The CHART Exchange November 2018

TABLE OF CONTENTS

6 Glenn W. Clark, CPCU, Publisher CHART Exchange Earliest Adopter

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Lloyd’s News RoundUp An Executive Summary Of This Month’s Lloyd’s News

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Special Report: Part III Of A Special Report On Modern Slavery by Kroll

19

Travelers In A Dangerous Time: The Do’s And Don’ts Of Crossing The U.S. Border In The Cannabis Age

22

Vantage Agora Case Study: Dealership Rental Program

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York Appoints Tom Hebson General Manager For Insurance Segment

31

SIAA Event Raises Over $70,000 For Dana-Farber Cancer Institute & The Jimmy Fund

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The Placing Platform Ltd.: Bringing The London Market Into The Digital Age

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CHART Markets: Designed To Give Retail Agents Access To Lloyd’s Products

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How Autonomous Vehicles Will Influence Infrastructure

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Merger & Acquisition Services Case Study: Divestiture Of An MGA

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Lloyd’s: Emerging Economies Have $160BN Insurance Gap

The Importance Of Writing Small Business Coverages In Today’s Environment

Cover Photo - Dimitry B. London’s Best Attribution 2.0 Generic (CC BY 2.0)

SPECIAL REPORT: PG 16 CRIME VS. ETHICS CHANGING CORPORATE CULTURE TO REDUCE MODERN SLAVERY

NOVEMBER 2018 VOLUME 3 - ISSUE 10

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

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

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MESSAGE FROM THE EARLIEST

BRINGING THE LONDON MARKET INTO THE DIGITAL AGE: THE PLACING PLATFORM LTD. Glenn W. Clark, CPCU Publisher & Earliest Adopter

Risks can be assessed on-line, with opportunities to accelerate turnaround time on quotes, binders, and endorsement approvals.

Electronic audit trails can help satisfy internal compliance requirements. In the event of a claim, the full chronology of risk negotiation can be reproduced at the touch of a button.”

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NOVEMBER 2018

S

everal months ago we started talking about TOM – the Target Operating Model recently launched by the London Market. As you may recall from our previous communications, there were four initiatives within this ambitious project that were slated to receive top priority – Delegated Authority (DA), Data Integration (DI) / Structured Data Capture (CDC), Central Services Refresh Programme (CSRP), and Placing Platform Ltd (PPL).

We tackled the topic of Delegated Authority in our last edition of CHART Magazine. Efforts are currently underway to address the inconsistencies and inefficiencies in the way critical information is being disseminated by those agencies

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possessing underwriting authorities through London. The utilization of standardized templates will improve data flow, eliminate redundancies, and reduce the number of reporting requirements faced by Coverholders.

This time around, we will focus our attention on the Placing Platform.

The London market has long recognized the need to improve the process through which brokers and insurers transact business. In some aspects, the procedures being followed today are reminiscent of the way things were done in Edward Lloyd’s coffee house hundreds of years ago: Parties relying on verbal communications and paper contracts to negotiate, quote, and bind risks.

www.chart-exchange.com

The Placing Platform will bring the market into the digital age. The facility will give London Brokers the ability to create submissions, upload supporting documentation, and selectively transmit the proposals to Syndicates with the most compatible risk appetites.

This level of automation provides a tracking mechanism to show the status of each prospective account within the approval process.

Underwriters will derive significant benefit from this change as well. Risks can be assessed on-line, with opportunities to accelerate turnaround time on quotes, binders, and endorsement approvals. Electronic audit trails can help satisfy internal compliance requirements.

In the event of a claim, the full chronology of risk negotiation can be re-produced at the touch of a button.

The CHART Exchange has taken a page from TOM’s book by employing automation as a means of generating increased submission activity for domestic insurance agencies with delegated underwriting authorities through Lloyd’s. Our team is in the midst of launching CHART Markets - an on-line shopping mall dedicated to the promotion of London-centric insurance products.

Much like its “brick-and-mortar” counterpart, the facility provides participating members with virtual storefronts from which their various product and services offerings can be promoted. Marketing campaigns targeting retail insurance agencies will be implemented in an effort to drive traffic to this unique Internet platform. We will utilize media advertisement, direct response mail, broadcast e-mail, and other methods to raise awareness within the retail producer community.

Interested in learning more? Send your inquiries to us via e-mail (info@chart-exchange.com).

While the introduction of technological innovation will result in the more efficient writing risks within London, it will not mark the end of all time-honored business practices at Lloyd’s. Face-to-face negotiation will continue across the placement process, especially those involving unique or complex accounts.

www.chart-exchange.com

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Glenn W. Clark , CPCU CHART’S Earliest Adopter

NOVEMBER 2018

7

NEWS - CHART EXCHANGE

CHART MARKETS:

DESIGNED TO GIVE RETAIL INSURANCE AGENTS ACCESS TO LLOYD’S-UNDERWRITTEN PRODUCTS

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he holidays are almost upon us. Over the next couple of weeks, yuletide music will start dominating the airwaves, year-end party planning will be in full gear, and diets will be placed on temporary hiatus.

Another harbinger of the season is the traditional pilgrimage of shoppers as they travel to the local mall in search of presents for family and friends. This imagery is very familiar for those of us at the CHART Exchange, because it serves as the basis for our newest venture – CHART Markets.

The new facility was designed to give retail insurance agents access to Lloyd’s-underwritten products. Our

portfolio consists of the coverage offerings available through participating member Coverholders (entities possessing Delegated Underwriting Authorities through London) of the CHART Exchange. Each participant maintains their own customized storefront. These dedicated pages offer product information, submission instructions, and descriptions of preferred risk characteristics.

MiniCo Insurance Agency is one of the first storefront owners of CHART Markets. They are a managing general agency offering multiple specialty property and casualty insurance products for a variety of unique industries and exposures. Their current national programs include commercial self-storage, fine art and collectibles,

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hat is CHART Markets? Think of it as a mall for those insurance products underwritten through the London market.

We provide the web-based platform – a virtual counterpart to a brick-and-mortar shopping facility. Visitors have access to an easy to use directory to conduct product searches, get assistance on the placement of unique/one-off risks, and learn more about the services offered by CHART’s network of Vendor Partners.

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NOVEMBER 2018

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www.chart-exchange.com

agribusiness, sports and activity, and lawyers professional liability. They also offer monoline programs for commercial risks such as equipment breakdown and cyber insurance.

MiniCo offers three products via the CHART Markets facility.

The specialty property insurance program is designed to provide coverage solutions for self-storage risks that may be challenging to insure due to high-risk geographic location or marginal underwriting characteristics. The monoline wind/hail deductible buy-back program is available to commercial risks and can be written in conjunction with any other company’s primary property policy. The miscellaneous professional liability program provides errors and omissions coverage for a wide array of professional service providers, which can be customized to fit the policyholder’s unique needs.

Mike Schofield – President and CEO of MiniCo Insurance Agency – offered these insights as to why his firm decided to become a part of CHART Markets, “MiniCo’s status as a Lloyd’s coverholder has yielded enhanced opportunities to expand our range of insurance products. Marketing these programs via CHART Markets will help MiniCo reach a much wider audience.. We have come to rely on the platform to communicate with agents seeking unique insurance solutions.”

Key features of the CHART Market site: •

•

Product Search Functionality. Retail agents will be given the opportunity to search 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 followup.

Vendor Services. CHART Markets is not limited to insurance products. Our Vendor Partners will also have the opportunity to use platform 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, webdevelopment, systems, compliance, licensing, fronting, captive management, marketing assistance, etc

We have launched the CHART Markets platform with 15 unique storefronts. A number of new sites are scheduled to be added before year-end. Visit us at www.chartmarkets.com for a first-hand look at the facility. Entities interested in promoting their Londonunderwritten products here are invited to contact us via e-mail at info@chart-exchange.com.

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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.

www.chart-exchange.com

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NOVEMBER 2018

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Merger & Acquisition Services

serving the insurance industry

Merger & Acquisition Services is a

SPECIALIST ADVISORY AND FINANCIAL SERVICES FIRM firm specifically to participants within the insurance industry.

Our mission is to provide

CONCIERGE-LEVEL SERVICES AND EXPERTISE

PROUD SPONSOR OF

SOLELY FOCUSED ON THE INSURANCE INDUSTRY. This allows our advisors to obtain critical industry knowledge and subsequently, provide clients with sound advice.

M&A Services has closed

MORE THAN 100 TRANSACTIONS IN 10 YEARS and has earned continuous placement within the "Top 5 Financial Advisors in Insurance Underwriting" according to SNL Financial.

Investment banking services and securities transactions are provided through and completed by Merger & Acquisition Capital Services, LLC., a broker-dealer registered with the U.S. Securities and Exchange Commission and member of FINRA and SIPC.

OUR SERVICES Agency M&A Transactions Carrier M&A Transactions Agency Financing Capital Raising Strategic Advisory Valuation Services Program Business Renewal Rights Fronting

info@maservices.com http://maservices.com

(212) 750-0630 320 East 53rd Street New York - NY - 10022 Copyright 2017 Merger & Acquisition Services, Inc. & Merger & Acquisition Capital Services, LLC. All Rights Reserved.

