The CHART Exchange October 2017 by The CHART Exchange

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TAKE YOUR PREMIUM FINANCE PROGRAMS TO THE NEXT LEVEL If your premium finance programs are due for an upgrade, it’s important to think through the qualities you need in a business partner.

MCGOWAN & NEW YORK HOSPITALITY ALLIANCE SPONSORED INSURANCE PROGRAM It is critical for hospitality risks to purchase Active Shooter/Workplace Violence policies to protect them; their normal insurance policies do not offer any coverage for such incidents.”

Glenn W. Clark, CPCU, Publisher CHART Exchange Founder & Earliest Adopter

DO YOU WANT TO BE MORE EFFICIENT? We all want to be more efficient, right? Yet research shows that many of us are going about it the wrong way.

HOW TO BEST LEVERAGE CHART’S 3RD ANNUAL CONFERENCE Our team has decades of experience hosting and running large agency group meetings. Along the way we’ve learned a few things on how to maximize the experience of our participants.

THIRD ANNUAL CHART EXCHANGE CONFERENCE TO HIGHLIGHT ACHIEVMENTS The Third Annual CHART Exchange Event will be taking place at the elegant Four Seasons Hotel in Baltimore MD this month.

CHART MARKETS REPRESENTS THE SUCCESS OF WORKING TOGETHER In the current issue, we’d like to talk about another example of how working together can lead to success.

Cover Image Credit: Photographed by Adrian Pingstone in June 2005 and released to the public domain.sa/2.5)] via Wikimedia Commons

CHART EXCHANGE 23

DELAWARE PASSES AMENDMENT TO DATA BREACH NOTIFICATION LAW For the first time since 2005, Delaware has amended its data breach notification law

UNDERWRITING SPECIALTY RISKS – FROM THE TYPICAL TO THE BIZARRE Many MGAs, program administrators, and coverholders specialize in niche specialty markets and have the underwriting expertise that carriers may not possess.

LLOYD’S REPORTS $1.58BN PROFIT FOR THE FIRST HALF OF 2017 Lloyd’s, the specialist insurance and reinsurance market, today announced a profit of $1.58bn for the first half of 2017 with the publication of its interim report.

LLOYD’S: HURRICANE SEASON A REMINDER TO MAINTAIN ADEQUATE CATASTROPHE LOADING “The next major disaster is always just around the corner and it’s important that underwriters factor this into their calculations. In recent years we have seen the market eroding the catastrophe loading that it applies to rates in order to deliver more attractive prices for customers.

FORTEGRA ANNOUNCES ADMITTED MARKET PARTNERSHIP WITH CHART Fortegra announces its new partnership with the CHART (Cover Holders And Risk Takers) Exchange, an organization of coverholders, London-based syndicates, admitted markets and other vendor partners.

PREFER TO READ IN PDF FORMAT? DOWNLOAD THE PDF VERSION HERE www.chart-exchange.com

OCTOBER 2017 VOLUME 2 - ISSUE 9 Publisher: CHART Exchange Glenn W. Clark, CPCU Membership Services Kate Boyle Advertising: Kate Boyle Managing Editor: Kate Boyle Contributing Editor: Frank Huver Layout, Design & Circulation: Ron Manera AdMax Corp., Inc.

CHART Exchange

info@chart-exchange.com 3001 Philadelphia Pike Claymont, Delaware 19703 www.chart-exchange.com 302-765-6001 Last Issue:

ADVERTISING IN THE CHART EXCHANGE MAKES SENSE: 302-765-6001 TABLE OF CONTENTS

OCTOBER 2017

NEVER MISS AN ISSUE OF CHART

EXCHANGE SUBSCRIBE NOW

SUBSCRIBE TO CONTINUE TO RECEIVE THE CHART EXCHANGE

MESSAGE FROM THE EARLIEST ADOPTER

THIRD ANNUAL CHART EXCHANGE CONFERENCE TO HIGHLIGHT MAJOR ACHIEVMENTS

Glenn W. Clark, CPCU Publisher & Earliest Adopter

he Third Annual CHART Exchange Event will be taking place at the elegant Four Seasons Hotel in Baltimore MD this month. Nearly 200 individuals representing a diverse array of business segments – Coverholders, prospective Coverholders, Syndicates, and select Vendor Partners – are expected to attend. We purposely selected a smaller, more intimate venue for this year’s meeting to help guarantee a London-centric business atmosphere. It hasn’t taken CHART long to demonstrate our value within our unique market space. In the span of a little over two years, Lloyd’s has been presented with 57 different new program opportunities from our efforts. These proposals represent potential premiums in excess of $173 million. While not all of these opportunities will ultimately launch, it is safe to say that CHART has become a new production pipeline for London. This year’s meeting theme is helping attendees become CHART Action Heroes for their firms. John Davis will be “kicking off” on Tuesday morning and exhorting us to make the most of our sessions together in Baltimore.

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CHART EXCHANGE A FEW SIMPLE THOUGHTS TO GUIDE OUR TIME TOGETHER:

• •

•

Ex’ Change: “to give up something of value in order to gain something of greater value” Early Adopter Bill of Rights. Respect everyone’s time and do not schedule meetings during the Workshops and panels. We all love our audiences. Our Theme Is New Business. There is no such thing as a bad idea! Engage in free discussions and foster an atmosphere of creativity and fun! Equal Status. Every Coverholder, Potential Coverholder, Risk-Taker, and Vendor Partner is essential to the CHART Exchange. You never know where the new business spark or connection will come from. Leave Baltimore with a minimum of ten new contacts and five new ideas!

WHAT IS NEXT FOR CHART?

You tell us! Propose new program/product ideas to the world’s oldest and most widely recognized insurance brand. Participate in workshops and vendor panel forums to learn more about issues affecting our industry. Interact with like-minded entrepreneurs and potential business partners. Take in all the activities over the next several days and then let us know what works…and what doesn’t. Our team will happily accept any constructive criticisms you may have, as all feedback will be used to shape CHART into an organization that addresses the needs of its members.

Glenn W. Clark , CPCU CHART’S Earliest Adopter

www.chart-exchange.com

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OCTOBER 2017

Simplify your workflow! Give your team a clear path to winning new policies!

For over 18 years the NetRate Systems team has been tailoring insurance processing solutions to meet the unique requirements of each of our MGA, Program Administrator, Carrier, and Lloyd’s clients in the P&C marketplace. From submission portal through rating to policy issuance, our solutions will help you minimize key strokes, simplify workflow, and reduce systems maintenance.

