MARCH 2016 Volume 1 • Issue 1
INAUGURAL ISSUE!
IN THIS ISSUE 9
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Richard Keers Appointed To Lloyd’s Franchise Board Lloyd’s of London announced in February that Richard Keers, the Chief Financial Officer of Schroders plc, has been appointed as a new nonexecutive member of the Franchise Board.
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Election of Three New Members To The Council of Lloyds Lloyd’s has confirmed the election of three new members to the Council of Lloyd’s. Julian James and Neil Maidment were elected following a vote of working members of the Society of Lloyd’s and will serve a three year term.
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Lloyd’s Charities Trust Renews Partnership With International Disaster Relief Charity REDR Lloyd’s Charities Trust has committed to supporting RedR, the international disaster relief charity, with a donation of £450,000 over the next three years (April 2016 – March 2019).
CHART - The Early Adopters Bill of Rights RESOLVED by the Coverholders, Prospective Coverholders, Risk Takers, and Vendors assembled, that the following Articles be proposed as amendments to the Declaration of Interdependence.
Message From The Earliest Adopter Glenn Clark, the visionary behind CHART Exchange, introduces the inaugural issue of this E-zine and the rapidly expanding CHART Exchange organization.
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BREAKING DOWN BARRIERS: BRINGING INSURANCE PROFESSIONALS TOGETHER
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The partnership between Wilson Elser & CHART will provide significant benefits to the membership.
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Lloyd’s Opposes Brexit Lloyd’s Chairman, John Nelson, spoke on behalf of the Franchise Board and Council of Lloyd’s position against the UK’s exit from the European Union (EU) in late February.
Interview: Steven Ahern Goes on the Record During an interview at the event, Steven characterized the personal interaction as a means to “convert (the) opportunity into real contracts, for real Coverholders, with real Syndicates, doing real business.”
Marketform To Exit General Liability Specialist Lloyd’s of London underwriter Marketform announces that it will cease to write General
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Wilson Elser Law Firm & CHART Exchange - A Strategic Partnership
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Profile: NSM Insurance Group NSM Insurance Group has never been a company that is satisfied with following the status quo of this established industry.
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THE CHART EXCHANGE ADDS TO STAFF
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regard to CHART”, continues Glenn. One of his first duties will be to assume editorial responsibilities for The CHART Exchange. This digital magazine will provide current and prospective members with important information about the U.S./London marketplace. The electronic publication will also provide updates on the Exchange itself. Tyler will also be responsible for advertisement placement”.
he CHART Exchange is pleased to announce the expansion of its staff. Matt Basile has been “2016 will be hired to take on the an exciting role of Membership year for CHART. Services Coordinator; We are now a Tyler Cichewicz was membership brought on to serve as organization. In the Communications May of this year, Coordinator. Both a group of select individuals have Coverholders, been retained as part potential of the Exchange’s Matt Basile (L) & Tyler Cichewicz Cover holders, strategy of becoming and Preferred a permanent membership Vendor Partners will travel to organization in 2016. London to meet with a number of Risk Takers (Syndicates) and “We look forward to the enthusiasm representatives from Lloyd’s and energy level that our newest corporate management. Our staff members brings to CHART”, Second Annual Meeting has been states Glenn W. Clark, CPCU – scheduled for October 3-5 in CHART’s Earliest Adopter. “With Baltimore MD”. Matt Basile, we have an individual dedicated to serving the needs of The CHART (Cover Holders And Risk our members. His responsibilities Takers) Exchange was established include recruitment, assisting in 2015 to serve as a forum prospects through the application through which London markets process, and explaining the and U.S.-based insurance agencies numerous benefits that are can interact for the purpose of available through the organization”. identifying and pursuing new business opportunities. The entity “Tyler Cichewicz was hired became a permanent organization to coordinate all of the in 2016; members will consist of communications being issued with current/prospective Coverholders, www.chart-exchange.com
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London-based Syndicates, and Vendor Partners who provide services for the insurance industry. Interested parties can learn more about the CHART Exchange and membership opportunities by accessing our website at www. chart-exchange.com. Glenn Clark can also be contacted directly at 302-765-6001.
MARCH 2016 VOLUME 1 - ISSUE 1 Publisher:
CHART Exchange Glenn W. Clark, CPCU
Membership Services: Matt Basile
Advertising:
Tyler Cichewicz
Managing Editor: Tyler Cichewicz
Contributing Editor: Frank Huver
Subscriptions: Tyler Cichewicz
Layout, Design & Circulation: Ron Manera AdMax Corp., Inc.
CHART Exchange
info@chart-exchange.com 3001 Philadelphia Pike Claymont, Delaware 19703 www.chart-exchange.com
302-765-6001 March 2016
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News
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RICHARD KEERS APPOINTED TO LLOYD’S FRANCHISE BOARD
years’ service. The Audit Committee “I am pleased to be joining Lloyd's Franchise Board as a non-executive reports into the Council of Lloyd’s. member at a time when they are Welcoming Richard Keers to Lloyd’s, actively executing their long-term Vision2025 strategy in response to Chairman John Nelson said: the changing insurance market." “Securing someone with the financial services experience of Prior to becoming the CFO Richard both at PwC and Schroders of Schroders Plc in 2013, Mr Keers will take over from Bruce is extremely good news for the Richard Keers spent 25 years at Van Saun at the end of May following Franchise Board and for Lloyd’s as PricewaterhouseCoopers, 16 of the latter’s relocation to the United a whole. Richard’s career has seen which was as an Audit Partner. He States. It was also confirmed, subject him operate at the sharp end of the has worked across the banking, to regulatory approval, that Mr Keers financial sector from Asia to London. insurance and asset management will become chair of Lloyd’s Audit I am very much looking forward to sectors in London, New York, Edinburgh and Sydney, advising Committee following the retirement working with him.” some of the global names in finance. of the current chair, Claire Ighodaro CBE, at the end of 2016 after nine Richard Keers said: loyd’s of London announced in February that Richard Keers, the Chief Financial Officer of Schroders plc, has been appointed as a new non-executive member of the Franchise Board, the body which is responsible for the day-to-day running of the Lloyd’s market.