NEW YORK, NY - ATLANTA, GA - MYSTIC, CT - CAYMAN ISLANDS

within the insurance industry by assisting firms with their corporate development and acquisition/divestiture objectives.

M&A Services is

CASE STUDY - M&A SERVICES

MERGER & ACQUISITION SERVICES INC. CASE STUDY – DIVESTITURE OF A MGA

By Jason Murgio & Chris Hughes

W

ith 20 years of operational experience, Merger & Acquisition Services has developed a time tested process which our advisors employ when called upon to assist our clients in executing their business development and corporate finance projects.

Our initial approach is to always work one on one with a client to understand their business objectives, as well as their short and long-term goals. Rather than passing along responsibility, all assignments are led by a senior advisor who oversees a client’s project from start to finish. These senior advisors bring decades of “hands on” transactional

experience in insurance, finance and regulatory matters which greatly reduces execution risk and facilitates the successful completion of a transaction.

allowing the family shareholders to exit the business.

To better understand Our Process and to see how Merger & Acquisition Services has successfully assisted our clients in achieving their business objectives, here is a select case study on divestiture of a MGA.

Led by a senior advisor, M&A Services worked with the owners to understand their rationale for selling the company and structure an appropriate exit strategy. Our team then assisted in drafting a Confidential Informational Memorandum (CIM) including an operating model to be used by prospective buyers.

DIVESTURE (MGA) CASE STUDY Client: American Collectors Insurance, a Managing General Agency (MGA) writing nearly $50MM of classic and antique automobile business.

Objective: To identify a potential acquisition candidate for the client,

OUR PROCESS

The marketing process began by utilizing M&A Services’ industry See M&A Case Study Page 36

A

bout the co-author: Mr. Murgio, Principal & CEO has twenty years of insurance, M&A advisory and business development experience, totaling nearly $4 billion in deal value. He has worked for numerous multibillion dollar insurance carriers, including assignments for such companies as Allstate, AIG, Allianz, Progressive, Morgan Stanley and White Mountains. Mr. Murgio has assisted international companies (UK, Netherlands, Bermuda and throughout Latin America), private equity startup operations, and regional insurance carriers. In addition he has worked with various State Departments of Insurance helping companies in rehabilitation and liquidation.

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bout the co-author: Christopher M. Hughes serves as Managing Director of Insurance Distribution for Merger & Acquisition Services, specializing on insurance agencies, MGAs, MGUs, E&S agencies, wholesalers, and ancillary insurance businesses. Mr. Hughes comes to Merger & Acquisition Services, Inc. with over 10 years of insurance and legal experience, working on engagements with Property / Casualty and Life / Health insurance distribution businesses.

www.chart-exchange.com

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NOVEMBER 2018

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NEWS - LLOYD’S OF LONDON

LLOYD’S: EMERGING ECONOMIES HAVE $160BN INSURANCE GAP An estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for

A

n estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR).

KEY FINDINGS •

•

•

•

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Countries with the lowest levels of insurance are among the most exposed to climate change risks and least able to fund recovery.

The average insurance penetration rate in developed markets is twice as high as in emerging countries.

Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%.

Indonesia has the second highest insurance gap relative to GDP NOVEMBER 2018

•

•

(1.4%) equivalent to $15bn.

China is the most underinsured country in absolute dollar values with a gap of $76bn.

Underinsurance gap has closed by less than 3% over a period of six years.

The average insurance penetration rate (total insurance premiums as a percentage of GDP) in developed nations is twice as high as the average in emerging, or lower income countries, which account for almost all ($160bn) of the global insurance protection gap.

Many of the countries with the lowest levels of insurance are among the most exposed to risks such as climate change and are the least able to fund recovery efforts. Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%.

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The country with the highest expected annual loss from natural disasters, Bangladesh, also has the largest insurance gap relative to GDP (2.1%). Expressed in absolute dollar values this equates to an insurance gap of almost $6bn in Bangladesh.

Second highest is Indonesia at 1.4% of GDP, equivalent to an insurance gap of $15bn.

Countries with more wealth stand to lose more in pure financial terms.

China is the country with the highest insurance gap expressed in dollar values ($76bn) due to the size of its economy and the fact that its insurance market is still developing.

Global economic losses from natural disasters are substantial and growing with annual expected economic See Emerging Economies Page 37 www.chart-exchange.com

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

888-235-3525 www.nsminc.com

NEWS - LLOYD’S OF LONDON

LLOYD’S NEWS ROUNDUP Emerging economies have $160bn insurance gap

A SOURCE

n estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR).

KEY FINDINGS •

•

•

•

•

•

Countries with the lowest levels of insurance are among the most exposed to climate change risks and least able to fund recovery.

The average insurance penetration rate in developed markets is twice as high as in emerging countries.

Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%.

Indonesia has the second highest insurance gap relative to GDP (1.4%) equivalent to $15bn.

China is the most underinsured country in absolute dollar values with a gap of $76bn.

Underinsurance gap has closed by less than 3% over a period of six years.

• www.chart-exchange.com

The average insurance penetration rate (total insurance premiums as a percentage of GDP) in developed nations is twice as high as the average in emerging, or lower income countries, which account for almost all ($160bn) of the global insurance protection gap.

Many of the countries with the lowest levels of insurance are among the most exposed to risks such as climate change and are the least able to fund recovery efforts. Bangladesh, India, Vietnam, Philippines, Indonesia, Egypt and Nigeria each has an insurance penetration rate of less than 1%.

The country with the highest expected annual loss from natural disasters, Bangladesh, also has the largest insurance gap relative to GDP (2.1%). Expressed in absolute dollar values this equates to an insurance gap of almost $6bn in Bangladesh.

Second highest is Indonesia at 1.4% of GDP, equivalent to an insurance gap of $15bn.

Countries with more wealth stand to lose more in pure financial terms.

China is the country with the highest insurance gap expressed in dollar values ($76bn) due to the size of its economy and the fact that its insurance market is still developing.

Global economic losses from natural disasters are substantial and growing with annual expected economic losses of $165bn, according to Lloyd’s TABLE OF CONTENTS

City Risk Index. They will continue to increase, driven by greater wealth, hazard exposure and, for some events, climate change.

The underinsurance gap, however, is hardly closing. In 2012 Lloyd’s and CEBR revealed that $168bn in assets globally were underinsured. This means the gap has closed by less than 3% over a period of six years.

The impact of disasters can be reduced by investing in greater resilience. A range of studies suggest that, on average, the benefits of resilience (broadly defined) outweigh the costs fourfold (see UNISDR (2007), OECD (2015) and UK Government Office for Science (2012)).

Lloyd’s today published a new report, produced in association with the Centre for Global Disaster Protection, Risk Management Solutions (RMS) and Vivid Economics, detailing four potential new financial instruments that could be used to incentivise investment in resilience.

The report also underlines the important role that risk financing can play by providing liquidity after a disaster, protecting government balance sheets and buffering taxpayers. The Indonesian government, for example, is reportedly looking at disaster risk

See Lloyd’s News RoundUp Page 40 NOVEMBER 2018

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SPECIAL REPORT - KROLL

FOREWARNED IS FOREARMED: PART III OF A SPECIAL REPORT ON MODERN SLAVERY BY KROLL PRESENTLY, IT IS NOT A CRIME TO BENEFIT FROM THE MATERIAL PROCEEDS OF SLAVERY, BUT IT IS A CRIME TO BENEFIT AND/OR TRANSACT BUSINESS FROM ITS FINANCIAL PROCEEDS.

G

etting ahead of the problem is vital to anti-money laundering (AML) specialists in order to continue providing services in many emerging markets where low-cost labor is a key part of many prevailing industries.

The potential relationship between modern slavery and money laundering is going to become a greater challenge for financial institutions in the future. Many AML professionals and investment due diligence managers are now beginning to focus on modern slavery, and there is now an absence of proper intelligencegathering protocols in place. The lack of regular information about slavery analyzed by intelligence, risk, legal, and compliance teams is not proof of its nonexistence or the infrequency of slavery’s occurrence. Civil society records information from the tens of thousands

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of victims cared for every year, yet the information-gathering process is still in its infancy. But change is coming.

community has led to a call for better information and data-gathering.

Consequently, certain global financial institutions are seeking information1

Firstly, exploitation, whether as modern slavery, forced labor, or human trafficking, is There is the activity of now being measured exploitation, be it modern and evaluated, albeit its slavery, trafficking, or forced methodologies are still a work in progress. The labor, which is composed of many Global Slavery Index, for actions against the victim. Each example, puts the number action, together constituting the of individuals in modern experience of slavery, is likely a slavery at 48 million, and the International Labour statutory crime on its own.�

Organisation estimates profits from slavery are US$150 billion worldwide. and data about slavery in industries such as fishing, agriculture, apparel, and Secondly, the global legal and regulatory manufacturing. Together, this marks the framework governing and criminalizing start of the proliferation of information these activities has developed into the financial services sector for risk substantially during the last few years. mitigation purposes.