“Not only do they understand insurance terminology, but they also understand the flow of business.” Jeremiah O’Donovan President, O’Donovan & Associates

Learn More

877-738-2411TABLE OF CONTENTS www.netrate.com www.chart-exchange.com

OCTOBER 2017

ANALYSIS

DO YOU WANT TO BE MORE EFFICIENT? to make sure it is clear in directions and sets the right tone. Think of any unanswered questions that e all want to be more you can proactively answer as efficient, right? Yet well. Also make sure that others research shows that feel comfortable letting you know many of us are going about it the when they don’t understand wrong way. Here are some ways something you’ve asked them to that research tells us you can be do. more efficient at the office. By Rob Zuzula, Director of Marketing & Product Services, NetRate

FOCUS ON ONE THING AT A TIME.

You may think that multi-tasking will make you more productive, but it rarely does. Studies show that multitasking has a host of disadvantages and that focusing on one thing at a time can produce better results than trying to get more than one thing done at a time. Our brains simply weren’t designed for multitasking!

DEVELOP ROUTINES.

else, and you need mental and physical breaks, including real vacations. Research shows that more Americans are skipping vacations or doing some work during vacation time — but that this can lead to burnout, less focus, and productivity. Take a vacation — and resist the urge to check e-mails.

Want to know what else can improve your efficiency? Our solutions! We deliver flexible, high-performance insurance processing solutions designed to serve the unique needs of Managing General Agencies (MGAs), Program Administrators, You can’t be on the go continually! Insurance Carriers, and Lloyd’s You need downtime to allow Syndicates and Coverholders. Just yourself to enjoy something call (877) 790-1114 to learn more. Routines are powerful tools for everyone from babies and children to business owners and city managers. Keep to a schedule, but don’t be so inflexible that you can’t go for a walk or seek inspiration online with a good TED Talk.

Image Credit: Wikimedia Commons

ASK FOR HELP.

You don’t have to personally do so much — and you shouldn’t. Delegating can be a powerful way to get more done each day and empower those around you. For many people, though, it doesn’t come naturally. COMMUNICATE CLEARLY.

Make sure your texts, emails, and documents are clear. Before you hit send, print, or copy, reread what you wrote www.chart-exchange.com

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OCTOBER 2017

ANALYSIS

TAKE YOUR PREMIUM FINANCE PROGRAMS TO THE NEXT LEVEL David E. Gebhardt Chairman, C.E.O. COST Financial Group, Inc.

of your team and continued interest from customers, you can transform the programs you offer into something greater. The revenue you generate from this kind of arrangement can be substantial. Consider whether it

in spending time and money that doesn’t generate the necessary ROI. Yet our company has developed a sound methodology for taking premium finance and turning it into something much greater and more consequential for your organization.

remium finance programs don’t grow on trees. Instead, they are built over time with a combination of resources including knowledge of the financial sector, careful management and The financial attention to detail. If your world depends on premium finance programs technology to keep are due for an upgrade, it’s up with the pace of change. important to think through the qualities you need in a We have built our online business partner. quoting system with help

Image Credit: Creative Commons

from leading technology

As you think through premium finance options on the marketplace, keep these factors in mind to ensure the program you integrate is aligned with your mission, vision and values.

Too many financial vendors including Amazon institutions operate FACTOR NO. 1: premium finance programs Web Services and RedHat. It should be profitable. as a distant second to the This secure system connects There’s no point in investing other divisions of their you with all of the latest hard-earned money, time business. There simply data you need about your and energy in a project isn’t enough time during premium-finance customers.” that won’t move the needle the work week to think for your company. With strategically and develop our organization, typical a long-term vision for might be time for a change. clients average between $30,000 premium finance. That often and $40,000 in net profit per $1 means its true revenue potential FACTORS TO SEEK OUT FOR million financed. Our clients also within your organization isn’t PREMIUM FINANCE PROGRAMS are the recipients of financecaptured. Perhaps the greatest hurdle charge revenue, late fees and to adopting robust premium cancellation charges. There are Keep these points in mind as finance programs is a lack of very few fixed expenses because you weigh the merits of various experience with programs we only receive a small service premium finance programs in our that actually work well. Many industry. With an outstanding executives have come to view support system, the buy-in premium finance as an exercise See Premium Finance Page 37 www.chart-exchange.com

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OCTOBER 2017

NEWS Merger & Acquisition Services

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within the insurance industry by assisting firms with their corporate development and acquisition/divestiture objectives. M&A Services is

NEWS

MCGOWAN & NEW YORK HOSPITALITY ALLIANCE SPONSORED INSURANCE PROGRAM

cGowan Program The Alliance Property & Casualty A d m i n i s t r a t o r s Insurance Program offers Alliance (“McGowan”) and the New members “one-stop shopping” York City Hospitality Alliance (“The for all of their Property & Casualty Alliance”) have signed an agreement (“P&C”) Insurance needs, including for McGowan Liquor Liability, to become the General Liability, It is critical Assault & Battery, Exclusive Program for hospitality A u t o m o b i l e Administrator for a Property & Liability, Property, risks to purchase Casualty insurance Business Income, Active Shooter/ program designed Cyber Liability, Workplace Violence for the 24,000+ Employment policies to protect Practices Liability, eating and drinking establishments in them; their normal Umbrellas, and New York City. Active Shooter/ insurance policies W o r k p l a c e do not offer any The Alliance is a nonViolence coverage. profit association which coverage for such Entities whose members participate in The incidents.” include restaurants, Alliance’s P&C bars, taverns, nightInsurance Program clubs, lounges, and other hospitality receive automatic membership in establishments in New York City. The Alliance (including all of the “McGowan works with thousands standard membership benefits of non-profit organizations across provided by The Alliance). the country, and The Alliance is absolutely best-in-class,” said “We have been extremelyThomas B. McGowan, IV, CEO of impressed with the capabilities The McGowan Companies. He of McGowan,” said Andrew Rigie, continued,“The Alliance is dedicated Executive Director of The Alliance. He to providing its members real continued, “McGowan specializes in benefits and topical programming, designing and managing affinity which allow its members to run their insurance programs for non-profit businesses more safely, efficiently, associations and can provide our and profitably.” members with excellent service www.chart-exchange.com