ELECTION OF THREE NEW MEMBERS TO THE COUNCIL OF LLOYD'S
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loyd’s has confirmed the election of three new members to the Council of Lloyd’s. Julian James and Neil Maidment were elected following a vote of working members of the Society of Lloyd’s and will serve a three year term. Philip Swatman was elected unopposed from the individual external members of the Society.
Julian James is President, Global Markets for Allied World Assurance Company and the CEO of Allied World Managing Agency Ltd. He has worked around the Lloyd’s Chairman of the Council, John market since 1981 after starting his Nelson, said: “On behalf of the insurance career at Sedgwick (one Council, I would like to thank of the former companies of Marsh Rupert, Christopher and Alan for & McLennan). Prior to joining Allied their dedication and hard work as World he was CEO of Lockton members of the Council. They have International and a Director of made invaluable contributions to the Corporation of Lloyd’s. He is They will replace Rupert Atkin, the continued success of Lloyd’s.” a past President of the Chartered Chrishopher Harman and Alan Insurance Institute and serves Lovell respectively, whose terms of “I am looking forward to working as a member of Council for The office expired at the end of January with Philip, Julian and Neil. They this year, having served the full nine will bring real insight vital to the years permitted on the Council. Council’s deliberations.” See NEW MEMBERS Pg 19 4
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As a result, Rupert Atkin is also stepping down from his role as Deputy Chairman with Simon Beale appointed as his successor.
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Message From The Earliest Adopter
TELLING THE STORY OF CHART-EXCHANGE
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ave you ever had the opportunity to be a part of something brand new? Maybe serving in a leadership position, setting new direction, or helping to build an organization while meeting new people? Imagine if all of the aforementioned could even enhance your career potential and grow your business! It is a pleasure for me to introduce the inaugural edition of The CHARTExchange’s e-magazine: “CHART Exchange”. Throughout 2015 a small team of Early Adopters have been testing out the core themes of ExChange: “to give up something of value in order to gain something of greater value.” Our concepts are designed to grow new business between the U.S. and London via four separate but equal audiences: • Risk Takers – London Syndicates • Coverholders – U.S.-based agencies with the pen for London • Potential Coverholders – U.S. specialists that want to explore London markets • Vendor Partners with specific London-centric strategies Our first issue is entirely focused on telling the story behind the CHART– Exchange’s beginnings (www.CHART-Exchange.com) while setting the stage for 2016. Future iterations will contain regular columns on Legal, M&A, Claims, Systems, Marketing and feature innovative Coverholders (and why they do business with London). We even hope to help Risk Takers get their unique messages to the U.S. producers regarding the new products and specific expertise of their syndicates. Our “E-zine” will take advantage of modern technology and survey the “wires” for relevant stories, personnel movements and news items that affect our business.
Glenn W. Clark, CPCU Publisher & Earliest Adopter
Take some time to read through the “CHART Exchange.” We’d love to get your feedback and have you join us as an Early Adopter.”
Take some time to read through the “CHARTexchanger.” We’d love to get your feedback and have you join us as an Early Adopter.
Glenn W. Clark , CPCU
6 March 2016
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NEVER MISS AN ISSUE OF CHART
EXCHANGE SUBSCRIBE NOW
SUBSCRIBE TO CONTINUE TO RECEIVE THE CHART EXCHANGE www.chart-exchange.com
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March 2016
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By Dave Willis, CPIA
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or years—hundreds of years, in fact— Lloyd’s of London has made available a wide range of insurance coverages, often taking on risks nobody else would. Today, Lloyd’s provides covers for casualty, property, marine, energy, motor, aviation and reinsurance.
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BAR BRI INSU PROFESSIO TOG
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EAKING DOWN RRIERS: INGING RANCE ONALS GETHER
March 2016 9 TABLE OF CONTENTS By Lloyd's of London [CC BY 2.5 (http://creativecommons.org/licenses/by/2.5)], via Wikimedia Commons
www.chart-exchange.com
CHART Exchange
CHART EXCHANGE BUILDS BRIDGES BETWEEN U.S. AND LONDON
Continued From Page 8 Business is brought to Lloyd’s underwriters in a number of ways: by brokers who are registered to do business with the market, by brokers who deal with a managing agent that has a relationship with underwriters, and by coverholders authorized by a managing agent to operate on the underwriters’ behalf. Despite its rich heritage, Lloyd’s faces challenges similar to other markets, including the need to continue to grow. In its year end 2014 earnings release, Lloyd’s CEO Inga Beale said, “… In the face of global challenges … Lloyd’s is being proactive in seizing the opportunities out there for growth and diversification.”
rich heritage, Lloyd’s faces challenges similar to other markets, including the need to continue to grow.”
“Over the years, for as long as anyone remembers, London has had business brought to them,” he explains. “As a program manager, if we only did the business that was brought to us, we would suffer antiselection.” He adds, “I believe it’s essential in March 2016
To help drive this concept, Clark spearheaded development of an exchange to help U.S.- based agents and brokers engage with the London market.
“We created The CHART-Exchange to bring together producers in the States with decision makers from London who can make things happen,” he explains. The move supports an element of a fiveyear goal that Lloyd’s established Glenn Clark, CPCU, president and last year to improve the breadth CEO of Wilmington, Delaware- of its distribution and market CHART Exchange builds bridges access with an increased number of relationships in between U.S. each distribution Despite its and London channel. brokers Based
R ock wood Programs, has taken this challenge as a rallying cry.