Although the changes in laws, whether in the U.S., UK, EU, or Thailand, may have Finally, as liability is increasing, there been passed without much coordination is growing momentum within a wide and lack an overall strategy, the variety of global industries to identify promulgation of these laws has motivated slavery and exploitation in their supply ongoing efforts to provide greater global chains.The efforts to gain greater insight, coherence to the legal and regulatory whether from traditional audit or public frameworks addressing this issue. investigative journalism, are starting to reveal that businesses have serious Thirdly, the increasing collaboration between civil society and the broader See Modern Slavery Page 34 TABLE OF CONTENTS

www.chart-exchange.com

Be Cyber Resilient From cyber risk assessments and penetration testing to incident response and investigations, Kroll's global cyber experts are ready to help you and your insureds along the path to cyber resilience.

kroll.com/cyber

Bringing U.S. Entrepreneurship to the London Market The CHART/Wilson Elser strategic partnership combines the innovative underwriting philosophy of the world’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.

wilsonelser.com Š 2017 Wilson Elser. All rights reserved. 567-17

ANALYSIS - WILSON ELSER

TRAVELERS IN A DANGEROUS TIME: THE DO’S AND DON’TS OF CROSSING THE UNITED STATES BORDER IN THE CANNABIS AGE Authors: Robert V. Cornish Jr., Chandler R. Finley, Ian A. Stewart, Jordan Montet Coauthored with the Cannabis Law Team at Canadian firm Borden Ladner Gervais LLP

C

anada’s nascent cannabis industry has experienced revolutionary growth over the past two years, as dozens of licensed producers have begun growing and cultivating cannabis in anticipation of the Canadian recreational or other adult-use cannabis market. Many of these licensed producers, along with countless companies supporting the cannabis ecosystem, have listed their shares on Canadian stock exchanges, raising billions of dollars in equity and creating a frenzy in the Canadian capital markets as investors clamor for more.

However, as Canada draws ever closer to October 17, 2018 – the date on which the Cannabis Act comes into force and recreational or other adult-use cannabis is set to be unveiled across Canada – complex regulatory issues continue to cloud the celebrations.

The latest headache involves traveling from Canada to the United States. www.chart-exchange.com

Anecdotal reports of individuals or unqualified adult use, cannabis working or investing in the Canadian remains a Schedule I controlled cannabis sector being turned back substance and illegal under U.S. at the U.S. border – or federal law. The U.S. government had worse, being handed previously indicated Canadians that it would forebear a lifetime ban from entering the United with any from prosecuting States – have become involvement in federal drug-related more commonplace offences involving the cannabis over the past year. cannabis for activities sector, whether that are carried out These stories have some Canadians justifiably in compliance with as a cannabis worried. A spokesman applicable state laws. company director, at the U.S. Customs employee, and Border Protection However, this position (CBP) office in Buffalo, was reversed by the financier or New York, recently investor, should present administration, fanned the flames by which has taken a exercise caution remarking, “Working retrograde stance on when attempting cannabis in the United or having involvement in the legal cannabis States, with Attorney to cross the industry in U.S. states General Jeff Sessions border into the where it is deemed advising that federal United States.” legal or Canada may prosecutors once again affect an individual’s have the unfettered admissibility to the U.S.” discretion to prosecute cannabisrelated offenses. This situation has At the heart of the issue is the produced considerable confusion and anomalous regulatory environment uncertainty among Canadian industry governing cannabis in the United participants.

States. Although an increasing number of states – more than two dozen – have regulated cannabis for medical See Crossing U.S. Border Page 20 TABLE OF CONTENTS

NOVEMBER 2018

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ANALYSIS - WILSON ELSER Continued From Page 19

CROSSING THE U.S. BORDER IN THE CANNABIS AGE What is clear, however, is that Canadians with any involvement in the cannabis sector, whether as a cannabis company director, employee, financier or investor, should exercise caution when attempting to cross the border into the United States.

WHEN AM I INADMISSIBLE? The criteria for inadmissibility to the United States are laid out in Section 212 of the U.S. Immigration and Nationality Act of 1952, which prohibits the issuance of visas and renders individuals ineligible for admittance into the United States when an individual “is determined to be a drug abuser or addict” who has assisted in trafficking or obtained financial benefit from the activity. CBP maintains the position that cannabis is not recognized as a legal business in the United States, regardless of whether the business activities are performed in the United States, Canada or

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elsewhere. The uncertainty created due to ineligibility for those who have derived a “financial benefit” from cannabis places numerous Canadian citizens and industries at risk.

employed in the cannabis sector should be truthful, yet delicate and general, in their responses to questions regarding employment and their business ventures.

Interpreted literally, this means that anyone whose industry has engaged in any business with the cannabis industry is potentially at risk to have entry into the United States denied (for example, underwriters who have written insurance policies for cannabis companies, banks that have lent money to the landlord of any facility that houses cannabis entities, plumbers who have installed the piping for grow houses). Also, there is the remote but real possibility, given directives by the U.S. Department of Homeland Security (DHS) regarding interagency information-sharing, that financial services regulators may share securities holdings reports (Form 4, 13F, 13G, etc.). This process may identify the shareholders of U.S. publicly traded cannabis companies and potentially serve as a basis for automatic denial of entry into the United States.

For example, those involved with the cultivation, manufacture and sale of medical cannabis might trigger difficult questions by providing detailed information as opposed to simply stating that they work in the health care industry when questioned about their occupation.

Those in businesses ancillary to the cannabis industry, such as financial and professional services, equipment manufacturers and technology providers, should similarly describe their role and employment in a truthful yet general manner.

HOW DO I ANSWER QUESTIONS AT THE BORDER? CBP officials engage in an interrogation process with individuals who seek entry into the United States. For example, if the officer smells cannabis emanating from a vehicle, this could lead to questioning regarding the entrant’s drug use. Applicants at the U.S. border are required to answer all questions asked by CBP officials truthfully or risk a lifetime ban on entry into the United States. Persons

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While an individual seeking entry into the United States is required to provide truthful answers to questions asked by CBP officials, this does not mean that one must answer every question asked. If difficult questions are asked and there is no urgency to the entry into the United States, one may consider refusing to answer and seeking to have the application for entry withdrawn. Doing so may ensure the opportunity to seek entry into the United States at a later date without facing the risk of a lifetime ban.

It is important to note, however, that withdrawal of a request for admission may be approved on a discretionary basis by CBP. If the CBP official has reason to suspect the applicant of

See Crossing U.S. Border Page 44 www.chart-exchange.com

ANALYSIS - WILSON ELSER

I

an Stewart has defended complex litigation in state and federal courts for more than 20 years with a focus on product liability, complex general casualty, cannabis law, transportation and marine claims, data privacy and security, and intellectual property litigation. Ian is co-chair of the firm’s Cannabis Law practice and a member of the Information Governance Leadership Committee. Ian is committed to client communication and cost-effective litigation management. He is a proponent of efficient claim resolution and Legal Project Management. Ian goes out of his way to ensure that he understands his clients’ business and goals so that an agreed strategy can be identified and implemented at the outset of any litigated matter.

B

ob Cornish focuses his practice on litigation, arbitration, regulatory and compliance matters for broker-dealers, investment advisers, hedge funds, commodity firms, institutional investors and family offices in the United States and abroad. He places particular emphasis on alternative investment, brokerdealer and EB-5 fund formation, compliance and governance matters, including litigation, arbitration and enforcement. Bob previously served as chief legal and compliance officer and in-house counsel for prominent investment firms, where he acquired valuable experience handling complex business management and marketing matters for investment management clients. Over his exceptional 23year career, Bob has come to be known for his integrity and professionalism and his dogged determination in seeing cases to a satisfactory conclusion.

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handler Finley heads a team focused on handling immigration matters for individuals and corporations entering the U.S. business environment from South America, the Caribbean, Europe and Asia. Chandler served as legal counsel for 15 years to the county administrative entity managing federal and state funding for Palm Beach County’s regional workforce board, known as the Workforce Alliance, Palm Beach County Workforce Development Board, and earlier as the Palm Beach County Private Industry Council, and served as legal counsel to the International Studies Charter High School in Miami. For more than 28 years, Chandler has handled commercial and residential real estate transactions, representing buyers, sellers and developers.

J

ordan Montet handles a wide range of civil litigation cases, including medical malpractice defense and labor and employment matters. Prior to working at Wilson Elser, Jordan represented companies in the defense of employment discrimination and wage-and-hour class actions. She also defended heath care entities, providing litigation and advisement related to tort claims and contract disputes. While in law school, Jordan served two years as a graduate research assistant and completed a judicial clerkship with Presiding Justice P. Harris Hines of the Georgia Supreme Court.

www.chart-exchange.com

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CASE STUDY - VANTAGE AGORA

VANTAGE AGORA CASE STUDY: DEALERSHIP RENTAL PROGRAM

By Varun Badarinath, Senior Product Engineer

Ensure You’re Insured Using OX Zion “If it’s not easy to implement and use, we aren’t going to use it”; a phrase we hear all too commonly due to lackluster technology solutions. An experienced leader in the Insurance industry and President of a new Dealership Rental Program experienced this firsthand when he was approached by a world-leading luxury carmaker for their dealership rental car program.

