather Service as the most powerful storm to make landfall in the Atlantic since 1935, and wildfires continued to cause problems throughout the West – a burning issue that’s not going away anytime soon.

Amid all of these changes and challenges, there’s one constant: you. Insurance professionals continue to help clients fulfill their goals and provide them with peace of mind should something go awry. On behalf of those clients, thank you and happy new year!

The team at Insurance Business America

www.ibamag.com MAY 2017 EDITORIAL

Managing Editor Paul Lucas Editor Bethan Moorcraft Journalists Alicja Grzadkowska, Nicola Middlemiss, Ksenia Stepanova News Writers Lyle Adriano, Terry Gangcuangco, Roxanne Libatique, Gabriel Olano Staff Writers Ellen Burkhardt, Tom Goodwin, Libby MacDonald, Ryan Smith Copy Editor Clare Alexander

CONTRIBUTORS Tony Cañas

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Production Coordinator Kim Kandravy Traffic Manager Ella Dayandante

SALES & MARKETING Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Media Sales Managers Chris Anderson, Desiree McCue Global Head of Media Marketing Lisa Narroway

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If they can do it, we can place it.

Every risk starts with a big, bold idea. And at RPS, we believe that every risk deserves the most secure placement. That’s why we never say no when it comes to finding trusted markets for unprecedented business ventures. Let’s talk about what’s new, what’s next, and what’s possible.

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UPFRONT

STATISTICS ASIA HIT HARDEST

BY CATASTROPHES

45%

THE WORLD’S LEADING RISKS

EUROPE

Fiscal crises were rated the leading risk for doing business worldwide over the course of the next decade by the 13,000 decision-makers recently surveyed by the World Economic Forum. Regionally, cyber attacks ranked as the number-one threat to business in both Europe and North America.

Cyber attacks Asset bubble Interstate conflict Energy price shock Fiscal crises

Proportion of natural disasters in 2018 that happened in the Asia-Pacific region

MIDDLE EAST AND NORTH AFRICA

NORTH AMERICA

Energy price shock Fiscal crises Unemployment or underemployment Unmanageable inflation Asset bubble

Cyber attacks Data fraud or theft Terrorist attacks Critical information infrastructure breakdown Failure of critical infrastructure

80%

LATIN AMERICA AND THE CARIBBEAN

Proportion of deaths from natural disasters concentrated in Asia-Pacific

65

Number of natural disasters in North and South America in 2018

Failure of national governance Profound social instability Unemployment or underemployment Fiscal crises Failure of critical infrastructure

VIRUSES THE LEADING CAUSE OF CYBER ATTACKS Virus and worm infestations are the most likely form of cyberattack to befall commercial operations – almost a quarter of businesses told Hiscox they have experienced such a breach. Ransomware attacks, meanwhile, have hit 17% of companies.

Virus or worm infestation

141

Number of natural disasters in Asia during the same period

Ransomware attack

Distributed denial of service attack

24% 17%

15%

Source: Natural Disasters 2018, Centre for Research on Epidemiology of Disasters Source: Hiscox Cyber Readiness Report, Hiscox, 2019

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EURASIA

M&A COVERAGE EXPANDS

Profound social instability Interstate conflict Energy price shock Fiscal crises Unmanageable inflation

Increased M&A activity, along with growing awareness of the value of and options for insurance coverage during the transaction, has led to significant growth in the number of policies placed.

EAST ASIA AND THE PACIFIC Natural catastrophe Cyber attacks Interstate conflict Fiscal crises Extreme weather events

ANNUAL NUMBER OF M&A POLICIES

300 2011

3,200

SOUTH ASIA Water crises Terrorist attacks Manmade environmental catastrophes Failure of urban planning Energy price shock

Unemployment or underemployment Failure of national governance Failure of critical infrastructure Energy price shock Fiscal crises

2018

Source: Insurance for M&A, Aon Inpoint, November 2019

Source: Regional Risks for Doing Business 2019, World Economic Forum

INSURANCE M&A CONTINUES APACE

CYBER BREACHES UP IN EUROPE Cyber incidents are on the rise for European businesses – 61% of commercial operations reported some form of breach in 2019, compared to 45% in 2018. The trend is especially pronounced among small and medium-sized businesses

M&A activity in the insurance industry remains strong, according to Aon, and not just in headline-grabbing mega-deals topping $1 billion – activity across all deal sizes has been brisk.

PROPORTION OF FIRMS TARGETED IN A 12-MONTH PERIOD Medium (50-249 employees)

Large (250-999 employees)

Enterprise (1,000+ employees)

Number of transactions

80%

Number of transactions

60%

40%

20%

0%

33% 47%

36% 63%

70% 70%

69% 74%

2018 2019

2018 2019

2018 2019

2018 2019 Source: Hiscox Cyber Readiness Report 2019

Value of transactions

60,000

$6 trillion

50,000

$5 trillion

40,000

$4 trillion

30,000

$3 trillion

20,000

$2 trillion

10,000

$1 trillion

0

$0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Small (1-49 employees)

Source: Insurance for M&A, Aon Inpoint, November 2019

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Value of transactions

SUB-SAHARAN AFRICA

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UPFRONT

HEAD TO HEAD

Is insurtech a business imperative for agents?

Do insurance agents need to jump on the insurtech bandwagon or risk being left behind?

Pomy Singh Co-founder HipTen

“Absolutely. The technology that is at the forefront of insurtech at the moment revolves around relationships. It provides a new way to connect with customers and partners, from how a customer engages an agent to how the agent is gathering quotes from carriers.

Agents who can better understand their customers and quote quickly is what the consumer has come to expect. Having this deeper understanding of the clients’ needs leads to more opportunities for commission generation through cross-selling additional products and renewal tracking. Insurtech enables this level of client experience, and agents who are adopting a technology-first approach will flourish.”

Shirley Chisholm

Dawn Nash

Vice-president Marsh Canada

MD and leader, digital insurance practice Ernst & Young

“Insurtech is transformative innovation to shape the insurance industry. Insurance intermediaries, much like insurers, will have no choice but to embrace this transformation. Brokers must respond to the consumer demand for ‘sooner, faster, better and quicker’ service more efficiently and effectively. Insurtech is the necessary revolutionary tool to augment the process on certain product lines.

There is no ‘one size fits all’ approach, and we expect that insurtech will continue to evolve alongside emerging and innovative products and consumer demand to maximize efficiency and efficacy. Additionally, these technologies are expected to lower costs to the brokerage.”

“Agents have much to gain if they compete and partner with insurtechs. The industry has a huge disparity: Some agencies operating on paper and fax, while others have full-fledged digital service portals. Yet the customer experience is still fraught with jargon, friction and opacity.

By leveraging technology, agents can connect their processes with carriers across the value chain. Agents must adopt ‘test and learn’ approaches to evaluate and incorporate emerging technologies to deliver personalized and efficient marketing, sales and service experiences. Agents must participate in insurance technology to improve the customer’s experience, or the insurtechs will do it without them.”

THE NEW GOLD RUSH Globally, insurtech investment set a record of $4.2 billion for the year in 2018; by the first half of 2019, investment in the sector was already $3 billion, according to international M&A advisor Hampleton Partners. “In this high-growth sector, we have seen more VC funding being funneled into larger and higher-valuation deals that have already shown success,” said Hampleton Partners founder Miro Parizek. “Emerging technologies offer solutions to underserved markets, enhance business models or create new markets altogether. For example, insurtechs are taking advantage of global trends in smart home device tech to shift towards proactive risk management for homeowners, rather than reactive risk assessment, in this new disruptive business model.”

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UPFRONT

NEWS ANALYSIS

Not just selling insurance In the wake of natural disasters, brokers and agents are increasingly focusing on risk management to help clients weather the storm

FROM HURRICANE DORIAN and severe flooding in the Midwest to the Sonoma County wildfire in California, 2019 has brought its fair share of natural catastrophe events to the front steps of homes and businesses across theUS. As severe weather events continue to impact communities, insurance agents and brokers are increasingly emphasizing the importance of risk management to their clients.

“Risk reduction is the best way to go about risk management, and what you can’t reduce, you transfer to the insurance side,” says Wes Robinson, national property president at Risk Placement Services [RPS]. “Claims are emotional, claims are complicated, and they’re complex insurance documents that we deal with. If you can avoid or reduce that,

high-tide flooding each year by 2030. By 2050, the picture gets even worse, with an expectation of 25 to 75 days of flooding. At the same time, the flood insurance penetration gap is still a significant problem – penetration is only around 15%.

“There’s been this belief that if you’re not in what FEMA considers a high-hazard flood zone, you’re not going to have a loss from the peril of flood,” says Christa Nadler, executive vice president at RPS. “What’s happened over the course of the last few years is we’ve seen more and more flooding outside of those high-risk zones. All these people haven’t been buying insurance because they’re in Zone X, and they feel confident that because their loan or mortgage companies aren’t requiring them to buy it, they don’t have the exposure.

“There’s been this belief that if you’re not in what FEMA considers a high-hazard flood zone, you’re not going to have a loss” Christa Nadler, RPS that is the absolute best risk management practice you can have as an insured.”

Flooding in particular will be a problem for many US cities in the coming years.

According to the National Oceanic and Atmospheric Administration, coastal cities can expect a median of seven to 15 days of

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We have spent a much larger amount of our time educating our clients on the fact that just because you’re in Zone X doesn’t mean you don’t have the ability to flood.”

While floods tend to capture the headlines, there are other weather events that have also caused damage in the past year.

“One thing that’s really coming to a head is the hail type losses,” says Martha Bane, managing director of Gallagher’s property practice. “They’re becoming more repetitive, they’re impacting the same assets more and more frequently, and once the damage has been repaired, there’s nothing that stops that same roof from being damaged extensively in the same year with a second hail event.”

As these and other events become more frequent and property insurance programs become more challenging to place, brokers are working with clients on improving the data they can provide underwriters. Those in fire-impacted zones, for instance, can see benefits from implementing loss prevention plans like brush clearance, especially wildfire-exposed Californians, who tend to get a lot of automatic declines for insurance.

The same risk mitigation benefits apply to a

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THE CATASTROPHE PROTECTION GAP

Swiss Re estimates the worldwide protection gap for global catastrophe risks at around $80 billion

Over the past four decades, insurance has only covered 30% of the $4 trillion in a global property damage caused by extreme natural disaster events

As of 2018, only one out of every six homes in the US had flood insurance, leaving a protection gap of approximately $10 billion

More than 20% of NFIP claims are made on properties that aren’t considered high-risk by FEMA Source: Swiss Re

variety of CAT events.

“We are having conversations with our clients well in advance of their property renewal regarding their risk mitigation

tend to offer better terms, pricing and capacity to clients who take loss mitigation prior to a loss more seriously. As long as they see that they’re willing to invest in their busi-

“Insurance carriers tend to offer better terms, pricing and capacity to clients who take loss mitigation more seriously” Martha Bane, Gallagher plans and regarding their capital expenditure commitments to mitigate loss, such as replacing roofs with hail-resistant roofing products, bringing buildings up to code to withstand windstorms in excess of what they were originally built for, or even earthquake retrofitting,” Bane says. “Insurance carriers

ness prior to an event, their property insurance programs tend to have better results.”

She adds that risk management is a much bigger part of the broker’s role these days than it was even five or six years ago, when it was mainly focused on helping clients through the claims process post-loss.

Risk management advice is, of course, not new to the insurance industry. However, as climate and severe weather projections become gloomier, reducing risk by clearing brush around a home to protect it from wildfires or reinforcing buildings to safeguard them from water damage caused by flooding becomes that much more vital.

“For over a decade, the industry has been pushing this information down to the insureds,” Robinson says. “And now with the market the way it is, and the intensity and the frequency of these catastrophes, hopefully they’re heeding that information and they’re making those improvements. The cost of making that improvement is a one-time cost, [and] they might be able to avoid a claim altogether if they do the things that the insurance industry is more or less asking them to do to make them a better risk.”

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UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Digital Media Solutions

UE.co

San Diego-based insurtech UE.co is the developer of ZipQuote and the Comanche click platform

EPIC Insurance Brokers & Consultants

Prime Risk Partners

The acquisition adds about 600 people in 20 locations and more than $115 million in revenue

The Hilb Group

Gould & Naimoli Partners

G&N is a P&C agency that primarily provides personal lines insurance to real estate owners in New England

Hub International

W.R. Carey Corporation

All employees of Manitoba-based Carey Corp. will become part of Hub International Manitoba

Markel Corporation

VSC Fire & Security

VSC employs more than 1,200 people across 21 offices in nine states and the District of Columbia

Relation Insurance Services

S.T. Good Insurance

S.T. Good’s employees will continue to operate from the brokerage’s existing location in Newark, Delaware

Risk Strategies

Zito Insurance Agency

Zito serves industries ranging from broadcasting to real estate to nonprofits

Mercury extends landlord coverage to California

Mercury Insurance has made its landlord coverage available in California. The policy covers the costs to repair rental properties damaged by fires, lightning, wind or hail, along with lost rental income while properties are repaired, as well as resulting liability and medical expenses. Other coverage options under the policy include repairs for service lines on the rental property; a short-term home-sharing endorsement for properties listed on sites like Airbnb or VRBO; coverage for the landlord’s personal items within the rental property; and protection for critical home systems, appliances and electronics.

EPIC acquires Prime Risk Partners

EPIC Insurance Brokers & Consultants, the ninth largest privately held insurance brokerage in the US, has brought Prime Risk Partners into the fold.

Headquartered in Atlanta, Prime Risk Partners takes a consultative approach to commercial insurance, personal insurance, risk management and employee benefits. The brokerage has around 600 employees spread across 20 locations and more than $115 million in revenue.

“Joining EPIC will allow us to deliver an even broader and deeper set of capabilities and added value to our clients with the same commitment to excellence that has always been a hallmark of our partners,” said Prime Risk Partners chair and CEO Bret Quigley.

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Brit launches e-trading portal for cyber risks

Brit has introduced a cyber risks e-trading platform that will allow brokers to quote and bind policies in minutes, entirely online, with a maximum of four question responses. The e-trading portal will be available in both the US and the UK and will target small to medium-sized enterprises in both regions.

It is underpinned by Brit Cyber’s preventative risk management and breach response services and gives clients access to training modules, security trend updates and downloadable content aimed at helping businesses and employees protect against cyber events.

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PEOPLE Berkley rolls out workmanship liability

Berkley Construction Professional has introduced new coverage designed to address elements of property damage that are excluded from its contractor’s ISO commercial general liability policy. Coverage is triggered by a third-party faulty workmanship claim against the policyholder, but the claim does not have to allege negligence. “The insuring agreement covers the amount contractors are legally obligated to pay and even extends to the use of defective materials or products and breach of contract or warranty issues,” said Berkley Construction Professional EVP Raymond F.H. Bustamante.

Allianz unveils international healthcare plans

Allianz Care, the international health brand of Allianz Partners, has announced a new suite of private healthcare plans for families living away from home or those in the process of relocating. Designed to provide flexibility, the plans’ ‘mix and match’ approach allows customers to structure them based on their needs, including different levels of cover and add-ons. The plans can include family-friendly features such as maternity support benefits for preand post-natal care, coverage for incidental expenses in the days before and after childbirth, first aid courses, and child hearing exams.

MGA launches active assailant prevention program

MGA EC3 Brokers has collaborated with program writer Pioneer Programs Insurance Solutions and security firm 1st Watch Global to introduce a new resourced aimed at preparing clients for the possibility of an active assailant. The experienced team of ex-FBI agents and homeland security professionals at 1st Watch Global will assess the readiness of hospitals, shopping centers, educational institutions, places of worship and other locations for an assault by an active assailant. Clients will also receive a purpose-built action plan to use during and following an incident.

NAME

LEAVING

JOINING

NEW POSITION

Dave Cox

Starr Indemnity & Liability Company

Norman-Spencer

Managing director, transportation division

Jason Keen

N/A

Chubb

Division president, global markets

John Ludwig

N/A

Alliant Specialty

Co-chief operating officer

Joachim Müller

N/A

Allianz Global Corporate & Specialty

CEO

Chris Purcell

Purcell Planning and Design

PEMCO Mutual Insurance

Vice president and chief information officer

Kevin J. Rehnberg

N/A

Argo Group International Holdings

Interim CEO

Reid Sawyer

N/A

Marsh

Leader, US cyber risk consulting practice

Suzette Torres

AmWINS Group

Burns & Wilcox

Managing director

Jay Virdi

Burns & Wilcox

Hub International

Chief sales officer, cannabis insurance and risk services

William Wirth

N/A

Independent Insurance Agents of Illinois

President

Argo Group appoints interim CEO

Kevin J. Rehnberg has stepped in as interim CEO at Argo Group International Holdings, following the immediate retirement of CEO Mark E. Watson III, who will continue to serve as a board member and advisor until December 30.

Rehnberg served as president of Argo’s US operations from March 2013 to January 2019 before being named president of Argo Group US, head of the Americas and chief administrative officer.

“Kevin’s extensive leadership experience, including his strong track record running our Americas business, will ensure a smooth transition and position the company for continued growth and performance,” said Argo Group chairman Gary V. Woods.

Marsh names US cyber risk consulting leader

Marsh has appointed Reid Sawyer as leader of its US cyber risk consulting practice. Chicago-based Sawyer, a US Army veteran, brings two and a half decades of experience in identifying and managing critical risk issues facing businesses and government. He will lead the strategy and delivery of Marsh’s US cybersecurity consulting services, working closely with the cyber insurance brokerage team to offer a unified cyber risk management approach to clients.

“Reid’s extensive experience advising the military and business leaders on emerging risk trends and his keen analytical insight will further enhance Marsh’s ability to support our clients with cyber risk solutions,” said Marsh US strategic risk consulting practice leader Brannan Johnston.

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UPFRONT

WORKERS’ COMP UPDATE NEWS BRIEFS Sedgwick rolls out crisis care program offering 24/7 support

Sedgwick has enhanced its field case management services with the launch of a crisis care program, designed to offer 24/7/365 support and end-toend resources to help clients better manage all aspects of care following a violent workplace event, catastrophic incident or complex clinical situation.

Clients can contact a crisis nurse following a crisis or similar event; the nurse will assess the situation in real time and immediately deploy the appropriate resources, which include highly skilled physicians, field nurses, on-site behavioral health specialists and medical equipment experts.

Arch launches paid family and medical leave product

Arch Insurance has begun offering a paid family and medical leave [PFML] product to employers in Massachusetts.

The launch follows new legislation in the state, which requires all employers to make PFML coverage available for every worker. By default, all employees will be enrolled in state-sponsored PFML coverage. Arch’s new product is a private plan that meets the state’s criteria for PFML. Employers who purchase the product can file for an exemption from the state-sponsored plan and eliminate the need to contribute to the state fund; applications for exemption must be approved by December 20, 2019.

Midlands names new marketing representative for Texas

Workers’ comp wholesale broker and MGA Midlands Management Corporation has appointed Alison Garahan to the role of Texas marketing representative. Garahan will be responsible for driving Midlands’ sales

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strategies in the region, as well as identifying growth opportunities and supporting the company’s network of agents and brokers. “Alison brings a wealth of experience and knowledge to our sales and marketing team,” said Midlands EVP Colin Caldwell. “Her background in retail insurance means that she really understands agents’ and brokers’ challenges and how best to address them.”