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our world to have an offense; an ability to go after the business we seek. We thought that perhaps London could use such an ‘offense’ in their arsenal of weapons—a new tool they could use to go out and find new producers if they seek new ways to grow.”
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Once a connection is made, each side will engage its chosen London broker to consummate the deal. Through Rockwood, Clark has had a relationship with Lloyd’s since 2000. “We’ve been working for nearly 15 years in London with the same partners,” he explains. “That stability—the fact that management doesn’t change every few years or less—is one of www.chart-exchange.com
CHART Exchange the refreshing parts of dealing with Lloyd’s. You don’t have to constantly resell your program every year or two because of a leadership change.”
He says the process of dealing with Lloyd’s is attractive as well. “We’ve found that London risk takers have a much quicker decision making process, which is important in a competitive marketplace,” he says. “Plus, they’re generally more open to smaller programs than what we find to be the case in the States.” selling are at the core of what we’re The notion of bringing insurance doing here,” he explains. professionals together for their Early this year, he convened an “early common benefit is nothing new to adopters” meeting of professionals Clark. with some sort of relationship to his business and/or the London market, to help gauge their interest in the Matching concept of an exchange and to lay the groundwork for future activities. people “Response was very positive,” Clark via networking, recalls. “We came away from the helping them build meeting encouraged.”
The goal of the meetings, Clark points out, “was to inform, evangelize, encourage and sway. Given the state of the market, it’s apparent that syndicates must at least consider adding some new weapons to their arsenal. It’s important that they find a way to tell agents and brokers in the U.S. how they are differentiated in terms of appetites, expertise and more.”
and refine skills, and finding new opportunities for selling and cross selling are at the core of what we’re doing here.”
These themes resonated with many In a matter of weeks, he was in a risk takers, as did the notion of plane, heading across the Atlantic. having a group focused solely on “Steve Ahern and Nick Foden- doing NEW business with London markets. “Everyone identified with Pattinson—two early supporters of what we had in mind for The this part,” he explains. “In addition to CHART- Exchange—arranged a the obvious potential for increased number of meetings for me with revenues and market expansion, people at a number of syndicates people we met with were excited in London,” Clark says. Ahern is a about the creation of a unique A dozen or so years ago, he formed broker at Iris Insurance Brokers and more efficient mechanism an association that connected Ltd., Clark’s long-term broker and to tap into the pulse of the U.S. program administrators and carriers a CHART-Exchange “early adopter.” distribution network.” to help bolster the U.S. program Foden-Pattinson is a managing business arena. “Matching people director at RFIB Group Limited, via networking, helping them build another early adopter. and refine skills, and finding new See “Building Bridges” Page 12 opportunities for selling and cross www.chart-exchange.com
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CHART Exchange Continued From Page 11
commented after reading the presentation booklet, ‘Hey Glenn, I see you’re wearing the same tie today as the one you wore in your photo!’ ” Clark recalls. “I told him, ‘I’m going to be careful if I ever submit an app to you, as you are Clark acknowledges that not one observant underwriter!’ ” everyone stood up to salute. “There The encouraging welcome he was some skepticism, but overall, received at the London meetings we knew we were off to a solid was bolstered by the start,” he explains. “We carried an attitude that ‘we really do “There’s nothing not hear the word “no”,’ we just feel we have not made more rewarding ourselves sufficiently understood than experiencing yet.”
BUILDING BRIDGES
Clark adds, “We communicated energy. Everything we do and plan to do with The CHART- Exchange is about breaking down barriers and creating an equal status of all attendees—from risk takers to coverholders and potential coverholders to vendor partners— and building a forum to create new business.” By the end of each meeting, he says, “We could feel energy being returned to us. People were definitely enthused. Or maybe they were just amused. Regardless, and better yet, many agreed to send a team to the upcoming Philadelphia event to cover their major appetites.” An incident at one meeting reaffirmed his experience that London market participants are detail oriented professionals. “One underwriter from Liberty 12
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the energy of new ideas and tapping the creativity of industry leaders that we’re bringing together.”
our meeting,” he says. “It was an excellent pace. To date, our team has generated more than 700 agency inquiries in response to our ads, calls, and articles on The CHART-Exchange.” In fairly short order, a dozen syndicates and 50 individual risk takers signed up. Broker staff at Iris continued to lead the local charge in London, engaging more risk takers and signing on more participants for the Exchange and the October event in Philly. The group came up short on what Clark calls an “aggressive goal” of getting 100 risk takers to Philadelphia.
“Because we’ll have 50 decision makers from London, we scaled back our top-line goal to 300 —Glenn Clark total attendees,” he explains. “We felt it was important to have President and CEO absolutely the right mix of risk takers, coverholders, potential cross-ocean team he assembled at coverholders and vendor partners. the onset. Highlighting the event are “They all knew who we were by two great speakers—Jeff Tobe, reputation and experience,” he ‘Coloring Outside the Lines’ explains. “They knew that we are customer experience expert, uniquely qualified to deliver this and Mark Cloutier, CEO of Brit to the London market.” Insurance Group.” There also will be 40 workshops and panel Positive response continued to discussions and many networking come in after he returned stateside. opportunities. “For weeks after I returned, I received at least one email every day from someone committing to attend or from a new contact being referred to us as a result of See BUILDING BRIDGES Pg 19 TABLE OF CONTENTS
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News
LLOYD’S CHARITIES TRUST RENEWS PARTNERSHIP WITH INTERNATIONAL DISASTER RELIEF CHARITY REDR helping communities to cope with disaster. International insurers and the aid community have vital roles to play in the aftermath of any disaster and, as the grant-making Over the last three years, Lloyd’s charity of the Lloyd’s market we Charities Trust has supported RedR are pleased to support aid workers with a grant of £100,000 per annum all over the globe with this project. to deliver the ‘Ready to Respond’ We are delighted to be renewing programme designed to build our partnership with RedR, who the capacity of humanitarians to use their considerable expertise to his funding will increase respond to disasters, especially in help train aid workers, and deliver the ability of over urban areas. Over the course of valuable solutions in some of the 2,000 individuals and the partnership, Lloyd’s Charities most difficult and challenging organisations to prepare for and respond to emergencies, especially in urban centres, and will support the following projects:
Lloyd’s Charities Trust has committed to supporting RedR, the international disaster relief charity, with a donation of £450,000 over the next three years (April 2016 – March 2019).
where Chris Harman, Chairman of Lloyd’s Charities Trust, will collect a certificate on behalf of Lloyd’s Charities Trust.
