Insurance Business America issue 6.12 by Key Media

IBAMAG.COM ISSUE 6.12 | $12.95

T 10 HO

2019

IBA spotlights 100 movers and shakers who are redefining the insurance industry FROM BOOMERS TO MILLENNIALS

How can agencies prepare for a generational shift in the workforce?

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THE INDUSTRY OUTLOOK FOR 2019

Insurance CEOs reveal the threats and challenges that are keeping them up at night

THE LAY OF THE LAND

What agents should keep in mind when building a specialty in agribusiness

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ISSUE 6.12

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CONTENTS

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UPFRONT 04 Editorial

How to grow business in the new year

06 Statistics

T 10 HO

2019

Companies agree that political risk is increasing – so why aren’t they insuring themselves against it?

08 Head to head

FEATURES

REAP WHAT YOU SOW

SPECIAL REPORT

HOT 100 2019

IBA spotlights 100 brokers, executives, entrepreneurs and tech pioneers who are heating up the insurance industry

PEOPLE

INDUSTRY ICON

Specializing in the agribusiness space requires cultivating a deep understanding of a wide range of risks

10 News analysis

What insurance companies should know about recruiting millennials

12 Intelligence

This month’s big movers, shakers and new products

14 Workers’ comp update

How the workers’ comp sector is responding to cannabis conundrums

FEATURES

ALL HANDS ON DECK

A passion for sailing led Gowrie Group into its specialization in marine insurance

16 Technology update

Why innovation is more important than ever

21 Opinion

Narrowing your clientele can help you increase your bottom line

FEATURES 58 What keeps insurance leaders up at night? From tech disruption to growing CAT risks, insurance execs outline the top threats they’re monitoring for 2019

All Risks Ltd. CEO Nicholas Cortezi details how creating a winning culture has allowed the wholesale broker to achieve enviable organic growth

What challenges are in store for the industry in 2019?

PEOPLE

FEATURES

AT YOUR SERVICE

The strong economy is propelling the hospitality sector to new heights – so how can agents jump in?

71 Career path

Steve Aronson embraced insurance at a young age and hasn’t looked back

72 Other life

Get into the holiday spirit with part-time Santa Frank Sentner

IBAMAG.COM CHECK IT OUT ONLINE

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They’re redefining the industry. RPS congratulates our colleagues named to IBA’s Hot 100 list:

Ryan Collier Adam Mazan Sarah Wirtz We’re proud to work beside you.

Risk Placement Services, Inc. Knowledge. Relationships. Trust and Confidence.

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UPFRONT

EDITORIAL

A year of threats and opportunity

s 2018 draws to a close, forward-thinking insurance executives have already put plans in place for the coming year – and that means addressing threats and opening doors to the opportunities that lie ahead. At the H.W. Kaufman Group annual forum in Detroit, top executives discussed the themes that are sure to dominate the insurance landscape in 2019. Chief among them – both as an opportunity and a threat – was technology. The overarching message was that brokers will remain crucial as long as they embrace the advantages offered by tech. “We don’t believe that it’s necessarily just going to go direct and that the whole channel is going to be disintermediated,” said Chris Lewis, president of IFG Companies. “It’s not in our interest, it’s not in your interest, and frankly, if you look at surveys of small businesses, they’re still looking for that trusted advisor, so there’s ways of using the same technology that’s being used by the insurtechs and others within the existing distribution, but [that] really make it much more efficient.”

“Trying to do things the same way is really not going to get us to where we need to be” Specialist expertise can give brokers an edge in a competitive environment – but they still need to use technology as much as possible across areas such as data analytics, pricing, risk selection and risk management to create efficiencies and free up their time. “The firms that invest in the technology and still have access to the business are the ones that are going to win,” noted Bryan Sanders, president of Markel Assurance. The executives on the panel also pointed to the expanding risk of catastrophes and cyber. With coverages expanding rapidly – both in terms of the growth of the private flood market and the merger of cyber with property policies as physical assets are put at risk – it’s vital for brokers to stay on top of emerging trends and capitalize on new areas of business. “Trying to do things the same way is really not going to get us to where we need to be,” said Tom Clark, president of Nationwide E&S Specialty. Let this be the message you take into 2019: It’s no longer business as usual; it’s all about being ahead of the game. The team at Insurance Business America

www.ibamag.com MAY 2017 EDITORIAL Managing Editor Paul Lucas Journalists Alicja Grzadkowska, Bethan Moorcraft, Ksenia Stepanova News Writers Lyle Adriano, Krizzel Canlas, Terry Gangcuangco, Mina Martin, Gabriel Olano Staff Writers Hannah Go, Libby MacDonald, Nicola Middlemiss, Joe Rosengarten, Ryan Smith, Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS Paul Edwards

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

SALES & MARKETING Vice President, US Market Cathy Masek Vice President, Sales John Mackenzie Media Sales Managers Chris Anderson, Desiree McCue Mktg & Comms Manager Lisa Narroway

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Insurance Business America is part of an international family of B2B publications, websites and events for the insurance industry Insurance Business Canada john.mackenzie@kmimedia.ca T +1 416 644 874O Insurance Business UK nathan.beach@keymedia.com T +44 20 7193 0935 Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO Printed in Canada Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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SaaS is the future of P&C insurance. And the right service goes well beyond software.

Moving core insurance systems to a SaaS model is no longer a matter of if, but how, and with whom. Not all services are the same. For long-term success, insurers need business-first, end-to-end cloud solutions supported by services and accelerators that let them focus on building new, creative products and strategies â&#x20AC;&#x201C; and getting them to market fast.

Learn more: info.duckcreek.com/SaaS

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UPFRONT

STATISTICS

Talking politics Political risk is infrequent but can be catastrophic – so why don’t more companies carry coverage for it? Political risk is a fact of life for companies in today’s globalized world. Thirty-five percent of companies surveyed by Willis Towers Watson have suffered losses due to political risk in recent years – and for companies generating more than $1 billion in annual revenue, that figure was more than half (55%). Despite the awareness of danger, only 25% of companies (or 41% of companies with more than $1 billion in revenue) said they use

35%

of companies have suffered a political risk loss

60%

of companies believe political risk has increased over the past year

political risk insurance. For those who hadn’t secured coverage, the top reason for forgoing it was a focus on other methods of risk mitigation, such as avoiding investment or scaling down operations in particular countries. Other reasons for not purchasing political risk insurance included the perception that the coverage offered wasn’t sufficient or that the company’s exposure to risk wasn’t high enough to warrant insurance.

15%

28%

of companies do not account for or quantify political risk

of companies conduct scenario analysis to determine political risk

NORTH AMERICA

63% 25%

WHERE IS POLITICAL RISK ACCELERATING? One of the two top regions where respondents felt political risk was increasing was Europe, possibly due to the populist governments that have risen to power in several countries. As for the regions where risk is increasing dramatically, Russia and North America topped the list; respondents were particularly concerned about recent trade policies in the latter.

Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

THE DAMAGE DONE

WHAT’S ON THE RISK RADAR?

More than two-fifths of companies reported political risk losses in excess of $100 million. The top three causes of loss were exchange-transfer losses, political violence and import/export embargoes.

Willis Towers Watson asked companies what geopolitical threat currently causes them most concern. Among the top responses were tensions in the Middle East, US sanctions policy, protectionism and populism, along with the political risk implications of economic crises in emerging markets like Turkey. NUMBER OF MENTIONS One RUSSIA/CENTRAL ASIA

Emerging market crises

Protectionism and trade wars

Creeping exportation

ASIA PACIFIC

INTERNATIONAL

US sanctions policy

Disruption from rising China

Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

Three

Populism and nationalism

Succession in Central Asia

More than $100 million 43% $100 million to $50 million 0% $50 million to $10 million 29% $10 million to $1 million 28%

Two

Regional tensions in the Middle East

Sovereign default wave

MIDDLE EAST/AFRICA Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

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RUSSIA/CENTRAL ASIA

50% 27% EUROPE

70% 11% MIDDLE EAST

73% 23%

AFRICA

48% 9%

APAC

38% 5%

LATIN AMERICA

Percentage of companies that believe political risk is increasing

59% 14%

Percentage of companies that believe political risk is increasing dramatically Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

RESPONSES TO RISK

WHY NOT INSURE?

An overwhelming majority of companies said they deal with political risk via “exposure minimization” – that is, avoiding or scaling back operations in countries that they believe present the biggest risk. That strategy is most prominent among companies with more than $1 billion in revenue; 82% of companies in that category report scaling back their operations in risky locations, while 86% said they avoid them altogether.

Despite a keen awareness of the costs of political risk, most companies prefer to employ risk mitigation strategies rather than purchasing political risk insurance.

100%

ABLE TO MITIGATE IN OTHER WAYS

38%

80%

COVERAGE IS NOT BROAD ENOUGH

28%

60%

INSUFFICIENT EXPOSURE TO HIGHER-RISK COUNTRIES

40%

28%

20% 0%

75%

68%

Have avoided investing in a country as a result of political risk concerns

Have scaled down operations in a country as a result of rising political risk concerns

41%

25%

Use political risk insurance Use political risk insurance ($1 billion+ companies only)

Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

PREFER TO SELF-INSURE AGAINST THESE TYPES OF RISKS

15% COSTS OF COVERAGE IS TOO HIGH

13% Source: 2018 Political Risk Survey, Oxford Analytica/Willis Towers Watson

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UPFRONT

HEAD TO HEAD

What will be insurance’s biggest challenge in 2019? From rapidly evolving technology to massive consolidation, the industry will have no shortage of challenges next year

Chief innovation officer Nationwide

Scott Sanchez

Laird Rixford

CEO Insurance Technologies Corporation

J. Patrick Gallagher Jr.

“Defining and leveraging innovation will be the biggest challenge and opportunity in 2019. We’ve seen accelerated disruption in our industry by startup companies, especially in the insurtech and fintech spaces. ‘Innovation’ can mean different things to different people. Nationwide defines it as delighting people by solving their needs in ways they can’t even imagine. We are focused on new opportunities that will transform how we meet consumer demand and serve the needs of our members. In addition to the development of innovationrelated products and services, we feel it’s critical to invest in providers of emerging technologies and industry disruptors.”