MEMIC unveils podcast to promote safer workplaces

The MEMIC Group has released the initial episodes of its new podcast aimed at helping companies save a life or avoid an injury. Hosted by Peter Koch, a safety management consultant at MEMIC, the podcast covers topics such as seasonal workforce solutions, ergonomics, transforming workplace culture, safety leadership and caregiving for dementia.

“We’ve invested a lot of time and talent in the new MEMIC Safety Experts podcast because we’ve seen firsthand how devastating injuries can be to families and businesses,” said MEMIC president and CEO Michael Bourque.

Illinois sees higher-thanaverage medical payments

In Illinois, the average medical payment per workers’ compensation claim is more than 15% higher than the median of 18 other states examined by the Workers’ Compensation Research Institute [WCRI]. In a recent study, WCRI analyzed claims with more than seven days of lost time between 2015 and March 2018. “Prices paid for professional services in 2018 were higher in Illinois than in most other study states,” said Ramona Tanabe, executive vice president and counsel at WCRI. “This was due to relatively high fee schedule rates, which ranged from about 45% to 513% above Medicare rates in Illinois in 2019.”

Spotlight on retail sector risk A new report offers a wake-up call to retail employers to implement safety training to mitigate common injuries Injuries cause retail workers to miss an average of about 24 days of work each year, according to AmTrust Financial’s recent Retail Sector Risk Report, which examined more than 20,000 retail workers’ compensation insurance claims from 2016 to 2018.

In addition, the report identified the top three retail workplace injuries with the highest average payout: fall or slip from ladder or scaffolding ($21,000), strain or injury by repetitive motion ($14,000) and motor vehicle collision with another vehicle ($13,900).

Of the top 10 injuries, 22% of reported claims and 23% of payouts were associated with lifting-related injuries. The report also named the most hazardous retail classes: meat, fish or poultry; hardware; automobile parts, accessories and drivers; and barbershop, beauty parlor or hairstyling.

“Analyzing three years of data gave us new insights into why people in retail miss work, what kind of injuries are the worst or most expensive for employers and how long it takes for an employee to return to work,” said Matt Zender, senior vice president of workers’ compensation strategy at AmTrust Financial.

In addition, AmTrust found that men tend to report injuries more frequently than women, and the average loss paid is greater for men ($11,641) than women ($7,030).

There’s also a correlation between age and

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average payout amounts – while older, more experienced workers had fewer injuries, their injuries were more likely to be severe and involve a higher payout.

According to Zender, the report’s results reinforce AmTrust’s belief that operations and safety training are essential in the retail sector – especially for younger workers, who have been making more workers’ compensation claims with the company.

“A key step that fourwall retailers can take … is to pay close attention to how safety programs interface with new-hire programs” “A key step that four-wall retailers can take to control their workers’ comp cost is to pay close attention to how safety programs interface with new-hire programs,” added Jeff Corder, AmTrust’s vice president of loss control. “Incorporate a safe-work mindset into your overall program every step of the way. A practical, real-world tip is to assign a qualified, experienced mentor to each new hire so they can be shown the right way to do things, the safest way to do them and, more importantly, so they have a person they can readily go to if they have questions or face a job or hazard they’re unsure about.”

Q&A

Richard Bird Chief operating officer MIDLANDS MANAGEMENT CORPORATION

Years in the industry 21 Fast fact Before joining Midlands in 2007, Bird spent nearly eight years as an executive director at Gallagher

The pulse of the excess market What’s the current state of the excess workers’ compensation market?

We have seen some hardening in the marketplace over the last year. I think the market is generally continuing to see self-insured retentions [SIRs] increasing as part of that firming. Generally, those insureds with lower SIRs compared to their severity exposure are seeing more pressure than those entities with higher retentions.

Many have described the standard workers’ compensation market as being in sustained soft conditions. How has that impacted the excess market?

We aren’t seeing too many instances of individual employers taking the decision to self-insure their workers’ compensation exposures for the first time – maybe a handful a year, which I would attribute in part to the current market conditions. Self-insured groups are continuing to face challenging conditions due to underlying rates, but in general, those groups providing additional services and resources to their members are maintaining profitability and growing. The excess market is adapting, too, providing risk management services and resources that can benefit the selfinsurer and members of the self-insured groups.

Are there particular classes of business that are challenging or are experiencing higher loss ratios?

I’m not observing any specific classes of business that are suffering higher loss ratios currently. The exposure that is sometimes not considered by many, but certainly creates a high proportion of the severe losses we see, is motor vehicles. Although many accidents that occur are not the fault of an insured employee, investment in loss prevention in this area – including policies regarding driving style, seatbelt usage and the removal of driver distractions – is likely to pay for itself many times over.

What are the trends in self-insured groups?

Self-insured groups continue to have a very positive impact on their membership. We are seeing continued payroll growth from most of our self-insured group partners, especially those that have an engaged membership who are seeking additional risk management services and information from the group to help them implement policies to keep loss experience low.

How is technology transforming excess workers’ comp?

We are maximizing the use of technology in the delivery of risk management training to our partners’ employees. Whereas historically, seminars required many employees to be present at one location to deliver training, now employees are able to view our risk management content in the form of webinars and videos, at times convenient to them, on desktop or mobile devices, many producing certification that the module has been reviewed.

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UPFRONT

TECHNOLOGY UPDATE

Future-proofing insurance businesses Global insurers are already adapting to the insurance industry of tomorrow

vation mindset via several platforms that allow its employees, customers and distrib­ utors to participate in the process. Sumeet Bhatia, Zurich’s head of innovation in North America, points to the company’s Idea Center, where employees can share ideas based on their personal experiences in the marketplace. To date, the platform has generated more than 700 ideas.

“Every organization that wants to survive needs to … continue to develop new capabilities”

Innovation in insurance isn’t just a fad – it’s here to stay and is shaping the future busi­ ness models of many insurance compa­ nies. According to Accenture’s Technology Vision 2019 survey, 96% of insurance execu­ tives said the pace of innovation in their orga­ nizations had accelerated over the last three years due to emerging technologies.

Many global insurers are adapting their businesses accordingly. This year, AXA Group launched AXA Next, which focuses on building new services and business models beyond insurance. AXA Next brings together

NEWS BRIEFS

five vehicles that were already in operation at the organization, including Kamet, AXA Venture Partners, AXA Labs, AXA Partners and AXA Global Parametrics.

“What we have done is to say, let’s bring these different units together under one roof called AXA Next and harmonize the investment boards across these vehicles so that you have natural interactions between the different vehicles and natural synergies as well,” explains Bastiaan de Goei, head of AXA Next US. Meanwhile, Zurich is fostering an inno­

Allianz partners with Microsoft for digital innovation

Allianz has teamed up with Microsoft to further its digital transformation efforts. Allianz will migrate core pieces of its global insurance platform, Allianz Business System [ABS], to Microsoft’s Azure cloud and will make parts of ABS open-source to improve and expand its capabilities.

Microsoft will also collaborate with Syncier, the B2B2X insurtech founded by Allianz, to offer a configurable version of ABS. Known as ABS Enterprise Edition, it will offer an advanced, comprehensive platform to insurance providers.

16

Zurich has also established an Innovation Lab that hosts design sprints, workshops, hackathons and brainstorming sessions for employees, as well as broker and customer workshops and summits.

The risk management piece of the puzzle is important to Zurich as well, evidenced by its approach to preventing water damage to homes by providing water leak sensors to customers. And the insurer is keeping a close watch on emerging risks – from micro­ mobility in the form of e-scooters to the growing gig economy – so it can build solu­ tions that address those new risk areas.

“We all know change is happening at a very rapid pace,” Bhatia says, “and I think every organization that wants to survive needs to make sure that they continue to develop new capabilities.”

TransUnion’s DriverRisk joins Duck Creek Policy

Duck Creek Technologies has forged a new partnership with TransUnion to integrate its DriverRisk product with Duck Creek Policy, allowing carriers to access information such as motor vehicle records, pre-filled violation details and out-of-state convictions. The addition of TransUnion’s DriverRisk will allow Duck Creek Policy to improve rating and underwriting, as well as measure and manage portfolio risk. It will also help carriers reduce MVR-related expenses and allow them to optimize their marketing spend and lead quality.

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Q&A

Michael DeGusta

Going beyond the back office

CEO CLARIONDOOR

Years in the industry 20 Fast fact DeGusta worked for Apple before his foray into insurance

What does ClarionDoor bring to the insurance industry?

We believe that, for too long, insurance systems have either tried to do everything or they have prioritized the needs of the back office, focusing on policy administration, billing, accounting – and it was time to focus on the needs of product innovation, sales and distribution.

Most traditional systems put a heavy burden on the carrier, requiring them to install software locally, maintain servers and infrastructure, develop their own integration layers, and deal with trying to keep all of that in sync and up to date. We knew there was a better way, which is why our solutions were built for the cloud from the ground up with an API-first architecture.

What do you consider the biggest challenge in insurance technology adoption?

Although there is great attention on new technology, we believe there is a lack of focus from the industry on understanding what that technology does and how it solves real problems. It appears as though insurers are not asking these fundamental questions: What problems are we trying to solve? Why is it a problem? How will this new technology solve it?

Another major challenge is being too invested to back out! It’s amazing to see so many insurers on year three of a new technology implementation project. At some point, they need to realize that they have either chosen the wrong solution or they

Travelers taps analytics developer Groundspeed

The Travelers Companies has partnered with Groundspeed Analytics to leverage artificial intelligence to improve insurance processes. Groundspeed’s technology solutions organize unstructured data from submission documents and will save underwriters from having to manually go over them to determine clients’ risk.

The use of AI will also allow agents and brokers to write business more quickly. The two companies plan to collaborate on the design of further AI capabilities to automate commercial insurance analytics.

didn’t understand the problem they were trying to solve. Either way, it becomes a disservice. Anytime a vendor takes that long, something is wrong.

In your experience, how receptive have insurance agents and brokers been to new technology?

Technology has definitely taken a leap forward, and insurers have been very receptive to embracing this new tech. However, too often, insurers are focusing in the wrong areas. Brokers, for example, need the accessibility to market products in order to provide the best guidance to their customers. If an insurer is still challenged in distributing their products and making them available to the brokers, then they are not likely to gain that business. There tends to be a lot of attention on artificial intelligence, machine learning and blockchain – none of which solve the problems of product distribution.

In terms of opportunities, where do you see the most promise?

We are seeing more and more insurtech startups reshaping the way traditional insurers have thought of insurance. With all of the data sources that are available and modern technology solutions, the new insurtechs have recognized that there’s a better way to deliver insurance products, and the traditional insurers are seeing this, too. That’s why there has been a significant increase in top-tier insurers investing heavily in insurtech.

Guidewire launches update for InsurancePlatform

Guidewire Software has released the 2019.2 version of its Guidewire InsurancePlatform, giving insurers support to deliver an omnichannel digital service. Designed to allow P&C insurance professionals to use data in new ways, improve digital engagement and innovate faster, the updated platform includes twoway synchronization between Guidewire Digital and Salesforce Financial Services Cloud, enhanced workflow and navigation in InsuranceNow, new data analysis tools, and additional third-party solution integrations.

EverQuote and Bold Penguin go commercial

Online insurance marketplace EverQuote and insurtech Bold Penguin have teamed up to launch a commercial lines platform. EverQuote will use Bold Penguin’s terminal and exchange infrastructure to grow the market for online commercial insurance shoppers and providers. “We admire the technology and data platform that Bold Penguin has built … and believe that working together we will have a larger impact on the commercial insurance landscape,” said EverQuote CEO Seth Birnbaum.

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22/11/2019 4:03:48 AM

PEOPLE

INDUSTRY ICON

ADVOCATING FOR PEOPLE Andy Barrengos honed a people-first approach early on in his career, taking it with him to his current position as CEO of Woodruff Sawyer

IN 1986, while studying at Wesleyan University in Connecticut, Andy Barrengos walked into an on-campus interview with Chubb and unknowingly took his first step into a decades-long insurance career.

“They said, if you want to be a doctor, a lawyer or an engineer, don’t waste your time with us,” Barrengos recalls. “But if you don’t know what you want to do and you’re interested in understanding not only how different kinds of businesses work, but how to understand those businesses through the lens of risk – and risk mitigation and risk assumption – we’ll teach you about all of that over the next year.”

Soon enough, Barrengos found himself in an office in New Jersey, starting a 12-week training program alongside 50 other trainees from across the US. Eleven months later, his work with Chubb took him to Silicon Valley, where he got his first taste of the intersection of insurance and technology.

After several years working in a variety of underwriting and management positions at Chubb in California and Maryland, Barrengos decided he wanted a role that put him closer to the customer. A position with multinational broker Sedgwick fulfilled those needs, but it still wasn’t as customer-focused as Barrengos wanted.

“I wanted something smaller where I could see more of the impact that I was having, for

18

better or worse,” he says. “So, I joined this 75-year-old brokerage firm in San Francisco that I had both serviced as an underwriter at Chubb and competed with as a broker when I was at Sedgwick. And that firm was Woodruff Sawyer.”

When Barrengos joined in 1996, Woodruff Sawyer had a team of 60 and around $11 million in revenue. Barrengos was brought in to run the technology and life science business, and his trajectory for the next 23 years involved developing the business, taking care of clients

sound trite because we operate in a crowded field that can be mediocre, but a cornerstone of our job, with a capital A, is to advocate for our clients.”

A declaration of independence A significant component of Woodruff Sawyer’s success has been its private and independent ownership structure. Before 2008, brokerages often sold to a handful of big brokers, but after the financial crisis, private equity became the dominant buyer, thanks to favorable interest

“It may sound trite because we operate in a crowded field that can be mediocre, but a cornerstone of our job, with a capital A, is to advocate for our clients” and assuming key leadership roles, including joining the board in 2008 and becoming CEO in 2016. His people-first approach continues to this day.

“If you ask me what business we’re in, it is to help people – our Woodruff colleagues and our clients,” he says. “We do this by providing the best people, advocacy, advice and service to a variety of decision-makers – CFOs, heads of HR and general counsels. It may

rates, as well as the business’s low cost of entry and strong renewal rates.

“This has absolutely transformed the business,” Barrengos says. “If you look at the list of the top 50 brokers in the United States in terms of revenue, there are five or so public firms, a handful of larger private independents like us and many private-equity-owned firms.

[Their involvement] isn’t bad, but one of the consequences of any new owner is a change

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22/11/2019 4:19:16 AM

PROFILE Name: Andy Barrengos Title: CEO Company: Woodruff Sawyer Based in: San Francisco Years in the industry: 33 Fast fact: Woodruff Sawyer serves more than 4,000 businesses across the globe, from startups to Fortune 500 companies

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22/11/2019 4:19:25 AM

PEOPLE

INDUSTRY ICON

in culture that occurs because a new owner in your business may have different priorities.”

The reason that Woodruff Sawyer has remained private and independent is because “we want to control our destiny,” Barrengos says. “I want and our board wants to be able to have the flexibility to invest our profit the way we believe will be best for our people and our clients for the long term.”

The company’s leadership has taken intentional steps to remain private, deliberately building perpetuation plans and economic models where employees were brought into the shareholder group to distribute ownership.

“It is not an overdramatization to say that were it not for the decisions and the sacrifice of less than four or five people over the last

in traditional ways,” Barrengos says. “Maybe a company’s balance sheet can be leveraged to offset and mitigate more efficiently, or emerging risk areas unique to a company or an industry vertical can be addressed in new ways.

Looking at risk differently and being creative about solutions – even through traditional risk transfer methods – is an important part of why we are successful competing with companies that are bigger and have more resources.”

While there will always be a need for generalized brokerages, Barrengos sees the industry moving towards specialization.

“If everybody thinks that the only complicated companies on the planet are in the Bay Area or the Boston 128 corridor or in innovation centers around the world, talk to a lumber

“Looking at risk differently and being creative about solutions is an important part of why we are successful competing with companies that are bigger and have more resources” 30 years, this company would’ve had to sell,” Barrengos says. “You could not fill a small room with people who, when no one’s looking, would have said, ‘I’ll give up today for the benefit of the company tomorrow.’ There is no stronger statement about our culture than that.”

Specialization over generalization Private equity investment isn’t the only way the business is changing. Evolving risks are demanding more specialized expertise from brokers. Because of Woodruff Sawyer’s close ties to the tech industry in San Francisco, the company is more than a little familiar with identifying new risk areas and creating solutions that make sense.

“You still need insurance for many aspects of your business, but we need to think differently about how to manage and transfer risk because it doesn’t necessarily need to be done

20

mill owner in the Pacific Northwest or a farmer in the San Joaquin Valley,” he says. “Those are some of the most sophisticated business owners out there, and they need specialization and expertise from a brokerage partner to address their complex risk problems.”

Looking to the future, Woodruff Sawyer is investing in specialized expertise and new risk advisory services to ensure the brokerage is around for the next 100 years.

“If we want to continue to be relevant to our people and our clients – our employees and clients of today and tomorrow – we have to continue to improve,” Barrengos says. “The way we improve as a complex risk advocate and advisor who has made a big investment in its resource and service platform is through expertise and specialization, with people who are passionate about helping clients – and going deeper and broader on that investment.”

WOODRUFF SAWYER

BY THE NUMBERS

1918

Year E.L. Woodruff founded E.L. Woodruff & Sons in San Francisco, focusing on life insurance

17

Number of Woodruff Sawyer offices, including 16 in the US and one in London

9

Number of awards the brokerage has received for its workplace culture and business presence

500+

Number of people employed by Woodruff Sawyer across the US

57%

Proportion of senior leadership positions at Woodruff Sawyer occupied by women

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22/11/2019 4:19:27 AM

UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email iba@keymedia.com

Generation work at home In order to survive, the insurance industry needs to court the next generation with the promise of remote work, writes Tony Cañas

BY FAR, the number-one career question I get from experienced insurance professionals is, “How do I find a remote opportunity?”

With insurance unemployment hovering between 1% and 2% for the last couple of years and expected to stay there for the foreseeable future, it’s clearly an employee’s market. The talent is setting the rules.

Generationally speaking, remote work is a crucial issue for our industry. If you give an older millennial like myself one or two workfrom-home days a week, we’re probably happy campers because we had to commute for the first decade of our careers.

But Gen Zers are different. They’ve grown up with an iPhone in their pocket since middle school, and they went to college during a time when budget cuts often resulted in classes being moved online. They are accustomed to being able to get their work done from anywhere.

This is the generation that the industry needs to focus on. They are not going to understand why they need to be in the office every day. They’ll be OK with coming into the office for training, team-building and other strategic activities that truly benefit from in-person interaction. If we force them to come into the office three or four times a week, they’ll just choose to work in another industry. Remember that they didn’t grow up wanting to work in insurance. In their first few jobs, they’re not yet committed to the industry.

Gen Xers factor in, too. Boomers, who have been the bulk of the insurance workforce for decades, are finally retiring and, especially at

the executive level, are largely being replaced

by Gen Xers.

Gen Xers are much more focused on work-life balance than their workhorse forebears. In days gone by, when a recruiter called a director and asked them to interview for an AVP role, they would almost always be interested; these days, a response of, “I’m interested, but I’m not relocating” is more common. Gen Xers are much less willing to

off-the-shelf technology.