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1. Developing and delivering a new e-facilitated learning programme for local responders in disaster-affected countries 2. Training international aid workers 3. Providing technical support and harnessing private sector expertise 4. Tailored support in the immediate aftermath of a disaster
Trust has supported the training of 1,780 aid workers living and working in 104 countries and RedR has leveraged an additional £110,000 in donations and in-kind support from the Corporation and the Lloyd’s market. Speaking about the partnership between RedR and Lloyd’s Charities Trust, Chris Harman, Chairman of the Lloyd’s Charities Trust said:
HRH The Princess Royal will be recognising Lloyd’s Charities “Lloyd’s, as a major international Trust’s support at a City reception insurance market, is committed on Wednesday 24 February to improving global resilience and 14
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conditions.” Martin McCann, CEO of RedR, said: "We are deeply grateful for the continued support of Lloyd’s Charities Trust. The ‘Ready to Respond’ project addresses a very clear gap in our collective capacity to deal with disasters, particularly in urban settings. Our partnership with Lloyd’s Charities Trust has enabled us to take some significant steps towards enhancing this capacity, and we look forward to seeing it develop over the next three years." www.chart-exchange.com
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THE EARLY ADOPTERS
BILL OF RIGHTS PREAMBLE The CHART Exchange begun and held at the City of Philadelphia, between Monday the twelfth and Wednesday the fourteenth of October, two thousand and fifteen. RESOLVED by the Coverholders, Prospective Coverholders, Risk Takers, and Vendors assembled, that the following Articles be proposed as amendments to the Declaration of Interdependence. ARTICLES in addition to, and Amendment of the Declaration of Interdependence, proposed by the Early Adopters and ratified by the Coverholders, Prospective Coverholders, Risk Takers, and Vendors attending the CHART Exchange event. FIRST AMENDMENT (Freedom of commerce and peaceable assembly). The CHART Exchange will foster growth in the U.S./London market by providing a forum through which Risk Takers and Coverholders can interact with domestic insurance agencies in the pursuit of new business opportunities. The event shall also provide a series of workshops moderated by CHART’s Risk Taker and Vendor partners. All attendees are expected to peaceably assemble at these sessions to expand their skillset and show support for the presenters. Participants shall be respectful of the efforts put forth by the moderators by not setting appointments during the times allotted for workshops. Ample time has been provided before and after scheduled events for holding individual meetings. CHART attendees are expected to follow the precepts of the “Golden Rule”: do unto others as you would have them do unto you. Individuals must be supportive and respectful of other participant’s efforts before presuming the same treatment from them. SECOND AMENDMENT (Right of attendees to bear business cards). Participants will be protected against spam and other forms of solicitation through the judicious and limited distribution of attendee lists. Business can best be conducted across long distances by first establishing the partnership through personal interaction. Participants shall network with others in attendance as a means of identifying new opportunities. THIRD AMENDMENT (Protection from enduring non-business activities). The CHART Exchange shall not schedule golf outings, formal dinners, or other social events, as these serve to distract attendees from the core purpose of getting business done. All participants are given the freedom to make their own plans after meeting hours. FOURTH AMENDMENT (Protection from unreasonable constraints on attendee time). The CHART Exchange shall be respectful of all attendees by making optimal use of the time they have allotted to participate in the event. Meetings shall start promptly at 8:00 AM. The agenda shall provide content designed to facilitate growth within the U.S./London market.
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FIFTH AMENDMENT (Due process and freedom from self-aggrandizing participants). The CHART Exchange shall recognize that all attendees are experts within their particular field of endeavor: risk evaluators/underwriters, product distributors, service providers, etc. As such, the meeting will be deemed as an assembly of peers. All participants are expected to check their egos at the door as part of the event registration process. Business casual shall be the dress of the day. SIXTH AMENDMENT (Judgment of new ideas by a trial of peers). All attendees shall have the right to submit their new business/marketing ideas for consideration within the Shark Tank/Dragon’s Den competition. Submissions shall be evaluated based on the innovative nature of the idea, viability of the product, and premium potential. Style points will also be awarded for the originality of the presentation itself. The winner shall be determined jointly by a panel of experts and the other attendees. The grand prize: $10,000 (£6,400). The Shark Tank/Dragon’s Den competition is sponsored by Iris Insurance Brokers. SEVENTH AMENDMENT (Civil treatment for all attendees). All participants shall have the right to expect civil treatment from all other event attendees. Moderators shall be shown respect by not having to compete with individually scheduled appointments during the times allotted for workshops. All attendees shall be granted the freedom of not having to be recipients of spam or other solicitations due to limited distribution of participant lists. Each Early Adopter is considered a full partner. EIGHTH AMENDMENT (Freedom from cruel and unusual keynote speakers). The CHART Exchange shall not retain the services of celebrity speakers to deliver speeches unrelated to the growth of the U.S./London market. Tuesday’s keynote address shall be presented by Jeff Tobe, a nationally sought after for his expertise in improving corporate profits by changing the customer experience and retaining great talent. Wednesday’s opening remarks shall be provided by Mark Cloutier, CEO of BRIT Insurance Holdings. Mr. Cloutier has extensive experience within the various aspects of the insurance transaction: as a risk-taker, product distributor, and as a vendor supporting the industry.