Business Challenge: When the Insurance leader and his company was initially approached, they quickly discovered that manufacturers and dealers were using archaic systems, making it difficult to manage loaner vehicle fleets at both the manufacturer and dealer level. The mandatory software in place at the time was hard to navigate and ineffective, therefore it wasn’t being used properly, and in some cases, not being used at all. The misusage and lack of use lead to dealerships unknowingly employing uninsured cars, making the risk of serious legal ramifications all too real. The industry leader and innovator in Insurance found a creative way to solve the challenges at hand by finding a logical alternative to the old software and instead utilizing OX Zion - Vantage Agora’s premiere Business Operating System.

Key Objectives: It was clear to both the Insurance expert and the carmaker where the manufacturers and dealers were failing. To properly insure all vehicles, manufacturers and dealers needed transparency into their data. Without transparency, the luxury car brand was driving blind, waiting for something bad to happen. Business leaders in any industry cannot afford to wait for problems to arise; they must be proactive rather than reactive. By implementing OX Zion which provided a digital landscape via actionable dashboards, the new Dealership Rental Program provided manufacturers and dealers with the transparency they required to keep customers and employees safe and compliant.

The Solution - A Business Operating System Built For Real-Time Updates: The Insurance expert turned to Vantage Agora’s Business Operating System – OX Zion, to provide a dynamic and easy-touse system with quick and simple setup. The initial project began in January of 2018 and went live on April 1.

See Vantage Agora Case Study Pg 24

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ox zion

INSURANCE BOS manage your portfolio OX Zion serves Insurance market players by providing tools to track and measure key business drivers essential to their success; tools such as Operational Intelligence (OI) into Distribution, Sales, Operations and Customer Service.

agency administration oi

claims processing oi

Gives insights on the impact of claims on your book of business, provides visibility into steps needed to mitigate factors that contribute to high frequency, as well as severity of claims.

Provides insight into the performance and efficiency of your distribution network.

underwriting management oi

Provides key metrics on internal production as well as the producers within an underwriting organization.

pricing & collection oi

Provides key metrics on internal production as well as the producers within an underwriting organization.

policy administration oi

Gives a real-time view of your total premium production including endorsements and cancellations.

vantage agora Š Copyright 2004-2018 Vantage Agora, All Rights Reserved

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support functions oi

Provides insights into how efficient your customer service is and areas where it can be improved.

customer retention oi

Enables you to track marketing expenses and relate them to sales.

888.246.7211 www.oxzion.com

www.vantageagora.com NOVEMBER 2018

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CASE STUDY - VANTAGE AGORA Continued From Page 22

VANTAGE AGORA CASE STUDY: DEALERSHIP RENTAL PROGRAM An immediate increase in user adoption resulted, growing participation by 52% in 6 months. Manufacturers and dealers can now instantly access inventory, easily track a vehicle’s lifecycle, quickly add coverage to a new vehicle and print out individual Insurance ID cards on demand; all in real-time.

When approached by the dealers, it was also made known that the claims process was a nightmare and was not being handled correctly. The Insurance expert took it to OX Zion to provide a solution to make the claims process simple, effective and immediate, allowing for much improved service to dealership customers.

No More Waiting Around for Coverage:

When Vantage Agora began building the customized solution, they were stunned by how long it took for a vehicle to become insured on the old system. Because reports were only run once a month, the process of adding insurance to new vehicles on the lot could take up to 30 days, allowing for errors and leaving room for the risk of uninsured cars being driven off the lot.

Since the implementation of the OX Zion-run system, efficiency has improved significantly.

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What used to take 30 days is now a matter of waiting less than 24 hours. With the new system on OX Zion, once the dealer inputs any new vehicles that have arrived that day needing coverage, the data is pulled and reports are sent out each night to the adjusters. This eliminates the need for the dealers to get involved with calls or chasing the insurance companies. Once the coverage is up to date, the manufacturer sends a file back to OX Zion and the data is automatically updated in a 24-hr window, and all updates are visible on the system. Dealers can even print out individual insurance ID cards on the spot. OX Zion allows the dealerships to pull all vehicles that are active without any extra steps involved -making the process simple and seamless. Data is also sent out to the state-specific DMVs, ensuring complete coverage and compliance -no ifs, ands, buts or legal ramifications.

With OX Zion, the Insurance expert helps dealerships grow and become more effective in their processes by increasing efficiency. A second well-known carmaker began using the easily-implemented and repeatable process in just 2 weeks, with the same successful results - rising from a 47% user adoption to over 99%. Long gone are the days of waiting for a crisis to occur. Now, results are driven by data and completely transparent at both the manufacturer and dealer level.

Although, the work does not stop here. Vantage Agora is continuously improving their solution to ensure optimal success. Printing new ID cards will become even quicker with a completely automated process in the works. Any time a new vehicle is added, ID cards will be automatically sent to the dealership, eliminating the step of logging into the system. Future plans also include updated Operational Intelligence (OI), delving deeper into the claims process. New OI will provide visibility into when and where claims go above or below deductibles, making it easy to make future decisions based on actionable data.

A

bout the Author: Varun Badarinath is a Senior Product Engineer for Vantage Agora, with a focus on clients across the Insurance Industry. Since 2014, some of his responsibilities include Project & Account Management, Business Development, and assisting Sales & Marketing. Varun is a graduate of Albion College in Michigan, with a BA in History.

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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 Lloyd’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

NEWS - YORK

YORK APPOINTS TOM HEBSON AS GENERAL MANAGER FOR INSURANCE SEGMENT

T Tom Hebson, General Manager, Insurance Client Segment

om Hebson has been appointed General Manager of York’s Insurance client segment. He is focused on serving our insurance carrier, Alternative Risk and MGA clients, determining ideal solutions for them for holistic risk management and to ensure superb quality in everyday operations.

leadership roles at Midwest Employers and AIG.

Hebson reports to Thomas W. Warsop, Chairman and CEO of York and oversees York’s Alternative Risk Solutions business, succeeding Rick Stasi who is retiring, along with the Programs and Risk Control businesses.

ABOUT YORK RISK SERVICES GROUP

“Tom’s significant industry experience and fresh perspective at York is ideal to lead our Insurance client segment and help our clients holistically manage risk,” states Warsop.

Hebson has more than 30 years experience in the industry and was most recently Vice President for Large Guaranteed Cost Workers’ Compensation and Captive Services at Safety National Casualty Corporation. He held previous

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“York has extensive partnerships with carriers, brokers, captives, and industry experts along with the ability to partner in risk sharing with eligible clients, and I’m looking forward to building on these partnerships for continued success,” says Hebson.

For more than 55 years, York has been delivering results our clients can see and feel. We serve corporations, the insurance industry and public entities to reduce risk and drive high-quality outcomes. We do this by offering integrated and customized solutions including risk management, claims administration, managed care and absence management. With our data-driven and compassionate approach, we deliver on our mission of reducing risk and getting people and organizations back to health, work and productivity.

York is headquartered in Jersey City, New Jersey. You can learn more at yorkrsg.com.

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NEWS

SIAA EVENT RAISES OVER $70,000 FOR DANA-FARBER CANCER INSTITUTE & THE JIMMY FUND

O

ctober 12, 2018– Boston, MA – “A Pink Evening in Boston with SIAA,” a 90-minute event at the Boston Marriott at Copley Place, raised over $70,000 for Dana-Farber Cancer Institute and the Jimmy Fund. This was the second consecutive year for the fundraiser; SIAA raised over $50,000 at last year’s event to fight cancer.

“Breast cancer is a horrible disease that effects women everywhere – no family is immune from it,” said Matt Masiello, Executive Vice President and COO of SIAA. “The Pink Evening increases awareness and inspires people to contribute in order to find a cure and provide treatment to those facing this insidious disease. The generosity we’ve seen from SIAA’s master agencies and strategic partner companies across the country has been outstanding.”

October is Breast Cancer Awareness Month, and the event kicked off SIAA’s (Strategic Insurance Agency Alliance) 46th National Business Meeting with over 350 insurance professionals from across the country, including insurance company executives, www.chart-exchange.com

wearing pink to the event. SIAA offered a $10,000 match in relation to donations given by the end of the 3-day event.

“We are very grateful for the support of SIAA and this 2nd annual event, which raised over $70,000 for patient research and care, specifically benefiting women’s cancers,” said Katherine Bahrawy, Assistant Director of Special Events at Dana-Farber Cancer Institute. “It was a wonderful night where we celebrated, came together and fundraised for a good cause.”

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Founded in 1948, Dana-Farber provides expert, compassionate care to children and adults and is home to groundbreaking cancer discoveries.

ABOUT SIAA SIAA is the largest national alliance of independent insurance agencies in the country. Its member agencies write more than $7.4 billion of total in-force premium. SIAA is dedicated to the creation, retention and growth of the independent insurance agency distribution system. To learn more about SIAA, visit siaa.net.