“As we near the next decade, it’s not the perceived threat of disruptors or insurtech that are the biggest challenges to independent agents. It’s the industry’s continued consolidation of both agencies and carriers that is creating the largest risk moving forward. These consolidations are creating increasingly competitive environments, which make it difficult for smaller independent agents to survive. Using technology, open data access and data analytics, larger corporations can maximize their operations to prevent their size from burdening their growth. Smaller agents must leverage these same technologies to secure their future in 2019 and beyond.”

“In 2019, general increases across many lines of business can be expected, as the global economy remains robust, despite trade tensions. The biggest challenge in 2019 will be understanding that in an ever-developing, technologically driven world, risks are taking on new shapes and more complicated forms. For example, automotive vehicles are safer, and yet auto rates will continue to rise because of how expensive new vehicle accidents are due to the advanced technology contained within the car. In addition, in a data collection environment enabled by evolving tech nologies, cyber risks continue to rise, making cyber insurance more paramount.”

Chairman, president and CEO Gallagher

LOOKING TO THE FUTURE Insurance companies not already grappling with cutting-edge technology should prepare to get up to speed in 2019. According to Insurance Nexus project director Ira Sopic, “A firm idea of what artificial intelligence is and its relevance is now non-negotiable for anyone who considers themselves a market contender in insurance.” Meanwhile, the major natural disasters that marked the latter half of 2018 – including Hurricanes Florence and Michael, which inflicted a combined $31 billion in damage, along with the 30 wildfires that tore through California – will undoubtedly have an impact on the industry in the new year.

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THE FASTEST GROWING AGENCY NETWORK FOR A REASON.

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UPFRONT

NEWS ANALYSIS

Changing of the guard As baby boomers retire, a massive employment shift is underway in the insurance industry, forcing companies to rethink how they attract and retain young talent. Alicja Grzadkowska reports

THE THREAT of empty desks loomed large over the insurance industry in 2018. The US Bureau of Labor Statistics estimated that there could be more than 200,000 unfilled positions at insurance companies by the end of the year, as a quarter of the current workforce was expected to retire. Meanwhile, the job market continues to be competitive for insurance businesses hoping to fill vacant seats as flashier industries such as technology vie for young workers’ attention. Many insurance companies are already seeing challenges as their workforce demographics undergo a shift. “We’re seeing a high percentage of

tion. We also see a decline in interest related to the insurance industry, so the future really depends on growing our employee brand in the market, as well as how we are reaching out to those younger generations.” Intense competition for talent, salary wars and poaching strategies could be the new reality for many insurance companies; all are on the list of obstacles that Gallagher plans to getting ahead of by coming up with new ways to attract, grow and retain new talent. In the last few years, the global brokerage has integrated workforce planning into its talent acquisition strategy to forecast who it needs to hire to stay in front of some of those poten-

“Candidates want to know that there’s a career path; they want to know that they can grow with the company” Mary Kay Baldino, Gallagher producers that are getting ready or getting close to retirement,” says Bryan Beverly, global vice president of talent strategy at Gallagher, “so there’s a very near-term need to not only actively manage those transitions for the business, but also to continue to build that pipeline and replenish those competencies and skills that are leaving the organiza-

tial challenges. “We work off of the basis of specific talent personas and look at how we distinguish our employment value proposition and the way that we’re marketing to those target talent personas,” says Mary Kay Baldino, senior director of Gallagher’s global talent acquisition operations. Some of the innovative steps

Gallagher has taken include reaching job seekers through mobile technology, as well as employing artificial intelligence to help improve the quality of job posting content so it’s more gender-neutral and inclusive. Once millennials are in the door, insurance companies need to make room for the expectations they have when it comes to their work lives. In many cases, companies are finding that there’s not a big gap between what younger generations and retiring professionals want from their employers. “Both of these populations are looking for that workplace integration and flexibility in how they work and where they work,” says Kristin Utler, HR operations executive for CSAA Insurance Group. “We’ve been having a lot of conversations with our older employees, who are maybe at the tail end of their careers, that they don’t necessarily want to fully step away from the workforce, but they want a little more flexibility in the way that they do

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WHAT MILLENNIALS WANT

Fifty-two percent of millennials said a positive workplace culture is very important to them when choosing whether to work for an organization

More than a quarter of millennials expect to have six employers or more

Sixty-nine percent of millennials said they’re likely to stay with a diverse organization for more than five years, compared to 27% for a non-diverse company

Sixty-four percent of millennials would like to work from home occasionally, while 66% would like to be able to shift their work hours as needed Sources: PwC, Deloitte

their work, and maybe even in the amount of time they spend working. “[While] we’ve been exploring a lot of options for part-time work or things like split shifts and doing that initially with our

from recognizing and rewarding its people to providing robust benefits and wellness opportunities for all employees, including those who aren’t full-time staff. “We have a new leadership team on our

“Both [baby boomers and millennials] are looking for that ... flexibility in how they work and where they work” Kristin Utler, CSAA Insurance Group younger population in mind,” she adds, “we’re actually rethinking that now because we’re getting a lot of those requests coming from our employees who aren’t quite ready to stop working yet, but are wanting to ease their way into retirement.” CSAA has been examining how to best support employees on this front and others,

insurance operations side,” Utler says, “and this is a big focus of theirs as well because they know that for us to continue to be the kind of employer that we are with the culture that we have, we need to be responsible and responsive and ahead of the curve. We look at our employee well-being as something that truly helps us drive our business forward.

We know that if we have programs that help our employees improve their own health and the health of their family members, then we will be able to increase and improve their performance and productivity, [and] they will be present when they’re at work and absent less.” Long before a potential candidate becomes an employee who can reap the rewards that insurance companies are putting forward, they need to know where a career in insurance can take them, so that’s often where the recruitment effort starts. “Candidates want to know that there’s a career path; they want to know that they can grow with the company and that it’s not a dead-end position, that there’s something else for them beyond just what you have immediately open in the moment,” Baldino says. “Illustrating the career path and the growth opportunities for people has been a really important part of our storytelling.”

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22/11/2018 11:00:48 PM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

BGC Partners

Ed Broking Group

A subsidiary of BGC will acquire 100% of multinational Lloyd’s brokerage Ed

Gallagher

BEAM Insurance; Group Benefits Strategies

BEAM offers P&C insurance to solid waste haulers, while Group Benefits Strategies provides group benefit plans for clients throughout New England

Highland Capital Brokerage

Four Seasons Financial Group

FSFG is an independent insurance and annuity distribution company

Hub International

Proteus Performance Management; TAMRAC Insurance Group

Proteus provides specialized pension-plan governance and investment consulting, while TAMRAC specializes in personal and commercial insurance

Insurance Technologies Corporation

Assurance Systems

The deal will expand ITC’s footprint in the southeastern US

Marsh & McLennan Companies

JLT Group

The $5.65 billion deal gained approval from JLT shareholders in November

SOBC DARAG

Peachtree Casualty Insurance Company

The deal marks the runoff specialist’s first acquisition

Gallagher makes back-to-back acquisitions

Gallagher started November with a bang – on the first two days of the month, the brokerage giant announced that it had purchased both Massachusettsbased Group Benefits Strategies and Pennsylvania-based BEAM Insurance. One of the largest municipal healthcare consulting firms in Massachusetts, Group Benefits Strategies represents self-funded and fully insured municipalities and businesses throughout New England. “Group Benefits Strategies’ niche-focused growth strategy and market expertise make them an ideal addition to our benefits team,” said Tom Belmont, head of Gallagher’s Northeast region employee benefits consulting and brokerage operations. BEAM Insurance offers property & casualty insurance and risk management services to solid waste haulers and other commercial clients in Eastern Pennsylvania, New Jersey and New York. “BEAM further expands Gallagher’s capabilities in serving solid waste haulers and adds a well-known team of professionals to our Philadelphia-area operations,” said Dan Tropp, head of Gallagher’s mid-Atlantic region retail P&C brokerage operations.

Ironshore enhances environmental liability

Ironshore Environmental has enhanced its Contractors Environmental Legal Liability [CELL] program, which provides coverage for damages resulting from pollution caused by contractors’ work. The CELL policy features comprehensive coverage for pollution liability resulting from work activities, during transportation and at non-owned sites, including staging areas. The program also provides protection for additional expenses such as image restoration, site disinfection and pre-claim event costs. CELL is offered on an occurrence basis and can be underwritten as a practice, project or wrap-up policy.

Chubb expands coverage for private equity firms

Chubb has expanded the insurance coverage offered through its Private Equity+ product to address the risks faced by private equity firms. The enhanced product combines directors & officers, outside directorship, errors & omissions and employment practices liability into one policy. Coverage extensions include pre-acquisition defense costs, as well as defense costs incurred if an executive is interviewed by regulatory enforcement agencies. The product also covers costs to mitigate reputational damage resulting from the termination of a key executive.

www.insurancebusiness.ca

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PEOPLE QBE adds cybersecurity solution for SMEs

Through a new partnership with startup Zeguro, QBE Insurance Group is now offering its SME customers access to a comprehensive cybersecurity platform. The Zeguro platform also allows users to detect and manage cyber risks and improve mitigation via recommendations on better cyber management. SMEs will also be able to use the platform to purchase bespoke cyber insurance. “Zeguro allows our SME customers to take control and oversight of their cyber exposure through an easy-touse interface that automates cybersecurity processes,” said QBE Group COO David McMillan.