NINTH AMENDMENT (Enumeration of rights shall not be construed as anything critical of the great forces that build our profession). CHART recognizes the valuable role other association groups (AAMGA, NAPSLO, PLUS, TMPAA, IIABA, Trusted Choice, etc.) play within the U.S./London market. CHART shall honor the contributions these fine organizations already make and facilitate dialogue amongst risk takers, established Coverholders, U.S.based insurance agencies, and vendor partners as a means of surfacing new business opportunities. Further, the CHART Exchange shall elevate the role London Brokers play in mage credit: Lloyd’s of London the insurance transaction. Once an agreement on a new concept discussed at the meeting has been reached, risk takers and/or insurance agencies shall be encouraged to select the broker of their choice in order to transform it into a formal agreement. TENTH AMENDMENT (Powers of Risk Takers, Coverholders, Potential Coverholders, and Vendor Partners). Except for the Amendments articulated in the CHART Exchange Bill of Rights, attendees are free to pursue new business opportunities amongst themselves. Carpe Diem – Seize the Day!
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BUILDING BRIDGES
According to Clark, the work his team has taken on this year is worth the effort. “Lloyd’s is under the same threats as are all other markets—threats like competition, technology and more,” he explains. “We’re looking to provide a catalyst to jump start a little bit of a different process of engagement from today’s status quo.” Although he has no intention of replacing the status quo, he hopes to provide a forum that will help to energize, de-mystify, and put faces to Lloyd’s and to help London risk takers add another layer of outbound marketing. The endeavor brings Clark personal satisfaction. “We love working with others who are the best at what they do,” he explains. “There’s nothing more rewarding than experiencing the energy of new ideas and tapping the creativity of industry leaders we’re bringing together. Being around some of the early adopters who have advanced the CHART concept from idea to first event has been a privilege.” The author Dave Willis, CPIA, is a U.S.-based insurance writer and contributor to CHART Exchange Magazine.
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NEW MEMBERS TO THE COUNCIL OF LLOYDS
MARKETFORM TO EXIT GENERAL LIABILITY
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pecialist Lloyd's of London underwriter Marketform announces that it will cease to write General Liability business.
Insurance Institute of London. The decision comes as a strategic Neil Maidment has worked in the review of Marketform’s General Lloyd’s market for 31 years. He Liability account, which no longer is Chief Underwriting Officer of fits with the Group’s long term Beazley plc and active underwriter strategy. for its six Lloyd’s syndicates. Neil is a director of Beazley Furlonge Ltd, the However, Marketform is committed group’s Lloyd’s managing agency, to continuing to operate a full claims and a director of Beazley plc. In service and will retain two dedicated 2011 he was elected to the board underwriting professionals, with of the Lloyd’s Market Association both a box and office presence, (LMA) and was appointed LMA in order to service commitments to existing clients. This will be chairman in November 2015. administered under the leadership Philip Swatman is a Chartered of Ian West, Marketform’s most Accountant and has been a Member experienced casualty underwriter. of Lloyd's since 1987. He worked for NM Rothschild for twenty Martin Reith, Chief Executive Officer, nine years becoming co-head of Marketform Managing Agency Investment Banking and retiring as Limited, commented: a Vice-Chairman in 2008. He is or has been a non-executive director “We did not take the decision to exit General Liability lightly, however, as or Chairman of nine companies. part of the ongoing strategic review The working and external members of the business, we concluded of the Council are elected by that this line no longer fits our Lloyd’s members. The Chairman longer term plan for Marketform. and Deputy Chairmen are elected Importantly, we will maintain our annually by the Council from commitment and service excellence among its members. All members to clients with existing policies are approved by the PRA. The while more broadly we are excited Chairman and Deputy Chairmen about the opportunities for growth are elected annually by the Council we see across other lines.” from among its members.
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News
LLOYD’S OPPOSES BREXIT
by Tyler Cichewicz
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loyd’s Chairman, John Nelson, spoke on behalf of the Franchise Board and Council of Lloyd’s position against the UK’s exit from the European Union (EU) in late February. The comment comes after the June 23rd Brexit referendum was announced by UK Prime Minister David Cameron. The referendum will result in a vote that determines whether the UK remains in the EU. If the UK votes to withdraw from the EU, the decision could substantially affect UK business. Nelson says that, “Membership in the EU will be a crucial element in London being able to retain and reinforce its preeminent status as the global hub for insurance and re-insurance.” Nelson’s press release follows Lloyd’s Chief Risk Officer and General Counsel, Seth McGovern’s speech advocating the benefits of EU membership citing that the EU streamlines market access with a single EU market, encourages direct investment from outside www.chart-exchange.com
countries, and facilitates trade with other countries. McGovern says, “These benefits in my view, critical to the success of the London insurance market and its position as the world’s largest specialist insurance and re-insurance center.”