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ANALYSIS - FORTEGRA

By Scott McLaren, CMO

I

t’s predicted that 10 million autonomous cars will be on the road by 2020. Unlike current vehicles, they’ll arrive with the intention of being more than just a form of transportation. Focused on the overall user experience, they’ll include advanced interior technology, wireless capabilities, and more. But the effects of their arrival won’t only be felt on the interior.

For more than 30 years, the American Society of Civil Engineers has rated

America’s roads a D+ or worse. Building roads isn’t cheap: over the last 15 years costs have doubled, and it now takes a cool $2 million per lane, per mile to build a road. Autonomous driving could help mitigate those costs by reducing the need for roads as we currently know them. With 10 million autonomous vehicles in just two years, will we really need more traditional, two-lane highways?

As autonomous driving is rolled out, infrastructure updates will be an essential part of this transformative time. Colorado, for one, is already

testing how to use technology within a roadway that can alert authorities of issues and prevent traffic jams by reconfiguring lanes. Rather than pouring concrete, they’re using pre-cast pavement slabs lined with technology that can sync with autonomous cars to measure things like vehicle vibrations to predict a car’s next move. These types of advancements are cost-efficient and forward-thinking.

As these changes affect the auto industry and public infrastructure, insurance companies will need to adjust as well. When an autonomous car crashes, who’s to blame? The ‘driver’? The manufacturer? The dealer? To prepare, the insurance industry should start having these conversations now—before they get left by the side of the road.

For more on the impact of autonomous vehicles and the future of driving, check out our blog on four tech milestones that changed the insurance industry.

UBER Autonomous Test Vehicle

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Fortegra® is the brand name for the insurance, specialty underwriting and warranty solution operations of Fortegra Financial Corporation and its subsidiaries.

www.chart-exchange.com

By Dllu [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons

HOW AUTONOMOUS VEHICLES WILL INFLUENCE INFRASTRUCTURE

Your Partner for Admitted Market Capacity

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Learn how Fortegra’s admitted program can help you Experience More at fortegra.com/programs, or via email at programs@fortegra.com.

Fortegra® is the marketing name for the specialty underwriting operations of Fortegra Financial Corporation and its subsidiaries. Specialty underwriting program availability varies by jurisdiction. Where available, the programs are underwritten by admitted insurance companies.

SPECIAL REPORT - KROLL Continued From Page 16

FOREWARNED IS FOREARMED: MODERN SLAVERY problems. Banks providing services to these businesses should be able to red-flag revenue gathered from such exploitation and other similar activities.

Business intelligence and data about exploitative activities is starting to become available outside of audit and law enforcement, from victim stories via civil society, supply chain research and investigation, and new information-sharing initiatives. Technology platforms built around new search

engines are being offered to financial services companies to help them understand their risk and identify their clients’ activities or exposure by searching for relationships in open source data, which is set to grow. It is estimated that in the next three years, over 80 billion devices will be connected to the internet2, creating more forums, investigative blogs, reporting, and tip-offs. The prevalence of open source data might trigger legal and regulatory due diligence and know-your-client obligations under AML requirements or prosecutions.

Potential liability arising from money laundering is taken very seriously by global financial institutions. But local and regional financial institutions can often take a less than robust approach to know-your-customer (KYC) and client due diligence. As a result, their teams can be too accepting of the local business environment which may be typified by a scarcity of information, inconsistent rule of law, poor law enforcement, patchy regulations, pervasive corruption, poor information-sharing tools, unfocused civil society, or a lack of strong internal reporting and monitoring organizational structure in the local office.

As unskilled labor-intensive industries tend to be located in emerging economies, and the Global Slavery Index estimates 66% of global modern slavery is in Asia3, it is safe to assume that proceeds from the sale of

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SPECIAL REPORT - KROLL

Photo By: DMA modern slavery infographic

goods produced from modern slavery in fishing, manufacturing, and agriculture are going to be present in all levels of the banking system as such goods are bought and sold within the supply chain.

Likewise, 10 years ago, little was known about the problems in palm oil, fishing, hotels, mining, and apparel, for example, whereas today, there are many documented allegations of abuse that have been reported in all these industries.

Money laundering prosecutions based on slavery are rare because the information about victims suffering in forced labor has been hard to verify. Until very recently, most non-government organizations (NGOs) and prosecutions for trafficking have only focused on sex trafficking. This has changed. A number of NGOs are deploying a range of technologies to help make anonymized victim information be more accessible and widely shared for analysis.

REFERENCES 1 https://www.sc.com/en/resources/global-en/pdf/Careers/ Financial%20Crime%20Compliance.pdf 2 http://www.fcpablog.com/blog/2016/6/30/the-future-ofbusiness-ethics-hyper-transparency-and-other-g.html 3 http://www.globalslaveryindex.org/region/asia-pacific/

Business intelligence through technology has become the primary method of mitigating risk of modern slavery but, as slavery is hard to identify and define, work on the ground is important. The many disparate legal and regulatory definitions of modern slavery have further complicated the situation for the AML professional, particularly within the context of money laundering. There is the statutory crime of human trafficking, which is inconsistently defined and applied across jurisdictions, some focusing on sex trafficking only while others include a wide range of exploitative activities.

Additionally, there is the activity of exploitation, be it modern slavery, trafficking, or forced labor, which is composed of many actions against the victim. Each action, together constituting the experience of slavery, is likely a statutory crime on its own. Theft (of personal identification and travel documents), deceit and fraud (to enter into debt bondage employment contracts), false imprisonment (ensuring the victims remain in a specific location such as on a fishing boat), violence (ensuring order and compliance), rape, and murder are such instances. When there is a suspicion of slavery, one cannot rule out the crimes attached to it.

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CASE STUDY - M&A SERVICES Continued From Page 11

M&A SERVICES INC. CASE STUDY – DIVESTITURE OF A MGA contacts and proprietary database, creating a marketing process designed to maximize value for the client.

Next, M&A Services identified potential buyers, both strategic and financial, and presented them to the client for review.

M&A Services secured over 8 indications of interest for the client to review and analyze, and led due diligence meetings for the client with a select group of prospective buyers.

In addition, M&A Services worked with both the client and prospective buyers in developing valuation models, return on equity scenarios and due diligence.

Subsequently, M&A analyzed the proposals with the client to assist them in assessing the best offer from multiple perspectives.

Lastly, M&A Services assisted in negotiating the final terms of the transaction and structuring of the purchase agreement with the ultimate buyer.

As a result, the shareholders of American Collectors completed the sale of the MGA to NSM Group that included 100% of the proceeds to be

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paid in cash at closing and reflected a market multiple of the MGA’s EBITDA. Merger & Acquisition Services, Inc., provides a complete range of investment banking services for Wholesale and Retail Insurance Agencies, Managing General Agents & Managing General Underwriters (MGA/MGU), Third Party Administrators (TPA), and Program Administrators.

WOULD YOU LIKE TO HAVE YOUR MESSAGE DELIVERED TO 100,000+ FOCUSED INSURANCE INDUSTRY EMAIL ADDRESSES EVERY MONTH?

Whether you are looking to sell your firm or to grow through acquisition, Merger & Acquisition Services is ready to help with a dedicated team of professionals. We understand the needs of business owners and will help guide you through the M&A process in order to maximize your agency’s value.

Subscribe to our newsletter via our website www.maservices.com to receive a quarterly list of opportunities and active projects. In addition, our team is available to discuss the process and all other services we provide.

Contact our advisors today to start a strictly confidential conversation about the future of your business.

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I’m Kate Boyle Managing Editor. I handle CHART Exchange Advertising. Call me at 302 765-6056 and let’s have a conversation.

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NEWS Continued From Page 12

LLOYD’S: EMERGING ECONOMIES HAVE $160BN INSURANCE GAP losses of $165bn, according to Lloyd’s City Risk Index. They will continue to increase, driven by greater wealth, hazard exposure and, for some events, climate change.

The underinsurance gap, however, is hardly closing. In 2012 Lloyd’s and CEBR revealed that $168bn in assets globally were underinsured. This means the gap has closed by less than 3% over a period of six years.

The impact of disasters can be reduced by investing in greater resilience. A range of studies suggest that, on average, the benefits of resilience (broadly defined) outweigh the costs fourfold (see UNISDR (2007), OECD (2015) and UK Government Office for Science (2012)).

Lloyd’s today published a new report, produced in association with the Centre for Global Disaster Protection, Risk Management Solutions (RMS) and Vivid Economics, detailing four potential new financial instruments that could be used to incentivise investment in resilience. www.chart-exchange.com

The report also underlines the important role that risk financing can play by providing liquidity after a disaster, protecting government balance sheets and buffering taxpayers. The Indonesian government, for example, is reportedly looking at disaster risk financing, with support from global reinsurers, following the recent devastating Sulawesi quake and tsunami.

More detail about the structure of these financial instruments is provided below.