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and unique coverage at highlydiscounted rates.” The Alliance P&C Insurance Program is run by Kevin O’Connor, a well-respected and experienced veteran in the hospitality insurance industry. All insurance brokers with hospitality risks are free to contact McGowan and place their business in The Alliance P&C Insurance Program. O’Connor commented, “With the increasing number of terrorist and ‘lone wolf’ attacks in the United States, it is critical for hospitality risks to purchase Active Shooter/ Workplace Violence policies to protect them; their normal insurance policies do not offer any coverage for such incidents.” He went on to say, “McGowan is the largest and most sophisticated writer of Active Shooter/Workplace Violence coverage in the world, so we are well-equipped with a staff of experts to properly insure hospitality risks.” For more information, contact Kevin O’Connor (koconnor@ mcgowanprogarms.com / P: (440) 333-6300 / www. mcgowanprograms.com) or Andrew Rigie (arigie@thenycalliance. org / P: (212) 582-2506 / www. thenycalliance.org). OCTOBER 2017

CHART - NEWS SPECIAL REPORT - WILSON ELSER

HOW TO BEST LEVERAGE CHART’S 3RD ANNUAL CONFERENCE This article is a reprint from an earlier issue to help our readers prepare for the upcoming CHART conference. By Glenn W. Clark, CPCU Publisher & Earliest Adopter

individuals expect to return to their offices with new contacts, ideas, etc. that can be beneficial to their enterprise.

Anyone who knows our team understands that we like to talk in ur team has decades of “tens”. Perhaps this mindset has experience hosting and been influenced by David Letterman, running large agency group the Ten Commandments, or Top Ten meetings. Along the way we’ve lists to illustrate a concept or trend. learned a few things on how to maximize the experience of our The following ten points are a participants who give up valuable combination of “environmental” time and expense to attend. These

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www.chart-exchange.com

CHART - NEWS factors engineered to create interaction and behavior/actions we advise participants to do in order to prepare them to maximize individual results. Each person is encouraged to attend with the expectation that they must “give” in order to “get”. Remember CHART’s core action value is found in the definition of the word Exchange: “to give something of value in order to obtain something of greater Glenn Clark shares his vision during the value.” 2nd Annual CHART Exchange Conference 1. THEME

Stick to a central theme and ensure all invitees are aware of what your objective is. When you gather hundreds of like-minded people

– each with the same objective – fireworks follow. The theme of our summit is simple: ...To Generate

More New Business Insurance Commerce Between The U.S. And London. 2. SPEAKERS

While big-name speakers can be a draw, we have found that the folks they attract are not necessarily the new business generators of their respective companies. We prefer speakers who challenge conventional thinking. In our first year we were challenged to “Color Outside the Lines” by Jeff Tobe. In year two we heard the success story of Jim Masiello’s SIAA network that grew from humble beginnings to over $6 billion in premiums today. See Leverage CHART Conference Pg 16

Baltimore Inner Harbor Panaramic: Photo Credit Jawed Karim License Creative Commons Attribution-Share Alike 3.0 Unported www.chart-exchange.com

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CHART-NEWS Continued From Page 15

HOW TO BEST LEVERAGE THE OCTOBER CHART CONFERENCE 3. SIZE AND VENUE

Everyone in our target audience has attended industry meetings that are almost impossible to navigate or absorb. We have even been guilty in our own past experience of getting so big that we lost our ability to guide collective results.

Reception On October 9th And 10th. We Are Seeking Sponsors For Both! 5. PRE-SET MEETINGS

Our Market Finder service separates CHART from other industry groups. In 2016 we facilitated over 400 prequalified appointments between Vendor Partners, Qualified U.S. Agencies seeking programs U.S. Agencies And London and Syndicate member partners Syndicates Who Lead The U.S. with the most compatible risk Binding Authority Space. appetites. While not every meeting generated immediate business, the 4. NETWORKING results were still extraordinary: When you gather 300 like-minded people together it is not hard to • Twelve First-Time Coverholders Qualified And prime the pump. Our primary Sheparded Through Tribustrategies center on cocktail nalization (More To Come receptions (held in our Vendor Partner mart), meals, and themed • Tens Of Millions Of Potential Premium Production workshops/panels.

Too many or competing vendor partners can become a distraction and reduce outcomes for all. Large group meetings have a purpose but no real business is done in private appointments, smaller breakout sessions, or themed The CHART Exchange workshops. The CHART deliberately runs a Exchange deliberately runs a smaller event engineered smaller event engineered specifically to achieve our specifically to achieve our theme of more new business. theme of more new business. We know we cannot meet We know we cannot meet everyone’s expectation but we can exceed the results of everyone’s expectation but other industry gatherings we can exceed the results of if attendees practice the other industry gatherings if concept of “Exchange”.

Presented To London Markets • A Healthy Pipeline For Future Growth.

Agencies should use the CHART Program Questionnaire to present an idea. 6. BE PROACTIVE

Generate your own opportunities to meet people you would not otherwise attendees practice the concept encounter. We give each The October 2017 meeting of our vendor partners and of “Exchange.” will be held at the Four Syndicate members the Seasons Hotel in Baltimore, chance to launch their own MD. We Have Reserved All Wilson Elser And C J Coleman “offense”. Moderate workshops or 246 Rooms For Our Unique Will Host A Welcome Recep- participate in panels to extol what And Exclusive Event. Target tion On Sunday 10/8 And We makes you unique.

Participants 16

Are

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Preferred Will Have A Vendor Partner TABLE OF CONTENTS

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CHART-NEWS Capitalize on the 100,000+ circulation of our e-magazine by contributing articles that demonstrates expertise in your particular field of endeavor.

firm, or develop materials that highlight your capabilities?

The Most Successful Meeting Attendees Are The Ones Who Are Prepared To ProsWe encourage our vendor and per. Syndicate partners to bring agencies they have partnered 9. STACK THE DECK with in the past. The CHART Staff can be engaged to customize the meeting and There Is Nothing More Com- discreetly “hustle” on your pelling To A U.S. Producer behalf:

Than A Success Story Told By A Peer. • Invite your clients for success 7. LEARN NEW SKILLS

We encourage

The vast majority of our our vendor and attendees are life-long Syndicate partners to learners. Being with their peer group is a rare opportunity bring agencies they have to talk one hundred miles an partnered with in the hour in an environment where past. There Is Nothing they are fully understood. More Compelling To A U.S. Program Specialists are a unique class. Their language, Producer Than A Success metrics, compensation plans, Story Told By A Peer.” targets, systems, etc. have commonalities only they understand. Our workshops and stories and to reduce your panels are designed specifically travel expenses in the future. to challenge and grow Program • Bring prospects you seek for Administrators. future business • Target friends and peers who As Iron Sharpens Iron - So would benefit from attending Does One Person Sharpen the CHART event.

home with is a handful of business cards, expense receipts, and jet lag. The first thing they face at home is a backed up schedule and the “conference high” soon dissipates. Take a lesson from the folks who do this for a living. Some of the least likely connections you made could generate the best future opportunities. Utilize the conference attendee lists to enhance your company’s communication databases. Consider the use of periodic newsletters, e-mails, or other mechanism to maintain your visibility within this target niche.