NICK GARSIDE JOINS NOVAE’S US DIRECT & FACULTATIVE UNIT
The EU single market is most valuable to Lloyd’s as it grants ovae Group plc (Novae), access to profitable premiums the specialist listed Lloyd’s within the EU and allows any insurer, today announces Lloyd’s branch to operate under the appointment of Nick Garside UK jurisdiction while being in as deputy unit head of its US Direct another country. & Facultative unit. Nick is based in McGovern says that the EU the Bermuda office and reports to is the, “Optimal international Nik Lucking, unit head of US Direct regulatory regime for Lloyd’s & Facultative. and other London market firms.” Nick brings over 12 years of US underwriting & broking experience Lloyd’s and other businesses to Novae. He joined from Allied in the UK, have expressed their World in Boston, where he was position against leaving the EU, most recently a vice president and for reasons that Nelson put as, spent seven years underwriting a “an irrevocable decision” that diverse portfolio of property risks. could end in hurting the UK Prior to this he was at Willis. more than any of the benefits of leaving. Stuart Heath, divisional head of Property at Novae Group, said: “As Regardless of the result of the part of our planned development Brexit referendum, McGovern of the US D&F Property unit we heads contingency plan team, are delighted to welcome Nick onwhich will ‘ensure that Lloyd’s board. He is a quality underwriter can continue to provide access with an excellent track record and to the EU.’ a growing reputation in the US market, and his expertise enables Though, in the event of the us to diversify our product offering. UK’s withdrawal from the EU, I look forward to working with him McGovern expects the London’s and the rest of the team to continue market access to the EU will not to develop Novae Bermuda be as good. Underwriting Limited.”
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PARTNER
WILSON ELSER LAW FIRM AND CHART EXCHANGE: A STRATEGIC PARTNERSHIP INSURANCE-SPECIFIC BUSINESS SERVICES FROM WILSON ELSER
W Daniel J. McMahon, Chairman
Thomas W. Wilson, Jr., Partner
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ilson Elser is recognized as one of the nation’s most influential law firms, with nearly 800 attorneys and 29 strategically located offices in the United States and one office in London. Their experience as litigation specialists, insurance claims administrators and adjudicators – especially for London-placed business – makes them ideal strategic partners for the CHART Exchange. In 2015, Wilson Elser announced their intention to be a key strategic partner of the CHART Exchange. They will actively participate in all CHART-sponsored events and will maintain a presence on the Advisory Board. Thomas Wilson Jr. – Partner at Wilson Elser – had this to say about the CHART Exchange: “We believe there is significant opportunity for expansion within the U.S./ London marketplace. CHART is the perfect vehicle to facilitate that growth. The organization brings together the innovative underwriting philosophy of the world’s oldest insurance brand TABLE OF CONTENTS
with the entrepreneurial mindset of U.S. agencies. The results will be extraordinary.”
The partnership between Wilson Elser and CHART will provide significant benefits to the membership as well. Some of the legal and non-legal services available through the firm include: 1. Insurance Regulatory & Compliance. The firm’s Insurance Regulatory & Compliance practice group encompasses all segments of the insurance industry globally. With more than three decades of related experience, their attorneys are well acquainted with the myriad regulations that govern the insurance industry and the policies and politics behind them. Their attorneys offer comprehensive, urposeful and timely legal counsel to insureds, brokers and agents; reinsurance intermediaries; surplus line brokers; managing general agents; and insurers and reinsurers. Wilson Elser draws on the experience and nationwide resources of the entire firm and is in frequent contact with key state and federal insurance regulators. 2. Insurance & Reinsurance Defense. Very little in today’s “flat,” hyper-connected world moves without some form of insurance. From its starting point as a simple concept hatched at Lloyd’s Coffee House in the 1690s See STRATEGIC PARTNER Page 29 www.chart-exchange.com
Planning on growing with CHART-Exchange? So are we.
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INTERVIEW Steven Ahern is a
broker at Iris Insurance Brokers in London, which currently manages 67 Lloyd’s Coverholders and represents $180 million of premium in the Lloyd’s market for delegated authorities.
I
POINT OF VIEW: n his own words, Iris Broker, Steven Ahern:
CHART (CoverHolders And Risk Takers) was established to serve as the catalyst for new business growth in the U.S./London marketplace. Steven and his team saw the possibilities of participating in an environment where representatives from both sides of the insurance transaction could freely exchange ideas about new coverage offerings, underserved market niches, and other untapped business opportunities.
The Iris team saw a practical demonstration of CHART’s potential by attending the inaugural meeting in Philadelphia PA last October. During an interview at the event, Steven characterized the personal interaction as a means to “convert (the) opportunity into real contracts, for real Coverholders, with real Syndicates, doing real business.” Other excerpts from the Steven Ahern interview are provided below:
See Steven Ahern Page 31
Steven Ahern and Iris Insurance Brokers Ltd were among the Earliest Adopters of the CHART Exchange. Iris Insurance Brokers Ltd is authorized and regulated by the Financial Conduct Authority (FCA) Register number: 310825. Steven Ahern at his desk at Iris Insurance Brokers
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PROFILE:
NSM INSURANCE GROUP
NSM INSURANCE GROUP The first organization to sponsor the CHARTExchange and one of the original signers of the “Declaration of Interdependence.”
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SM Insurance Group has never been a company that is satisfied with following the status quo of this established industry. CEO Geof McKernan has always embraced change, growth and innovation which is evident in his mantra that he repeats to his team: “grow, change or die”.
Geof McKernan, CEO NSM Insurance Group
Back in 1990, Geof McKernan founded NSM as a commercial property and casualty insurance brokerage firm. After finding that some clients required specialized insurance products to meet the unique needs of their industries, McKernan began exploring the program administration space. He started by identifying niche areas of business that were underserved in the insurance marketplace.
including resources available, risk tolerance, safety standards and operational practices and then developed tailored insurance solutions to meet these needs.” By following this development model called DIME, NSM has created some of the industry’s most successful programs over the years. Today, NSM Insurance Group is a leading MGA that offers specialized insurance for 19 industries and is continuing to grow both organically and through acquisitions. Last year, NSM was in the news again when they announced their highvisibility partnership with AIG that McKernan said would “power [NSM’s] acquisitions and internal growth plans.”