Consider that 63% of companies already have remote workers. Gallup found that employees are 43% less likely to burn out if allowed at least some work-from-home time. Sixty-five percent of workers said that remote work would increase their productivity. Regular partial work from home has expanded 140% since 2005. Worldwide, 4.8 million people are now digital nomads who can work from anywhere. This trend is growing and is not going to go away.

Commutes are wasted time and don’t benefit the employee, the employer or the customer. Would you rather your employee spent an hour commuting into the office, worked eight hours in the office, commuted an hour home and then worked no more?

Or would you rather they have a 30-second commute, start working at 6:30 a.m., take a break for dinner and then often sit back down and work for another hour or two in the evening? The research is clear: Remote workers are more productive and more engaged. It’s a true win-win.

“If we force Gen Zers to come into the office three or four times a week, they’ll just choose another industry. Remember that they didn’t grow up wanting to work in insurance” put their families through a corporate relocation. Between Gen Zers and Gen Xers, we’re going to be forced to get good at remote work.

Insurance is the perfect ecosystem to allow remote work. Almost no insurance jobs require physical presence. We don’t make widgets. We’re making promises and delivering on those promises and trying to make sure we do so profitably.

If you run a traditional insurance agency or brokerage, there’s a case to be made that you need a couple of people physically in the office to handle foot traffic. In claims, there are some things that are better done in person – at least for now, until the technology gets better. Other than that, almost all insurance jobs can be done remotely with today’s

They say the future is here – it’s just not evenly distributed. At this point, most large carriers offer one or two days a week from home to almost all employees, and at least one carrier is working on getting to three days a week from home.

Remote work is here, and people will choose to work for those companies that accommodate it instead of you if you don’t adapt. And if you can’t trust employees to work from home, you probably shouldn’t hire them at all.

Tony Cañas is the chief motivational officer at Insurance Nerds and a client advisor at The Jacobson Group.

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22/11/2019 4:27:10 AM

SPECIAL REPORT

HOT 100 2020

HOT Insurance Business America

2020

100

Meet 100 insurance professionals who have rocked the industry with their innovations, leadership and achievements over the past 12 months HOT 100 2020 INDEX NAME

COMPANY

Amy K. Aeschliman

American E&O Insurance Services

PAGE 24

Trevor Baldwin

Baldwin Risk Partners

50

Brenda Ballard Austenfeld

RT Specialty

42

NAME

COMPANY

NAME

COMPANY

Chris Dellavecchia

Tapco Underwriters

50

Timothy Gardner

Lockton Global Re

39

Will Denbo

Commercial Insurance Associates

30

Kimberly George

Sedgwick

51

Stephen J. Donaghy

Universal Insurance Holdings

51

Michael S. Gill

Synapse Services

48

National Council on Compensation Insurance

Daniel S. Glaser

Marsh & McLennan Companies

40

39

Evan Hecht

The Flood Insurance Agency

47

PAGE

PAGE

Chris Bading

Brown & Riding

28

Bill Donnell

Will Barnett

CRC Group

34

Mike Donovan

Beazley

27

Karl Henley

SeibertKeck Insurance Partners

48

Jill Beggs

Munich Re Specialty Insurance

44

James C. Drinkwater

AmWINS Group

25

Nicholas J. Hentges

Captive Resources

29

Michael Blackshear

Ryan Specialty Group

32

H. Garrett Droege

TechAssure Association

46

Kris Hill

QBE Insurance Group

42

Robert B. Blasio

GB Specialty

33

Marcus F. Eagan

Eagan Insurance Agency

31

Lyeng Ia-Boseman

Bolton & Company

27

Kyle Burnett

AXA XL

25

Mary Jeanne Egleston

Hub International Northeast

37

John F. Jennings

JenCap Holdings

36

Jason Busti

Axis Re

27

Julie Evarts

EHD

32

Cristi Carrington

Brown & Riding

48

Lance Johnson

Insurance Network Agency

44

Zachary Fanberg

Eagan Insurance Agency

46

John L. Carter

Nationwide

33

Susan Johnson

The Hartford

47

Jeanne R. Fenster

W. R. Berkley

49

Joel D. Cavaness

Risk Placement Services

35

Danielle Kaminski

Charles Taylor Adjusting

28

Michael Ferber

Dovetail Insurance

31

Alan Jay Kaufman

H.W. Kaufman Group

41

Renae Flanders

Aon

25

Emilee Kuhn

Arch Insurance

43

Robert Foote

Frank H. Furman

43

Dan Lau

Robertson Ryan & Associates

39

Maureen Gallagher

AssuredPartners

34

David Lockton

Lockton

33

Henry Christian

AHT Insurance

34

Olga Collins

Beecher Carlson Insurance Services

26

Mike Daoussis

Newfront Insurance

40

Matthew Davids

22

Hub International Northeast

39

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22/11/2019 6:14:41 AM

0

T 10 HO

20 0 2

ALESSANDREA QUANE IT’S IMPOSSIBLE to anticipate what a year will bring. Natural disasters.

Technological advances. An erratic market.

Retirements, promotions, evolving industry trends, changing consumer demands. But despite the unpredictability, the insurance industry has continued to thrive – and much of that success can be attributed to the following 100 individuals.

From presidents of companies who have branched out to launch new firms to insurtech and cyber innovators to third-generation insurance professionals climbing the ladder of the family business, the 100 men and women on the following pages have used the last 12 months to push the industry forward. Their inclusion on IBA’s annual Hot 100 list is a testament to the mentorship, vision and dedication they displayed this year.

Executive vice president and chief risk officer AIG

Alessandrea Quane brings more than 20 years of experience to her role on the executive leadership team at AIG, where she oversees value-based performance metrics and risk management on an enterprise-wide basis. Quane has held increasingly senior roles within the risk and actuarial departments at AIG and has extensive experience in both the domestic and international markets. Prior to her tenure at AIG, she specialized in pricing and research for non-standard auto at Allstate.

Outside of the office, Quane is involved with the North American Chief Risk Officer Council, Casualty Actuarial Society, American Academy of Actuaries and Institute of Actuaries. She is a frequent speaker on global enterprise risk management, the importance of women in leadership positions and the promotion of the insurance industry in the educational system.

She also as an executive sponsor of AIG’s Women’s Executive Leadership Initiative; is a member of the Drake University School of Actuarial Science & Risk Management advisory council, the business advisory council of Gamma Iota Sigma and the Global Association of Risk Professionals board of trustees; and is a 2019 David Rockefeller fellow.

NAME

COMPANY

PAGE

NAME

COMPANY

David Macknin

Alper Services

25

Michele Porto

CH Insurance Brokerage

PAGE 30

NAME

COMPANY

Cristina Schoen

Allianz Global Corporate & Specialty

Rick Manasco

USI Insurance Services

45

Marya Propis

All Risks

24

Tina Mangum

Frank H. Furman

33

Scott Purviance

AmWINS Group

Annette R. Martinez

State Farm

51

Alessandrea Quane

PAGE 38

38

Martina Seferovic

Outsource Insurance Professionals

44

AIG

23

Negar Sharifi

AssuredPartners

29

Gregory & Appel

37

Phillip Masi

AssuredPartners

27

Susan Rider

Michael J. Sicard

USI Insurance Services

46

David H. McElroy

AIG

37

Heath Ritenour

Insurance Office of America

30

Timothy M. Sweeney

Liberty Mutual Group

44

Katie McGrath

Swiss Re

49

Susan Rivera

Tokio Marine HCC

37

Peter R. Taffae

ExecutivePerils

32

Tony McIntosh

C3 Risk & Insurance Services

28

Laird Rixford

36

Truitt Taylor

CRC Group

30

Jennifer Nierenberg Metzger

Insurance Technologies Corporation

Hiscox

36

Brian Thornton

ProWriters

43

Leah Robinson

My Member Insurance Agency

38

Mark Walls

Safety National

42

Pascal Millaire

CyberCube

29

James A. Roe

Arlington/Roe

26

Andrea Ward

CRC Group

50

Morgan Moore

Worldwide Facilities

49

Anton Rosandic

Alkeme Insurance Services

24

Russell Warye

Benefit Partners Financial Group

28

Patrick Nails

Arch Insurance North America

26

Patrick G. Ryan

Ryan Specialty Group

51

Brad Weisberg

Snapsheet

47

Bryan Sanders

Markel

38

Daniel R. Westcott

W. R. Berkley

36

Mark Sangenito

CRC Group

42

Mark Wilhelm

Safety National

45

Joe Scarlato

Lowers Forensics International

43

Kamilah Williams-Kemp

Northwestern Mutual

40

Jessica Scelzi

The Zebra

46

Gordon Wintrob

Newfront Insurance

32

Rekha Schipper

Tangram Insurance Services

50

Ed Zaccaria

Chubb

31

Carly Nix Gail B. Oliver Courtney Osborne Michael Phillips

All Risks Sedgwick El Ad Group Allianz Global Corporate & Specialty

40 47 31 24

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SPECIAL REPORT

HOT 100 2020

MARYA PROPIS Senior vice president and director of distribution and broker partnerships ALL RISKS

Marya Propis joined All Risks in 2018 after holding leadership roles at AIG and Lexington Insurance. As the company’s SVP and director of distribution and broker partnerships, she defines and drives distribution priorities, manages retail broker partnerships, and ensures the execution of partnership and growth initiatives, all while seeking to shape a new future for the industry by advocating for inclusion, collaboration and the development of emerging leaders.

“Being independent and privately held allows All Risks to be extremely client-centric in our investments and efforts with key retail relationships,” Propis says. “I love leveraging

ANTON ROSANDIC COO ALKEME INSURANCE SERVICES

Tapped for his deep operational experience in the carrier, reinsurance, MGA and retail channels of the insurance industry, Anton Rosandic was a central player in the formation of the new agency affiliate program Alkeme Insurance Services. Rosandic’s extensive operational and legal experience includes taking companies from startup to sale or IPO; holding positions in the financial services and P&C industry, including with insurance companies, agencies and thirdparty vendors; and co-founding a 50-state multiline, fully vertically integrated P&C insurance group generating more than $625 million in annual premiums.

To get Alkeme up and running, Rosandic handled the extraction of agencies from their old affiliates, built and executed a new operational platform, negotiated new carrier contracts, established profit share agreements, and aligned multiple MSAs with technology companies to streamline operations. Alkeme is now managing more than $200 million in annualized premium across eight locations and is working toward providing a suite of services.

Rosandic is actively involved in the board for Alkeme and is also a co-founder of the lead acquisition tool Brokkrr.

24

MICHAEL PHILLIPS Regional head of cyber, media and technology claims, North America ALLIANZ GLOBAL CORPORATE & SPECIALTY

Earlier this year, Michael Phillips was appointed the regional head of cyber, media and technology claims for North America

AMY K. AESCHLIMAN President AMERICAN E&O INSURANCE SERVICES

After spending more than two decades as president of Eastern E&O Brokers in Glastonbury, Connecticut, Amy K. Aeschliman started a new company, American E&O Insurance Services, earlier this year. American E&O specializes in the placement of insurance

and maximizing our strengths in specialization and geography ... and am invigorated to work in an environment where every senior leader understands that significant growth is the result of listening to our broker partners.”

Propis was named the 2019 Insurance Professional of the Year by the New York City Association of Insurance Women and was a member of IBA’s 2019 Elite Women list. She is chair of the board of the Spencer Educational Foundation, sits on the industry advisory council for Temple University’s Fox School of Business RIHM department, is on the board of trustees for Canisius College and is a board member at large for Disabled Sports USA.

at Allianz, charged with leading a team that handles claims arising from data protection, privacy and cybersecurity events. He’s also responsible for guiding policyholders through responses to data breaches and network intrusions, managing the litigation and regulatory investigations caused by data breaches, and evaluating cyber business interruption claims.

Phillips is a regular speaker at cyber risk conferences. He frequently writes about legal issues and has been published in The New Yorker, Bloomberg and BuzzFeed, in addition to contributing to legal treatises on surveillance and commercial litigation in New York courts. He recently concluded his 10th year on the executive board of the New York American Inn of Court and regularly volunteers at the Henry Street Settlement, New York’s historic social services nonprofit on the Lower East Side.

agents’ and brokers’ professional liability for all sizes and types of insurance professionals.

Powered by her 25-plus years of experience in the professional liability arena, Aeschliman says she looks forward to “providing clients and prospective clients with comprehensive, cost-effective coverage solutions,” and that she and her team “will always work hard to earn clients’ business and strive to offer professional, prompt and courteous service.”

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JAMES C. DRINKWATER President AMWINS GROUP

DAVID MACKNIN

With more than 30 years of insurance experience, James Drinkwater has extensive experience in E&S casualty, wholesale and specialty brokering. He joined AmWINS Group in 2004 as COO of the brokerage division and, four years later, was named president of the division. Prior to AmWINS, Drinkwater held executive positions with Stewart Smith Group and Willis Group. He began his career in the London market.

A former board member of NAPSLO and WSIA, Drinkwater is involved in fundraising for charitable organizations such as the Cancer Hope Network, St. Baldrick’s and The Pink Agenda, and is an active participant in many industry and educational organizations. Most notably, Drinkwater competed in the New York City Marathon to raise funds for The Pink Agenda’s efforts to find a cure for breast cancer. He personally raised $64,500, the third highest amount ever raised for a charity via the marathon.

President and CEO ALPER SERVICES

RENAE FLANDERS

As the leader of one of the Midwest’s largest independent insurance brokerages, David Macknin guides a team of experts to deliver best-in-class risk management and insurance services to middle-market businesses and organizations around the globe. During his seven-year tenure as head of Alper Services, Macknin has doubled revenue and recently designed and leads the Alper Producer Academy, an educational program for the agency’s future producers.

With more than 35 years of experience in risk management, property & casualty insurance and employee benefits, Macknin is widely recognized for partnering with professional services, technology, real estate, manufacturing and social service organizations to properly identify, understand, measure and address their business risks.

In addition to his role at Alper Services, Macknin is on the president’s committee of the Development School for Youth – All Stars Program, a Chicago-based nonprofit that pairs young people with business professionals. He also serves on the board of CJE, a nonprofit geared toward older adults, and teaches honors business entrepreneurship at Highland Park High School, where his daughter is a student.

Chief operating officer, construction services group AON

Renae Flanders has been with Aon for 23 years and currently serves as COO for the company’s construction services group in the US, partnering with her team to deliver growth to the firm and ensure a strong operating model for the business. Immediately prior to this role, Flanders spent a year as deputy regional leader and nine years as chief financial officer for Aon’s US retail operation.

In addition to her duties as COO, Flanders co-chairs Aon’s US diversity and inclusion council, which has a mission to be intentional in its efforts to realize employee equity, diversity and inclusion by raising awareness and creating professional opportunities that will help Aon deliver the highest level of excellence. She is also a CPA and a member of the CFO leadership council.

Flanders received a Women of Distinction Award from the Philadelphia Business Journal in 2015 and was named to IBA’s Elite Women list earlier this year.

KYLE BURNETT Head of E&S property AXA XL

During his 11-year career in insurance, Kyle Burnett has become known for his ability to create effective underwriting strategies and find optimal insurance solutions for his clients. Two years ago, he was instrumental in helping reinsurers overhaul their E&S property portfolios to better withstand market volatility, helping

to lessen a potentially bigger impact to E&S business due to natural catastrophes. Burnett’s current focus is on building and maintaining a strong portfolio and taking part in a global team effort to help underwriting colleagues learn as much as possible from losses by developing guidelines, checklists and other tools to strengthen underwriting assessments.

Named to IBA’s Hot List and Young Guns list in 2018 and IASA’s Top 30 Under 30 in 2017 and 2018, Burnett is described by colleagues as “one of the hardest-working individuals you will ever meet. For everything people see, there is so much more you don’t.”

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SPECIAL REPORT

HOT 100 2020 Patrick Nails joined Arch Insurance in 2004 and held a number of positions in the company’s legal, claims and reinsurance departments before being named general counsel in 2012 and chief claims officer in

PATRICK NAILS Chief claims officer and general counsel ARCH INSURANCE NORTH AMERICA

JAMES A. ROE President and CEO ARLINGTON/ROE

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2018. Prior to joining Arch, Nails spent 10 years at the Kemper Insurance Companies and five years in private practice in his hometown of Chicago.

As the leader of Arch’s claims pod, Nails works with leaders across all disciplines of the company to streamline tasks, expedite the payment of claims and implement AI for cost and time savings. His team’s accomplishments include reducing the duration of claims; adding new roles to free up skilled staff for more analytical and complex tasks; and addressing fast-track, mid-line and complex claims with the appropriate resources and timelines. Nails is also active in the insurtech community, identifying AI technology to improve the first notice of loss process.

Outside of his work at Arch, Nails serves on the advisory board at LeMoyne College and is a guest lecturer at Temple University.

James Roe leads Arlington/Roe, an independent family-owned MGA and wholesale insurance brokerage founded by his father in 1964. Roe joined the agency after graduating from Indiana University and became president and sole owner after his father’s untimely death in 1987. Thanks to his dedication to living by the Golden Rule, Roe has attracted many talented associates to the agency and has grown premium volume from $1.3 million in 1980 to $220 million today.

Roe is active in his community and the industry, contributing to university insurance programs and serving as a former president of the AAMGA and past director of NAPSLO. He was the first honorary commissioner of insurance in Indiana in 1990. Additionally, he serves on the board of Scecina Memorial High School in Indianapolis, and he and his wife are active in their church and community education and service programs. A familiar face in IBA, Roe is a Hot 100 regular and was part of the magazine’s first Hall of Fame class.

OLGA COLLINS Managing director and multinational practice leader BEECHER CARLSON INSURANCE SERVICES

As leader of Beecher Carlson’s multinational practice, Olga Collins is responsible for monitoring insurance regulations and practices worldwide, coordinating the practice’s efforts and strategies with all product groups, assisting with clients’ multinational needs, and managing relationships with international brokers and carriers.

Prior to joining Beecher Carlson in 2014, Collins spent more than 14 years at UPS, where, among other positions, she served as risk manager and was responsible for managing the global property, international casualty, excess liability, employment practices liability, and global and local insurance placements in more than 220 countries.

Born and raised in Poland, Collins’ background and interest in international business throughout her education and career have given her a sensitive approach to various international issues.

Recognizing her knowledge, experience and commitment to the multinational insurance industry, the Worldwide Broker Network recently appointed Collins to its board of directors, making her the first non-CEO/ owner to be voted onto the board.

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LYENG IA-BOSEMAN

MIKE DONOVAN

Senior vice president

Global head of cyber and executive risk

BOLTON & COMPANY

BEAZLEY

At Bolton & Company, Lyeng Ia-Boseman specializes in developing commercial insurance programs for mid- to large-size hospitality, law, manufacturing and distribution, and applied behavior analysis organizations. With more than 15 years of experience in the industry, Ia-Boseman works closely with clients to develop a thorough understanding of their business, operations and risk profile, enabling her to more effectively tell a client’s story to carriers and to develop a more accurate understanding of emerging risks and potential gaps in coverage. Throughout the year, Ia-Boseman spends the majority of her time supporting her clients with ongoing education and advocacy, regularly speaking within their industries as well as the insurance community.