While “Harvesting May Help Today, “Farming” Will Feed Your Firm In The Future!

NEVER MISS AN ISSUE

Another (Proverbs 27:17)

Utilize This Service And Put 8. PREPARE IN ADVANCE Chart To Work On Your BeDevelop your event strategy in half. advance. Do you wish to sponsor an event, moderate a workshop, 10. POST EVENT participate in a panel, purchase The typical “trophies” a a give-away to promote your conference attendee returns www.chart-exchange.com

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TO CONTINUE TO RECEIVE

THE CHART EXCHANGE! OCTOBER 2017

CHART EXCHANGE

CHART MARKETS REPRESENTS THE SUCCESS OF WORKING TOGETHER

enry Ford once famously said that “Coming together is the beginning. Keeping together is progress. Working together is success.” In 2015 we first introduced the concept of the CHART Exchange. The inaugural meeting in Philadelphia brought together over 300 individuals representing each segment of the U.S./London marketplace – Coverholders, potential Coverholders, Risk Takers, and Vendor Partners. CHART has kept this diverse group together by becoming a permanent

membership organization in 2016; we also hosted events in both London and Baltimore, MD last year. Our Third Annual Meeting will be held October 8-11, 2017 at the elegant Four Seasons Hotel in Baltimore.

These new business opportunities represent over $173 million in premium. While not all of these submissions can be converted to programs, we have demonstrated the potential that comes from collaborative effort.

We are happy to report that CHART has followed through on all three phases of Mr. Ford’s maxim. During the two and one-half years of our existence, working together has resulted in the introduction of 57 new deals being brought to London.

In the current issue, we’d like to talk about another example of how working together can lead to success. Earlier this year, our team partnered with one of the organization’s vendor partners – ValueMomentum – to launch a

s with any other successful partnership, this collaboration optimizes the strengths each party possesses. ValueMomentum is a premier provider of innovative software and technological solutions for the insurance industry. They have the expertise necessary to develop a robust, easy-to-navigate web-based platform. Reporting functionality built into the system will allow storefront owners to monitor activity and pursue new business leads generated from CHART Markets. 18

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CHART EXCHANGE

HART Markets Exchange: Occasionally, retail agents will inquire about a product that is not offered through any of our storefront owners. In these situations, the producer will be given the opportunity to post information about the risk on an exchange. Participating members will then have the ability to provide placement assistance on a one-off basis.

new member benefit called CHART Markets. This new facility can best be described as an on-line shopping mall. Much like its “brickand-mortar” counterpart, we can offer participating members virtual storefronts from which their various product and services offerings can be promoted.

activity and pursue new business leads generated from CHART Markets. CHART will contribute its marketing expertise to the new venture. Promotional campaigns targeting retail insurance agencies will be scheduled in order to drive traffic to this unique, Londoncentric platform. A diverse array of techniques will be employed to accomplish this task, including media advertisement, direct response mail, and broadcast e-mail. •

As with any other successful partnership, this collaboration optimizes the strengths each party possesses. ValueMomentum is a premier provider of innovative software and technological solutions for the insurance industry. They have the expertise SOME OF THE UNIQUE FEATURES necessary to develop a robust, OF CHART MARKETS WILL INCLUDE: easy-to-navigate web-based platform. Reporting functionality • Product Search Functionality. built into the system will allow Retail agents will be given storefront owners to monitor the opportunity to search

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through the portfolios of our storeowners through a unique search portal. Entering keywords related to product or coverage type will generate a roster of members with compatible offerings. Each listing will include highlights, contact information, and links to websites. More importantly, the member is notified each time an agent views their offerings – allowing them to conduct their own follow-up. CHART Markets Exchange. Occasionally, retail agents will inquire about a product that is not offered through any of our storefront owners. In these

See CHART MARKETS Pg 27

OCTOBER 2017

Insuring your business. Ensuring your future.

Captive Consulting and Management

WE DO NOT REPLACE RELATIONSHIPS

Consultation Services • • •

Performs a coverage audit Provides risk management consultation Assists in determining if a captive is the right solution for you

We will work with you and your advisors to find the right solution for you.

If a captive is the right solution for you, • •

• •

ERS provides insurance coverage policy design ERS provides full underwriting services; including policy issuance, premium invoicing and collection (premium financing is available) ERS aids in domicile selection ERS provides captive formation and captive management services.

Turn-key captive management includes • • • •

Regulatory compliance and oversight Corporate compliance and oversight Bookkeeping and record-keeping services Coordination with tax professionals for timely filing of all tax returns and tax payments

And, that solution might not require one of our products.

WE ARE HERE TO HELP YOU We are experienced, creative, responsive, and responsible. Providing customized solutions rather than off the shelf products.

The staff of Enterprise Risk Strategies (ERS) has over 100 years of insurance and risk management experience. Our staff includes accountants, CPAs (certified public accountants), CAs (chartered accountants), attorneys, business and insurance professionals. Contact us: Bruce Slapper Executive Vice President tel: 602-904-7687 bslapper@eriskstrategies.com

Dana Marino East Coast Business Development tel: 610-353-4820 dmarino@eriskstrategies.com

www.eriskstrategies.com

Partners who understand your needs. York Risk Services Group, Inc. is honored to be a Preferred Vendor Partner of the CHART Exchange. We are a premier provider of TPA Services, Specialized Loss Adjusting, Customized Claim Solutions, & Risk Control Services for Lloydâ&#x20AC;&#x2122;s of London & the London company market. We offer: Dedicated Binding Authority Adjusting Team Dedicated E&S/Specialty Lines Open Market Adjusters Back office team for banking, bordereau production, MI reporting Customized Physical Risk Assessments (Risk Control) Virtual Risk Evaluation Services

To learn more, contact Aubrey Fountain, at 850.650.2380 or Aubrey.Fountain@yorkrsg.com. C L A I M S M A NAG E M E N T | M A N AG E D CA R E | R I S K MA N AG E ME N T | LOSS CO N T R O L www. YORKRSG .co m