Bruce Carnegie-Brown, Chairman of Lloyd’s, said: “Insurance is a major contributor to disaster recovery often providing the quickest financial crisis relief available. The terrible earthquake and tsunami disaster on the Indonesian island of Sulawesi underlines the important role that insurance can play by increasing financial liquidity in catastrophe affected areas.

Innovative insurance solutions can provide governments with access to financial relief rapidly after a disaster strikes, easing the burden on them and tax payers. If insurance is not available catastrophes can have a much greater impact on economies and lives.

“The insurance sector wants to work with government to help people understand the insurance products that are available and to provide improved access to those products. Together we can help tackle the crippling underinsurance crisis and give people in the world’s most exposed economies the security they so desperately need.”

Daniel Stander, Global Managing Director, RMS, said: “Those who can’t afford the additional costs of building resiliently are even less likely to be able to afford to rebuild after a disaster. Being able to quantify accurately the benefits of investing in resilience is therefore fundamental. The four products have been designed with this in mind. The objective is twofold: to reduce the initial costs of building resiliently and to finance the residual risk. In this way the benefits of insurance can be enjoyed by those who need it most.”

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FORESTRY WORLDWIDE FORESTRY (RE)INSURANCE FACILITY Pardus was established in 2013 by Keith Thompson, formally CEO of Advent capital Holdings Ltd and Darren Stockman Active Underwriter of Syndicate 780 and Director of Advent Underwriting Ltd. Pardus are an independent Managing General Underwriter, a Lloyd’s approved Coverholder, and an appointed representative of Capita Commercial Insurances Limited.

Cover

Maximum line of USD 8.5M any one risk, any one location. Capacity provided by Lloyd’s of London and “A-” rated company paper. Perils covered mainly Fire and Windstorm, but we can offer additional coverage for hail, ice, snow, frost.

We cannot cover Pest and Disease, although we can offer cover under a small sublimit for Pest and Disease treatment costs.

Sublimits available for fire-fighting costs, aerial photography, debris removal, claims preparation costs etc.

Frost

Hail

Snow & Ice Storm

Flood

PERILS COVERED Rainfall Deficiency

Fire

Malicious Damage

Windstorm

Business Interruption is offered when fruiting trees are destroyed by covered physical damage perils, leading to a loss of yield while the new trees develop •

We have specialist Pardus facilities in place to cover Public Liability (in Europe) and associated forestry Plant and Machinery risks

OUR TAILORED PRODUCTS

Full Value and Value at Risk

Full Value works in the traditional way with insurer retaining any salvageable value from the insured property.

Value at Risk leaves an agreed salvage (based on salvage scales developed by Pardus using age and species data) in the ownership of the client.

Pardus then only insure the non-salvage element meaning the final rate will be applied to a fraction of the TSI generating a lower overall cost to the client.

Target business: •

We are keen to see any enquiry for standing timber commercial planation forestry

• •

Information requirements for quote: •

Perils to be insured against

•

Schedule of forest locations by values, age, species

Forestry risks with accreditation from the Forestry Stewardship

Locational information needs to be provided in either

Council (or similar)

shape file format (.kmz) or the latitude/longitude

Forest Owners comprise:

coordinates of the centre point of each location

-

Individual investors

•

5-10-year ground-up loss experience by peril

-

Commercial Plantation Companies

•

Desired policy structure:

-

Individual Forest Owners

-

Timberland and Investment Management Organisations

-

(TIMO’s)

•

Additional features: -

-

Forest Management Organisations (FMO’s)

-

Real Estate Investment Trusts (REIT’s)

-

Banks loans made to forest owners or fruit tree owners

-

Forest Owner Associations

Deductibles, limit etc Firefighting costs, claims preparation, aerial photography, plantation infrastructure

To download our full forestry questionnaire, please visit our website https://pardusunderwriting.com/products/forestry/

Exclusions

Property

Buildings

Terrorism

Pest and Disease

Drought

Crop

Fruits, Nuts etc

Phil Cottle - Senior Agricultural Underwriter Direct +44 (0)203 735 1608 Mobile +44 (0)7769 895048 phil.cottle@pardusunderwriting.com Dan Longden Cert CII - Underwriting Assistant

Direct +44 (0)203 735 1610 Mobile +44 (0)7756 961500 daniel.longden@pardusunderwriting.com

Pardus Underwriting Ltd. 1st Floor, 3 Lloyd’s Avenue, London, EC3N 3DS www.pardusunderwriting.com

“We have access to a worldwide forestry binding authority covering the physical damage to commercial forestry. There is a maximum line of USD 8,500,000 any one risk, any one location and the covered perils can be found on this flyer. This is written 100% Lloyd’s/company market and Prospect are the Insurance broker”

NEWS - LLOYD’S OF LONDON Continued From Page 15

LLOYD’S NEWS ROUNDUP financing, with support from global reinsurers, following the recent devastating Sulawesi quake and tsunami.

Lloyd’s Brussels To Write FAC And NonProportional XOL Treaty Reinsurance

L

loyd’s has confirmed that the market will be able to write facultative reinsurance and non-proportional excess of loss treaty reinsurance on Lloyd’s Brussels paper from 1 January 2019 across all markets in the EEA. It also announced that in the unlikely event that the UK does not secure Solvency II reinsurance equivalence in 2019, it will be ready to process the remaining treaty reinsurance business through Lloyd’s Brussels from 1 January 2020.

Vincent Vandendael, Lloyd’s Chief Commercial Officer and Lloyd’s Brussels CEO, said: “We expect that, following Brexit, the UK will apply for and receive Solvency II reinsurance equivalence. However,

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we are working to ensure that our reinsurance customers can continue to access the market’s specialist policies in the event that the UK leaves the EU without a transitional agreement or equivalence.”

The market can continue to write reinsurance in the EEA states until 29 March 2019 with the confidence that all valid claims will be paid. After this date, if transitional arrangements or equivalence are in place, the market can continue to do business via syndicate paper as they do today.

However, even without transitional arrangements or equivalence, Lloyd’s Brussels will be able to write facultative reinsurance and nonproportional excess of loss treaty reinsurance from 1/1/2019 across all markets in the EEA. The remainder of the treaty reinsurance business can be written as cross-border business on syndicate paper from EEA States under World Trade Organisation (WTO) terms, with the exception of Germany and Poland.

In the unlikely event that the UK doesn’t secure equivalence in 2019, Lloyd’s has confirmed that it will be ready to process the remaining treaty reinsurance business through Lloyd’s Brussels from 1 January 2020.

In addition, Lloyd’s is investigating a bespoke solution for Lloyd’s Brussels to process proportional treaty reinsurance business in 2019 which could also apply to non-proportional treaty. This solution, however, would be available for managing agents processing treaty in a similar way to TABLE OF CONTENTS

delegated authority and that meet the technical requirements that will be set out.

Vandendael added: “Along with other London Market partners, we continue to strongly make the case that an EU equivalence decision with respect to the UK’s reinsurance framework should be secured as soon as possible and by no later than the end of the transition period. It is clear from the UK Government White Paper that the UK Government aims to achieve Solvency II equivalence of UK reinsurance regime.

“We will know before 29 March 2019 whether we have transitional arrangements. This, alongside the solutions we are working on, the market’s strong customer relationships and the commitment to pay all valid claims, will all help us maintain and grow our business partnerships across the EEA.”

Lloyd’s Of London On A Possible Breakthrough In Disaster Resilience

by Terry Gangcuangco 22 Oct 2018 Source: Coindesk.com

L

loyd’s of London and the UK’s Center for Global Disaster Protection have identified financial instruments that could be used to incentivize investing in resilience. The new report comes amid substantial and growing global

See Lloyd’s News RoundUp Page 42 www.chart-exchange.com

www.chart-exchange.com

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NEWS - LLOYD’S OF LONDON Continued From Page 40

LLOYD’S NEWS ROUNDUP economic losses from disasters.

Developed through the center’s first Innovation Lab, the instruments aim to reduce the severity of impact by encouraging greater investment in resilience and creating a “resilience dividend,” or the sum of the benefits of being more resilient. Benefits include reduced asset damage and faster economic recovery postdisaster.

“Greater resilience also gives confidence to businesses by lowering risk, thereby stimulating innovation and economic growth,” read the Innovative finance for resilient infrastructure report. “There are strong and proven arguments in favour of investing in greater resilience – some studies show that the benefits of such investment exceed its costs by a ratio of four to one.”

According to Lloyd’s, there are several financial instruments that can be used to boost resilience. These include insurance products, which – if designed well – can incentivize predisaster response planning. It added that insurance can be an effective part of a layered risk management strategy

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to deliver post-disaster finance.

Outlined in the report are four financial mechanisms, namely: insurance-linked loan packages, resilience impact bonds, resilience bonds, and resilience service companies.

The first is an infrastructure loan with a built-in insurance component, wherein premium savings based on the subsequent risk reduction are used to offset the loan’s interest repayments. Meanwhile the resilience impact bond is a pay-for-performance contract between a donor and a group of investors, with taking out insurance specified as among the resilience measures against which the donor would make a payment.