In addition to his position as global head of cyber and executive risk at Beazley, Mike Donovan serves as a member of Beazley’s executive committee and is the global product head for the company’s flagship product, Beazley Breach Response

PHILLIP MASI Agency president ASSUREDPARTNERS

Phillip Masi started his career at Brown & Brown Insurance in 2005 and joined AssuredPartners in 2016. His accomplishments include overseeing a book of business worth approximately $7 billion in total property values throughout the state of Florida.

Named a 2019 IBA Top Producer, Masi is one of seven agents in Florida with the Community Insurance Risk Management

JASON BUSTI President, North America AXIS RE

In August, Jason Busti announced a big move, joining Axis Re as president for North America after spending 22 years at Swiss Re. During his time with Swiss Re, Busti held a variety of underwriting and sales management positions, most recently as managing director and client executive,

[BBR]. Donovan joined Beazley in 2004 to head technology E&O initiatives in the US and UK. Since then, he has also led product development efforts to expand the division’s underwriting capabilities to include E&O and media liability, as well as privacy, cyber and data breach insurance solutions.

In 2009, under Donovan’s guidance, Beazley launched BBR, a services-based insurance solution that helps clients prepare for a cyber incident, respond if one occurs and indemnify losses from regulatory actions.

Beazley was the first insurer to establish a dedicated in-house team focused exclusively on helping clients successfully respond to cyber attacks.

Prior to joining Beazley, Donovan was a partner with a San Francisco law firm. He is a frequent speaker and has been interviewed by various media outlets on technology E&O, cyber and data breach insurance.

responsible for Swiss Re’s US Globals business. Prior to that, Busti led a global, cross-functional team of 250 people and also served as head of casualty underwriting for the regional segment in the US. In his new position at Axis Re, Busti is responsible for overseeing the company’s North America treaty reinsurance business, which includes the US, Bermuda and Canadian markets. He is also a member of the reinsurance leadership team.

Specialist designation. He is a certified instructor for the Florida Community Association Manager license, travels the state teaching continuing education classes and is currently a member of the Community Association Institute’s Central Florida chapter.

In 2010 and 2011, Masi served as president of the Lake Griffin Homeowners Association.

He currently sits on the board of directors for four large condo associations in Central Florida and is a board member of the Central Florida Crohn’s & Colitis Foundation. He is also a GKC member and shareholder of the Football Excellence Fund at the University of Central Florida.

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SPECIAL REPORT

HOT 100 2020

RUSSELL WARYE

DANIELLE KAMINSKI

TONY MCINTOSH

President and founding partner

Senior vice president, commercial operations

Managing director

BENEFIT PARTNERS GROUP

CHARLES TAYLOR ADJUSTING

C3 RISK & INSURANCE SERVICES

With more than 25 years of experience in the financial services industry, Russell Warye is the president and founding partner of Benefit Partners Group. Warye and his team provide advisory services to nonprofit organizations and high-profile businesses across the country, specializing in 401(k), pension asset and individual wealth management services. Warye holds both CIC and PPC designations and is currently working toward his CRM designation.

Warye was instrumental in designing and implementing a voluntary benefit platform for students to enroll in employer-quality dental and vision programs with no waiting periods. Since its launch, the program has grown to include more than a dozen major higher learning institutions in the Midwest.

Outside of the office, Warye is a member of Aetna’s broker advisory council, United Healthcare’s broker advisory council and a Blue Leader with Blue Cross Blue Shield of Illinois.

Danielle Kaminski joined Charles Taylor Adjusting in 2017, bringing 20 years of experience as outside counsel for insurance clients. Since joining CTA, Kaminski has been instrumental in the growth of the company in the US and the creation of Charles Taylor Technical Services. Kaminski handles general legal matters for CTA, manages marketing communications, oversees licensing and leads aspects of the onboarding process, in addition to serving as a member of CTA’s US senior executive leadership team and board of directors. Outside of CTA, Kaminski is the co-founder of Women in Claims and a frequent speaker at industry conferences.

“I joined CTA in 2017 with eyes open to the challenge of growing our insurance services business in a highly competitive market,” she says. “We’ve succeeded by focusing on our clients, culture and people, and creating an alternative to the status quo. I am honored that IBA has recognized my efforts and valued my contributions to the industry this year.”

Tony McIntosh comes from a long line of insurance professionals and brings 20 years of experience to his role as managing director at C3, where he oversees the Orange County operation and sits on the executive committee. McIntosh strives to raise expectations of the industry by approaching every transaction with transparency and a personal touch.

Known as a creative problem solver with a strategic vision and a passion for service, McIntosh merged his firm, Mission West Insurance, with C3 Risk & Insurance earlier this year. “The joining of the two established a larger footprint for C3 in Southern California and provides Orange County brokers with an opportunity to hold equity in a privately held firm that values integrity above all else,” he says.

In addition to his work at C3, McIntosh sits on the national advisory council for Nationwide Insurance and the board of advisors for American Technologies.

Prior to joining Brown & Riding in 2010, he worked for two of the largest insurers in the US. With a strong record of developing highly specialized products with carriers, including a national builder’s risk program that has become a go-to for many of the top 10 construction-focused retailers in the US, Bading excels at collaborating with other teams within B&R to create tailor-made solutions for clients. By staying up to date with the challenges of the current property market and understanding his retail partners’ pain

points, Bading helps them maneuver through accounts that have changed drastically or have not been renewed. He was one of few brokers in the marketplace this year whose cargo stock throughput line slip in London was renewed.

Bading invests in the growth and future of the industry as a continuing education instructor and regularly attends IRMI, WSIA and CIAB events. He is also past chair of PROVAIL’s Pacific Northwest Insurance Council committee and a shareholder/principal and board member of Brown & Riding.

CHRIS BADING Senior vice president and broker BROWN & RIDING

Chris Bading began his insurance career in 2001 as a retailer, focusing on construction, mold abatement liability, and large residential and commercial portfolios.

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NICHOLAS J. HENTGES Co-CEO CAPTIVE RESOURCES

Nicholas Hentges has an extensive background with insurance company, brokerage, and captive consulting and management operations. Early in his career, Hentges held several management positions in underwriting and marketing

with Cigna before moving to Kirke Van Orsdel, a regional broker specializing in association programs. In 1993, he joined Captive Resources to develop and manage both homogeneous and heterogeneous memberowned group captives. He was a member of the management team that acquired the assets of Captive Resources and Cayman Islands-based sister company Kensington Management Group from its publicly held parent company in 2002.

Hentges uses his 26 years of captive experience to educate corporations about the benefits of pooling their resources and lowering their insurance costs through the formation of member-owned group captive insurance companies. As co-CEO of Captive Resources, which represents 4,700 shareholders in 40 member-owned homogeneous and heterogeneous group captives with total annual written premium of $2.7 billion, Hentges oversees business development, administration, finance, claims and risk control, travel, and human resources, in addition to focusing on the company’s long-term strategic plans.

NEGAR SHARIFI Senior vice president, commercial lines

PASCAL MILLAIRE CEO CYBERCUBE

Pascal Millaire is the CEO of CyberCube, an insurtech that provides data and analytic tools to the cyber insurance industry. Millaire helped establish CyberCube in 2015 within Symantec, where he was general manager of cyber insurance. In January 2018, he led the establishment of CyberCube as a stand-alone venture-backed company with continued access to Symantec data, alongside an ecosystem of best-in-class data providers.

Today, CyberCube provides SaaS tools that support data-driven decision-making for the insurance industry in single-risk underwriting and cyber catastrophe modeling. Millaire has overseen the growth of CyberCube to a team to more than 80 people serving two of the three largest insurers, reinsurers and reinsurance brokers and other leading institutions.

Earlier in his career, Millaire was president of a hotel software company and also spent seven years at McKinsey, where he served companies in the insurance industry.

ASSUREDPARTNERS

After graduating from college, Negar Sharifi landed her first job in the audit department at a Big Four accounting firm, where she worked in the timeshare/hotel/property sector. In 2008, she decided to shift gears to learn more about the insurance side of real estate. Since then, Sharifi has built a book of business consisting of more than 250 clients, primarily in the construction and real estate industries, and she relishes getting to know and help the residents who reside in the communities she insures.

Sharifi earned her Community Insurance and Risk Management Specialist designation in 2016; the following year, she was recognized by Florida Community Association Professionals as a Woman of Industry. Since 2008, she has been a board member for the organization’s Central Florida chapter. Sharifi is also a CEU-certified instructor for the Florida CAM license.

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HOT 100 2020

WILL DENBO Principal COMMERCIAL INSURANCE ASSOCIATES

Will Denbo is a top producer at Commercial Insurance Associates [CIA], an independent commercial insurance agency with offices in Brentwood and Chattanooga, Tennessee.

Over the past year, Denbo grew his personal business 30% and was also instrumental in CIA’s 30% organic growth during the same period. He was named to IBA’s Top Producer list in both 2018 and 2019.

Denbo attributes his success to the support of his team and growing through referrals. “Relying on my team of great client managers, client service representatives, account executives and producers that I have brought into my inner circle allows me to add bench strength and support to claims, loss control and client services so that I can focus my attention on face time with current clients and customers, as well as soliciting new customers,” he says.

Outside of CIA, Denbo is active within the Institute of Scrap Recycling Industries and the Automotive Recyclers Association and serves on the alumni board at his high school alma mater, Montgomery Bell Academy.

HEATH RITENOUR Chairman and CEO INSURANCE OFFICE OF AMERICA

Heath Ritenour joined Insurance Office of America [IOA] in 1996 and was named CEO in 2008. He has since helped the business grow to become the 13th largest privately held insurance agency in the country. Ritenour believes in serving

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MICHELE PORTO Vice president, marketing CH INSURANCE BROKERAGE

Michele Porto has been with CH Insurance Brokerage for nearly two decades, joining the team in early 2001. Throughout her tenure, Porto has been instrumental in the company’s success and continued growth.

“She is the heart of the agency; it would not run without her,” a colleague says. “Her passion for our industry and dedication is like no other person I have ever met.”

Outside of CH Insurance, Porto is an active participant in Liberty Mutual’s advisory committee and is a Central New York Sales & Marketing Executives Crystal Ball Award winner. She regularly participates in charity events to raise awareness for causes close to her heart and is known among co-workers, clients and industry peers for her tireless work ethic.

his clients passionately, meticulously and resourcefully and prides himself on taking an innovative approach in what he calls “an industry of sameness.”

Ritenour serves as president of the IOA Foundation; outside of IOA, he is a member of the Lifework Leadership Orlando Advisory Board, a member of the board of the Seminole County Public Schools Foundation and an elder at Grace Church in Longwood. He is also a former board member of the Foundation for Seminole State Community College.

TRUITT TAYLOR Senior professional liability broker CRC GROUP

With CRC Group since 2004, Truitt Taylor specializes in difficult-to-place professional liability coverage, including E&O and management liability. A third-generation insurance professional, Taylor is passionate about continuing his family’s legacy of relationship-building and trustworthy service. His relentless work ethic earned him recognition as CRC Rookie of the Year, and he’s been one of CRC’s top producers for eight consecutive years. “I give 110% to the clients who depend on me while also taking the time to grow as a husband and father,” Taylor says.

Committed to giving back to his community, Taylor serves as president of the St. John’s Day School board of trustees and vice president of the Laurel Main Street Association. He is also an advisory board member for the Lauren Rogers Museum of Art and a board member for the Hundred Club of Jones County, a local charity that supports law enforcement and first responders.

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ED ZACCARIA Executive vice president and chief underwriting officer CHUBB

As chief underwriting officer at Chubb North America, Ed Zaccaria is responsible for overall underwriting practices, portfolio management, underwriting quality control and the management of the corporate underwriting staff for Chubb’s North American insurance operations.

With more than 40 years of experience in P&C insurance, Zaccaria served in several senior management roles at ACE prior to its merger with Chubb in 2016, including

leading the field underwriting organization for ACE USA and establishing the global client executive management practice and overseeing ACE USA’s global underwriting group. He also served as CFO for a major operating division within ACE USA and held a variety of corporate strategy and financial management roles.

“I am deeply honored to be among those named to this year’s IBA Hot 100,” Zaccaria says. “Insurance is a relationship business, and I’ve been fortunate to work with some tremendous individuals over the years whose professional relationships I cherish and who have been influential in my career and my success.”

MICHAEL FERBER

MARCUS F. EAGAN

CEO

Vice president

DOVETAIL INSURANCE

EAGAN INSURANCE AGENCY

Known throughout the industry for bringing digital strategy into focus for tech-forward companies, Michael Ferber joined Dovetail Insurance in May 2019. Founded in 2008, Dovetail is an insurtech focused on delivering small commercial product choice to independent agents and brokers.

As CEO, Ferber is responsible for the company’s overall strategy and has rapidly refocused how Dovetail delivers value to its carriers and agent network. He also co-leads digital strategy for Dovetail’s parent company, Victor.

Prior to joining Dovetail, Ferber was chief information officer for ICAT, a leading digital MGA for catastrophe insurance in the United States, where he was responsible for technical, digital and cultural transformation.

He gained the rest of his 25-plus years of technology, process effectiveness and change management experience via various senior positions at Lehman Brothers, GMAC and Ernst & Young.

Part of the fourth generation of the Eagan family to become a vital part of Eagan Insurance Agency, Marcus Eagan joined the business after graduating from college in 2002.

He earned his CIC designation two years later, followed by the CRM in 2008. Eagan specializes in risk management and insurance placement with an emphasis on large property risks, marine and construction clients. He has been an IBA Top Producer every year since 2017 and was also named to IBA’s Hot 100 list in 2018.

Eagan has been featured in the “Ones to Watch” column in New Orleans CityBusiness, which recognizes individuals with over-the-top success in their careers. He is also the past president of the board of the Insurance Agents of Greater New Orleans.

Outside of the office, Eagan is a member of Bay Waveland Yacht Club and Southern Yacht Club and a three-time collegiate all-American sailor who has won numerous other national and international sailing awards.

COURTNEY OSBORNE Vice president, insurance and risk management EL AD GROUP

With more than 15 years of experience in the real estate, construction and financial services industries, Courtney Osborne currently provides leadership, direction and creative solutions to the enterprise-wide risk management challenges of El Ad Group’s multibillion-dollar-revenueproducing real estate portfolio. Prior to joining El Ad, Osborne served as the head of risk management for Starwood Capital Group, worked as an account executive in Gallagher’s real estate practice and served in a national new business development role at Crawford & Company in New York City.

Outside of El Ad, Osborne is an active member of several professional organizations, including RIMS New York, the New York City Association of Insurance Women and the New York Metro Chapter of Women in Insurance & Financial Services.

Earlier this year, she was named to IBA’s Elite Women list.

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HOT 100 2020

JULIE EVARTS Clinical director of health, safety and wellness EHD

Since 2005, Julie Evarts has been shaping the integrated health management program at EHD. With more than 30 years of nursing experience and 14 years in population health management, Evarts contributes to the

PETER R. TAFFAE

GORDON WINTROB

Managing director

Co-founder and CTO

EXECUTIVEPERILS

NEWFRONT INSURANCE

Before starting ExecutivePerils, which specializes in D&O, cyber and privacy, intellectual property, crime, fiduciary liability, professional E&O, legal malpractice, and EPL, Peter Taffae held senior positions with Minet/ Aon, Marsh & McLennan and Chubb.

Taffae is a frequent lecturer on D&O, EPLI and cyber insurance. He sits on the editorial board of the newsletter Employment Practices Liability Consultant, is a board member of the Digital Risk Underwriting Society, a member of the National Association of Corporate Directors and the Professional Liability Underwriter Society, and a chartered member of the Aetna/ERMA national advisory committee. He is also a trustee of Ithaca College and a board member of the Ohio Montessori Training Institute, Entrepreneurs’ Organization and Meals on Wheels.

Taffae has received numerous awards over the years, including being inducted into IBA’s Hall of Fame in 2018. “Every innovation arose because of a problem,” he says. “I have had fun my whole career figuring out how to solve problems.”

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programs and best practices that have allowed EHD to become a leader in the ever-changing health management marketplace. Well placed to recognize future trends and recommend changes to employers, Evarts has been instrumental in building and expanding programs to help employers manage their occupational and non-occupational claims cost, including the creation and patenting of the Riskulator, a tool that demonstrates the potential cost savings of actively improving employee health.

Recently, Evarts was a guest contributor to a multinational business publication, where she discussed the evolution of health management from simple wellness programs to the current drive to address all aspects of employees’ health.

As the co-founder and chief technology officer of Newfront Insurance, Gordon Wintrob leads the development of the company’s platform and operating system. Over the past year, Wintrob has tripled the size of Newfront’s development team, including hiring tech veterans from companies like Roblox and Airbnb.

Wintrob’s father ran AIG’s life and retirement business and urged Wintrob to apply his technical skills to the insurance industry to improve the client and broker experience. Prior to Newfront, Wintrob founded StackLead, a company that built automated technology to research sales leads, which he sold to LinkedIn and is now LinkedIn’s jobs product, aggregating millions of postings across the web.

“Technology has significantly improved the customer experience in industries as diverse as transportation, retail and banking,” Wintrob says. “I’m excited to move the insurance industry forward on behalf of our clients and brokers.”

MICHAEL BLACKSHEAR Global chief compliance officer RYAN SPECIALTY GROUP

As global chief compliance officer at Ryan Specialty Group, Michael Blackshear is responsible for maintaining and growing an effective compliance and regulatory framework for the company. He has more than 27 years of financial service and executive experience in the areas of compliance and risk management, including serving as Chubb’s North America chief compliance officer. Before joining Chubb, Blackshear held compliance and risk management roles with Marsh & McLennan Companies, KPMG and PricewaterhouseCoopers. He began his insurance career as an underwriter for Continental Insurance Company before becoming a casualty broker with Alexander & Alexander.

Blackshear has been honored with the Chancellor’s Citation from Syracuse University and the annual Ruth Whitehead Whaley Award from Fordham’s Black Law Student Association. He lectures as an adjunct professor at Fordham Law School, providing an introduction to the growing field of global corporate compliance.

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ROBERT B. BLASIO Managing director GB SPECIALTY

TINA MANGUM

Robert Blasio formed Western Litigation, a unit of Gallagher Bassett, in 1994 and

has strategically grown the company into an industry leader in managing litigation and risk for the professional liability industry. Prior to forming Western Litigation, Blasio was engaged in private legal practice in Chicago for eight years, where he specialized in defending physicians and hospitals in professional negligence matters, as well as defending insurers in insurance coverage disputes.

In April 2019, Blasio was appointed to lead Gallagher Bassett’s newly launched division, GB Specialty, which is dedicated to specialized lines of coverage such as medical malpractice, along with high-exposure claims in standard lines like general liability. Blasio seamlessly transitioned the Western Litigation team into GB Specialty, focusing team members’ expertise and resources on managing their clients’ most complex and challenging claims.

Vice president, commercial lines FRANK H. FURMAN

Before working in insurance, Tina Mangum was an accomplished professional in the pharmaceutical industry. She began her career at Frank H. Furman in 2014 as a commercial lines account manager and was quickly promoted to commercial lines department manager. In 2017, she was named VP of commercial lines, and she uses her 15-plus years of insurance industry experience to manage the agency’s operations, commercial lines and human resources departments.