Bringing U.S. Entrepreneurship to the London Market The CHART/Wilson Elser strategic partnership combines the innovative underwriting philosophy of the worldâ&#x20AC;&#x2122;s oldest insurance brand with the entrepreneurial mindset of U.S. agencies. For close to 40 years, Wilson Elser has helped organizations to better navigate challenging markets and realize improved combined ratios. We provide London- and Europe-based insurers with ready access to more than 60 discrete legal services delivered by nearly 800 attorneys in 34 strategic locations throughout the United States. Guided by a proprietary, systematic legal project management program, we help clients define strategies and achieve outcomes that align with agreed business requirements. We also implement dedicated Program Claim/Litigation Management services, creating value and driving efficiencies with respect to legal spend and indemnity. Wilson Elser is especially proud of its strategic partnership with CHART Exchange and our shared commitment to strengthening relationships between cover holders and risk takers on either side of the Atlantic.

NEWS

DELAWARE PASSES AMENDMENT TO DATA BREACH NOTIFICATION LAW by Gregory Bautista, Jeremy T. Merkel

or the first time since 2005, Delaware has amended its data breach notification law (DE Code Tit. 6, 12B-101-104). Whereas Delaware’s previous law only required companies to notify affected residents of a breach “as soon as possible” after determining that “misuse of information about a Delaware resident has occurred or is reasonably likely to occur,” House Substitute 1 for House Bill 180 strengthens the requirements for companies that conduct business in Delaware in several ways.

REASONABLE DATA SECURITY

organization susceptible to liability Any“person”who conducts business for failing to maintain adequate in Delaware and “owns, licenses, or security procedures, even where maintains” personal information notification of a breach is not is required to “implement and required. maintain reasonable procedures and practices to prevent the DEFINITION OF unauthorized acquisition, PERSONAL INFORMATION use, modification, disclosure, Delaware’s law previously defined or destruction of personal “personal information” as a information collected or Delaware resident’s first name maintained in the regular course or first initial and last name in of business.” This puts Delaware combination with their (1) Social in line with 14 other states that Security number, (2) driver’s license require private organizations to number or state identification maintain reasonable data security practices. It also makes private See Amendment to Data Breach Law Page 30

Co-author Gregory Bautista, as co-chair of Wilson Elser’s Cybersecurity & Data Privacy practice and a member of the Information Governance Leadership Committee, has embraced the concept of information governance, which melds the disciplines that exist in all businesses into a powerful enterprise-wide strategy. Greg is an experienced civil litigator with a focus on data breach response and e-discovery matters. He is keenly aware of the growing importance of helping clients to develop and implement data security risk management measures related to the receipt and use of highly sensitive and confidential data. Greg is a contributing editor to Wilson Elser’s ESI Case Law Update 2016, an annual compendium of cases dealing with issues and developments surrounding electronically stored information. Co-author Jeremy Merkel focuses his practice in the areas of cyber security and information governance in the context of the significant challenges presented by the management of data across the information life cycle. He helps client address regulatory requirements, privacy laws and litigation obligations, while leveraging their data in support of operational requirements. Jeremy gained considerable experience with technology and the law through positions at Facebook, the Federal Trade Commission and Harvard’s Berkman Klein Center for Internet & Society. He also served as a legal intern on the executive leadership team in the Office of the Attorney General of New Jersey. Prior to joining Wilson Elser, he was an associate at a boutique civil litigation firm in New York City. Jeremy has been a social services volunteer tax preparer for a number of years.

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OCTOBER 2017

ANALYSIS - VALUE MOMENTUM

UNDERWRITING SPECIALTY RISKS – FROM THE TYPICAL TO THE BIZARRE

GAs, program administrators and coverholders protect against the a specified loss or damage in return for a premium – more often for those risks that are not well understood or don’t “fit the box”. Underwriters decide whether or not to cover the risk, the terms at which to provide the risk and the price to charge for the protection.

BOUT THE AUTHOR: Abhijeet Jhaveri is Chief Marketing Officer at ValueMomentum and leads ValueMomentum’s softwareas-a-service business targeted at the MGA, Program Administrator and Coverholder markets. Abhijeet and his team works with MGAs, Program Administrators and Coverholders to deploy ValueMomentum’s iFoundry rating software with support for ISO, NCCI, AAIS and proprietary rate plans and extend these to agents, customers and employees with ValueMomentum’s BizDynamics Digital Experience Solution and App2Data ACORD forms processing Solution.

OCTOBER 2017

owners, artisans, contractors, school transportation providers, coastal personal and commercial property, athletic clubs and gymnasiums. There are even more specialized coverages, which require even more specialized underwriting. Here are a few of the event coverages. • Wedding Coverage – In the event a natural disaster requires a cancellation.

So let’s talk about different types of risks, the role of the • Cold Feet Coverage – In the underwriters and the systems event the bride or groom get that enable them to provide such cold feet, the coverage will protection. pay the costs of the wedding. Standard insurance can be somewhat commodities – Auto, Home, Rental, Property, Liability. Most insurers handle these lines well with the underwriting rules and the standard rating algorithms. Some even come under the straight through processing which was popularized a decade or so ago. Many MGAs, program administrators, and coverholders specialize in niche specialty markets and have the underwriting expertise that carriers may not possess. These can be certain lines such as restaurants, garage TABLE OF CONTENTS

• Hole in One Coverage – Some golf tournaments have a large prize if someone hits a hole in one, so this covers the cost of the award. While some of the above are examples of more specialized coverages, many MGAs, program administrators and coverholders bring to bear their unique expertise in specializing on a niche and assembling the right set of coverages for such risks. See Programs in Weeks Page 26 www.chart-exchange.com

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ANALYSIS - VALUE MOMENTUM Continued From Page 24

SPECIALTY RISKS Carriers seek more profitability and growth with specialized underwriters who have a track record of understanding these risks. These markets require more flexibility with their systems to enable their underwriters to assess, price and provide terms for the risk.

Many MGAs, program administrators and coverholders use administration systems that allow precisely such flexibility. These systems provide the ability to capture insured information,

OCTOBER 2017

liability, business owners policy, commercial auto, commercial umbrella, commercial package, inland marine, crime & fidelity, homeowners, farm owners and other lines from bureaus such as ISO.