AXA XL and Slice partner for cyber policy

AXA XL and on-demand insurance cloud provider Slice Labs have launched a new cyber policy specifically designed for small and medium-sized businesses. Designed for companies with less than $20 million in annual revenue, the policy includes coverage for data protection and privacy risks, as well as protection against cyber extortion threats and other breach-related liabilities, including regulatory penalties, GDPR and merchant services agreements. It also includes data insights designed to help businesses understand their cyber risk exposure and learn how to protect themselves against cyber risk.

Next Insurance launches general contractor product

Next Insurance, a digital carrier for small businesses, has announced the launch of a new general contractor insurance policy, making it the first national carrier to offer general and professional liability insurance for contractors entirely online. The offering includes three basic coverage plans for general contractor insurance: Basic, Pro and Pro Plus. All plans feature general liability coverage, which includes bodily injury; property damage; and libel, slander and defamation claims. Pro and Pro Plus also include professional liability coverage.

NAME

LEAVING

JOINING

NEW POSITION

Peter Bilsby

Talbot Group

AIG

Global head of specialty

Lucy Forcey

Novae Group

AmTrust at Lloyd’s

Senior underwriter for North American property casualty treaty

Kenneth J. Jones

N/A

SterlingRisk Insurance

Vice president

Kristy Kendle

N/A

QBE North America

Western regional executive

John King

Brit Global Specialty

Brit Global Specialty USA

Chief underwriting officer

Brittany Malkin

Distinguished Programs

RIC Insurance General Agency

Business development manager

John D. Rosilier

National Lloyd’s Insurance Corporation

Windhaven Insurance

Chief financial officer

Kyle Schmitt

State Farm

J.D. Power

Managing director of global insurance

SterlingRisk appoints new VP

SterlingRisk Insurance, one of the top independently owned insurance brokerages in the US, has named Kenneth J. Jones as vice president. Jones brings with him more than 30 years of industry experience, including expertise in the construction, real estate and nonprofit sectors. He began his career with a large Long Island-based insurance firm before opening his own agency. He later sold his business and joined a major national agency, rising to become one of its top agents. “Ken’s outstanding track record and strong industry reputation is an asset to both SterlingRisk and our clients,” said SterlingRisk CEO David Sterling.

J.D. Power snags State Farm exec

Industry intelligence specialist J.D. Power has appointed Kyle Schmitt, a leading expert in insurance and corporate strategy, as its new managing director of global insurance. In his new role, Schmitt will lead the growth strategy for J.D. Power’s global insurance practice. Prior to joining J.D. Power, Schmitt served as a director at State Farm Insurance Companies, leading business strategy in key operating units. While at State Farm, he spearheaded several growth and performance improvement initiatives within the life insurance and P&C claims business units.

www.insurancebusiness.ca

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22/11/2018 11:01:31 PM

UPFRONT

WORKERS’ COMP UPDATE

Covering cannabis in workers’ comp As cannabis legalization gathers pace, it’s raising new questions for workers’ comp insurers

One area of insurance impacted quite heavily by the slow legalization of cannabis in the US is workers’ compensation. Two key questions in this sector include: Who can determine if an injured worker should use medical marijuana as pain relief? And will insurance companies have to pay for or reimburse clients for medical marijuana? While cannabis has been legalized in nine states and the District of Columbia, it remains illegal at a federal level, making many carriers extremely hesitant to get into the market.

NEWS BRIEFS

However, “cannabis is now a societal issue,” says Karen Landrum, consulting actuary at Merlinos & Associates. “There’s a real need for insurance coverage, and the appetite in the insurance industry is growing.” When it comes to prescribing medical cannabis via workers’ compensation insurance, Landrum says it’s “not drastically different” to offering any other type of painkiller. The only real distinction is that a lot of companies have policies in place that ban the consumption of cannabis, and in those instances, injured

California siblings charged in $6 million scam

Enrique and Gloria Vera, the brother-and-sister team behind California construction company Ultimate Inc., have been charged in connection with a $6 million workers’ comp insurance scam. Prosecutors allege that the pair altered payroll records in order to pay a lower premium on Ultimate’s workers’ comp insurance. They have also been accused of making false statements in order to discourage injured workers from submitting workers’ comp claims. If convicted, Enrique faces up to 15 years in prison and Gloria faces up to 19 years.

employees could be discriminated against if they have a prescription for medical marijuana. However, Landrum sees the tide turning. “I think the longer it goes without insurance companies being prosecuted or sought after for negligence or conspiracy,” she says, “the more likely we’re going to see more players enter the market. There’s a real need.

“There’s a real need for [cannabis] insurance coverage, and the appetite in the insurance industry is growing” You don’t want a dispensary without insurance coverage, because if someone slips and falls, that person is the one who gets hurt [physically and financially]. You don’t want a grow house without fire coverage, because if a fire breaks out, it impacts the wider society, not just the grow house.” Joe Zuk of Atlas General Insurance Services, which recently started writing cannabis workers’ comp in the state of California, agrees. “From an underwriting standpoint, we don’t see the underlying risk as particularly hazardous or dangerous,” he says. “However, there are legal ramifications, as cannabis is still a federally banned substance. I think the carriers are only avoiding it purely because of the legal and federal position versus the statelevel position. I don’t think they’re avoiding it because of any underwriting concerns.”

Mitchell finalizes merger with Genex Services

Mitchell International has completed its merger with Genex Services. Operating as a division of Mitchell, Genex will consolidate and deliver the company’s clinical solutions, including case management, independent medical reviews and disability management. “Over the years, [customers have] naturally married our solutions,” said Mitchell CEO Alex Sun. “Now, as one company, we can create an exceptional customer experience, further optimizing workflows and leveraging an unmatched inventory of claims data.”

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Q&A

Keith Wolfe President of US property & casualty

An attractive line of business

SWISS RE

Years in the industry 12 Fast fact Wolfe currently serves on the board of governors for the Insurance Industry Charitable Foundation

What is the workers’ compensation market looking like from a reinsurance standpoint right now? The workers’ compensation market has changed a lot in recent years. As a line of business, it is generally performing quite well for both insurers and reinsurers. Over the last several years, rates have started to come down in the primary market, which has also triggered a decrease in reinsurance rates. However, some of that rate change has been buffered by loss trends. Loss frequency is coming down in the workplace, so the rate deterioration is not actually an exact equation to market deterioration in most cases.

Why do you think loss frequency is trending downwards? Obviously it depends on each individual company and industry. On a macro level, I would point to greater awareness and implementation of workplace safety best practices, as well as more robust processes and machinery. A lot of modern workplaces have more robust processes and/or fewer people involved in some of their processes, so there are fewer people close to danger. If you have a machine automating a dangerous process, then it makes sense to see exposures reducing over time. As a consequence, you’re also going to see rates coming down over time

New York chiropractor admits to WC fraud

Eric Szatko, a former chiro practor based in Oneida County, New York, has admitted to faking medical examinations and reports to facilitate fraudulent workers’ compensation claims for employees of the Central New York Psychiatric Center, allowing them to get paid for time off to which they weren’t entitled. “This former chiropractor’s medical mill was a shameful malpractice on New York taxpayers, who ultimately subsidized illicit paid vacations for public employees feigning work-related injuries,” said Inspector General Leahy Scott.

because workers are doing less hazardous jobs.

If workplaces continue to get safer, will the workers’ compensation insurance market retain its cyclicality? I think the cyclicality in the workers’ compensation market will continue to some extent, but I expect the amplitude of the market swings to become more modulated over time. Workers’ compensation is a very long-duration portfolio. All it takes is for one assumption during the lifetime of that portfolio to be off by a little bit, and that can create a very big upside or downside further along the policy life cycle. Any error is amplified because of the long duration of the portfolio. I do think we will continue to see a market cycle in workers’ compensation. How much of a cycle? How dramatic will it be? What nuances will drive the market? At this point, it’s too hard to say, but I do think it’s an attractive line of business.

What concerns you the most about workers’ compensation? One of the things we worry about most in workers’ compensation is medical cost inflation. That’s why at Swiss Re, we generally avoid the high-limits excess workers’ compensation, because that’s where you can really see the issue of medical inflation being underestimated and then amplified if you get it wrong.

Workers’ comp rates to stay flat in 2019

Workers’ compensation rates are expected to be down 4% to flat in 2019, according to a new report from Willis Towers Watson. “Workers’ compensation pricing remains stable mainly because insurers are taking greater control in managing risks, including use of managed care, fee schedules and telehealth,” the report said. “Despite plentiful challenges related to aging workers, increased opioid usage and higher medical costs, industry innovations addressing these issues have kept a lid on rates and should continue to do so through 2019.”

Group1001 snaps up Lackawanna Insurance Group

Insurance holding company Group1001 is set to acquire Lackawanna Insurance Group, which has been writing workers’ compensation insurance in Pennsylvania for more than 65 years. The deal includes three companies under the Lackawanna Insurance Group banner: Lackawanna Casualty Company, Lackawanna American Insurance Company and Lackawanna National Insurance Company. Group1001 made the acquisition in a bid to expand its Clear Spring Insurance brand.

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Celebrities help fund life insurance startup Ethos

Insurtech startup Ethos raised $35 million in its latest financing round, led by Accel Partners and GV (formerly known as Google Ventures), along with return investors Sequoia Capital and Arrive. That adds to the $11.5 million Ethos raised in its last round, which was backed by some of the biggest names in entertainment and sports, including Will Smith, Robert Downey Jr., Kevin Durant and Jay-Z. Ethos offers term life insurance with a signup process that can be accomplished in 10 minutes based on customer information alone.