The company’s insurance programs include social services and behavioral health; CAT driven property; collector cars; workers’ compensation; aviation; sports and fitness; breweries and wineries; and professional liability for lawyers, “We started by examining dentists, architects and engineers. the marketplace for industries that were With a track record for leading overlooked by traditional innovation and embracing change Bill McKernan, President firms where we could add in the insurance industry, it is no NSM Insurance Group value.” McKernan explains. surprise that NSM Insurance Group “We then evaluated each industry See MSM Insurance Group Pg 32 to understand the insurance needs 26
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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
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www.chart-exchange.com
PARTNER Continued From Page 22
Wilson Elser offers one of the industry’s most comprehensive program management services, with combined experience, depth and resources that cannot easily be matched. Program Management is a dedicated practice area within in London to now being one of the firm comprised of licensed the most critical industries on the attorneys who evaluate and planet, today’s defense of insurers investigate claims, offer opinions and their insureds is not a simple on coverage, issue coverage positions, retain and manage matter. counsel for insureds, budget and manage litigation We believe there is significant expenses, and make reserve opportunity for expansion within recommendations. the U.S./London marketplace. CHART Their accomplished is the perfect vehicle to facilitate negotiating skills, claims litigation that growth.” - Thomas Wilson, Jr. management proficiency, and legal spend management skills For nearly 35 years Wilson Elser has been closely aligned with the provide leverage and enhance the insurance industry, influencing cost-effective resolution of claims. the way it does business, from the clarity of the language in its olicies 4. Wilson Elser Consulting. to the types of products it offers Operating as a subsidiary and even assisting in its expansion consultancy of Wilson Elser, this to new business sectors. Wilson group aims to be the world's most Elser steadfastly remains in the compelling choice for boutique business of helping public and insurance business services and private-sector clients identify and global management solutions. prevent exposures and, if they occur, capably managing reaction Wilson Elser Consulting, Ltd. offers unique experience and and recovery. advisory/professional services to 3. Program Claims Management. insurance markets, carriers, and For those who compete in the other organizations involved in complex professional liability the application of legal operations marketplace, having the right and spend management; program management partner legal enterprise legal, governance, risk, can be a key advantage. Yet many and compliance management; potential partners fall short insurance operations and systems; of providing comprehensive claims litigation management; and third-party vendor/expert services.
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management by guiding clients to champion change and create bespoke value through process, technology, and analytics. Their consultants draw on Wilson Elser’s reputation as one of the world’s preeminent insurance defense law firms and unrivalled knowledge of insurance industry standards, bestractices, and management models. Insurance-specific business services include, but are not limited to: • Strategic & Operational Consulting • Rates Benchmarking • Software Applications • Legal Spend/Assessment Analysis • Legal Invoice Review • Document Management • Managed Services for e-Discovery • Legal Analytics 5. The CHART Defender E&O. Wilson Elser and the CHART Exchange have teamed up to design an Errors & Omissions product specifically for insurance agents who place business with London markets. The true litmus test for any E&O product is how well it defends the policyholder in the event of a loss. Wilson Elser will serve as the claims administrator for this program; they will provide an advocacy defense for all insureds. More importantly, they will be available to discuss issues and situations before they become claims. March 2016
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Providing protection for religious institutions, private schools & colleges, day cares and more!
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INTERVIEW - Continued
STEVEN AHERN: WHY LLOYD’S IS A GREAT CHOICE - AND EASY TO ACCESS
Continued From Page 24
individual syndicates to work out what type of business they want CHART: Can you describe how to attract that to themselves. They your company works with Lloyd’s? need to find spread in their own book. So, they look at a very wide AHERN: We're Lloyd’s brokers, so angle of specialties to be able to we're an intermediary. We work provide balance and volume for between the Coverholder and themselves in their own portfolios. the Lloyd’s Syndicate and assist in the application process for CHART: If I’m a U.S. broker and I new Coverholders. We provide say to you, “What's the advantage Syndicates with the reporting of working with Lloyd’s?” What and framework for reporting. We would you tell me? work with a Coverholder to design products, policy wording and AHERN: Continuity, flexibility, structure, for their contract with originality and loyalty I would the underwriter. say. The Lloyd’s market is not a
The loyalty comes from Lloyd’s as an overall marketplace. The flexibility comes from that loyalty and is a response to opportunity presented to them. They don't have a glossy brochure on the shelf. They wait for the Coverholder to come to them and our role as a broker to the underwriter, is to stop them waiting and get them into action. That's why they're here at CHART.
single entity. It is a group of just over 90 Syndicates and each write for their own account. Lloyd’s People think traditionally it's difficult to get to and today still Lloyd’s because it's on operate on a subscription the other side of the AHERN: I think So most Atlantic, a specialized basis. that Lloyd’s has of the contracts become a market marketplace, and that for delegated for specialty certain pre-determined a u t h o r i t i e s products because have multiple factors are in place. the admitted Syndicate It's not the case.” markets in the US participations, are very capable which means of dealing with standard risks Coverholders have a plan B, on in standard geography with the table, all the time. If one standard exposures. Lloyd’s has underwriter fails to survive or a much greater flair for business doesn't want to write the business because they need to. They're any longer, another market is there not going to compete with the to take over. admitted carriers. It’s up to the
AHERN: The biggest misperception is the ability to access. People think it's difficult to get to Lloyd’s because it's on the other side of the Atlantic, a specialized marketplace, and that certain pre-determined factors are in place. It's not the case. Lloyd’s will write the first dollar on a new program and they will write the 100th million dollar on the same program at maturity. The misconception is that Lloyd’s is hard to access, but it’s not. It's easy to access through good brokers.
CHART: Why is Lloyd’s a great choice if you're trying to develop a niche insurance product?
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CHART: What is the biggest misperception about Lloyd’s on the part of U.S. brokers?