Further, such systems also provide for the ability for configuring deviations Dynamic underwriters or exceptions from ISO commercial lines manuals with entrepreneurial spirit are constantly identifying and their loss cost modifiers. These systems new niche or specialty can also be configured opportunities, developing to support proprietary their programs or guidelines, rate plans as is commonly applicable for proprietary setting up their distribution engines, partnering with high lines such as professional liability, directors & quality markets and instituting officers, errors & omissions, modern and nimble systems wedding coverage and so to write profitable business.â&#x20AC;? on!

Unlike standard insurance, where systems are expected to maintain consistency in how rules, rates, algorithms are applied in transactions, specialized risks require systems with more flexibility. Underwriters may choose to override certain rates, apply debits or credits based on the risk and loss history, seek to create stipulations to limit the exposure, and so on.

risk clearance, capture loss history, input statements of values and schedules, input premiums, develop quote proposals and binders, issue policies, calculate commissions and so on. Premium calculation is possible with simple excel calculation or with sophisticated rating engines.

Often, underwriters use rates, rules and forms from bureaus such as ISO, AAIS and others â&#x20AC;&#x201C; as a starting point and adjust the premium calculations commensurate to the specialized risk based on the underwritersâ&#x20AC;&#x2122; judgement. To do so, they access rating systems with support for such bureaus. Such rating software systems can provide common lines of business such as commercial property, commercial general

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Rating software with support for bureaus such as ISO, AAIS and also proprietary lines, integrate with administration systems and enable underwriters to rate, quote, bind and even issue policies. Forward looking MGAs, program administrators and cover holders also invest in systems that allow agents and even consumers (for select lines) to access quotes and even service their policies. In fact, in the digital age, this is one of the most important investments that contributes to: www.chart-exchange.com

ANALYSIS - VALUE MOMENTUM Continued From Page 19 • Operational efficiency: by speeding up turnaround times on quotes.

CHART MARKETS

• Increasing revenue: by providing agents the ability to access quotes instantly or faster than current averages. • Attracting and retaining agents and brokers because of “ease-of-business” via agent portals to sell and service policies. • Increasing underwriting consistency by freeing up underwriters from clerical tasks to those focused on risk assessment and pricing.

•

In summary, the dynamic business of selling and servicing specialized insurance is exciting, consistently growing at faster pace than the overall property/ casualty industry and highly profitable for the most part. Dynamic underwriters with • entrepreneurial spirit are constantly identifying new niche or specialty opportunities, developing their programs or guidelines, setting up their distribution engines, partnering with high quality markets and instituting modern and nimble systems to write profitable • business.

www.chart-exchange.com

will not be the only ones benefiting from this newest initiative. Our organization is dedicated to the growth of the U.S./London Marketplace. By heavily promoting this platform within the independent insurance agency community, we are also raising awareness about Lloyd’s, its capabilities, and reputation within the industry.

situations, the producer will be given the opportunity to post information about the risk on an exchange. Participating members will then have the Interested in learning more about ability to provide placement CHART Markets? We will be comoderating a single purpose assistance on a one-off basis. workshop on the subject with during the Vendor Services. CHART ValueMomentum Markets is not limited to October meeting in Baltimore. insurance products. Our Participants will be offered the Vendor Partners will also have opportunity to view a practical the opportunity to use platform demonstration of the system. as a way of promoting their areas of specialization to this unique business niche. Services include legal, loss control, M&A, promotional items, consulting services, web-development, systems, compliance, licensing, fronting, captive management, marketing assistance, etc

NEVER MISS AN ISSUE

Marketing Support. There is no doubt that CHART Markets will identify and source new producers for participating members that they never would have encountered on their own. This new facility can either augment existing distribution channels or establish new ones. A London-Centric Facility. Participating CHART members TABLE OF CONTENTS

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THE CHART EXCHANGE! OCTOBER 2017

Don’t let your clients pay the price for

WORKPLACE BULLYING!

The notion of Workplace Bullying is getting increased attention from national media outlets. The term refers to patterns of behaviors that harm, intimidate, offends, degrades, or humiliates an employee — usually in front of their colleagues, clients, or customers. Studies relating to this phenomenon reveal some disturbing trends; workplace bullying has been found to be 4 times more prevalent than illegal harassment. Many employers may not even be aware that this type of disturbing behavior occurs within the workplace. Unfortunately, the companies could ultimately suffer the consequences if the victim decides to take legal action. The cost of defending against such a lawsuit — even a groundless one — could be financially devastating. This is especially true for smaller firms. Let Rockwood Programs help protect your clients. Our Employment Practices Liability Insurance (EPLI) product protects companies from allegations of discrimination, wrongful termination, harassment, and workplace bullying brought by their employees.

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NEWS

LLOYD’S REPORTS $1.58BN PROFIT FOR THE FIRST HALF OF 2017

loyd’s, the specialist insurance and reinsurance market, today announced a profit of $1.58bn for the first half of 2017 with the publication of its interim report.

a relatively benign loss period. However, despite continuing pressure on pricing from excess capital and low interest rates, the development of new products has seen an increase in volumes.

lines of business is showing signs of success, but we cannot allow that focus to waver if we are to continue to ensure the Lloyd’s platform is the most attractive option for customers.

Lloyd’s also reported a reduction in the combined ratio to 96.9% as well as an increase in gross written premiums to $23.8bn. There was an annualised return on capital of 8.9% for the same period.

The reporting period also features a 78% improvement in the underwriting result up to $0.46bn (June 2016: £0.21bn). This has been shaped by the low incidents of major losses, action taken to address underperforming lines of business along with price and trading competition across other lines of businesses.

“Whilst these results do not cover the current hurricane season in the Caribbean and United States, the market is assessing claims and starting to make payments that will help local communities and businesses get back on their feet as quickly as possible. It is our ability to respond quickly and effectively in times like these that differentiates the Lloyd’s market and is ultimately what we are here to do.”