Mangum has continued to advance technology within Frank H. Furman by spearheading the implementation of new software. She has been instrumental in building the agency’s partnership with Acrisure – a top broker in the US – and all agency-affiliated insurance carriers.

Over the past year, Mangum extended her management skills into the accounting department, which colleagues say has been a huge asset to the company.

Outside of Frank H. Furman, Mangum volunteers with various charitable organizations and is involved with membership for CPCU, the Inner Circle Executive Club, Informex and CRO Professionals.

JOHN L. CARTER President and COO, Nationwide Financial NATIONWIDE

DAVID LOCKTON Chairman LOCKTON

John Carter was appointed president and COO of Nationwide Financial in July 2019. Carter joined Nationwide in 2005 as president of its financial sales and distribution organization, where he made process improvements and distribution alignments to address unmet customer needs and improve the customer experience.

Carter became president of the Nationwide retirement plans business in 2013. Under his guidance, the division’s assets increased by 75%, and sales grew by an average of $800 million per year to $14 billion. Prior to joining Nationwide, Carter worked for Prudential Financial, where he oversaw wealth management and managed accounts distribution, as well as sales of mutual funds, variable annuities and managed accounts.

Outside of Nationwide, Carter is a trustee and board member of the Employee Benefit Research Institute and a board member for the American Council of Life Insurers. He also sits on the board of the Columbus Chamber of Commerce.

As chairman of Lockton, David Lockton sets the strategic vision for the company and fosters the entrepreneurial culture that has positioned Lockton as the largest privately owned independent insurance brokerage in the world. Under Lockton’s leadership, the company’s revenue has increased from $180 million to $1.72 billion.

Forty-three years ago, Lockton left his job with First National Bank to join his brother, Jack, as the ninth staff member of Lockton.

Over the decades, he has overseen the diversification of the company’s capabilities into numerous industries, most notably in 2006, when he led Lockton’s international expansion by acquiring a London-based global broker with 28 offices in 17 countries.

In 2017, Ernst & Young’s Entrepreneur of the Year program recognized Lockton with a Lifetime Achievement Award, honoring his vision, leadership and service.

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HOT 100 2020

MAUREEN GALLAGHER Agency president ASSUREDPARTNERS

Maureen Gallagher’s calling goes beyond serving as AssuredPartners’ Michigan president and national real estate and

WILL BARNETT Director CRC GROUP

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workers’ comp practice leader – her passion for education inspired her to establish Insurance Partners Academy in 2003. A frequent presenter, Gallagher was on the national teaching faculty for the National Alliance for Insurance Education and Research for 15 years and is the creator of several industry-specific certification programs. She is a member of the American Bar Association and the Society of Trainers and Educators, and serves on the technical affairs committee for the Insurance Service Office.

Prior to AssuredPartners, Gallagher was president and CEO of Acordia of Michigan, assuming that role after leading her own agency for more than 10 years. Past honors include being named one of Detroit’s most influential women by Crain’s Detroit Business and receiving the Responsibility Leader Award from Liberty Mutual and the Soaring Eagle Leadership Award from The Executive Committee. She ends every class and speech with her favorite quote from Henry David Thoreau: “Go confidently in the direction of your dreams. Live the life you’ve imagined.”

As a director with CRC’s professional executive group, Will Barnett is responsible for brokering professional liability policies, building strong partnerships with brokers and serving as an expert resource for professional liability issues.

“I’m always on the lookout for ways to help retailers be more competitive when it comes to professional liability,” he says.

Barnett particularly enjoys looking into diverse types of business around the country – in addition to some international risks – as well as working with startups and learning about new products and services. Specializing in partnering with regional retail brokers looking to beat out national competition, Barnett has steadily grown his book of business each year, and he strives to hit $1 million in revenue in 2020.

Outside of CRC, Barnett’s community service includes working with the 2015 Special Olympics World Games in Los Angeles. He hopes to find a new way to serve others in 2020 that will support his local community of Delray Beach, Florida.

HENRY CHRISTIAN Director, commercial brokerage AHT INSURANCE

Henry Christian joined AHT Insurance in 2019 as director of commercial brokerage, bringing with him more than 30 years of experience in the insurance and risk management industry, including stints at Marsh & McLennan, Aon Risk Solutions and Wells Fargo Insurance Services. Christian’s experience encompasses everything from structuring small business service centers to large, complex, quota-share property and loss-sensitive casualty programs involving complex risk transfer mechanisms such as captive programs, M&A products and other alternative risk solutions.

In addition to brokerage and account management, Christian has spent a significant part of his career supporting colleagues’ development, and he counts his role in interviewing, hiring and supporting future insurance professionals among his most valued experiences.

“I greatly appreciate the selection by IBA for this year’s Hot 100 list,” he says. “This recognition is a reflection of the people who have mentored, supported and worked with me over the years – and I’d like to take this moment to thank them in this forum for being there for me throughout my career.”

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JOEL D. CAVANESS President RISK PLACEMENT SERVICES

Since co-founding Risk Placement Services [RPS] in 1997, Joel Cavaness has served as the company’s president. Under Cavaness’ leadership, RPS has grown to become one of the largest wholesale brokers in the US, encompassing a team of nearly 3,000 professionals in more than 80 offices.

Prior to establishing RPS, Cavaness was president of International Special Risk Services [ISRS], which provided specialized insurance placements for Gallagher’s retail customers. He joined Gallagher in 1986 as a marketing representative and worked his way up to area vice president by 1990, a position he held until being tapped to lead ISRS in 1996. Before Gallagher, Cavaness worked as a casualty underwriter for standard and E&S lines carriers.

A champion of corporate social responsibility, Cavaness supports RPS’ involvement in fundraisers and volunteer initiatives. He is especially proud of the efforts RPS has made to develop several of its talented staff members from intern programs into industry leaders. Cavaness further spreads his enthusiasm for and knowledge of the industry as president of the WSIA, where he has served on the board of directors since 2010.

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HOT 100 2020 DANIEL R. WESTCOTT President, Berkley Re America W. R. BERKLEY

In July 2019, W. R. Berkley appointed Dan Westcott as president of Berkley Re America.

With more than 20 years of experience in the P&C reinsurance market, Westcott spent

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almost three years as chief operating officer of reinsurance for Navigators, a brand of The Hartford. Prior to that, he served as executive vice president at Willis Re. “Dan’s experience and expertise in the reinsurance market will be a strong complement to our depth and breadth of talent at Berkley Re America,” Berkley president and CEO W. Robert Berkley Jr. said at the time.

JOHN F. JENNINGS President and CEO

INSURANCE TECHNOLOGIES CORPORATION

JENCAP HOLDINGS

For nine years, Laird Rixford ran a successful consulting business for insurance, banking, real estate and mortgage companies before selling it to Insurance Technologies Corporation [ITC] in 2008. Rixford served as ITC’s vice president of product development and marketing from 2008 to 2013 and president from 2014 to 2018 before being named CEO. Rixford is focused on helping to drive change that will enable the entire insurance industry grow alongside ITC. “Anyone can achieve more as long as they are willing to put the time and effort into it,” he says.

“Growth in the insurance industry is dependent on more people having this growth mindset. This is our mission at ITC – to help the industry not survive, but thrive.”

During his tenure as CEO, Rixford has directed the acquisitions of Assurance Systems, an insurance technology provider in the southeastern United States, and Smart Harbor, a digital marketing agency based in Ohio.

John Jennings is one of the founders and current CEO of JenCap Holdings, a national wholesale firm that has grown in the past three years to 31 offices, 530 employees and more than $900 million in premium.

Prior to JenCap, Jennings was a founder of Wholesale Trading Co-Op and also served as president of Crump Insurance Services, where he led the successful integration of his previous firm, BISYS Insurance Services.

He started his career in wholesale at Tri-City Brokerage in 1993 as a casualty broker, eventually ascending to president of Tri-City Brokerage New York and president of Tri-City Brokerage nationally.

“It is always an honor to be recognized within your industry; however, I would be nowhere without the great team we have assembled at JenCap,” Jennings says.

“At the speed we are growing, it would be impossible to keep it all together without them. This is the most fun I have had over my 34-year career, and the best is yet to come for JenCap.”

JENNIFER NIERENBERG METZGER US head of product innovation and development HISCOX

In her role as Hiscox’s US head of product innovation and development, Jennifer Nierenberg Metzger leads the design and construction of new insurance products and enhancements to Hiscox’s national portfolio of specialty risk solutions, which includes E&O, GL, cyber and data security, media liability, management liability, crime, kidnap and ransom, terrorism, and commercial property insurance.

Metzger was appointed to her current position in March 2019; prior to joining Hiscox, she worked as a director in Nationwide’s professional liability and specialty programs underwriting group, where she was responsible for managing new program development and onboarding.

Before Nationwide, Metzger served as senior claims counsel at CNA, where she was also the technical lead for matters involving banks and insurance companies.

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MARY JEANNE EGLESTON Executive vice president HUB INTERNATIONAL NORTHEAST

Based out of Hub’s Woodbury, New York, office, Mary Jeanne Egleston is responsible for managing the day-to-day relationships, servicing and renewals of many of the

firm’s most prominent commercial insurance accounts, in addition to overseeing one of the company’s largest servicing teams.

Egleston has more than 30 years of industry experience; prior to joining Hub, she served as a marketing and office manager at Seaman, Ross and Wiener, a brokerage that was acquired by Hub in 1999. Additionally, as a co-founder of The Whitmore Group, she was instrumental in building it into a leading brokerage on Long Island.

In 2016, Egleston was named one of Long Island Business News’ Top 50 Most Influential Women in Business, and she was featured in the New York Real Estate Journal’s Women in Real Estate spotlight in 2019. She also serves as a mentor, empowering young talent through a rigorous training program and recognizing the achievements of those who show the intelligence and desire required to succeed.

SUSAN RIDER

DAVID H. MCELROY

Vice president, employee benefits and human capital strategies

CEO, North America general insurance

CEO TOKIO MARINE HCC

AIG

GREGORY & APPEL

Known for her expertise in how human capital and health benefits impact organizations, Susan Rider has been featured in various media outlets and was recognized in 2016 by Employee Benefit Adviser as one of the 25 Most Influential Women in Benefit Advising. Rider actively serves on Gregory & Appel’s diversity and inclusion task force was selected this year as the keynote speaker for a global HR conference at Indiana University.

Outside of her work at Gregory & Appel, Rider is an adjunct professor at the University of Indianapolis, the NAHU’s vice chair for professional development, a secretary for the Domestic Violence Network and the co-legislative chair for the Indiana State Health Underwriters Association. She was also accepted into the inaugural class of Advancing Indy Women at IU’s Kelley Business School for 2019–2020.

SUSAN RIVERA

David McElroy was appointed AIG’s CEO of North America general insurance in June 2019, a promotion that put him in charge of overseeing a portfolio of businesses, including Lexington Insurance Company, AIG Risk Management, Financial Lines, Validus Specialty, Western World and Glatfelter Program Managers, as well as underwriting and field operations in the US, Bermuda and Canada.

McElroy has more than three decades of experience in the insurance industry.

Over the course of his career, he has held numerous leadership roles, including as executive chairman of Arch Insurance Group and chairman and CEO of Arch Worldwide Insurance Group. Earlier in his career, McElroy held roles at The Hartford, Reliance National and Chubb.

Susan Rivera was appointed CEO of Tokio Marine HCC in September 2018, following a five-month stint as the company’s executive vice president and COO. From 2014 to 2015, Rivera served as an independent director on Tokio Marine HCC’s board of directors and on its audit, compensation and enterprise risk oversight committee.

Prior to joining Tokio Marine HCC fulltime, Rivera served as president and CEO of V3 Insurance Partners. Before that, she was president of QBE Specialty and chief actuary for QBE’s Americas division. She also served as president and chief underwriting officer of Praetorian Insurance Company from 2006 until its acquisition by QBE in 2007 and spent 15 years at AIG. A fellow of the Casualty Actuarial Society, Rivera says her philosophy is to “work hard, prove yourself every day and treat everyone with respect,” adding that she feels “blessed to work in an industry that I find exciting and intellectually challenging.”

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HOT 100 2020 BRYAN SANDERS President, US insurance MARKEL

CRISTINA SCHOEN Director of airline claims, US ALLIANZ GLOBAL CORPORATE & SPECIALTY

Based in New York, Cristina Schoen manages domestic and foreign claims and litigation for airlines and is the head of the airline claims emergency response team at Allianz Global Corporate & Specialty [AGCS]. She is an expert in airline emergency response protocol from the insurer’s perspective and has responded on- and off-site to many incidents. She also presents frequently on this topic at aviation industry events.

Prior to joining AGCS, Schoen led the airlines claims division of United States Aircraft Insurance Group and held associate positions at law firms Archer & Greiner and Sweeney & Sheehan. She is admitted to the state and federal bars of New York and New Jersey, as well as the US Supreme Court.

Schoen was recognized by AGCS for a successful deployment on behalf of a client earlier this year. In 2020, she will be speaking on insurance claims and litigation at the SMU Air Law Symposium.

A 38-year veteran of the insurance industry, Bryan Sanders serves as president of Markel’s US insurance operations, which also include certain Bermuda, Dublin and London insurance operations. Sanders joined Markel in May 2013 via an acquisition and was appointed president of the Markel Assurance division when it launched in 2017. Before moving to the carrier side of the industry, Sanders spent 22 years as a broker in both the wholesale and retail distribution channels.

Sanders and the Markel team have achieved profitable growth through specialization, diversification and by providing an environment where associates can reach their personal potential. Sanders was elected vice president of the WSIA in 2019 and also serves on the national board of City of Hope’s National Insurance Industry Council. Additionally, he works extensively with Operation Healing Forces, which serves the needs of wounded, ill and injured active-duty and recent-veteran members of special operations forces and their families.

SCOTT PURVIANCE CEO AMWINS GROUP

Scott Purviance is the CEO of AmWINS Group, the largest independent wholesale distributor of specialty insurance products in the United States. Based in Charlotte, North Carolina, AmWINS has more than 115 offices worldwide and handles annual premium placements in excess of $17 billion.

One of the company’s very first employees,

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LEAH ROBINSON Commercial lines producer MY MEMBER INSURANCE AGENCY

Leah Robinson joined My Member Insurance Agency as a commercial lines producer in 2018 and has since emerged as an expert on cyber liability insurance.

Robinson has been instrumental in developing the agency’s cyber liability relationships with clients, brokers and company representatives, specifically within the municipality sector.

In early 2019, Robinson presented at a statewide municipal conference, educating elected officials on the cyber risks faced by local governments. She was also a panelist at the Insuring MI Future Foundation’s annual STEM Pathways Into Insurance Conference and was invited to speak to the Michigan Insurance Hall of Fame on successfully recruiting young talent to insurance. Robinson is also an active member of Michigan’s Young Agent Committee, where she promotes insurance careers to young professionals.

Purviance joined AmWINS in 2001 as chief financial officer and took on the additional role of chief operating officer in 2012. He has served on AmWINS’ board of directors since 2015 and was named CEO in 2018.

Purviance began his career in the insurance industry in 1992 at PricewaterhouseCoopers, where he spent seven years in the insurance services assurance practice. Following his tenure at PwC, he joined the business insurance division of Royal & SunAlliance USA as vice president of finance.

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BILL DONNELL President and CEO NATIONAL COUNCIL ON COMPENSATION INSURANCE

Bill Donnell leads the 900-plus-person team at the National Council on Compensation

Insurance [NCCI] in its mission to foster a healthy workers’ compensation system in the US. Focused on ensuring that the 100-year old workers’ comp system remains strong and relevant, Donnell emphasizes the importance of continuing to deliver on the ultimate promise to workers and their families. Donnell has been a leader in the industry for more than three decades; prior to joining NCCI in 2015, he was the president of Swiss Re’s P&C reinsurance business.

Community involvement is central to the NCCI culture, and Donnell leads by example as a founding board member for Kids’ Chance Florida, which funds college scholarships for the children of workers who have suffered catastrophic injuries. As CEO of NCCI, Donnell has rallied the workers’ compensation industry to increase its funding support for Kids’ Chance, helping expand its programs to nearly every state.

TIMOTHY GARDNER

MATTHEW DAVIDS

CEO

Assistant vice president

LOCKTON GLOBAL RE

HUB INTERNATIONAL NORTHEAST

Timothy Gardner joined Lockton Global Re as CEO in May 2019, charged with leading a newly recruited, high-caliber global team of reinsurance executives who are looking to build a significant presence in the reinsurance brokerage space. Gardner and his team are focused on leveraging analytics to deliver innovative coverage and customized reinsurance solutions for clients.

Gardner has more than 20 years of reinsurance and insurance experience.

Before joining Lockton, he served as CEO of North American operations for Guy Carpenter, where he also held the roles of global sales leader and global property specialty leader. Prior to that, he served in a number of strategic leadership roles with Marsh & McLennan Companies.

Part of the new business team in Hub’s New York City office, Matthew Davids helps prospective and existing commercial insurance customers find the best, most cost-effective risk management and insurance protection. Davids consistently achieves this for clients by taking a deep dive into their current insurance programs to provide suggestions and recommendations on how to fill coverage gaps, avoid uncovered claims, create and sustain comprehensive risk management programs, and ultimately reduce their company’s total cost of risk.

A licensed P&C broker in New York and New Jersey, Davis has nearly 15 years of industry experience with a strong focus on commercial property & casualty insurance and risk management. Prior to joining Hub, he served as a senior account executive with Crystal & Company.

DAN LAU Vice president of operations ROBERTSON RYAN & ASSOCIATES

Over the last three years, Dan Lau has helped grow Robertson Ryan & Associates [RRA] by more than 30%, including increasing the agency’s national footprint.

As vice president of operations, Lau works closely with the 120-plus agent-owners at RRA to help solve their clients’ often complex insurance needs. Lau also leads RRA’s Grow Group for newer agent-owners, helping them establish and achieve sales goals. He is also responsible for researching and investing in new technology that will help the agency better serve its clients and agent-owners.

Prior to joining RRA, Lau held various roles with West Bend Mutual and Liberty Mutual. He is an active member in the Independent Insurance Agents of Wisconsin [IIAW], recently serving on the board of directors and as the chairperson for the emerging leaders committee, where he helped redevelop the leadership and sales training offered by IIAW. He was also recognized by the association as Wisconsin Agent of the Year. “Dan consistently demonstrates an exemplary commitment to our association, his business, clients and, most importantly, his community,” says Matt Banaszynski, CEO of IIAW.

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HOT 100 2020 DANIEL S. GLASER President and CEO MARSH & MCLENNAN COMPANIES

KAMILAH WILLIAMS-KEMP Vice president, new business department NORTHWESTERN MUTUAL

Kamilah Williams-Kemp has more than 20 years of experience spanning multiple dimensions of the insurance and financial services industry and currently serves as vice president of the new business department of Northwestern Mutual.

Since joining Northwestern Mutual in 1999, Williams-Kemp has held various leadership roles and was appointed an executive officer in 2015. She has been recognized as an influential business leader in Black Enterprise and Savoy magazines, is a member of Northwestern Mutual’s global executive leadership council, and also serves as a mentor.

Outside of Northwestern Mutual, Williams-Kemp sits on the board of the African American Leadership Alliance of Milwaukee and the local board for Rocketship, a national network of nonprofit charter schools focused on eliminating the achievement gap in elementary schools in underserved neighborhoods.