CoreLogic snaps up workflow solutions provider Symbility

Global data and analytics firm CoreLogic has entered into a definitive agreement to acquire the remaining shares of Toronto-based Symbility Solutions. Founded in 2004, Symbility provides subscription- and cloud-based property insurance claims workflow solutions. “Symbility expands our footprint in property & casualty insurance domestically and in key markets around the globe,” said CoreLogic president and CEO Frank Martell. “Further scaling our insurance and international footprint offers the potential for significant noncyclical growth in line with our long-term goal of sourcing at least 50% of our revenues from non-US mortgage.”

Applied Systems expands its employee benefits offering

Applied Systems is bolstering its employee benefits offering with the acquisition of Dynamis Software Corporation, a provider of employee benefits software. Independent insurance

agencies using Applied Epic will benefit from enhanced integration between the management system and Dynamis’ Dynamic Plan Designer. “At Applied, we recognize the challenges that benefits agencies face in automating their businesses,” said CEO Reid French. “This transaction brings the leading provider of agency management systems globally with Dynamis, a leading provider of employee benefits solutions in the US, to deliver an integrated solution for employee benefits agency automation.”

Allstate, Liberty Mutual win innovation awards

Research and advisory company Gartner has recognized Allstate and Liberty Mutual as winners of its 2018 Gartner Eye on Innovation Award. Allstate won for its commercial insurance partnership with a major rideshare company, which opened doors to new commercial auto policy types. Liberty Mutual was recognized for the digital assistant in its integrated employee platform, which has simplified the workflow experience of its employees, allowing the company to recoup more than $6 million in productivity savings.

Google’s Alphabet makes investment in Applied Systems

Google parent company Alphabet has invested into insurance software provider Applied Systems via CapitalG, its growth equity investment fund. The investment will give Applied access to Google expertise in artificial intelligence, machine learning and digital marketing. “Applied Systems is a true pioneer in the insurance industry, transforming the way insurers, agents and customers do business in the cloud,” said Gene Frantz of CapitalG. “We are excited to partner with Applied in support of its rapid growth and best-in-class technology.”

Innovation is key in insurance Companies that continue to avoid tech run the risk of losing out to the competition Innovation is increasingly becoming a differentiator in the global insurance marketplace. As industries evolve rapidly and new risks emerge, insurance firms are under pressure to update their products and services. According to a recent A.M. Best special report on innovation, nearly 90% of insurance companies around the world think innovation is moderately to extremely critical to their organization’s success. Twenty-two percent of companies surveyed said they were compelled to innovate to better address customers’ needs, while 21% were looking to gain a competitive advantage and 16% hoped to realize operational efficiencies. “As the pace of innovation picks up, it’s more critical than ever for insurance companies to adapt and engage with the changing environment around them,” says Stefan Holzberger, chief rating officer at A.M. Best. “Insurers that don’t innovate run the risk of adverse selection and losing their competitive position in the marketplace – two things that have very serious connection to financial strength ratings.” Insurers have already made significant gains in predictive analytics technology, especially in personal lines and small commercial accounts. They’ve also been focusing on improving the experience of their core customer base – insurance agents. “For most insurance companies, the insurance agent is the customer ... so there’s a lot of investment coming down the pike in terms of digitizing and simplifying the flow

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of business,” Holzberger says. “People have been predicting the demise of the independent agent for years and years, but we just don’t see that happening. Rather, I believe the future is bright for digitally enabled agents with sophisticated operations, whether they’ve invested in new technology themselves or received support from carriers or insurtech partners.” The A.M. Best report also examined key

“I believe the future is bright for digitally enabled agents” trends that are expected to impact major industry sectors in the near- to mid-term. While the use of artificial intelligence, Big Data, the Internet of Things, cloud computing and blockchain technology all have the potential to reshape the industry’s value chain, the report noted that they’re experiencing differing levels of acceptance in the industry. “We’re starting to see the early stages of insurance companies utilizing AI-powered chatbots to provide 24-hour customer service,” Holzberger says. “In the more complex commercial insurance space, technological advancements are more likely to revolve around Big Data and data mining. In some cases, technology could transform the role of the insurance company more into loss prevention versus indemnification. That would be a huge shift, which would be great for the consumer as well as the insurance company.”

Q&A

Mike Bennett Vice president of product strategy

Time to get granular

ATHENIUM ANALYTICS

Fast fact Before moving into analytics, Bennett spent seven years working as a meteorologist for TV stations in Florida and New York

What benefits does Athenium Analytics offer to the insurance industry? Athenium Analytics builds predictive models using historic weather and event data to assess changing exposures and new opportunities in the commercial insurance space. We started as an insurance and risk data firm called Weather Analytics, but in May 2018, we expanded our offerings beyond weather information by acquiring Athenium, a Massachusetts-based claims and underwriting assessment software company – hence the name Athenium Analytics.

What are some of your core insurance products? One of our core products on the underwriting side is called Gauge. It’s a risk analysis and portfolio management tool that uses 40 years of historical, gap-free weather data to help underwriters make informed risk decisions. Gauge assesses risks at a hyper-granular level for hail, intense rainfall, straight-line wind, tornadoes, hurricane wind, hurricane surge, ice storms, winter storms and earthquakes, and then gives them a score from 1 to 10. If you look at Texas, which is considered a hail-prone state, Gauge will show that one area has a hail risk score of 2, but another area 60 miles away has a risk score of 8. It helps underwriters to understand where their exposures are and where they should write more or less business. Our event forensics solution, Dexter, helps with verifying weather-related P&C insurance claims. Our team of meteorologists has developed algorithms that can provide 0.3-square-mile resolution on severe convective storms in near real time. If claims come in after a hailstorm, you can use Dexter to identify where and when the hail fell and how severe it was at a neighborhood level. This helps insurers to service claims quicker and, in some cases, prevent insurance fraud.

What’s in it for insurance brokers? Ultimately, an insurance broker is working to get the best price for their insured. If they use our solutions or work with a carrier that’s using our solutions, brokers will be able to get a really granular understanding of the risk portfolio of their insureds. This will help them to provide more holistic risk-transfer solutions.

Is the insurance industry ready for this technology? It’s no secret that insurance is traditionally quite a slow-moving industry. However, over the last few years, a lot of money has been pumped into insurtech companies. This money isn’t just coming from private equity and hedge funds; it’s also the insurance industry helping to fuel the insurtech revolution. There seems to be a new desire to focus on data and analytics, machine learning, computer vision, artificial intelligence, blockchain – all of those buzzwords. That’s what we’re focusing on – we’re already doing AI and machine learning now for visionary customers and will be perfectly positioned to help the mainstream market over the next few years.

www.ibamag.com

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PEOPLE

INDUSTRY ICON

POWER TO THE PEOPLE As CEO of All Risks Ltd., Nicholas Cortezi has built an impressive wholesale insurance business by remaining focused on the people within his organization

LONG BEFORE the insurance industry was worried about attracting and retaining young talent, college student Nicholas Cortezi landed a part-time job working in the mailroom of wholesale insurance broker All Risks Ltd. Back then, in 1987, the company was much smaller than it is today, with about $17 million in annual premiums and less than 20 employees. After graduation, Cortezi joined the ranks full-time; over the next few years, he worked in almost every position and department at the company, from receptionist and clerical assistant to underwriting and marketing. Five years later, he was promoted to vice president, followed soon after by a step up to EVP. Finally, in 1999, Cortezi took the reins as CEO of the company. “What kept me interested in working in the insurance industry is what tends to anchor any young person to the job that they’re in, and that’s being able to see a clear pathway to getting where they want to get to in terms of their career,” he says. “That means having a management oversight group that recognizes and tries to remove obstacles from their success, ultimately allowing them to progress in their career

as quickly as their efforts and their aptitude allow. That was really the key for me.” Having a sense of the pressure that every person at the company faces, no matter their role, primed Cortezi to be an effective leader, especially when he witnessed the work of employees in support and infrastructure

his election to the board of NAPSLO, where he later served as president, as key to the company’s growth. “That opened doors for me personally and for us as a small wholesale broker that might not otherwise have been available,” he says. Other critical moments in All Risks’

“We would much rather grow people who understand who we are than grow the company through acquisition – we make very, very few acquisitions. It has helped weave a fabric around All Risks culturally” roles, whom he calls the unsung heroes of the firm. “Without them fully engaged, the organization screeches to a halt,” Cortezi explains. “Being able to speak with familiarity to people who are in support roles gave me more credibility with them.” As CEO, Cortezi has seen All Risks grow into the company it is today and has played a significant part in its success. He identifies

history include starting its first programs and hiring its first brokerage teams, which changed the future of the company. There was also room for some fun along the way – Cortezi has great memories of celebrating All Risks’ milestone of $100 million in premiums by taking every employee on a cruise to the Bahamas in 2000, a celebration that was replicated when the company crossed $1 billion in premiums in 2013.