An innovative risk-linked financing mechanism, the third instrument builds on the existing catastrophe bond model. Coupon payments on the bond are reduced when resilience measures are implemented, and the reduction can be securitized. The resilience service company business model or product, meanwhile, involves an agent who pays upfront for an insured asset in return for a share of future premium savings.

“Further work is required to make the four products analyzed in this report applicable for real-world use,” said Lloyd’s. “In the case of insurancelinked loan packages and resilience impact bonds, further development and design could be undertaken by convening a group of interested stakeholders to pilot the products in a specific context.

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“This would generate useful information that can be added to the significant practical experience that already exists.”

Lloyd’s of London Makes Quiet Entrance Into Crypto Insurance Market Ian Allison , Aug 30, 2018 at 11:02 UTC Source: coindesk.com

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loyd’s of London, the centuries-old insurance marketplace, is quietly providing cover against the theft of cryptocurrencies according to a recent article in coindesk.com.

Announced Tuesday, Kingdom Trust, a qualified custodian of some 30 cryptocurrencies and tokens, is enhancing its safe-keeping services with insurance cover for theft and loss due to natural disaster, courtesy of underwriters in the Lloyd’s market.

Kingdom Trust, which came close to being purchased this year by BitGo, is a qualified custodian, which means it guards the private keys of troves of cryptocurrencies to a standard deemed acceptable to regulated financial institutions.

Matt Jennings, CEO, Kingdom Trust, said in a statement, “We serve both institutional and individual investors by providing qualified custody, which gives our clients the framework they need to ensure compliance with their regulators using clear and transparent reporting.” www.chart-exchange.com

Stepping back, the ultra-conservative world of insurance is becoming slowly more interested in providing cover for properly custodied digital assets.

In the U.S., AIG, XL Catlin, Chubb and Mitsui Sumitomo Insurance have been mentioned in the press, but for now, all are keeping a low profile.

And Lloyd’s is also treading carefully; Lloyd’s corporation, which is the legal umbrella made up of groups of syndicates spreading risk across the market, would not comment on whether managing agents might be offering crypto theft cover, and the syndicates doing it were not named.

The broker who arranged Kingdom Trust’s cover, Illinois-based Safe Deposit Box Insurance Coverage (SDBIC), said this is likely because there’s still a bit of hesitancy in the marketplace about the asset class.

Indeed, Lloyd’s of London issued a directive to all its syndicates last month, warning them to proceed with caution with regard to crypto assets, and ensure that managing agents have the required expertise in the underlying risks.

However, the floodgates are close to breaking open, said Jerry Pluard, president of SDBIC. “About 10 syndicates in Lloyd’s have indicated a willingness and are somewhat active in evaluating crypto exposures,” Pluard said, continuing, “Of those 10, I would say there are five that have the level of expertise that allows them to be comfortable enough to do the analysis and underwriting of the risk, and then the other five will follow on www.chart-exchange.com

with those leads in writing exposure.”

In addition, Pluard said there is a whole other set of syndicates in the London market that are considering crypto, but “haven’t really jumped to put a policy of paper in place.”

BELT AND BRACES Kingdom Trust managed to secure underwriters from the Lloyd’s market thanks to a combination of new technology and battle-tested security protocols, said CEO Jennings.

He reeled off a range of features, including proof of reserve, daily reconciliation audits, external oversight, whitelisting of addresses, multi-geographic location disaster recovery program and employees going through regular due diligence programs.

When everything is done using cold storage (not connected to the internet), an inside job or someone posing as someone else and asking for a transaction to be sent somewhere become the main threats, noted Jennings, hence the whitelisting.

Kingdom Trust’s safekeeping solution is much more than a wallet, said Jennings, adding that the insurance market is looking for more than just a good wallet solution from an unregulated third-party software company.

“A lot of people are seeking insurance for hot wallets or what they call warm wallets and some people even call them cold wallets,” he said.

“But I think the insurance market wants to see an entire safekeeping TABLE OF CONTENTS

solution that encompasses the entire atmosphere around the private keys.”

NO SURPRISES Jennings said getting Lloyd’s to underwrite Kingdom Trust was a win for the broader industry, and that demonstrating a provably robust storage system would start bringing the costs down for everyone. He said the “KT Icebox” system meant he could offer baseline crypto cover to clients at no additional cost.

Today, a wide range of firms, large and small, are eyeing this space, driven by the allure of institutional investment, regulations permitting. Such players are not surprised to see Lloyd’s syndicate underwriters entering the crypto space.

Matt Johnson, chief product officer at DACC (Digital Asset Custody Company), said his company has been looking at insurance policies over the last few months, as they wait patiently in the queue for the SEC to start handing out broker dealer licenses.

“I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective.

He concluded: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”

Lloyds News Roundup edited by Paul Lavenhar, principal of the insurance marketing communications firm PL Communications.

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ANALYSIS - WILSON ELSER Continued From Page 20

CROSSING THE U.S. BORDER IN THE CANNABIS AGE some involvement in drug trafficking, the official has discretion to refuse a request to withdraw the application, and the applicant may nevertheless be detained. Seeking withdrawal of an application for entry must therefore be exercised with caution.

HOW CAN I PREPARE FOR A BORDER CROSSING? The burden is on the individual seeking entry into the United States to convince the officer of eligibility for entry. Under the U.S. Freedom of Information Act (FOIA), any individual may request a copy of any information CBP has on file pertaining to the individual. For those with connections to the cannabis industry who are concerned with the consequences of seeking entry to the United States, obtaining this information in advance may be particularly useful. For example, a shareholder of a cannabis company listed on a Canadian exchange may be able to determine

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ahead of time whether he or she has been flagged by CBP.

will likely result in denial of entry. The decision to travel without a smart phone or other device should be This information may assist the considered carefully. Although CBP individual in deciding officials cannot search a device that is whether to apply not present, traveling Canadians for a waiver prior to without any device who wish may raise red flags seeking entry. FOIA requests may take to take steps to for the CBP officials. several months, and Barinder Rasode, the avoid possible responsive documents CEO of the National detention at are often redacted, Institute for Cannabis but going through the the U.S. border Health and Education process may prove (NICHE) in Vancouver, may seek a helpful. Starting the Canada, says fears Temporary Waiver of a lifetime ban are conversation on a of Inadmissibility leading some business level playing field with the CBP official puts people working in the by submitting the applicant at an Form I-192 to the cannabis sector to take advantage when it extreme measures U.S. Citizenship comes to anticipating such as “wiping their and Immigration phone clean or only questions and avoiding the risks of a lifetime Services (USCIS). communicating ban. in certain apps so they can delete the app, or even Individuals seeking entry into the shipping their phone ahead to their United States must be wary of the destination.” broad powers afforded to CBP officials. The U.S. Constitution’s CAN I CALL A LAWYER? Fourth Amendment protections Travelers into the United States do not against unreasonable search and have the right to an attorney during seizure are lessened at the borders. detention for questioning by CBP. If an For example, CBP officials have the applicant is taken into custody for a authority to search an individual’s civil or criminal violation, an attorney electronic device for a brief, reasonable may be able to see the client within period of time to perform a thorough one to two days after processing. border search. Whether the person seeking entry is required to disclose WHAT OTHER his or her password, or whether Fifth REMEDIES DO I HAVE? Amendment protections against selfincrimination may be invoked have not Canadians who wish to take steps to avoid possible detention at the U.S. yet been addressed by a court. border may seek a Temporary Waiver Realistically, however, failure to comply of Inadmissibility by submitting Form I-192 to the U.S. Citizenship with the requests of the CBP official TABLE OF CONTENTS

www.chart-exchange.com

CC0 1.0 Universal (CC0 1.0)

ANALYSIS - WILSON ELSER

and Immigration Services (USCIS).

This process is quite complex and will require the assistance of skilled U.S. immigration counsel. Canadian residents who wish to seek a waiver under I-192 must obtain verification of their criminal record or evidence of a lack thereof from the Royal Canadian Mounted Police (RCMP) by submitting fingerprints on Form C216C. The returned Civil Product and any accompanying records must be dated and endorsed by the RCMP within 15 months of submission of Form I-192.

At present, the I-192 process takes between three and six months to complete. www.chart-exchange.com

Consultation with immigration counsel is recommended before making the decision to seek a waiver. The I-192 process is typically used for minor civil violations, and is not regularly used for civil or criminal drug violations, such that the process may be better suited for those with only an ancillary non“plant touching” connection with the cannabis industry. The risk of seeking relief through Form I-192 is that there is no guarantee of approval, and denial of relief may well lead to an outright ban on entry to the United States.

SUMMARY The recent CBP pronouncements of TABLE OF CONTENTS

interest to those involved in the cannabis industry with Canadian companies appear to have been issued without much thought to the legal cannabis industry worldwide. Entrepreneurs and those who work with them − not only in Canada but also in Europe, Israel and elsewhere − face similar treatment.

Individuals who believe they may be subject to scrutiny by CBP should remain aware of their limited constitutional rights, the ability to seek a temporary inadmissibility waiver and the risks of truthfulness versus misleading the CBP. The solution ultimately lies with the U.S. Congress. Until then, vigilance is required.