“I’m honored to be recognized in Insurance Business America’s Hot 100,” she says. “Northwestern Mutual’s success hinges on bringing out the best in our people, and I’m committed to ensuring that outcome for the teams I lead and the clients we serve.”

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Dan Glaser started his career as a broker at Marsh & McLennan Companies in 1982.

He returned to the company in 2007 as chairman and CEO, after holding several senior positions in commercial insurance and insurance brokerage in the US, Europe and the Middle East. In his current role, Glaser steers the firm’s 75,000 employees as they serve clients in more than 130 countries, generating annualized revenue approaching $17 billion.

Outside of Marsh & McLennan, Glaser is the chair of the US Federal Advisory Committee on Insurance, the chair of the international advisory board for BritishAmerican Business, a member of the boards of trustees for The Institutes and Ohio Wesleyan University, and sits on the board for the Partnership for New York City and the advisory council for St. George’s Society of New York.

MIKE DAOUSSIS Head of program innovation NEWFRONT INSURANCE

CARLY NIX Underwriter, national specialty programs ALL RISKS

As 2013 graduate of the All Risks University program, Carly Nix has since developed into one of the company’s lead underwriters. Nix has delivered premium growth of more than 25% in each of her first five years in an underwriting role, while also developing successful relationships with retail agents. In addition, she has taken an increased role in training and developing less experienced underwriters.

Responsible for underwriting and growing a book of fire suppression and alarm contractor business in all 50 states, including writing general liability, umbrella/ excess, auto and workers’ compensation coverages, Nix has twice been recognized as Underwriter of the Year – Runner Up at All Risks. She holds her CIC, AU and ASLI designations, and has also attended training seminars hosted by the National Fire Protection Association to further her knowledge and expertise in the classes of business she underwrites.

As head of program innovation at Newfront Insurance, Mike Daoussis leads efforts to build out exclusive and innovative insurance programs. Daoussis has more than 43 years of insurance industry experience; he most recently spent eight years as a VP at USI. He has helped administer the complex risk departments for real estate and construction clients at companies such as Willis Towers Watson, Lockton and Wells Fargo/USI. In addition to his US-based roles, Daoussis has worked as a reinsurance broker at Lloyd’s and other London-based insurers and reinsurers. In 2009, he invented a mechanism that provides a novation for insurance carriers, allowing them to accept an alternate method for financially challenged insureds.

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ALAN JAY KAUFMAN Chairman, president and CEO H.W. KAUFMAN GROUP

Alan Jay Kaufman is chairman, president and CEO of H.W. Kaufman Group, a diversified insurance holding company whose principal subsidiary, Burns & Wilcox, was founded half a century ago in Detroit by Kaufman’s late father, Herbert W. Kaufman. Under Kaufman’s leadership, Kaufman Group and

the companies in its global portfolio reached more than $2.4 billion in sales in 2019.

Kaufman has received several awards throughout his career, including the Lifetime Achievement Award at the Insurance Business America Awards in 2017 and City of Hope’s National Insurance Industry Council Spirit of Life Award in 2019. Among his philanthropic endeavors, Kaufman and his wife endowed a professorship in insurance and risk management at the College of Business at

Michigan State University. He also founded the Kaufman Institute, an educational and professional development learning hub designed for the insurance industry.

Kaufman is active on several boards, including the St. John’s University School of Insurance Board in New York City, Business Leaders for Michigan, the Detroit Zoological Society, Walsh College, the Detroit Economic Club and the United Jewish Foundation of Metropolitan Detroit, where he is president.

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HOT 100 2020 KRIS HILL President, alternative markets QBE INSURANCE GROUP

In June 2019, Kris Hill was appointed president of alternative markets for QBE North America, and she also serves as a member of the QBE North America executive committee. Boasting more than 25 years of industry experience, Hill joined QBE in

January 2017 as chief financial officer and was instrumental in transforming the enterprise.

Before joining QBE, Hill served as executive vice president of field operations at Liberty Mutual Surety. Prior to that, she spent nearly four years as Liberty Mutual Surety’s senior vice president and chief financial officer, following accounting, finance and operations roles at Safeco Corporation, Northstar Communications and Aetna Life & Casualty.

BRENDA BALLARD AUSTENFELD Managing director and president of the national property practice RT SPECIALTY

MARK SANGENITO

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MARK WALLS

Broker

Vice president of communications and strategic analysis

CRC GROUP

SAFETY NATIONAL

A property and inland marine broker with CRC Group, Mark Sangenito is responsible for establishing and nurturing partnerships with retail brokers to place complex risks.

An active member of the property practice, he works collaboratively with CRC brokers nationwide to provide the best products for every client and also contributes to CRC’s published content library.

Sangenito says he truly enjoys “finding solutions to difficult problems while working closely with agency partners, ensuring clients receive world-class service, with the ultimate goal of binding business.” Building a trustworthy reputation with retail agents and markets has helped Sangenito maintain a strong book of business and has earned him recognition from CRC as both a High Flier and a Top Performer.

Outside of CRC, Sangenito and his wife are foster parents and volunteer at various foster care support programs that serve both the children in the system and other local foster parents.

With a 20-plus-year career spent handling workers’ compensation claims, Mark Walls focuses on monitoring industry trends, emerging issues, governmental affairs and Safety National’s external messaging. Walls is a frequent speaker at conferences and a writer for Safety National’s Conference Chronicles blog. He is also the founder of the 30,000-member Work Comp Analysis Group on LinkedIn – the largest online community dedicated to workers’ compensation issues.

Walls also co-hosts the popular Out Front Ideas with Kimberly and Mark educational series. Out Front Ideas conducts several webinars and conference presentations every year; its annual “Issues to Watch” webinar draws thousands of attendees and serves as a launching point for industry discussions throughout the year. In 2020, the program will conduct the opening keynote at the annual Workers’ Compensation Institute Conference, the largest gathering of workers’ compensation professionals in the country, for the fourth consecutive year.

As managing director of RT Specialty and president of the company’s national property practice, Brenda Ballard Austenfeld leads the brokerage teams in sales and strategy initiatives, manages relationships with partners, and serves on the executive leadership team. Her guidance has helped RT’s property practice grow exponentially and become well-known for its effective approaches to specialized and catastrophic property exposures. Austenfeld travels the country as a representative of both RT Specialty and Ryan Specialty Group.

“Leading by example while creating a winning team culture through integrity and hard work has always been important,” she says. “It is an honor to be recognized and represent our incredible insurance industry, and I am thrilled to be included on IBA’s Hot 100 list.”

Austenfeld joined RT Specialty through its acquisition of Westrope & Associates, where she was a partner and executive vice president of the national property practice. Prior to that, she served as a property broker and held several leadership roles at Alexander & Alexander and Aon Risk Services. Outside of RT Specialty, she serves on the boards for WSIA and CIAB, as well as the executive board of trustees for the Kansas 4-H Foundation.

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BRIAN THORNTON

EMILEE KUHN

CEO

Executive vice president – lender products

PROWRITERS

ARCH INSURANCE

Brian Thornton is the CEO of ProWriters, a technology-enabled MGA and wholesale broker focused on professional and management liability insurance. Under Thornton’s direction, ProWriters launched the Cyber IQ comparative rating platform for brokers with Axis, Chubb, Hiscox and NAS (now Tokio Marine HCC) and has since added CFC and At-Bay to the platform. ProWriters

ROBERT FOOTE President FRANK H. FURMAN

A top 10 broker in the US construction industry, Robert Foote is president of Frank H. Furman, an Acrisure partner. In 2018, he was named among the highest-grossing producers in the insurance industry with a personal book of business worth more than $40 million in annual premium.

With nearly 30 years of experience in the construction industry, Foote serves privately held middle-market businesses, assisting them with their risk and insurance needs and tailoring programs that meet their financial objectives. In 1992, Foote launched the roofing division at Frank H. Furman; it is now the largest roofing industry broker in the country. An established speaker and author, Foote remains highly involved in local, state and national roofing industry associations.

Foote is also an involved mentor to emerging producers; outside of work, he participates in hurricane relief efforts, the Boys and Girls Club, the Make-A-Wish Foundation, the Nova Southeastern University Oceanographic Scholarship and is an American Heart Association corporate sponsor.

plans to add more carriers and products to the platform with the goal of becoming a resource for brokers and agents looking for a more efficient way to place professional and management liability insurance.

Thornton has spent more than two decades in the insurance industry, holding claims, underwriting and leadership roles at AIG, Chubb and Hiscox. Before starting ProWriters, he served as Hiscox’s technology and cyber product head for the US, working to write policy forms, set underwriting strategy, and train underwriting teams and brokers. He also served as Southwest and Midwest regional executive for Hiscox, founding the Chicago and Los Angeles offices and building out underwriting teams and brokerage distribution in those regions.

JOE SCARLATO President of international operations LOWERS FORENSICS INTERNATIONAL

Since Lowers Forensics International [LFI] was founded in June 2018, Joe Scarlato has orchestrated its growth from 21 employees

Recently promoted to executive vice president, Emilee Kuhn is the youngest profit center head at Arch Insurance Group.

Kuhn is responsible for setting strategic direction and overseeing all operational and underwriting aspects of Arch’s lender products division, which underwrites specialty commercial insurance products sold through independent agents to financial institutions and vehicle dealers. Under Kuhn’s leadership, the team generates more than $145 million worth of premium annually.

Since she joined Arch in 2011, Kuhn’s knowledge of the business, confident decision-making and approach to building relationships have helped her earn the respect of her customers. Her ability to assess the future of the marketplace and ensure her business unit is prepared to meet customers’ needs differentiates her from many of her peers. Outside of work, Kuhn is a member of the American Academy of Actuaries and is active in the Casualty Actuarial Society, winning the Best Session Award in 2011 and the Above and Beyond Achievement Award in 2015.

to 32 and has expanded the company’s offices all over the US, Latin America and the UK. In August 2019, Scarlato helped create a division for emerging markets and technology R&D with LFI’s parent company, Lowers Risk Group, that seeks to create innovative solutions to the problems facing the insurance industry.

Driven by his passion for the history and future of insurance, Scarlato is tenacious in developing industry-changing products to benefit the risk management and insurance markets. One of the first products he brought to market is Stratis, a software platform that combines AI, complex models and proprietary algorithms to automate the calculation of business interruption claims.

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HOT 100 2020

MARTINA SEFEROVIC Managing director OUTSOURCE INSURANCE PROFESSIONALS

Martina Seferovic was one of the first employees of Outsource Insurance Professionals [OIP], which has provided back-office support and insurtech services since 2012. Today, Seferovic oversees OIP’s daily operations, developing and implementing strategic plans and policies, as well as mentoring and leading top management. She is a champion for all new initiatives and further company development, including expansion to the Canadian and UK markets.

Passionate about all aspects of her job, Seferovic’s motto is: “To be successful, the first thing you need to do is to fall in love with your work.” She is also a firm believer in leading by example, especially with regard to OIP’s numerous charity activities.

TIMOTHY M. SWEENEY President, global retail markets LIBERTY MUTUAL GROUP

LANCE JOHNSON Vice president INSURANCE NETWORK AGENCY

Since 1992, Lance Johnson has been with Insurance Network Agency, a multiline retail agency offering commercial and personal insurance. He has established an impeccable reputation with clients for his knowledge, honesty, communication and integrity.

Johnson manages a large commercial and personal lines book of business while simultaneously taking over as the next generation of the family-owned agency. In addition to his role at Insurance Network Agency, Johnson serves as president of his neighborhood’s homeowners association.

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JILL BEGGS President of excess and surplus lines MUNICH RE SPECIALTY INSURANCE

Tim Sweeney joined Liberty Mutual in 1993 as director of corporate strategy.

Over his 25-year career with the company, Sweeney has led distribution and product management in the small commercial insurance independent agency segment; overseen numerous successful insurance company acquisition and integration efforts; and led the distribution, marketing, digital and customer service organizations for Liberty’s US personal lines business unit.

In January 2018, Sweeney was named president of global retail markets, adding Liberty’s $4 billion US small commercial business to his responsibilities. Representing more than $28 billion in annual personal lines, accident and health and commercial insurance revenue in 16 countries, Liberty’s global retail markets accounts for more than 70% of the company’s worldwide revenue.

Outside of Liberty Mutual, Sweeney serves on the board of directors of Blue Cross Blue Shield of Massachusetts, the Statue of LibertyEllis Island Foundation and the Mass General Hospital annual gala to benefit children and young adults on the autism spectrum. He is also on the executive committee of the board of the Massachusetts Business Roundtable.

As president of excess and surplus lines for Munich Re Specialty Insurance, Munich Re’s new North American commercial insurance unit, Jill Beggs is responsible for leading the E&S lines business and service solutions.

She also serves as the executive sponsor for Munich Re’s Young Professionals employee resource group. Previously, Beggs was the head of new strategic markets for Munich Re, where she built a practice responsible for driving innovation and oversaw corporate communications, the data hunting team and cross-platform development. Her other previous roles at Munich Re include serving as head of specialty lines underwriting in the reinsurance division and managing a portfolio of treaty and facultative ocean marine, surety, political risk and trade credit reinsurance.

Outside of Munich Re, she is a member of the Association of Professional Insurance Women and CPCU’s Central New Jersey chapter.

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ORDINARY PEOPLE GETTING THE EXTRAORDINARY DONE

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MARK WILHELM CEO

RICK MANASCO Producer USI INSURANCE SERVICES

SAFETY NATIONAL

Mark Wilhelm joined Safety National in 1977, when the company only had around 15 employees and $11 million in assets. Wilhelm led underwriting operations from 1985 until he was named CEO in 2010. Today, Safety National is a leading specialty insurance and reinsurance provider with nearly $9 billion in assets and over 500 full-time employees.

Under Wilhelm’s direction, Safety National has become a market leader in excess workers’ compensation for self-insured employers and groups, as well as a leading multiline provider of risk solutions for large commercial and public entity clients. The company’s reinsurance division, Safety National Re, offers lead market terms for a full range of workers’ compensation and professional liability programs.

Wilhelm is a regular speaker and panelist at industry conferences and has authored numerous articles on workers’ compensation trends. He is a current member and past president of the National Association of Safety and Claims Organizations and serves on the advisory board of Kids’ Chance of America.

Since 1981, Rick Manasco has been a force in P&C insurance. As a generalist, Manasco writes all types of businesses but specializes in construction, healthcare, manufacturing, public entities and real estate. Prior to joining USI Insurance Services, he gained a wide skill set while working with Aetna, DuckworthMorris Agency, Acordia Southeast and Wells Fargo Insurance Services.

“The key to success is not all about revenue generated,” he says. “It’s about meeting the client’s insurance needs, providing superior service and exercising expertise to enhance their coverages using negotiation skills – and empowering support staff with these same philosophies.”

Instead of focusing solely on increasing revenue, Manasco proactively anticipates his clients’ needs and strives to meet their expectations when it comes to service. “If you want to maintain longevity in this business, service is your primary responsibility, not sales,” he says. “You offer the coverage solutions, make the call, read the policy, check the forms and always go that extra mile to resolve complaints quickly, appreciatively and generously.”

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SPECIAL REPORT

HOT 100 2020 MICHAEL J. SICARD Chairman and CEO USI INSURANCE SERVICES

During Mike Sicard’s time at USI Insurance Services, the company has nearly quadrupled in size. Under Sicard’s leadership, USI turned the page on a new chapter

ZACHARY FANBERG Vice president EAGAN INSURANCE AGENCY

Zachary Fanberg has an extensive background in real estate and accounting management for large commercial property schedules and specializes in many areas, including condominium associations, restaurants, hospitality risks, contractors and manufacturing. He is also known for his expertise in personal insurance for high-networth individuals, including homeowner’s, auto and umbrella coverages.

Named vice president of Eagan Insurance Agency in 2016, Fanberg has been an IBA Top Producer for the last four years and was featured in New Orleans City Business’ “Ones to Watch” column. Outside of work, Fanberg is a competitive sailor who has won the United States Men’s Sailing Championship three times in recent years. He also served as commodore of the Bay Waveland Yacht Club in 2018 and volunteers with multiple charitable endeavors in New Orleans and on the Mississippi Gulf Coast.

of growth and expansion in 2019 with its acquisition of U.S. Risk Insurance Group.

Also this year, Sicard spearheaded the rollout of USI’s formal sustainability program, USI Green, as a part of the company’s broader social responsibility efforts.

Designed to facilitate an eco-conscious approach both inside and outside the workplace, the program focuses on four key initiatives to reduce USI’s ecological footprint: reduce, reuse, recycle; energy conservation; sustainable purchasing; and electronics stewardship.

USI invests in local community service initiatives through USI Gives Back, an awardwinning community investment program, and invests in team members through a series of distinctive programs, all of which culminated in the company being named one of Forbes’ best large employers in America for 2018 and 2019.

JESSICA SCELZI Vice president of commercialization THE ZEBRA

Jessica Scelzi joined The Zebra in March 2016 as VP of commercialization, responsible for managing relationships with carrier partners and enabling them to acquire new business from the modern-day digital insurance shopper. Under Scelzi’s leadership, The Zebra now has direct relationships with more than 50 carriers, and its revenues have more than doubled since she joined the company.

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H. GARRETT DROEGE Executive director TECHASSURE ASSOCIATION

Garrett Droege serves as executive director of TechAssure Association, an international consortium of insurance agents and brokers specializing in technology-related risks.

Droege’s expertise includes E&O, cyber liability and technology risk management; he previously founded the innovation risk practice at Wade & Associates. An early pioneer in cyber liability, Droege has designed complex insurance and risk management programs for some of the most sophisticated and diverse tech businesses in the country. He also frequently consults with independent agencies and brokerages around the globe on how to build a successful niche practice. He has been a featured keynote speaker for numerous organizations and led TechAssure to win Insurance Network of the Year at the Insurance Business America Awards in 2017.

In addition to her carrier relationships, Scelzi is passionate about building and mentoring her team, as well as advocating for female leadership in the workplace. She has been an active member of the Shebras, The Zebra’s employee resource group for women, and has helped to inform corporate policies that support women and parents in the workplace. She also started the Maternal Support Group to create a safe place for existing and aspiring mothers to talk about the difficult but rewarding path of motherhood.

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SUSAN JOHNSON Chief diversity and inclusion officer THE HARTFORD

EVAN HECHT CEO THE FLOOD INSURANCE AGENCY

Beginning his career in 1975, Evan Hecht served as a business sales manager for Nationwide for four years before establishing The Flood Insurance Agency, which operates as a program administrator for Lexington Insurance Company, underwriting and distributing private market flood insurance.

The Flood Insurance Agency has been at the forefront of the flood insurance industry for more than 25 years. Hecht says he “immediately recognized FEMA’s misstep in the implementation of the Biggert-Waters Act in 2012,” and took the opportunity to present his concerns to many state insurance commissioners, which resulted in him being asked to address all 50 insurance commissioners at an NAIC meeting. Within days of the act’s implementation, Hecht had launched a private flood insurance alternative; today, The Flood Insurance Agency insures more than $4 billion worth of property and was acquired by AmWINS Group in March 2019.

Hecht is frequently called upon by lenders and state banking associations to provide compliance instruction on the federal requirements for the mandatory purchase of flood insurance, and he has testified in front of Congress on the viability of the private flood insurance market.