THE KEY FINANCIAL FIGURES ARE:

• Pre-tax profits of $1.58bn (£1.22bn) (June 2016: £1.46bn) • Return on capital of 8.9% (June 2016: 11.7%) • Combined ratio of 96.9% (June 2016: 98.0%) • Investment return of 1.5% (June 2016: 1.8%) • Net resources of bn (£28.0bn) (June 2016: £26.6bn) $36.4 These figures do not take into account the recent storms faced by the Caribbean and United States, and instead reflect what had been, until recently, www.chart-exchange.com

Lloyd’s capital position remains strong and our ratings with the leading ratings agencies were reaffirmed, with Fitch at AA(very strong), Standard & Poor’s RESULTS AT A GLANCE at A+ (strong) and A.M. Best at A (excellent). • 30 June 2017 30 June 2016 • Profit $1.58bn (£1.22bn) Lloyd’s Chief Executive, Inga Beale, £1.46bn said: “These results highlight the • Gross premiums $ 2 3 . 8 b n continued strength of the Lloyd’s (£18.9bn) £16.3bn market, but they do reflect the • Combined ratio 96.9% 98.0% challenging conditions that have • Investment return 1.5% shaped the sector over recent 1.8% years. Our focus on maintaining • Return on capital (annualised) a strong underwriting discipline 8.9% 11.7% and concentrating on profitable TABLE OF CONTENTS

OCTOBER 2017

ANALYSIS - WILSON ELSER Continued From Page 23

AMENDMENT TO DATA BREACH LAW number, or (3) account number, credit card number or debit card number in combination with any required security code, access code or password that would permit access to a financial account. The revised law adds the following data elements to the definition of “personal information,” which continues a trend of states focused on protecting information related to health, technology and personal finance: • • •

•

• • •

Federal identification number Passport number Username or email address in combination with a password or security question and answer that would permit access to an online account Medical history, treatment or diagnosis by a health care professional DNA profile Health insurance identification number Taxpayer identification number.

OCTOBER 2017

THRESHOLD FOR NOTIFICATION – RISK OF HARM & ENCRYPTION SAFE HARBOR

not apply where a shorter time is required under federal law or if law enforcement requests that notice Notification to affected individuals be delayed so as not to impede a (and in certain instances the criminal investigation. Delaware Attorney General) is not required if the company ATTORNEY GENERAL NOTIFICATION reasonably determines through an If the breach affects more than 500 investigation that the data breach Delaware residents, companies are is unlikely to result in harm to the required to notify the Delaware affected individuals. Notification Attorney General “not later than also is not required if the breach the time when notice is provided to involves encrypted data, unless the the resident.” Similar to the previous breach includes the encryption key law, the Attorney General may bring that could reasonably render the an action in law or equity to ensure data readable or useable, which is proper compliance or to “recover another new element of the law. direct economic damages resulting from a violation.” The Attorney General may bring an action in law or Credit Monitoring equity to ensure proper Now Required compliance or to “recover direct If the breach includes an economic damages resulting individual’s Social Security from a violation.” number, companies are required to offer credit monitoring and TIMING identity theft protection services for Notification to affected individuals one year. California and Connecticut must be made “without are the only other states with such a unreasonable delay” and within 60 requirement. days after discovering the breach. Some states have more restrictive Delaware’s amended law goes into timelines, such as Florida, which effect on April 14, 2018. Wilson requires notification within 30 Elser’s Cybersecurity & Data Privacy days, and Vermont, Ohio, Rhode practice has extensive experience Island and Washington, which guiding entities through the rapidly require notification within 45 evolving regulatory landscape. As days. Whereas the previous law other states continue to amend required notification “in the most their data breach notification expedient time possible,” the requirements, if any of your clients amendment offers clear guidance. need assistance, please contact a The amendment further notes that Wilson Elser practice team member. the new timing requirement does TABLE OF CONTENTS

www.chart-exchange.com

CMY

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NEWS

LLOYD’S: HURRICANE SEASON A REMINDER TO MAINTAIN ADEQUATE CATASTROPHE LOADING Lloyd’s: Hurricane season a reminder to maintain adequate catastrophe loading

loyd’s said that an active hurricane season is a timely reminder for underwriters to maintain adequate catastrophe loading on rates. Jon Hancock, Director of Performance Management, Lloyd’s, said: “The next major disaster is always just around the corner and it’s important that underwriters factor this into their calculations. In recent years we have seen the market eroding the catastrophe loading that it applies to rates in order to deliver more attractive prices for customers.

CHART EXCHANGE

the face of such a competitive global market.” Commenting on the overall impact of Harvey and Irma on the sector, Hancock added: “At this point, we do not consider Harvey and Irma to be a Market Turning Event (MTE), the threshold for which is a series of losses amounting to over $200bn. However, the situation could change. We are evaluating all the latest information from the region and, as announced earlier this year, we have new measures in place to help the market deal with an MTE.

“Our focus is to give the market the support it needs to respond effectively and pay claims as quickly as possible, whilst preserving the stability of the “This is an ongoing challenge market. We continue to stress how for the market, particularly important it is for managing agents when capacity is so abundant to have well tested contingency and competition is so fierce. plans for an MTE in place and there Harvey and Irma serve as another is advice on the critical elements reminder that we need to maintain that should be considered within underwriting discipline, even in our guidance.” www.chart-exchange.com

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ANALYSIS

FORTEGRA ANNOUNCES ADMITTED MARKET PARTNERSHIP WITH CHART “Admitted Programs Supported by Lloyd’s Underwriters” at the upcoming CHART Exchange in New partnership offers Baltimore, Maryland October 8-11, first-of-its kind admitted 2017. In this workshop, Fortegra will discuss their model and early market model success story from an Insurance Agents & Brokers program ACKSONVILLE, Fla. Fortegra, supported by Lloyd’s reinsurance a Tiptree Inc. company capacity. (NASDAQ:TIPT), today announces its new partnership with ark Rattner is Executive the CHART (Cover Holders And Risk Vice President, Chief Takers) Exchange, an organization Underwriter and head of of coverholders, London-based product management for syndicates, admitted markets and Fortegra, a leading specialty other vendor partners who provide insurer and subsidiary of Tiptree services for the insurance industry. Financial Inc. (NASDAQ: TIPT), where he leads the expansion Fortegra will serve as one of two of the company's underwriting admitted insurance companies on programs. He has over 30 years CHART’s vendor panel, and be the of insurance industry expertise, exclusive non-fronting program and previously acted as Senior partner for admitted capacity. By Mark Rattner, EVP & Chief Underwriter

This first-of-its-kind partnership, which offers Fortegra’s A-rating and reinsurance alliance through Lloyd’s syndicates, allows Fortegra to assume risk and offer meaningful reinsurance support from the current London subscription market. Fortegra supports coverholders with admitted paper and eliminates surplus lines tax, letters of declination and additional administrative duties. Fortegra will be conducting a workshop entitled 34

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Vice President of Houston International Insurance Group.