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PROFILE Name: Nicholas Cortezi Title: CEO Company: All Risks Ltd. Based in: Hunt Valley, Maryland Years in the industry: 31 Fast fact: In addition to serving as a board member and president of NAPSLO, Cortezi has served on the boards of the Independent Insurance Agents of Baltimore and Independent Insurance Agents of Maryland

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PEOPLE

INDUSTRY ICON

Culture is key All Risks’ leadership stands strongly by its commitment to make decisions that are in the best interests of its people and clients. According to Cortezi, the company tries to eradicate any whiff of internal competition, and leaders don’t micromanage employees. “Hire the best and then free them to do their jobs,” he says. “Senior management’s role at All Risks is really to line up resources for our teams that are getting the job done.” In line with that philosophy, the company also invests significantly in employee devel-

diversified platform that includes everything from brokerage services to binding, programs, personal lines and workers’ compensation with the intent of making its specialty divisions the best in the country in their areas of expertise. “Our investment horizon allows us to invest for the long term and brings us tremendous stability in market downturns,” Cortezi says. “Our average organic growth rate for the past 25 years has been about 18%. We are now the largest privately held independent broker in the country, and we will

“The tremendous pace of consolidation means that we have to be continually engaged in ensuring that as consolidations take place, our partnerships stay strong” opment. All Risks actively recruits graduates and former military officers into a six-week boot camp, where they receive comprehensive training and engage with the senior management team, top salespeople and each other, which jumpstarts their careers alongside peers they can lean on for support. “We have built up our All Risks University program,” Cortezi says. “About 60 people joined us last year, [mainly] former military officers and risk management majors who had just graduated. We would much rather grow people who understand who we are than grow the company through acquisition – we make very, very few acquisitions. It has helped weave a fabric around All Risks culturally.”

A testament to the team Because All Risks is privately held and has no debt, the wholesale broker can work on building for the coming decade rather than focusing on earnings. It has also crafted a

close this year at over $2 billion in premium.” Remaining a power player in the industry isn’t easy. Even though All Risks doesn’t make many acquisitions itself, the company still feels the pressure from consolidation brought on by an active M&A market. Cortezi predicts that of the 40 top agents that All Risks worked with a decade ago, half of them have been rolled into larger national firms. “Consolidation has always been a feature of the marketplace, but I don’t ever remember it being as pronounced as it is today,” he says. “The tremendous pace of consolidation means that we have to be continually engaged in ensuring that as consolidations take place, our partnerships stay strong.” After all, those core relationships are a key reason All Risks has stayed on top. “This is truly a testament to the great team we have at All Risks, the strong partnerships that we have formed with our retail insurance clients, and the trust that our carrier partners have in us,” Cortezi says.

ALL RISKS LTD. BY THE NUMBERS

1964

Year that All Risks Ltd. was formed as an excess & surplus lines facility

$2 billion

Annual premiums written by the company in 2018

18%

All Risks’ average annual growth rate over the past 25 years

Number of All Risks offices across the US

875

Number of people employed by All Risks

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UPFRONT

OPINION

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

Minding their business Curating a clientele of business owners by tailoring your marketing efforts to them can pay dividends, writes Paul Edwards BUSINESS OWNERS are ideal clients. They need some form of every protection the insurance industry offers; if you’re positioned to outfit them from head to toe, even better. Your goal should be to maximize comprehensive coverage for wealthy clients who can afford your high-ticket items. When I acquired such clients as an agent, working with them was a night-and-day difference from dealing with Joe Schmoe down the street who just wanted to save 15% on his SR-22 broad-form coverage. A business owner’s mindset sees the legal and financial framework of their company as critical. Successful ones understand its ability to torpedo their progress, whether they micromanage or ignore it. Many owners confess to needing their hands held in this category. That gives you an advantage if you can communicate your ability to manage it. But there are bigger-picture reasons for defining and narrowing your niche. The elephant in the room is this: Insurance is a commoditized product. That means you face the challenge of convincing people to pay for you rather than the coverage. Any other route inevitably leads to that rabbit hole of price comparison. It’s never been more important to be in a class by yourself as a provider so that the excuse of cost can’t derail you. One way to avoid that is to sidestep customers who struggle to rub two cents together. Another way is to become superspecific about who you want as clients. You owe it to yourself and your staff to be selective about the clients you take on. Let your competitors squabble over the rest.

Statistics show over and over that at least two-thirds of consumers don’t consider the price of insurance to be the sole motivating factor for their purchasing decisions. A prospective client with plenty to spend on insurance premiums simply isn’t going to care only about saving a few dollars per month. But this is already known – the real problem for today’s agent is: How do I reach

adopters. Your competitors are as baffled about this as you are. That gives you every reason to explore internet marketing further. Practically, this starts with creating engaging and effective content – articles, videos, free reports and webinars. Perhaps the best part: This content should mostly cover anything but insurance. Writing sales copy taught me to craft a headline by imagining I was seeing a friend walking down a busy city sidewalk – the only way to get his attention is to call out his name. You can’t just say, “Hey you!” At the risk of sounding over-simplified, your branding strategy must evolve from “We’re XYZ Insurance Company, and we have great rates” to “I’m the only insurance agent who caters to and properly services business owners and executives – after adding value to your business.” I do well with business owners when it comes to branding, both in person and online. But networking can only take you so far, and likability with a large online audience isn’t much use unless you know how to convert

“It’s never been more important to be in a class by yourself as a provider so that the excuse of cost can’t derail you” more of my ideal clients online? And once I’ve reached them, how do I convert them? Until recently, most everyone agreed that targeting business owners would involve a massive, expensive traditional advertising campaign, hours on the telephone following up, some door-to-door canvassing, and exceptional sales skills. Today, however, a well orchestrated internet campaign can buy you credibility (through quality free content), prospect buy-in (through opt-in e-mail marketing), automated follow-up (without the phone calls) and speed (through preset, inbound appointments with qualified buyers). If the shortest distance from Point A to Point B is a straight line, then the traditional means of pursuing these clients is certainly the long way (and the wrong way) around. Another advantage of this strategy is that the insurance industry is seldom among early

followers into customers. If I’d understood better how to replicate online the value I added to these people, I’d have taken greater advantage of the explosion of social media advertising in the last decade. I’d have made use of targeted ads and copywriting to speak to their frustrations and fears. An agency beset by price shoppers and ne’er-do-well clients takes lumps on retention and customer satisfaction. Many households do not a successful agency make – not, at any rate, in terms of profit margin, employee satisfaction and retention, or long-term growth and expansion. That narrows your choices in the long haul. Paul Edwards became a top-selling agent through his R.O.N. (Return On Networking) marketing system, which allowed him to grow a boutique clientele of political leaders, corporate executives and large businesses.

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APPLIED PROTECTS THE TITANS OF INDUSTRY. ®

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EXPECT THE WINNING DEAL ON LARGE WORKERS’ COMPENSATION. Call (877) 234-4450 or visit auw.com to get a quote.

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SPECIAL REPORT

HOT 100 2019 Insurance Business America

2019 These 100 insurance professionals have set the industry on fire with their innovative, entrepreneurial, pioneering spirits HOT 100 2019 INDEX NAME

COMPANY

NAME

COMPANY

NAME

COMPANY

Aberle, Michael

CannGen Insurance Services LLC

Cooksley, Trent

Markel Corporation

Goltermann, Lori

Aon

Bailey, Lori

Zurich Insurance Group

Coplin, Kevin

EZLynx

Gunn, G. Greg

Gunn-Mowery LLC

Baron, Frank

The Hanover Insurance Group Inc.

Costa, Justin

Insurance Technologies Corporation

Gresham, Myshell

AIG

Grim, Andrew

Brown & Riding

Cottini, Adam

Gallagher

PAGE

Barton, Curtis

Venture Pacific Insurance Services, Inc.

Hagerty, McKeel

Hagerty

Bidmead, David

Marsh

Cox, Robert

Markel Corporation

Hall, Chad

RT Specialty

Bourquin, Eric

Texas Mutual

Crapo, Mike

US Senate

Hendrick, Greg

AXA XL

Bronin, Luke

City of Hartford

D'Onofrio, Dawn

WKFC Underwriting Managers

Howard, John

BB&T Insurance Holdings

Brown, Michael

Golden Bear Insurance Company

Davis, Erik

RT Specialty

Hoxie, Chad

Alliant Insurance Services

Buberl, Thomas

AXA

DiBattista, Jude

QBE North America

Huang, Jeremy

Worldwide Facilities LLC

Carabajal Essary, Norma

Surplus Lines Stamping Office of Texas

Dolan, Amanda

All Risks Ltd.

Jackowski, Michael

Duck Creek Technologies

Carter, Wayne

U.S. Risk Underwriters LLC

Donnelly, Patrick

JLT Specialty USA

Jhaveri, Vishal

Lockton

Kaleli, Dogan

Allianz Global Corporate & Specialty

Chandler Tillett, Christine Charles Dunn Company

Clark, Jim

HDI Specialty Insurance Company/HDI Global Insurance Company

Collier, Ryan

Risk Placement Services Inc.

Consedine, Michael

National Association of Insurance Commissioners

www.ibamag.com

Durvasula, Sastry

Marsh

Eagan, Marcus

Eagan Insurance Agency LLC

Esposito, Doug

Owen-Dunn Insurance Services

Kaneko, Garett

RIC Insurance General Agency, a division of Worldwide Facilities

Fallon, Linda

Arch Insurance Group Inc.

Keane, Michael

The Hanover Insurance Group Inc.

Glaser, Daniel

Marsh & McLennan Companies

Kish, Keri

WSIA

Goldie, Bobbie

Chubb

Klein, Michael

Travelers

T 10 HO

2019

DANIEL S. GLASER President and CEO MARSH & MCLENNAN COMPANIES

THE PAST year brought many highs and lows to the insurance industry. Technology and changing consumer demands have rattled traditional ways of doing business, while natural disasters have tested insurance markets. But despite the trials and tribulation, the industry has come out on top, well positioned for whatever the future holds. That’s largely due to the men and women featured on IBA’s sixth annual Hot 100 list. After receiving hundreds of nominations, IBA narrowed the list down to 100 movers and shakers whose contributions have helped shape the insurance industry over the past 12 months. From innovators at the forefront of developing products for the most specialized risks to insurtech leaders who are changing the way the industry does business, this year’s Hot 100 list represents the best and brightest the industry has to offer.