As The Hartford’s chief diversity and inclusion officer, Susan Johnson leads enterprise-wide D&I initiatives, aligning them with business strategies. Johnson partners with leaders to create an inclusive work environment, ensuring that The Hartford’s workforce reflects its stakeholder base; supports the acquisition, development and retention of talent; and focuses the company on business priorities related to diversity. In July, Johnson was named to Savoy’s 2019 list of Most Influential Women in Corporate.

Prior to The Hartford, Johnson served in HR and talent and diversity leadership roles at several Fortune 500 companies.

She also has experience working on political campaigns and on policy and management issues in the public sector. Outside of work, she chairs the board of the Harriet Beecher Stowe Center and is board secretary for the National African American Insurance Association.

GAIL B. OLIVER Senior vice president, sales and marketing SEDGWICK

Beginning her career as a P&C claims representative, Gail Oliver knows the intricacies of the claims business and has excelled in managing a wide array of claims operations throughout her career. As Sedgwick’s senior vice president of sales and marketing, Oliver is responsible for developing and growing the company’s Property Americas business, including managing the group’s client

BRAD WEISBERG Co-founder, CEO and chairman SNAPSHEET

Brad Weisberg co-founded Snapsheet in 2011 and has led the company through multiple hyper-growth stages, including generating more than $70 million in funding and launching Snapsheet’s claims technology platforms on a global scale.

Weisberg is passionate about developing forward-thinking solutions for complex problems and strives to harness emerging technologies while applying Snapsheet’s proven experience to meet the demands of customers now and in the future.

Weisberg is a champion for the Chicago tech community and regularly mentors leaders at emerging tech companies. To date, Snapsheet has created nearly 500 jobs in the Chicago area and is an industry leader in virtual appraisals and SaaS claims technology with over 75 clients across the globe, including more than 15 of the largest insurers in North America.

communications. Oliver’s team maintains broker, self-insured and carrier relationships and is tasked with cross-selling Sedgwick’s specialty services. Oliver also serves as a member of Sedgwick’s diversity and inclusion advisory board and colleague mentoring network team.

In her free time, Oliver is an avid volunteer.

In July 2019, she was recognized for five years of service to Friends of the Fallen, a community group that provides service and assistance to families who come to Dover Air Force Base to witness the dignified transfer of their loved ones. Additionally, she serves as a docent at the Penn State All-Sports Museum and is a member of her church council.

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SPECIAL REPORT

HOT 100 2020

CRISTI CARRINGTON MICHAEL S. GILL Partner

Senior vice president and director of underwriting BROWN & RIDING

KARL HENLEY

Cristi Carrington has been in the insurance industry for nearly 25 years, beginning with Scottsdale Insurance Company, where she excelled in underwriting and product distribution. She later transitioned to the brokerage side, focusing on MGA sales, management and agency administration.

She joined Alexander Morford & Woo in 2003, which merged with Brown & Riding in 2010. Today, Carrington is a company shareholder and a member of the B&R board of directors.

Carrington serves as B&R’s point person for all carrier relationships. Additionally, she is a principal, senior vice president and director of underwriting for Brown & Riding Underwriting & Select Accounts, responsible for the division’s sales, marketing and strategy. Carrington started the company’s underwriting division and has developed many specialized programs for B&R during her tenure.

Outside of B&R, Carrington is a member of WSIA and has served on various committees and industry associations. She has established educational opportunities for her peers and coordinated CE courses featuring Lloyd’s America, the Surplus Lines Association of Washington and the Office of the Insurance Commissioner.

Executive vice president

SYNAPSE SERVICES

Michael Gill became a partner with Synapse Services in September 2019 after four years with the company. As the leader of the South-Central region, Gill has grown his book of business by more than 400% since his first year. His expertise at negotiating complex environmental insurance placements, managing-high profile insurance portfolios and aligning Synapse’s growth strategies with retail production success has made him an integral part of the company’s leadership.

Gill began his career at AIG Environmental in 2000, where he quickly ascended from senior underwriter to leading teams in San Francisco and New York, while developing nationwide relationships across the retail broker community. While there, he helped to develop the environmental insurance program for the redevelopment of the World Trade Center site.

Shortly after Hurricane Katrina, Gill relocated to New Orleans to be part of the city’s recovery. In 2009, he launched Ironshore’s Gulf Coast office. During his time at Synapse, Gill has established ReSet, a nonprofit that raises money to support rebuilding homes in Louisiana following catastrophic events.

SEIBERTKECK INSURANCE PARTNERS

Karl Henley joined SeibertKeck in 2012 after working as a middle-market commercial banker. With 24 years in financial services, commercial banking and insurance, Henley’s background allows him to better understand his clients’ businesses and speak their language.

Henley specializes in addressing risk management needs for the middle market and owner-managed, private-equity-owned and nonprofit organizations. In 2017, he was made a partner and put in charge of leading the agency’s life, benefits and professional casualty verticals. In addition to his leadership role, Henley has brought in new business revenue of $285,000 through the first three quarters of 2019.

Henley is a go-to speaker for risk management and insurance topics and has been endorsed by several associations as a preferred insurance broker. Outside of work, he serves as the vice chair of the board of Community Support Services, vice president of risk management for the Buckeye Council BSA and as a member of the boards of Great Trail Council BSA and Pathway Caring for Children.

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KATIE MCGRATH Head of accident and health business, North America SWISS RE

Katie McGrath was appointed to head of Swiss Re’s North American accident and health business in May 2019, charged with overseeing the growth and development of the accident and health portfolio, with a direct responsibility over the sales and underwriting teams. Throughout her 25-year career, McGrath has held numerous leadership positions within the accident and health

JEANNE R. FENSTER President, Berkley Prime Transportation W. R. BERKLEY

Jeanne Fenster joined W. R. Berkley in November 2018 as president of Berkley Prime Transportation, a newly created unit focused on providing primary insurance to trucking companies and leveraging analytics and technology to develop new methods of serving agents and customers. Prior to that, Fenster held senior roles at AIG, The Hartford and Progressive in P&L and product, and spent several years as corporate counsel.

Immediately before joining W.R. Berkley, she served as senior vice president and global head of commercial auto and general liability at a major P&C insurance company.

industry. Prior to joining Swiss Re Corporate Solutions, she served as head of specialty and sponsor solutions at AIG, responsible for sales, underwriting, claims and operations.

Outside of Swiss Re, McGrath is a diamond member of the Self-Insurance Institute of America, where she leads the organization’s charitable efforts in addressing adolescent depression and anxiety.

MORGAN MOORE Wholesale insurance broker and life science practice leader WORLDWIDE FACILITIES

Morgan Moore has been a casualty broker with Worldwide Facilities for more than 25 years. In 2008, he founded the NutraRisk platform after his passion for endurance sports sparked an interest in the nutraceutical space via sports drinks and supplements, which eventually led to him brokering some of those same nutraceutical products.

Today, NutraRisk underwrites and brokers life science accounts on a national basis, including nutritional products, medical products, cannabis, hemp and CBD. Moore leads the NutraRisk team, a skilled group of specialists who excel at creating specialized products and strive to be the best within their niches.

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SPECIAL REPORT

HOT 100 2020

CHRIS DELLAVECCHIA Managing director TAPCO UNDERWRITERS

ANDREA WARD

TREVOR BALDWIN

Vice president and E&S casualty broker

CEO

CRC GROUP

Based in CRC Group’s San Francisco office, Andrea Ward helps retail clients find viable insurance options in the wholesale casualty marketplace. She specializes in peer-to-peer/ app-based insureds, tough-to-place products, habitational, OL&T, life science and construction.

Ward began her career as a casualty underwriter with Gen Re in Los Angeles in 2003 and later joined Guy Carpenter & Company as an associate broker in Philadelphia. In 2008, she returned to Los Angeles to take on the role of assistant vice president and excess underwriter with First Mercury Insurance. In 2010, Ward became director of Aon’s San Francisco office as a casualty reinsurance broker. After three years in that role, she joined the CRC team, where she channels her passion to connect with and support her colleagues and clients.

She was recognized as a CRC High Flier in 2016 and 2018.

“I truly believe it’s the people who make every day, and conquering each new challenge, worthwhile,” she says.

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As managing director of Tapco Underwriters, Chris Dellavecchia is responsible for identifying client needs; delivering responsive, high-quality service; and creating a positive rapport with agents.

Dellavecchia began his insurance career as a commercial underwriter in Tapco’s New York office in 2014. Since then, he’s developed a reputation for exceptional customer care, and in May 2019, he was chosen to lead Tapco’s new Chicago office. Focusing on E&S lines, Dellavecchia says he enjoys “forging relationships that help clients address a wide variety of diverse risks.” Looking forward, his goal is to obtain his Associate in Underwriting and Chartered Property Casualty Underwriter designations in the near future.

BALDWIN RISK PARTNERS

Trevor Baldwin leads Baldwin Risk Partners [BRP], which just made history as the first commercial insurance intermediary to go public since 2003. Baldwin began his career as an investment analyst at the private equity firm HealthEdge Investment Partners. In 2009, he joined what is today BRP’s middle-market operating group, BKS-Partners, as a commercial risk advisor, specializing in designing insurance and risk management programs for healthcare and private equity clients.

Over time, Baldwin led the firm’s commercial risk management group as managing director before becoming Baldwin Risk Partners’ president and CEO. His leadership has helped BRP rank as one of the fastest-growing brokerages in the country with more than 400,000 clients across the US and internationally.

“We are at such an exciting place in the evolution of our industry,” Baldwin says. “It is an honor to represent BRP on this list of innovators who will uncover what is untested or unproven today, but possible tomorrow.”

REKHA SCHIPPER President and CEO TANGRAM INSURANCE SERVICES

As president and CEO of Tangram Insurance Services, Rekha Schipper says it’s a privilege to build an independently owned company on her terms. She is on a mission to help people see the opportunities available in the industry and empower them to create their own successful career path – particularly women and minorities, she says, since diversity will ultimately benefit the entire industry.

Over the last 10 years, Tangram has experienced accelerated financial growth and cultural transformation. With a majority female executive team and staff that includes veterans and minorities, Schipper says she is proud to be scaling a company that is challenging the status quo of the industry.

Schipper completed the team’s first strategic acquisition earlier this year, and she has a goal to hit $1 billion in 10 years.

A first-generation American, Schipper is a member of the Young Presidents’ Organization, founder of her company’s Women of Influence group, a member of the Insurance Supper Club and sits on the board of a prominent Bay Area nonprofit. She has been named to IBA’s Elite Women and Hot 100 lists for three years running.

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STEPHEN J. DONAGHY CEO UNIVERSAL INSURANCE HOLDINGS

Stephen Donaghy was promoted from COO to CEO of Universal Insurance Holdings in July 2019. Throughout his career, Donaghy has held senior leadership roles in operations, marketing, sales and corporate strategy, including serving as Universal Insurance Holdings’ chief marketing officer, chief administrative officer, chief information officer and executive vice president.

Before joining Universal Insurance Holdings, Donaghy held various executive positions at JM Family Enterprises.

KIMBERLY GEORGE Senior vice president, corporate development, mergers and acquisitions, healthcare SEDGWICK

Kimberly George has worked at Sedgwick for 18 years, and her experience has spanned leadership roles in workers’ compensation, managed care, integrated disability, employee benefits, corporate development, and mergers and acquisitions.

She also serves as a strategic advisor to Sedgwick’s investors and clients and is a sought-after thought leader in global health and productivity. Under George’s leadership, Sedgwick has developed outcomes-based quality care medical networks, has adopted disability duration guidelines for claims management, and has integrated medical and claims management.

George has helped to evolve policy and program design in the insurance industry by advocating for a holistic look at how health and productivity affect business performance, mental health and well-being, and consumer experience and engagement. She is the co-founder and a board member of the Alliance of Women in Workers’ Compensation and co-host of the educational series Out Front Ideas with Kimberly and Mark. She is on the board of directors for Kids’ Chance of America and the Workers’ Compensation Research Institute and an advisory board member of the Shirley Ryan AbilityLab.

ANNETTE R. MARTINEZ Senior vice president STATE FARM

As senior vice president for State Farm, Annette Martinez has company-wide oversight of diversity and inclusion, philanthropy, human resources, enterprise change management, public affairs, and learning and development.

Martinez has long been a champion of diversity. She launched State Farm’s first office of diversity and inclusion, initiated its diversity council, and started its affinity group program. She became a National Hispana Leadership fellow in 2002, was a panel member for the 2009 United States Hispanic Leadership Institute Conference and was recognized in 2018 by Black Enterprise as a Top Executive in Corporate Diversity and as NAFE’s Diversity Champion for Women.

In addition to her role at State Farm, Martinez serves as a liaison on the corporate advisory board for UnidosUS and is an instructor for the BloomingtonNormal Multicultural Leadership Program.

She is also a founding member of Women Empowered, the women’s giving initiative for St. Joseph Medical Center in Bloomington, Illinois.

PATRICK G. RYAN Founder, chairman and CEO RYAN SPECIALTY GROUP

Patrick Ryan leads Ryan Specialty Group [RSG], an international specialty insurance organization that includes wholesale brokerage RT Specialty, along with highly specialized MGUs designed specifically for brokers, agents and insurers. Prior to launching RSG, Ryan founded Aon Corporation and served as its chairman and CEO for 41 years.

Ryan has received a number of accolades throughout his career, including being inducted into the American Academy of Arts and Sciences, elected to the International Insurance Society Hall of Fame and receiving the Ernst & Young Entrepreneur of the Year Lifetime Achievement Award. Last year, Ryan was named to the IBA Hall of Fame; earlier this year, he was inducted into the Automotive Hall of Fame for his contribution to the industry’s finance and insurance specialist sector.

Ryan has been a member of the Northwestern University’s board of trustees for 42 years, including 14 years as chairman.

Northwestern has awarded him a Doctor of Humane Letters degree and the Northwestern Alumni Association Medal of Honor.

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FEATURES

SECTOR FOCUS: HOSPITALITY

‘Tis the season for restaurant risks As waves of patrons visit restaurants this holiday season, the hazards this sector already faces are going to heat up. IBA talks to industry experts to uncover some of the biggest challenges

WITH SALES projected to reach $863 billion in 2019, the restaurant industry is clearly giving diners what they want. Yet while the sector overall has a positive outlook, key challenges are putting pressure on restaurants.

The National Restaurant Association identified several trends impacting the industry in its 2019 State of the Restaurant Industry Report, from a competitive business environ-

busier-than-normal restaurant that has hired new employees to help out for a few weeks.

Add patrons who are consuming plenty of mulled wine, champagne, hot buttered rum and other alcoholic beverages. Throw in a sprinkle of heavy and/or space-consuming decorations, and you end up with new and elevated risks during this time of the year.

“The wintertime, although it’s busier

“Standard risks are intensified [during the holidays] because of the people and because everyone wants to grab someone’s attention to get them to come to their restaurant” Mark Lee, Hub International ment and pent-up demand to the ongoing incorporation of technology, changing consumer food preferences and staffing.

As if restaurants’ day-to-day operations weren’t difficult enough to navigate, some of those risky trends also become heightened during the holidays. The recipe for potential disaster goes something like this: Start with a

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for restaurants, [also sees] more exposure and things that can go sideways,” says Mark Acarregui, hospitality and restaurant insurance practice leader at AssuredPartners.

For many insurance experts, the wellbeing of restaurant employees is top of mind, especially seasonal workers who will only be on the payroll for a couple of months.

“It tends to be an industry that has higher turnover than other industries, and there’s a fair amount of job-hopping that occurs,” says Matthew Zender, senior vice president of workers’ compensation strategy at AmTrust.

“There’s also a pretty intense time demand to get people on board and do so in a pretty quick manner, so [employers] are forced to bring people in on short notice, and they may lower some of their usual hiring practices.”

Pace and space issues While AmTrust’s Restaurant Risk Report found that the summer months tend to see the most reported workers’ compensation accidents, there are significant perils associated with inexperienced or newly hired seasonal workers, who are more likely to be injured than those who have been on the job for a while. That element, alongside the holiday crowds, can result in a less than jolly environment.

“During the holidays, you’re dealing with a more concentrated influx of guests, and you may have a holiday party where you’re seating 30 or 50 people,” Zender says. “That leads to what I think of as ‘pace and space’ issues. You may be configuring the restaurant in a manner that’s a little different than what you’ve done before in order to accom-

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THE US RESTAURANT INDUSTRY AT A GLANCE modate a larger party. And now you need to get 30 plates out all at once – as opposed to seven tables of four, you have one table of 30.

So the seven tables are going to be spread out over the course of 45 minutes, whereas with the one table of 30, you have to bring [the food] out all at once.”

These factors can lead to workers’ compensation exposures, either because employees find themselves working faster and potentially cutting some corners because of the increased pace of work, or because the restaurant layout is less familiar for the staff, who have gotten used to the tables being set up in a certain way for smaller parties.

“They’re used to making two lefts and a right, and now it’s two rights and a left, and this can lead to injuries,” Zender says.

The movement of bodies through a restaurant isn’t the only issue – the way they interact with one another can lead to additional problems.

“You’ve got to have your staff well-versed and -trained with a lot of HR issues – employment practices liability, sexual harass-

ment, wrongful termination and discrimination,” Acarregui says. “We see a lot of claims that come through, and it’s not even that it’s 100% true, but the legal defense can be substantial.”

To help restaurants minimize the chances of seeing claims during the holiday season, brokers and agents should emphasize the importance of training focused on HR-related topics, as well as having a game plan in place.

“Many of these issues are anticipatable because you’re not seating a really large party without a fair amount of notice, so work in advance with your team to let them know what they’re facing, what type of group this is going to be and what their peculiar needs might be so that they’re not just walking in cold,” Zender advises. “A little bit of advanced thought and a game plan can help prepare the team so they’re able to work through some of these issues and help avoid unnecessary claims.”

Celebrating the holidays also often involves alcohol, and while liquor liability is already a key issue for restaurants, this risk

$863 billion

The industry’s projected sales in 2019

15.3 million

Employees in the restaurant industry

10%

Proportion of the US workforce employed by the restaurant industry

1 million+

Number of restaurants across the US Source: National Restaurant Association

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FEATURES

SECTOR FOCUS: HOSPITALITY

RECENT TRENDS IN RESTAURANT WORKERS’ COMP CLAIMS Slips and falls account for four and a half times more paid losses than punctures or cuts On average, it takes 30 days for an injured employee to return to work Injuries to wrists and hands cause the most lost time Cafés and coffee shops have 45% more lost time to injuries than other restaurant types Source: Restaurant Risk Report, AmTrust Financial

only intensifies during the holiday months.

“You have a lot more crowds, and if you’re serving alcohol, then you might have to deal with some patrons who may not be as friendly,” says Mark Lee, risk services lead for Hub International’s hospitality practice. “You might have to hire extra security, get bouncers – things like that are going to impact your costs – and in turn, make sure they’re trained appropriately on how to handle or de-escalate certain situations. In terms of liquor liability, having TIPS [Training for Intervention Procedures] for all of your servers and your bartenders is important to make sure that everyone is aware of the risk and how to deal with the patrons.”