Steven Ahern is a broker at Iris Insurance Brokers in London, which currently manages 67 Lloyd’s Coverholders and represents $180 million of premium in the Lloyd’s market for delegated authorities. March 2016
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PROFILE:
NSM INSURANCE GROUP
Continued From Page 26
NSM INSURANCE GROUP
Insurance Group explains. “When we had the opportunity to get involved with the CHART Exchange, it just made sense to do it.”
can expect to continue to see this entrepreneurial organization seek new opportunities, partnerships and programs to drive growth in 2016. Everything in the insurance industry Bill McKernan attended the Early is evolving; the marketplace, the Adopters meeting in January 2015 program administration space, and and in October, he attended the first the industries we serve. We want to
was the first organization to sponsor the CHART-Exchange and one of the original signers of the “Declaration of Interdependence”. Please change quote to read “NSM likes to do business with London because how relationship based the industry is. We also appreciate that the London market continues to be truly innovative in their product design and in their overall view on insuring a very wide array of exposures,” Bill McKernan, President of NSM
We look forward to assisting CHART with their growth plans by cultivating relationships with more stakeholders who are invested in, and see the value in, building the U.S./ London insurance marketplace.” 32
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NSM team at the start of the 2015 Annual Irish Pub Tour De Shore Charity Bike Ride
CHART Exchange where he was a presenter and shared the NSM story. (LINK TO PRESENTATION HERE) “We look forward to assisting CHART with their growth plans by cultivating relationships with more stakeholders who are invested in, and see the value in, building the U.S./London insurance marketplace,” says Bill McKernan.
be at the forefront of this evolution, growing and changing to ensure that we offer the best programs to meet the needs of the industries we serve.” According to the mantra “Grow, change, or die”, it’s probably safe to say that NSM Insurance Group is going to continue to thrive.
NSM Insurance Group is aggressively This year, Geof McKernan says you seeking to acquire additional niche can expect to see new things out specific insurance businesses and of the NSM shop. “Last year was an program managers. For more exciting year for NSM Insurance information, contact Bill McKernan, Group,” he says, “and the industry President, at 800-970-9877 ext. 111. TABLE OF CONTENTS
www.chart-exchange.com
Insurance Programs for Multiple Classes of Business Gallagher MGA is an industry leader in program administration and affinity marketing that utilizes innovative technologies to provide turn-key solutions tailored to our customers. Presently serving as strategic benefits provider for over 300 national associations and affinity groups, Gallagher MGA delivers unparalleled industry expertise in providing our customers access to exclusive insurance and non-insurance benefits and services including professional liability products, life and health insurance, vision and dental, member discounts and so much more!
9 Access to over 300 national associations and affinity groups representing 25 million members 9 Programs for multiple classes of business
9 Products for business owners & individuals
9 Claims servicing and oversight – Risk management services » Risk Purchasing Group program capabilities
9 Powerful and user-friendly private label online applications provide fast, secure online enrollment, account management and policy issuance » In-house web development & digital marketing team » Customizable solutions » Focus on member needs
9 Web-based sponsor portals allow client sponsors access to real-time data on active and termed participants 9 Our dedicated call center and online chat support teams are fully-licensed and handle over one million customer inquiries each year regarding coverages, benefit offerings, billing and more.
Jason Rogers Jason_Rogers@ajg.com TABLE OF CONTENTS (941) 757-1443
Contact Info:
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Ted Baran Ted_Baran@ajg.com March 2016 33 (941) 757-1445
News
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eof McKernan, CEO of NSM Insurance Group, was recently selected as a member of Insurance Business America’s 2015 Hot 100 List. McKernan was recognized for his role in brokering a high-visibility partnership with AIG that he said would “power [NSM’s] acquisitions and internal growth plans.”
Every year, Insurance Business America asks its readership to nominate professionals at all levels that are industry thought leaders, influencers and innovators, who made waves in the industry during the year. Insurance Business America then narrows down the nominations to the 100 people that felt made the greatest impact, either through a series of accomplishments throughout the year, or one bold move that garnered the industry’s attention. Honorees on the 2015 Hot 100 list represent a diverse sampling of the industry, from executives at major insurers to local heroes, and their accomplishments range from large acquisitions and investments to rapidly growing books of business and revenue. “It is an honor to recognize by Insurance Business America alongside so many accomplished professionals who are shaping the future of the insurance industry,” McKernan said. “Last year was an exciting year for NSM Insurance Group, and the industry can expect to continue to see this entrepreneurial organization seeking new opportunities and programs to drive growth in 2016.”
ValueMomentum Continues Expansion with Acquisition of New Office Towers In Hyderabad, India
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alueMomentum Inc., a provider of software and services to the insurance, healthcare and financial services industries, announced that it has acquired a new office campus in Hyderabad to house its India operations. The new facility acquisition comes on the heels of ValueMomentum’s August, 2015 move to a new corporate headquarters in Piscataway, New Jersey. The new complex, slated to become operational by end of February 2016, will accommodate future growth, and help ValueMomentum deliver innovative software and services for its insurance, healthcare and financial services markets. With an optimal location in Gachibowli, Nanakramguda in Hyderabad’s Financial District, the new offices are comprised of two connected multi-story buildings.
Arthur J. Gallagher & Co. Named A 2016 World’s Most Ethical Company By The Ethisphere Institute For The 5th Year
T
his year marks the 10th anniversary of Ethisphere and the World’s Most Ethical Companies designation, which recognizes those companies who align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today. Gallagher has been recognized by Ethisphere for five consecutive years and is the only insurance broker to achieve this distinction. This recognition underscores Gallagher’s unwavering commitment to leading ethical business standards and practices.
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NOVAE IS PROUD TO HAVE BEEN AN EARLY ADOPTER AT THE CHART-EXCHANGE We look forward to developing new and existing partnerships
Novae Syndicates Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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