NAME

COMPANY

NAME

COMPANY

NAME

COMPANY

PAGE

Konrad, Scott

HUB International Northeast

Overbay, Zac

Woodruff Sawyer

Sweeney, Timothy

Liberty Mutual

Landaverde, Annamaria

Munich Reinsurance America Inc.

Power, Matthew

Lexington Insurance Company

Tiene, John

Agency Network Exchange LLC

Landrum, Karen

Merlinos & Associates Inc.

Propis, Marya

All Risks Ltd.

Tilley, Jeff

FM Global

Langwell, Dennis

Liberty Mutual

Purviance, Scott

AmWINS Group

Trimuel, Joyce

CNA

Long, Sheridan

HUB International Northeast

Reagan, Thomas

Marsh

insurEco System

Rixford, Laird

Maher, Kevin

Canopius US Insurance Inc.

Insurance Technologies Corporation

Valero, Thea

Lovrenich, Derek

Philadelphia Insurance Companies

Vannoni, Brian

GuideWire

Maier, Emily

Woodruff Sawyer

Roberson, Robin

WeGoLook

Venegas, Karin

Higginbotham

Burns & Wilcox

Ward, Jeanette

Texas Mutual

Marshall, Paul

McGowan Program Administrators

Roberts, Rebecca

Roth, Jacqueline

Bolton & Company

Watkins, Nancy

Milliman

Mastowski, James

Jimcor Agencies

Saeed, Shiraz

Starr Insurance Companies

Watson III, Mark

Argo Group

Sarkar, Ayan

GuideWire

Wellentin, Staci

CoreLogic

Schipper, Rekha

Tangram Insurance Services

Scrudato, Mike

Munich Reinsurance America Inc.

Westcott, Robin

AAIS

Lockton

Shockey, Andrew

Philadelphia Insurance Companies

Wilkens, Monica

Willis, Wayne

AssuredPartners

Risk Placement Services Inc.

Mazan, Adam

Risk Placement Services Inc.

PAGE

The current president and CEO of Marsh & McLennan Companies [MMC], Daniel Glaser rejoined the company where he began his career more than three decades ago in 2007. MMC made headlines recently with its agreement to acquire JLT, expanding its global reach and offerings. An insurance industry veteran, Glaser has held senior positions in both commercial insurance and insurance brokerage, working in the US, Europe and the Middle East. In addition to leading MMC, he is chairman of the US Federal Advisory Committee on Insurance. He also serves as a member of the steering committee of the Insurance Development Forum, the boards of trustees for The Institutes and Ohio Wesleyan University, the board of directors for the Partnership for New York City, and the advisory councils for St. George’s Society of New York and BritishAmerican Business.

McElroy, David

Lexington Insurance Company

McManamon, Patrick

Cannasure

PAGE

Miller, Gregg

Socius Insurance Services Inc.

Mnuchin, Steven

US Department of the Treasury

Sicard, Michael

USI Insurance Services

Wirtz, Sarah

Neal, John

Lloyd's of London

Stavrakis, Yiana

Specialty Program Group

Zaffino, Peter

AIG

North, Dave

Sedgwick

Strakhov, Michael

Live Oak Bank

Zeldes, Michael

HUB International Northeast

www.ibamag.com

SPECIAL REPORT

HOT 100 2019 EMILY MAIER Senior vice president and partner WOODRUFF SAWYER

Emily Maier was recently named senior vice president, partner and national group leader of M&A insurance at Woodruff Sawyer. She is the firm’s foremost expert in the areas of representations and warranties, tax opinion liability, and litigation buyout coverages. Maier has worked on American and European M&A deals over a wide range of transaction sizes and industries. Through her work in the private equity/venture capital space, Maier found that representations and warranties insurance was an ideal M&A deal facilitation tool, and she founded the firm’s representations and warranties insurance practice. In 2017, she was instrumental in creating Protected Ventures, a new reps and warranties product designed specifically for venture capital firms. She has authored articles in a variety of publications and is an avid blogger on the topics of M&A and reps and warranties insurance.

ROBIN ROBERSON Co-founder and CEO WEGOLOOK

A desire to bolster online consumers’ confidence in their purchasing decisions prompted Robin Roberson to found WeGoLook, an on-demand field services platform with a community of more than 45,000 independent contractors across the US, Canada, Australia and UK. Today, she has grown WeGoLook to serve enterprise clients across several industries, including insurance and banking. Consistently recognized as one of the top 10 global influencers within insurtech, Roberson sold a majority interest in WeGoLook to Crawford & Company last year for more than $36 million. Roberson began her career with the Washington Post and went on to establish a consulting firm, which primarily provided automotive dealerships with exposure to online sales. Her e-commerce experience and development of enterprise solutions, combined with her early entry into the sharing economy, gives her a unique voice in tech and the gig economy. Roberson is a member of The Women President’s Organization and serves as a board member for a number of organizations.

www.ibamag.com

VISHAL JHAVERI CEO, Lockton Capital Markets LOCKTON COS.

A seasoned banker with more than 15 years of experience in the insurance sector, Vishal Jhaveri serves as CEO of Lockton Capital Markets. Prior to joining Lockton, Jhaveri was head of insurance and pension solutions at Citigroup, where he advised various financial sponsors on the acquisition of insurance/ reinsurance businesses. He also held number of senior roles at Houlihan Lokey, Kohlberg, JP Morgan Chase and Credit Suisse, working on a range of complex credit and insurance-related transactions. Jhaveri’s transaction experience includes hedge-fund-backed reinsurers, sale of insurance runoff books, sidecar, privateequity-backed reinsurers, longevity swaps, pension risk transfer and other structured finance transactions.

JEREMY HUANG Vice president WORLDWIDE FACILITIES

Over the past 10 years, Jeremy Huang has built a successful career in the insurance industry, working in underwriting, program management/development and wholesale brokering. He served as an underwriter at Chubb and later became a program manager at a national MGA before joining Worldwide Facilities in 2014. At Worldwide Facilities, Huang specializes in management and professional liability with niche expertise in insurance program management, financial institutions, media/ entertainment and healthcare.

T 10 HO

2019

MICHAEL J. SICARD Chairman and CEO USI INSURANCE SERVICES

SASTRY DURVASULA Chief digital officer and chief data & analytics officer MARSH

Known for his track record of developing innovative and groundbreaking products, Sastry Durvasula joined Marsh in August 2017 in the newly created role of chief digital officer and chief data & analytics officer. Durvasula is responsible for leading the strategic design, development and delivery of Marsh’s digital capabilities, data and analytics, and client-facing technology across the global business. He is also responsible for Marsh ClearSight, which provides risk, safety and claims management software. Prior to Marsh, Durvasula served as enterprise head of data and digital technology at American Express, where he had overall responsibility for the transformation and delivery of AmEx’s internal- and externalfacing data and digital capabilities.

Since Mike Sicard joined USI Insurance Services as chairman and CEO, the company has more than tripled in size and launched USI ONE Advantage, which includes the unique OMNI client solution platform. In addition, USI created a unique ownership structure for long-term investment and growth; as a result, the company is now privately owned by more than 1,000 employees and two long-term partners. USI invests in nationwide community service through USI Gives Back and invests in team members through a series of distinctive programs, including USI Cares, USI Summit and USI Peak, all of which led to the company being named one of Forbes’ Best Large Employers in America for 2018. Before joining USI, Sicard was a member of the group executive council at Willis Group Holdings; prior to that, he worked at McKinsey & Company.

SHERIDAN LONG Assistant vice president, healthcare division HUB INTERNATIONAL NORTHEAST

Sheridan Long has been instrumental in building and expanding Hub International’s senior living facility client base. As assistant vice president of Hub’s healthcare division, Long is responsible for ensuring detailed coverage analysis and onboarding new healthcare clients and helping to develop claims and risk management strategies, all while maintaining relationships with new and existing healthcare markets.

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HOT 100 2019

YIANA E. STAVRAKIS Chief sales officer SPECIALTY PROGRAM GROUP

JOHN NEAL CEO LLOYD’S OF LONDON

Yiana Stavrakis began her insurance career more than 15 years ago with Metro Insurance Services and steadily rose in both position and authority as she mastered underwriting processes and procedures. Today, she serves as chief sales officer for Specialty Program Group, providing strategic sales and marketing guidance to acquired business partners. Outside of her day-to-day responsibilities, Stavrakis is an IBANY board member and is co-founder and past president of NAPSLO’s Next Generation. She received the NAPSLO Past President’s Award for outstanding committee work in 2010 and the Steven R. Gross Under 40 Award in 2013. In 2015, she received IBANY’s first Emerging Leader Award. She was also named to IBA’s Elite Women list earlier this year and was a finalist for the Woman of Distinction Award at the 2017 Insurance Business America Awards.

In September, Lloyd’s of London announced that John Neal would succeed Inga Beale as head of the world’s leading insurance market. With more than 30 years of experience in the insurance industry, Neal was most recently group CEO of QBE Insurance Group.

As the cyber practice leader within Marsh’s FINPRO specialty practice, Thomas Reagan oversees client advisory and placement services for cyber risk throughout the US, while also serving as senior cyber advisor for

some of Marsh’s largest clients.

THOMAS REAGAN Cyber practice leader MARSH

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After beginning his career in the technology industry as an expert on security and service delivery, Regan joined AIG in 2003, where he managed professional liability underwriting and led the development of new professional liability products and services. He later moved to Beazley, where he led marketing and strategy for the company’s cyber insurance division. Regan has been a featured speaker at various business, technology, legal and insurance forums throughout the world, including RIMS, PLUS and the Association for Financial Professionals.