Because slips, trips and falls are a

“The 900-pound gorilla is liquor liability,” Acarregui says. “It’s important to have liquor liability in place and then also an umbrella limit. It’s amazing the claims that we see with liquor liability, and it doesn’t take much because a lot of people, when they’re going out for an event, maybe have a glass of wine at home and then maybe stop somewhere before they go to the restaurant for an event, so maybe they’re a couple drinks in before they get there. People have to be very aware of over-serving, and there’s a lot of training that’s involved in that.”

Some emerging risks are creating new insurance needs for this sector as well, such as cyber coverage and commercial auto policies for delivery drivers.

“People have to be very aware of overserving, and there’s a lot of training that’s involved in that” Mark Acarregui, AssuredPartners common exposure for restaurants, ensuring that patrons and staff have clear walkways is likewise good risk management.

“When the holidays come, I’ve seen some restaurants in New York City that bring out a ton of decorations for the holidays, and that could either bring issues with regards to slips, trips and falls, or, on a lesser note, maybe overloading on circuits if there’s a lot of lighting involved,” Lee says. “Standard risks are intensified because of the people and because everyone wants to grab someone’s attention to get them to come to their restaurant.”

Crafting coverages Whether it’s the holiday season or not, when it comes to insuring restaurants, general liability coverage that includes either an endorsement or coverage for liquor liability is an absolute must.

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“[Cyber coverage] might be a little more important for a sit-down restaurant or a bigger chain rather than a one-off,” Lee says, but he adds that the rise in consumers ordering food from their couches is introducing another new issue. “Everyone seems to want deliveries now, so that’s bringing up a whole other issue, [such as] increased staff for delivery drivers and the potential for having an auto risk – so then you might have to buy an auto insurance policy.”

Considering the wide range of risks associated with the restaurant industry, having an umbrella policy in place is likewise critical.

“Let’s just say in the worst case scenario, somebody gets in a wreck after they’ve been out at the restaurant,” Acarregui says. “If it goes to a lawsuit because someone was critically injured or had a fatality, you want to make sure you have enough limit.”

www.ibamag.com

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22/11/2019 4:59:55 AM

SPECIAL PROMOTIONAL FEATURE

AGRICULTURE

Climate change and emerging agricultural risks Stephen Smout, head of agriculture at McLarens, outlines how climate change is altering the risk landscape in the agriculture industry

A RECENT report from the Intergovernmental Panel on Climate Change shone a light on the close link between agriculture and our climate. On one hand, the world’s agricultural economies and industries are more vulnerable than most to the intense heat waves, floods, droughts and reduced food production that go hand in hand with climate change. On the other hand, farmers are facing increasing criticism for their role in the creation of greenhouse gases and pollution – particularly as intensive meat and dairy production becomes increasingly common.

The message for the agricultural industry is clear: Change is on the way. And that doesn’t just affect farmers, but their brokers and underwriters as well.

Growing prominence of climate change issues Extreme weather-related claims, both in summer and winter, along with accidental fire and heat stress to livestock, are but a few of the growing issues – covered by insurance – that have been linked to climate change.

Heat stress affects animals both directly and indirectly, increasing vulnerability to disease over time, as well as reducing fertility and milk production. Consequently, we expect there to be an increase in the number of heat stress claims coming through, and there will need to be a greater focus on the design and maintenance of buildings, partic-

ularly intensive pig and poultry units.

During summer, we often see a spike in accidental fire claims off the back of sustained hot weather – droughts and heatwaves will no doubt increase this risk, which is a concern for insurers of livestock, crops and/or agricultural buildings. The increase in severe weather patterns that is predicted could well lead to an increase in demand for crop insurance.

Unprecedented rain- and snowstorms are also expected to be a growing issue. The remote and exposed nature of much of agricultural land means that farmers face the worst of the weather. These types of events can cost agricultural insurers tens of millions of dollars a year.

Diversification At the same time, there are indirect consequences. Farms are increasingly diversifying and evolving, in part to try to tackle some of these issues. Part of this diversification is away from food production, from using new technology such as robots, drones and precision farming techniques to cut carbon emissions, to moving into new revenue streams such as recreation or renewable energy.

This all means new exposure to risk, including costly equipment and exposure to different production and supply chains, as well as an increase in people with little or no

agricultural background coming onto farmland, raising potential coverage issues for policyholders, brokers and insurers alike.

Most non-farming diversification projects will be considered a commercial activity and can often be incorporated within a standard farm policy; however, brokers and insurers must be mindful that in some cases, depending on the size and nature of a diversification project, it may have to be set up separately in a more specific and appropriate commercial policy.

Moreover, areas such as green energy production (including biomass production), solar energy parks, wind farms and anaerobic digestion systems are highly specialist, often costly, and will require specialty lines and expertise. Wind turbines alone can cost more than $2 million to build.

Impact on loss adjusting As the farming industry evolves against the backdrop of a changing climate, these developments not only mean new risks, but also new techniques and requirements from a claims management perspective, as the increasing value, complex nature of claims and availability of masses of data – both performance and financial – necessitate environmental, engineering, liability and accountancy disciplines within the loss adjusting field, working alongside specialist agricultural adjusters.

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22/11/2019 4:35:30 AM

FEATURES

AGENCY INSIGHT

A hundred years young Plastridge Insurance CEO Connor Lynch talks to IBA about CAT exposure, community and 100th birthday celebrations

IBA: Plastridge Insurance is celebrating its 100th anniversary in 2019. How did the agency get started?

Connor Lynch: Plastridge Insurance was founded in Delray Beach, Florida, in 1919 by Amos Plastridge and Pierce Brennan. It was originally called Plastridge & Brennan Agency.

Amos Plastridge had been in the business for some time. He ran an agency up north before moving down to Florida to start this agency.

In the 1940s, Amos Plastridge turned over the agency to his son, Robert, who later put it up for sale in 1947 after the area experienced some terrible storm activity.

My grandfather, who was working at the time as an auditor for an insurance company based in Miami, ended up buying the agency in 1949 and running it until the 1970s. In 1969, my father started helping out with the family business while working as a teacher, but when my grandfather got sick, he stepped in full-time and took over the agency in 1974. I joined the agency in 2002, took the chief operating officer role in 2008 and became CEO in 2019.

IBA: You’re located in a very CAT-exposed area. How has that shaped Plastridge Insurance?

CL: From a long-term perspective, it has

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shaped us by pushing us to really make sure we provide the right coverages to our clients, even when they don’t always want them. Sometimes they want the cheapest option, and they don’t have a lot of time for an agent trying to sell them the right coverage.

But we stand our ground on that because we’ve seen what can happen when a storm hits. We always have that full conversation to ensure our clients are fully protected. If a client is calling us with a claim, we want to know they had all of the coverage they needed.

That’s our philosophy.

IBA: How has recent hurricane activity impacted your market?

CL: It hasn’t changed what risks we’re willing to look at or insure, but we’ve definitely seen an impact on the industry as a whole. In the

past, there was so much capacity that when a storm hit, market pricing stayed relatively flat, whereas this year, all of a sudden we’re seeing a much faster turn in the market.

As agents, we have an opportunity to shine in a hardening market. People tend to panic and reach out to resources, and we’re grateful to be one of those resources. We spend a lot of time in years like this helping people budget for the next year and enabling them to plan for a rate increase.

We’re doing more of that budgeting process now than I’ve ever seen in the industry. It really shows the value that insurance agents can bring to the marketplace. In our industry, we spend our time educating over anything else. A lot of what we do is helping people understand what they’re purchasing. Sometimes I feel more like a teacher than an insurance agent.

PLASTRIDGE INSURANCE’S EARLY DAYS In the early years of Plastridge Insurance, the agency’s phone number was simply 1 – customers just had to dial 0 to reach the operator and 1 to reach the neighborhood insurance agency. Plastridge Insurance retained 1 as its phone number until the 1940s, and the agency has held on to the belief that “we are still the first number you should call with your insurance needs.”

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22/11/2019 4:04:24 AM

FAST FACTS: PLASTRIDGE INSURANCE Business breakdown

5% 25%

Commercial Personal Employee benefits

70%

CORE CLIENTS

“As agents, we have an opportunity to shine in a hardening market. People tend to panic and reach out to resources, and we’re grateful to be one of those resources”

Condo and HOA associations

Nonprofits

Restaurants and breweries IBA: What enables Plastridge Insurance to thrive as an independent agency?

CL: Plastridge Insurance is a very community-

term, that has built a palpable level of trust with our clients.

focused organization. We know what’s going on in the area, we have great relationships, and we give back to the organizations that help our community to thrive. That’s a huge part of our mission statement.

A second key factor that supports our longevity is our honesty. We will show our clients every quote we get, and if there’s a market we don’t represent, we’ll tell them that. We don’t hold our cards close to our chest. We throw them on the table, and we do the best job we can for our clients. In the long

IBA: Are you doing anything special to celebrate your 100th anniversary?

CL: To mark our 100th anniversary, we decided to give $100,000 back to our community.

We’ve given $10,000 to 10 different nonprofits, all of which were chosen by our employees.

But we wanted to give those nonprofits more than just money. We wanted to help boost their missions, so we volunteered our time and participated in special opportunities and fundraising events. We’ve done anything we can to help grow awareness for each organization.

Healthcare and assisted living facilities

Municipalities/public entities

Small businesses

General commercial

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22/11/2019 4:04:36 AM

FEATURES

SECTOR FOCUS: AGRIBUSINESS

A seed worth sowing?

Even as technological innovation aids progress in agribusiness, there’s one mighty peril that keeps getting in the way

AGRICULTURAL IMPORTS AND EXPORTS BY THE NUMBERS

$143.3 billion

Total value of US agricultural exports in 2018

$137 billion

Projected value of US agricultural exports in 2019

$127.6 billion

Total value of US agricultural imports in 2018

$129 billion

Projected value of US agricultural imports in 2019 Source: Statista

AS A LAND rich in natural resources, the US is one of the world’s leading agricultural producers and suppliers. According to Statista, there are more than 2 million farms across the country, employing more than 960,000 people. While crops and livestock remain the key drivers of value in US agricultural production, there’s also a wide range of ancillary sectors, from feedstock and chemicals to agricultural technology, that support the more traditional industry segments.

Insurance in the agribusiness space is as diverse as the sector itself. While most farmers’ first purchases are a comprehensive agriculture insurance policy and a crop insurance policy, there are many other coverages that fall under the agribusiness umbrella.

Farmers need to consider their property exposures in terms of dwellings, barns and machinery. They also need to purchase liability, equipment breakdown and livestock coverage. Some are even looking at things like cyber insurance protection as their

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businesses transform under the influence of technological innovations.

The rise of tech In such a labor- and land-intensive industry, the adoption of technology is hardly surprising – it increases efficiency and can help manage the costs associated with growing crops and raising livestock, according to Kristopher Lynn, chairman of AgriSompo and senior vice president of global agriculture reinsurance at Sompo International.

“The agriculture space is buzzing with the almost daily introduction of new technologies such as precision agriculture, AI and data management to leverage crop and soil monitoring, predictive analysis, robotics, drones, autonomous vehicles, variable rate technology, and so on,” he says.

As new technology gains dominance in the agribusiness space, insurance companies are scrambling to find the best way to use these technologies to help with risk manage-

ment and assessing losses.

“There is no doubt that technology has played a major role in advancing agribusiness, whether it be from advances in machinery, seeds or, more recently, precision agriculture,” Lynn says. “Today, we see almost constant advances in technology surrounding agriculture production in areas such as temperature and moisture sensing, aerial and satellite imagery, and crop health monitoring. From an insurance perspective, one of the key challenges is how to best to implement and use these new technologies and data to help our customers manage their risk.”

The wrath of Mother Nature Despite the significant technological advances in agribusiness, there’s one element neither humans nor technology can control: the weather. And the US has seen its fair share of challenging weather in the past few years, including three back-to-back active North Atlantic hurricane seasons,

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devastating wildfires out West, widespread flooding, and increased instances of hail and convective wind throughout the Midwest.

Whether you attribute this to climate change or not, one thing is certain: None of this is conducive to a settled agribusiness sector.

According to leading farm insurance provider Nationwide’s commercial agribusiness claims data, wind damage, hail or lightning damage, and fire damage or loss all rank in the top 10 claims in terms of frequency. In 2019, the story was slightly different: A lot of crop losses resulted from heavy rain and flooding at the start of the year and through the spring planting season. The agribusiness insurance industry saw significant nega-

“There is no doubt that technology has played a major role in advancing agribusiness, whether it be from advances in machinery, seeds or, more recently, precision agriculture” Kristopher Lynn, Sompo International tive impact from prevented planting claims in the US; approximately 20 million acres weren’t planted due to flooding.

It wasn’t just flood-driven crop losses and delays that caused farmers considerable

grief in the first half of the year; water-related damages to critical local infrastructure also caused a host of problems. For instance, in parts of Nebraska – a significant corn production state – damage to roads, bridges

www.ibamag.com

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22/11/2019 4:05:30 AM

FEATURES

SECTOR FOCUS: AGRIBUSINESS

KEY COVERAGES FOR THE AGRIBUSINESS SECTOR

Multi-peril crop and livestock insurance

Property

General liability

Equipment breakdown

Commercial auto

and rail lines disrupted the already beleaguered sector’s ability to move products from farms to processing plants and shipping hubs.

Furthermore, many farmers suffered flood-related damages to agricultural buildings and machinery, which again disrupted agricultural supply chains. It wasn’t just a crop loss issue – losses aggregated across multiple insurance lines.

“Agribusiness has some unusual quirks where the underlying exposure has both attritional and catastrophic risk; in agribusiness, catastrophic risks usually are phenomena like frost and drought,” Lynn says. “By far, the most challenging situation insurers currently face is using largely historical data to try to estimate losses in

farmers with no choice but to sell crops at a loss, an issue only compounded by low global crop prices. That dynamic, in addition to significant weather-related losses, has left many US farmers struggling to break even in 2019.

“Between rising populations leading to increased food demands; continuous dietary changes, including GMO-free products; a call for greater transparency in food production; and relatively low insurance penetration worldwide, I see ample opportunity for significant global growth [within agribusiness insurance],” Lynn says.

He points to opportunities for global insurers like Sompo International in countries such as India, “where the government’s PFMBY scheme continues to flourish and

“Agribusiness has some unusual quirks where the underlying exposure has both attritional and catastrophic risk” Kristopher Lynn, Sompo International

Inland marine

Workers’ compensation

Business income

an uncertain climatic environment. As an industry, we must adapt, and adapt quickly, to weather events that historically were one-in-50-return-period events but now occur much more frequently. What was unusual or abnormal could be now considered normal, and the players in our industry who adapt to this new normal will be well placed going forward.”

Global challenges and opportunities Cyber

Umbrella

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In addition to weather, there’s another climate issue that is challenging US farmers: the political climate. American’s trade tariff dispute with China has resulted in the freezing of exports of soybeans and other products from the US. This left many

presents significant opportunities for the global agribusiness insurance market,” and China, where he believes a natural evolution of products will lead the country toward a revenue product like the current model in the US. Furthermore, as insurance companies continue to come to grips with technological innovation in the agribusiness space, new opportunities will arise to provide more bespoke risk management and insurance solutions to the industry, in addition to ancillary coverages for some of the new technology and machinery coming into the space. Agribusiness might be a tricky business, but it is potentially a seed worth sowing.

www.ibamag.com

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22/11/2019 4:05:33 AM

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22/11/2019 4:05:39 AM

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ARTICLES

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35 PM

PEOPLE

CAREER PATH

NEVER SETTLE

Rebranding and personal evolution are second nature to Susan Froman The same year she graduated from high school – and only three years after the death of her mother – Froman was diagnosed with thyroid cancer. The illness put a crimp in her college plans, so she attended a junior college while healing before moving on to Georgia Southern University.

“It took me a minute to find my path; I started in psychology and then shifted to public relations.”

1992

FINDS HER PATH

2001 GAINS VISIBILITY When her company was going under, Froman made a phone call that ultimately led to another career shift.

“I called seeking any opportunity in the insurance industry – that phone call resulted in a position to graduate to the next level. I was given the opportunity to go out and meet with people faceto-face and build relationships. It offered more visibility and responsibility – it was eye-opening.”

2004 CHANGES BRANDS Recruited from CRDN into a business development position, Froman soon found herself tasked not only with business development and marketing responsibilities, but with a company rebrand.

“They were working on a rebrand – I was given a lot of latitude to put my imprint on raising that standard. I’m accustomed to working at companies that require multiple hats and responsibilities; I’m used to being adaptable.”

2014 BLAZES A TRAIL When she joined McLarens, Froman became the first female executive on the US management team and inaugurated a business development team.

“The CEO and COO are progressive – they talk the talk of inclusion, but they also break the mold.

We’ve been strategic about how we present ourselves and gained a better understanding about who our customer is and how to redefine our relevancy. Saying ‘this is how we’ve always done business’ is not the right answer anymore.”

1998 LANDS IN INSURANCE Degree in hand, Froman moved to Atlanta, where she found her first job in insurance.

“I had to figure it out on my own; I realized I liked the business very much. In that role, I learned the meaning of empathy. I felt a great sense of joy being able to bring people to a resolution. It opened my eyes that it’s necessary to be kind in the business world and listen to what people have to say.”

2002 BECOMES A TERRITORY MANAGER A relationship struck up at her previous post paved the way for CRDN to create a challenging job with Froman in mind. In addition to her sales role, she served as a liaison between corporate office and local franchisees.

“The company was home-based in Detroit; I had come to know the local franchise. As the company grew, they needed structure and depth. It was a neat opportunity to take on these brand new roles.”

2008 CLOSES A GAP Recruited by a client of her previous employer, Froman agreed to help the company build its capacity – as long as she could also help regenerate its brand.

“I took on a dual role again but said I wouldn’t take this opportunity unless they gave me a checkbook and authorization to change the brand. The company had a good reputation, and their brand didn’t match – there was a big generation gap”

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PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email iba@keymedia.com

The Insura nce Industry Charita ble Fou ndation has hosted Rock for Charity at the Hard Rock Café in Chicago since 2013

30

Number of BHSI global offices that claim Firechicken as a house band

6

Insurance companies represented in the bands playing at Rock for Charity

$125,000

Total funds raised by Rock for Charity since its 2013 inception

ROCKING FOR A CAUSE Brian Cummins might be an insurance executive by day, but by night he’s a singer in a rock ‘n roll band SINCE 2009, Brian Cummins and his band, Firechicken, have been performing at venues around Chicago. But when Cummins joined Berkshire Hathaway Specialty Insurance as SVP of property in 2013, Firechicken got discovered.

“When they heard I was in a band, they wanted to tie it into our culture,” he says. Now Firechicken is the ‘house band’

64

for BHSI, performing a song parody for the company’s birthday every year.

Cummins’ insurance and music worlds collide frequently. For the past five years, he’s played with colleagues from all over the insurance industry at Rock for Charity, an event sponsored by the Insurance Industry Charitable Foundation’s Midwest division. This year, he’s

looking forward to playing alongside musicians from Chubb, Groupon, Traub Lieberman, Travelers, Willis Towers Watson and CNA. “It’s a night to bring Chicagoland’s insurance community together for a great cause,” Cummins says. “It’s always a great night, and I know this year will be no exception.”

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22/11/2019 4:08:27 AM

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22/11/2019 4:50:44 AM