“Our unique admitted market TABLE OF CONTENTS

partnership allows Lloyd’s coverholders and MGAs who don’t have access to premier markets to bridge the gap with admitted paper. Unlike other admitted partners, we assume meaningful risk and look for support from a coverholder’s or MGA’s existing, or new, syndicate panel,” said Fortegra Executive Vice President, Chief Underwriter & Head of Product Management Mark Rattner. “As a premier member of CHART, the flexibility and transparency we offer through our partnership with Lloyd’s is unmatched, and gives program underwriters the ability to create solutions that fit their specific needs and build their business with new admitted market capacity.” “Fortegra has been with the CHART Exchange since our first meeting in Philadelphia in 2015. They bring a unique and valuable set of capabilities to our group, including the provision of admitted paper, risk sharing, and marketing services to CHART agency members,” said Glenn Clark, CPCU, president of Rockwood Programs, Inc. and president & CEO at CHART. “In early 2017 Mark Rattner, CUO deepened

See Fortegra-CHART Partnership Pg 39 www.chart-exchange.com

Your Partner for Admitted Market Capacity

PROGRAM CARRIER WITH NEARLY

BILLION

,000,000,000

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PREMIUM FINANCE

ADMITTED

INSURANCE COMPANIES

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CREDIT P RO G R A M S

WA R R A N T Y P RO G R A M S

Proud Partner of the 2017 CHART Exchange! Join our workshop sessions, Admitted Programs Supported by Lloydâ&#x20AC;&#x2122;s Underwriters, to hear how you can Experience More with Fortegra. Or stop by and see us at our booth in the exhibit area.

BRIDGING THE GAP

BETWEEN USA AND LLOYDâ&#x20AC;&#x2122;S OF LONDON

OCTOBER 2017

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www.chart-exchange.com

ANALYSIS It should be technologically advanced. The financial world depends on technology to keep up with the pace of change. We have built our online quoting system with help from leading technology vendors including Amazon Web Services and RedHat. This secure system connects you with all of the latest data you need about your premiumfinance customers. Using this resource, you can submit contracts electronically, manage them individually, track bills and more.

Continued From Page 11

PREMIUM FINANCE

fee. Keep in mind you have the ability to invest funds in your new premium finance arrangement, Those are just three of the many reasons financial which can drive growth considerably. http:// institutions choose to work with us. If you are costfinancial.com/profit/ interested in elevating your premium finance programs, we encourage you to reach out to our FACTOR NO. 2: team at COST Financial Group or call 800-844-2678. It should be easy to manage. Turnkey solutions are essential in today’s busy marketplace, which is one of the main reasons we developed this program. We will guide your team through the licensing progress and paperwork including premium-finance agreements, disclosures, monthly billing statements, reinstatements and more. We’ll also assist with license applications and we Proud supporters of CHART will customize our online quoting system to ensure your company’s needs are met. As our partnership develops, we can connect you to banks as you seek lines of credit. Our objective is to effectively manage risk Serving coverholders’ by setting appropriate down payments and needs since the 1930s collecting payments in a timely way. … and into the future We will set up a deposit-only bank account that connects directly to your premiumfinance company, but we will not hold any signature authority on it. We have the appropriate insurance coverage and can even set up a lockbox service to make payments easy.

Bespoke solutions Packaged lines Enhanced commissions Web-based platforms US domiciled marketing office Access us through 170 Lloyd’s brokers

AtriumUw

FACTOR NO. 3:

www.chart-exchange.com

www.atrium-uw.com

Atrium Underwriters Ltd

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OCTOBER 2017

OUR TEAM IS THERE FROM THE START TO THE FINISH NSM Insurance Group Comprehensive Insurance Coverage for: Social Services I Addiction Treatment I Professional Liability Staffing Firms I Workers' Compensation I Collectible Vehicles Coastal Condo Associations I Breweries and Wineries Sports and Wellness I Specialty Aviation

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OCTOBER 2017

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www.chart-exchange.com

ANALYSIS Continued From Page 34

FORTEGRA CHART PARTNERSHIP the Fortegra commitment to the CHART-Exchange by negotiating a Preferred Vendor Partner Relationship. The CHART Exchange will assist Fortegra in promoting its unique business model via workshops, articles in our e-magazine, identification of potential new agency partners and increased exposure at our events. We are excited to have Fortegra join our other Preferred Vendor relationships who have made major commitments to grow our group.” To learn more about Fortegra’s new admitted market partnership, visit www.fortegra.com/programs.

credit insurance, and specialty underwriting inclusive of admitted market partnerships. Delivering multifaceted coverage with an unmatched service experience for both partners and their customers across the globe, Fortegra solves immediate, everyday needs, empowering consumers to worry less and Experience More.

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ABOUT FORTEGRA

Fortegra ® is the marketing name for the insurance, warranty solutions and specialty underwriting operations of Fortegra Financial Corporation and its subsidiaries, including its admitted insurance companies. Fortegra Financial Corporation (a Tiptree Inc. company) and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, www.chart-exchange.com

Merger & Acquisition Services Inc. served as the advisor to Partner Reinsurance Company of the U.S.

The purchase price is equal to the sum of the amount of statutory capital and surplus of PartnerRe Insurance Co. of New York at closing plus $5.8 million. Employers Group expects to fund the acquisition with cash on hand. Under the purchase agreement, Partner Reinsurance Co. of the U.S. will assume all of PartnerRe Insurance Co. of New York’s liabilities and obligations existing as of the closing date. Partner Reinsurance Co. of the U.S.’s parent company, PartnerRe Ltd., gave Employers Group a guaranty that Partner Reinsurance Co. of the U.S. will promptly and fully pay all of its obligations, liabilities and indemnities under the agreement. Employers Group will not be acquiring any employees or ongoing business operations under the transaction. The acquisition is expected to close once certain conditions are satisfied, including New York State Department of Financial Services’ approval. If the transaction closes, PartnerRe Insurance Co. of New York will become a wholly owned subsidiary of Employers Group. ABOUT MERGER & ACQUISITION SERVICES, INC.

Merger & Acquisition Services, Inc. mployers Holdings Inc. is a specialist advisory and financial subsidiary Employers Group services Firm to the insurance and Inc. agreed to acquire all of reinsurance industry, with offices in the outstanding capital shares of New York, Connecticut, Georgia & PartnerRe Insurance Co. of New Cayman Islands. York. TABLE OF CONTENTS

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Image Credit: Creative Commons

LLOYDâ&#x20AC;&#x2122;S OF LONDON

www.chart-exchange.com

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OCTOBER 2017 41 Image Credit: Creative Commons