DOUG ESPOSITO Commercial insurance broker OWEN-DUNN INSURANCE SERVICES

Since 2002, Doug Esposito has been a property & casualty specialist with Owen-Dunn Insurance Services, where he leads the energy and cannabis divisions. In addition to his experience with conventional insurance, Esposito is one of Owen-Dunn’s experts in alternative risk mechanisms, including self-insurance and captive programs. Esposito has been an active member in the cannabis community for the past several years. He currently serves on the insurance committee of the California Cannabis Insurance Association [CCIA], where he works to educate the public on the medical and economic benefits of cannabis. “I really see this industry as an underdog in California and believe wholeheartedly that it’s a cause worth fighting for,” he says. Esposito has been asked to speak at a variety of cannabis-related events, including the Sonoma County Growers Alliance, CCIA’s Annual Policy Conference, the California Department of Insurance’s cannabis public hearing and the 2017 and 2018 Insurance Business Cannabis Cover California Masterclass. He has also been an active member of both the California Solar & Storage Association and the Construction Financial Management Association for the past 10 years.

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2019

JOHN TIENE CEO AGENCY NETWORK EXCHANGE

In the last year, Agency Network Exchange [ANE] has grown aggressively, adding 15 new agencies and strengthening relationÂ ships with national and regional carriers. Over the past six years, ANE agencies have written more than $100 million in new

business to partner carriers. As ANEâ&#x20AC;&#x2122;s CEO, John Tiene has championed this rapid growth, building a diverse agency network that includes ethnic and culturally focused agencies, and directing programs to exchange ideas and resolve issues with carriers. Tiene has also embraced technology platforms that help ANE agents innovate, incorporating online portals and web-based systems to help agents add value and

strengthen relationships with clients. With more than three decades of industry experience, Tiene is committed to promoting the independent agency because he believes it is the strongest channel for insurance distribution. ANE is made up of more than 60 independent insurance agencies across New Jersey, Pennsylvania and Maryland, responsible for over $500 million in annual premiums.

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2019

PATRICK DONNELLY

DAVE NORTH

CEO

President and CEO

JLT SPECIALTY USA

SEDGWICK

Patrick Donnelly joined JLT in 2014 as president and deputy CEO of the US specialty division before being promoted to CEO earlier this year. He is also a member of the US specialty board and management committee, and shares leadership responsibility for JLT’s US operation and expansion. Prior to JLT, Donnelly spent 14 years with Aon in a variety of management and executive positions. He created and led the cyber and professional liability practice in the US for 10 years and ran the financial lines business in London from 2010 to 2012. He returned to the US in 2012 to lead brokerage for Aon’s US retail platform, where he was responsible for brokerage strategy and the placement of approximately $12 billion in annual premium. Before Aon, Donnelly spent 10 years in technology architecture and consulting.

Dave North has served as president and CEO of Sedgwick for more than 20 years. Under his leadership, the company has grown from a boutique, regional third-party claims administrator to a global provider of innovative business solutions in the areas of workers’ compensation, disability, absence management, property loss adjusting and more. North is a frequent keynote speaker at national and industry events. He has been honored with several awards, including the 2018 CLM Lifetime Achievement Award, and co-authored the book The Art of Self-Insurance. In 2016, North was appointed by Tennessee governor Bill Haslam to serve on The University of Memphis’ newly chartered board of trustees; he previously served on the university’s board of visitors and concurrently serves on the foundation board and the president’s innovation board.

GARETT KANEKO Senior vice president, sales and marketing RIC INSURANCE GENERAL AGENCY, A DIVISION OF WORLDWIDE FACILITIES

HOT 100 2019

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With a background in sales, agency distribution and marketing, and considerable knowledge of commercial lines products, Garett Kaneko joined RIC Insurance General Agency two years before its acquisition by Worldwide Facilities in May 2018. Kaneko began his career with Liberty Mutual as a commercial lines underwriter, transitioning into sales in 2007. He was eventually promoted to territory manager for the San Francisco Bay Area before moving to Travelers in 2009, where he rose to regional sales director.

SHIRAZ SAEED National practice leader, cyber risk STARR INSURANCE COMPANIES

Through the course of his career, Shiraz Saeed has earned a reputation for understanding the complexity of the risks businesses face from a technical and organizational perspective. In 2017, Saeed joined Starr Insurance Companies as the national practice leader for cyber risk, responsible for the strategic direction and expansion of Starr’s cyber risk products and services. Prior to joining Starr, Saeed served as a cyber specialist within the financial lines division of an international company. During his tenure there, he quickly assumed greater responsibilities for underwriting, product development and distribution, and eventually led the cyber risk team and led many training programs. Before joining the insurance industry, Saeed worked in the retail and real estate sectors for 10 years in various business development and management roles.

We believe every customer deserves person-to-person support. That’s why, when you call PHLY, you’ll speak with a real person. A professional with answers to your questions about coverage, paying a bill, making a claim, binding a proposal, even how to use the chat feature on our website. Along with quality coverage and claims service, how we interact with you is one of the many things that set us apart. Now, real quick, let’s get you the answers you need. Call 800.873.4552 or visit ThinkPHLY.com

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Philadelphia Insurance Companies is the marketing name for the property and casualty insurance operations of Philadelphia Consolidated Holding Corp., a member of Tokio Marine Group. All admitted coverages are written by Philadelphia Indemnity Insurance Company. Coverages are subject to actual policy language.

SPECIAL REPORT

HOT 100 2019

NANCY WATKINS

LORI BAILEY

Principal, consulting actuary

Global head of cyber risk, commercial insurance

MILLIMAN

ZURICH INSURANCE GROUP

A principal and consulting actuary with the property & casualty practice at Milliman, Nancy Watkins manages an actuarial consulting practice that specializes in insurtech and property insurance analytics. In 2017, Milliman was chosen to work with FEMA on the NFIP’s risk rating and product redesign initiative to address service gaps and improve the overall customer experience. Prior to Milliman, Watkins was president of Watkins Consulting Co. for six years and also worked for Price Waterhouse, John Hancock Reinsurance and Aetna Life & Casualty. She has published articles, given presentations and has taught courses on a variety of topics, including flood insurance, climate change, property analytics, predictive modeling and risk transfer.

As Zurich’s global head of cyber risk, Lori Bailey oversees underwriting operations for the company’s security and privacy

SCOTT KONRAD Senior vice president and not-for-profit practice leader HUB INTERNATIONAL NORTHEAST

Having devoted half of his 42-year career to serving the charitable sector, Scott Konrad has earned national recognition as an advisor on nonprofit risk management, insurance and human capital issues. After receiving professional certification in risk management for churches and schools from Cambridge University, Konrad brought his claims, sales and leadership expertise

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product, as well as related lines of business with emerging cyber risk. Bailey also serves as head of Zurich’s Women’s Innovation Network in North America, which has more than 1,600 members and helps to support gender equity and drive professional development for women in the insurance industry. Recently, Bailey was selected as a member of the World Economic Forum’s Global Future Council for Cybersecurity, where she will provide expert input to the forum’s Centre for Cybersecurity. She is a member of several other working groups of the World Economic Forum, as well as a member of PLUS and a regular speaker on panels and forums related to financial lines and cyber liability. She is also a frequent guest contributor to multinational business publications and has authored numerous articles on security, privacy and leadership.

DAVID BIDMEAD President, global client practice MARSH

David Bidmead has held a variety of leadership roles since joining Marsh in 1995, including Pacific region head, US west zone leader and CEO of Marsh’s US operations. In 2016, Bidmead was appointed president of Marsh’s global client practice, where he’s responsible for enhancing engagement between Marsh and its clients. An active supporter of Marsh’s global diversity and inclusion strategy, Bidmead is the executive sponsor of both the Marsh African Heritage and the Young Professionals colleague resource groups. In this role, he assists in the development of strategic plans, acts as a sounding board for new policy and champions the groups to other senior executives.

to the Episcopal Church’s denominational insurance facility, where he served as a regional executive. Today, he leads the not-forprofit practice at Hub International, where his clients range from iconic cultural institutions to prominent global NGOs. A frequent speaker and author on nonprofit risk management topics, Konrad stays abreast of the sector’s strategic challenges through his involvement with the Nonprofit Risk Management Center, Humentum and Independent Sector, in addition to volunteering with the Episcopal Diocese of Connecticut and nonprofit civic and professional associations.

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2019

MICHAEL JACKOWSKI CEO DUCK CREEK TECHNOLOGIES

Michael Jackowski has long believed that everyone deserves protection from life’s uncertainties. After 12 years of managing Accenture’s insurance practice, Jackowski

spent nearly 10 years in leadership roles at Allstate. He then returned to Accenture to run P&C software strategy, including the firm’s acquisition of Duck Creek Technologies, which offers a full suite of technology solutions on which carriers can run their businesses. In 2016, Duck Creek was spun off as a privately held firm, and Jackowski was named CEO. Under Jackowski’s leadership, Duck Creek’s

1,200 worldwide employees are driving the digital revolution in P&C insurance via SaaS solutions designed to lower expense ratios and transform the speed of the industry. Duck Creek continues to dedicate significant resources to building innovations that enable its carrier customers to develop and launch new and better products at a faster and more affordable rate than competitors.

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HOT 100 2019 LUKE BRONIN Mayor CITY OF HARTFORD

KARIN VENEGAS KEVIN MAHER

Executive vice president HIGGINBOTHAM

Senior underwriter CANOPIUS US INSURANCE

With more than a decade of underwriting experience, Kevin Maher is committed to bringing an innovative and creative approach to the insurance industry to help meet the needs of emerging markets. As a senior underwriter at Canopius, Maher oversees a commercial portfolio of catastrophe-exposed property and specialty program business. Maher began his insurance career as a commercial underwriter for a mid-sized regional carrier, focusing on small and middle-market accounts. He then moved on to roles with large national carriers before joining Canopius in early 2014.