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NOW HERE’S A REAL SHOCK… The first firearm liability product that can be sold by independent insurance agents!

It is estimated that nearly 80 million Americans own at least one firearm. But what happens if a law-abiding citizen is actually forced to use that weapon to protect themselves, a loved one, or their personal property? Many homeowner policies specifically exclude firearm use — even in self defense — as a covered exposure, deeming it to be an intentional act. That leaves the gun owner personally liable for legal expenses, bail bond costs, and any judgments awarded through a civil action.

As an insurance agent, you are in the best position to explain the significant personal liability exposure faced by your gun-owning clients. Unfortunately, you haven’t been able to help your clients by offering a product to address this need — until now.

Rockwood Programs now offers a firearm liability policy designed to protect insureds against civil or criminal actions resulting from the use of a gun in self-defense. It is the only one available in the industry that can be sold through insurance agents. A wide variety of limit options are available, ranging from $50,000 to $5 million. Annual premiums start at just $135.

Best of all, we make it easy for you to present the firearm liability product to your clients. An inventory of customizable sales aids is available, including marketing brochures, simplified self-rating applications, and more. Our team can even help provide product-specific content for your website!

Visit us at www.rockwoodinsurance.com to learn more We can also accommodate group accounts (police, security, gun clubs, etc.).

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ANALYSIS - SIAA

THE IMPORTANCE OF WRITING SMALL BUSINESS COVERAGES IN TODAY’S ENVIRONMENT

by Matt Masiello, Executive Vice President and COO, SIAA

THE ENVIRONMENT. Is your office focused on selling personal lines? Have you started marketing commercial lines (CL) insurance? Are you only selling commercial lines insurance when you trip over it? Regardless of what you’ve done in the past, now is a great time to step outside the box and break into small commercial.

It seems the insurance environment and client profiles are changing daily. Your clients and prospects, whether individuals, families or small business owners, need coverage

for an expanding number of standard risks, as well as newer risk exposures stemming from technological advances. New and evolving markets can help independent agents diversify their portfolios. With the prevalence of mobile technology, and the addition of the Internet of Things, and soon Artificial Intelligence, there is a vast opportunity to provide insurance to meet the new demands of the marketplace, particularly in the small commercial space.

Understanding trending innovations,

A

and paying close attention to those affecting small businesses, will lead to tremendous opportunities for your agency. Such expertise will enable you to uniquely position your agency in your local market, and establish a sound business model for the future. As professional advisors, independent agents should have the knowledge to educate small business owners and explain what they need to understand. “Staying in the know” will help independent agents tackle the small business market, including the newer cyber coverage policies that should come with it.

Small commercial needs nurturing.

According to a U.S. Small Business 2018 Profile report, there are 30.2 million small businesses in the U.S.

See Writing Small Business Page 48

bout the author: Matt Masiello is executive vice president and COO of SIAA. Matt is responsible for operational management of the largest alliance of independent insurance agencies in the United States and its related companies, providing leadership to over 50 direct employees, 49 Master Agencies and more than 6,500 independent insurance agents across the United States. Matt is also president and CEO of SAN Group and Strategic Independent Insurance Agency Solutions.

ANALYSIS - SIAA Continued From Page 47

WRITING SMALL BUSINESS with 58.9 million small business employees. Small to mid-size companies all need standard insurance products such as property, auto, general liability, worker’s compensation, cyber, EPLI, life, health and disability - and many are underinsured, or not insured at all.

This year, J.D. Power & Associates shared a study that concluded the small commercial market is highly valued, yet underserved. Based on responses from 2,734 small commercial insurance customers, “despite small businesses comprising the vast majority of businesses operating in the U.S., insurers have room to nurture this profitable market.”

In a 2016 report from McKinsey & Company, small commercial insurance is named as a bright spot in the U.S. property-casualty market and is the focus of intense competition that is likely to ramp up over the next few years. In fact, many small businesses have never purchased insurance. Nearly 40% of small business owners do not

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have small commercial coverage, according to McKinsey.

Though some may cover their businesses under home-based business owner policies or endorsements, there is significant opportunity out there for independent agents to provide this coverage. Insurance agents need to help small business owners understand why insurance is critical to their operations and on-going existence.

found that the majority - 58 percent – of victims in cyber attacks were small businesses. What’s worse is that it took organizations 196 days on average to detect a breach. A quick look at the math shows if a small business has 2,000 records, the cost to recover from a data breach may close its doors, as the price tag to fix the problem could amount to $296,000 or more.

Cyber coverage can be affordable.

According to a 2016 article in CIO Magazine, cyber “premiums may NEW HOT MARKETS PRESENT range from $800 to $1,200 for OPPORTUNITY IN SMALL consultants, tax preparers and COMMERCIAL AND BEYOND small organizations with revenues of $100,000 to $500,000…” Of Besides the small course, the cost mom and pop Data breach: is significantly shops that need A quick look at the higher for large standard and math shows if a small businesses (with special business in the coverages, now business has 2,000 revenues millions). That said, every business records, the cost to a cyber policy is a connected to the recover from a data wise investment internet needs coverage for cyber breach may close its to protect a small business owner’s as well. According doors, as the price livelihood. to a July 2018

tag to fix the problem

report from the Additionally, the could amount to Ponemon Institute LLC, sponsored $296,000 or more.” Internet of Things continues to alter

by IBM, the the insurance average cost of a world.

According to a 2017 article data breach rose to $3.86 million

by Alec Sears and published by in 2017 from $3.62 million in 2016.

OpenMind, the Internet of Things Meanwhile, the average cost per (IoT) will help small businesses compromised record rose to $148 reduce costs and increase profits from $141. Small businesses can’t in the coming years. Experts have afford not to have cyber coverage. predicted that by 2020, there will be somewhere between 20-billion and Additionally, a 2018 Data Breach 30-billion devices connected to the Investigations Report from Verizon internet.

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www.chart-exchange.com

As IoT software and gadgets are now independent agent to further their providing everything from inventory understanding of commercial lines. tracking and management, data Most carriers offer producer schools sharing, productivity and efficiency such as Travelers, Nationwide, metrics to scheduling and State Auto, Merchants, Liberty more, they will become Mutual, and The Entering or an integral part of the Hartford. Classes more aggressively generally run small business sector and will need to be growing the small from two weeks covered in commercial commercial space to six months, at a policies. IoT gadgets carrier’s location will not only help or online. For are increasing you diversify convenience for many instance, Liberty things, from locking and protect your Mutual offers a doors and providing Business Owners business for the security, to mobile card Policy (BOP) future, it will boost reading so business course which owners can collect your profits. It’s highlights key payments on the go. time to embrace coverage, optional As businesses become endorsements, the small to midmore dependent target markets size business CL on this technology, and how independent insurance “Main Street” market.” agents will need to commercial know how to insure them as they accounts benefit from a BOP. The align with business productivity.

Hartford School of Insurance has classes for CL Producers, Account Managers, Virtual Commercial NEED MORE TRAINING IN THE Lines, and Small Business Coverage COMMERCIAL SPACE? Specialists, among others.

Looking at the numbers and new trends in the sector, it’s clear to see 2) KNOW CYBER that small commercial presents Although the independent insurance a valuable proposition for the independent agent. Though it may be agent is often helping commercial clients understand the cyber intimidating to expand your agency’s risks facing their businesses, they service lines, with a little help, an frequently neglect to make sure agency can quickly learn to tackle their own business is protected. If small commercial and expand their you haven’t procured cyber liability business exponentially. Here are four ways you can help your small business insurance already for your agency, it is a wise investment that will help insurance market grow today: protect your livelihood. Additionally, by investing in a cyber policy, you 1) SCHOOLS OF INSURANCE will learn the details and be able to Insurance carriers offer courses for the www.chart-exchange.com

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share its benefits thoroughly with your business clients and prospects.

Risk Placement Services (RPS) is one MGA that has a Cyber Starter Kit and Data Breach Cost Calculator to help independent agents understand their cyber liability offerings.

3) SPECIALTY LINES COMMERCIAL INSURANCE Get to know what standard vs. non-standard coverage is available through your carriers. Learn these lines and research who the target market includes in your community.

From Cyber, Farm & Ranch, Flood, Bar & Nightclub, to Business Auto, and Landlord Insurance, several risk classes are untapped by independent insurance agencies. Both standard and non-standard coverages serve small commercial clients and you may find a niche for your business.

4) IN GENERAL, IF YOU ARE PART OF A GOOD INSURANCE NETWORK, YOU SHOULD HAVE ACCESS TO COMMERCIAL LINES EDUCATION PROGRAMS. SIAA’s Business Insurance Advantage (BIA) program, for example, provides in-depth training on efficiently growing your small business book, with an 8-week course covering how to build or kickstart commercial lines sales.

Entering or more aggressively growing the small commercial space will not only help you diversify and protect your business for the future, it will boost your profits. It’s time to embrace the small to mid-size business CL market.

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LLOYD’S OF LONDON

www.chart-exchange.com

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