Karin Venegas began her career in property & casualty insurance in 2013 as a commercial insurance producer at Higginbotham. After just one year of production, Venegas was named the top producer for revenue growth percentage in 2014 out of approximately 200 producers in the firm. Now one of the youngest executive vice presidents at Higginbotham, Venegas continues to rapidly grow the book of business for property & casualty insurance, looking after clients in a variety of sectors, including real estate, oil & gas, healthcare and nonprofits. Venegas enjoys mentoring new producers in the firm and helps out with the Higg U new producer training program.

As mayor of Hartford, Connecticut, Luke Bronin has been in the midst of a significant transition following the state insurance department’s approval of the CVS-Aetna merger. In addition to lowering costs and expanding affordable healthcare options, the deal is expected to keep Aetna anchored in Hartford for at least 10 years, making Connecticut the company’s primary regulator. In addition, CVS has made staffing-level and civic commitments, along with a promised contribution to the city of Hartford. After taking office in 2016, Bronin and his team worked to position the city as a hub for innovation in insurance, advanced manufacturing and medicine. Bronin played a key role in the launch of Hartford’s InsurTech Accelerator with Startup Bootcamp. Prior to his government roles, Bronin worked as chief of staff to the president of property & casualty operations at The Hartford Financial Services Group.

STEVEN MNUCHIN Secretary

G. GREG GUNN Managing partner GUNN-MOWERY

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Greg Gunn co-leads Gunn-Mowery, a 65-employee firm that was established in 1985 and has been recognized as one of IIABA’s Best Practices Agencies for nine consecutive years. Gunn specializes in construction, engineering and higher education risks, as well as innovative risk financing solutions such as self-funding and the use of captives. He has been named Central Pennsylvania Insurance Person of the Year and Executive of the Year by the Central Penn Business Journal. Presently, Gunn is part of the executive committee of Harrisburg Regional Chamber of Commerce. He also serves as the Pennsylvania representative for IIABA and formerly chaired the Independent Agents & Brokers Association of Pennsylvania, Maryland and Delaware.

US DEPARTMENT OF THE TREASURY

Steve Mnuchin was sworn in as Treasury secretary in early 2017, tasked with managing the executive branch agency and serving as chair of the Financial Stability Oversight Council [FSOC]. Recently, the FSOC removed insurance giant Prudential’s financial-crisis-era label as a systemically important financial institution, easing its regulatory costs. Mnuchin’s Treasury Department has also presented findings and estimates to support the expansion of health reimbursement arrangements [HRAs] in order to provide small businesses with additional healthcare financing options for employees.

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2019

BRIAN VANNONI Vice president and business owner, core systems GUIDEWIRE

Brian Vannoni serves as business lead for the global sales and service operations of Guidewire’s InsurancePlatform, which

unifies software, services and ecosystems to serve insurers globally across major market segments and functional domains. Most recently, one of Guidewire’s core products, InsuranceSuite, was recognized as a leader for the second consecutive year in Gartner’s Magic Quadrant for P&C Core Platforms, North America. Responsible for developing and executing innovative strategies to help insurers digitize and transform their operations, Vannoni is passionate about gathering customer and market insight to identify opportunities and rally cross-functional teams to achieve success. Before joining Guidewire, he held product management, marketing, business development and strategy positions with ServiceSource, Audatex and McKinsey & Company.

KEVIN COPLIN REBECCA ROBERTS

MARCUS F. EAGAN

Vice president

BURNS & WILCOX

EAGAN INSURANCE AGENCY

An IBA Elite Woman and Top Specialist Broker for 2018, Rebecca Roberts is an industry leader with more than 25 years of experience in the wholesale brokerage sector of the industry. As a vice president at Burns & Wilcox, Roberts is responsible for growing the company’s commercial auto liability offerings in the Midwest and beyond, including developing transportation and garage practices and supporting the managing directors of three Burns & Wilcox offices across Florida. A strong proponent of mentorship and an approved CE instructor in 50 states, Roberts is dedicated to continued learning for the industry. She teaches continuing education courses and serves on the board of directors for the Motor Carrier Insurance Education Foundation. In 2015, Roberts was awarded the H.W. Kaufman Group Division II Leadership Distinguished Service Award.

A regular on IBA’s Top Producers list, Marcus Eagan received Eagan Insurance Agency’s prestigious Maurice F. Eagan Senior Producer Award in 2017 for having significantly grown his book of business over a two-year period. Despite being up against strong competition from long-time producers and large brokerages, Eagan managed to singlehandedly land several large accounts in the New Orleans area. He has repeatedly demonstrated dedication to clients and a constant drive to write bigger and more profitable accounts, believing that in business, “if you’re not first, you’re last.” Outside of his work at the agency, Eagan serves as president of the board of the Insurance Agents of Greater New Orleans and has held several other offices within the organization. He’s also an active supporter of the Michael J. Fox Kickin’ Parkinson’s organization and has raised a generous amount for the cause.

Director of carrier relations EZLYNX

Since joining EZLynx in 2015, Kevin Coplin has been determined to solve many decades-old issues that continue to disrupt the insurance marketplace. His experience across all lines of insurance and agency types has led to a distinctive perspective on the insurance technology sector. As director of carrier relations at EZLynx, Coplin works tirelessly to achieve true partnerships, which he believes are crucial to furthering technological progress in the industry. “I don’t want EZLynx to be known as a vendor – we are partners,” he says. “Through our partnerships, we can deliver the transformation our industry needs.” EZLynx currently serves over 22,000 agencies and more than 200 carriers with its comparative rater and management system solutions. Coplin has worked in various capacities within the insurance industry, from small agencies to large national brokerages. He quickly moved up through the ranks at Auto Insurance Specialists and Aon while managing several departments, in addition to working in the wholesale and MGU units at Ryan Specialty Group.

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HOT 100 2019

MICHAEL STRAKHOV Executive director, insurance lending LIVE OAK BANK

As executive director of insurance lending at Live Oak Bank, Mike Strakhov educates agency owners and organizations on financing options, helping them prepare for acquisitions and perpetuation transactions. Since the insurance lending team was formed in 2015, Live Oak has lent more than $100 million to the insurance industry. Strakhov was instrumental in the formation of the Insurance Networks Alliance, an industry group created to promote and improve relationships among networks, carriers and other industry partners. Prior to joining Live Oak, Strakhov was a branch vice president of CNA in Ohio. Before that, he held management responsibilities for Alabama and Mississippi at Chubb and served as interim CEO and managing director of field operations with a top 50 brokerage.

ROBIN WESTCOTT Vice president of government affairs, legal and compliance AAIS

An attorney with close to 20 years of experience in insurance-related regulatory positions in Florida, Robin Westcott oversees the government affairs, legal and compliance [GLC] function at the American Association of Insurance Services [AAIS], the only national nonprofit, member-focused advisory organization. The GLC team monitors the broader regulatory environment for changes

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ADAM COTTINI Managing director, cyber liability practice GALLAGHER

The head of Gallagher’s cyber liability practice, Adam Cottini was recognized by Advisen as Cyber Champion of the Year for 2018. Cottini has been working tirelessly to expand education within the greater cyber ecosystem by sharing his knowledge

of cyber insurance and the global impact of cyber threats both within and outside of the insurance community. He also cultivates strategic relationships with cyber risk prevention service providers as part of a multilayered strategy to mitigate cyber risk. Over the course of 2018, Cottini has delivered cyber risk management and insurance presentations to several higher education institutions and industry associations, including the Connecticut Captive Association, the State Risk & Insurance Management Association and Rutgers University. He also served as co-chair of the 2018 Advisen Cyber Risks Conference in New York, where he conveyed opening remarks to more than 900 attendees. In addition, Cottini spoken at various cyber conferences hosted by Advisen and NetDiligence and has co-authored a number of thought leadership pieces for the transportation and construction industries.

JUSTIN COSTA Senior vice president of carriers INSURANCE TECHNOLOGIES CORPORATION

Justin Costa joined ITC in 2011 as carrier relations manager and immediately became an integral part of TurboRater’s national expansion. Now, in addition to leading the carrier relations function and the carrier rate development team at ITC, Costa also oversees Turbo Analytics, ITC’s market basket data management system. Costa began his insurance career 28 years

in the P&C marketplace on behalf of AAIS members, and as head of the team, Westcott consults with state insurance departments on the practical implications of regulatory initiatives while managing product compliance operations for AAIS. In 2017, Westcott and her team were asked by the California insurance commissioner to create a program solution for businesses in the emerging cannabis industry. Their offering, AAIS CannaBOP, was fast-tracked to approval and is the first of its kind in the market. Westcott is also helping lead the development of the insurance industry’s

ago as an agent in Florida and soon moved to Texas, where he organically grew, bought and sold multiple agencies.

first blockchain platform, openIDL, developed specifically for regulatory compliance. openIDL supports statistical reporting for data calls, giving regulators and carrier access to timely and accurate information that provides valuable and relevant insights into exposures and market trends.

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2019

DOGAN KALELI Head of programs business, North America ALLIANZ GLOBAL CORPORATE & SPECIALTY

In early 2018, Dogan Kaleli was appointed head of AGCS’ North American programs business, which provides specialized support for similar clients seeking differentiated

products and services. As the programs market is estimated at $41 billion, AGCS is committed to doubling its share of this market over five years. Kaleli has more than a decade of experience in insurance and has co-founded startups. On top of heading AGCS’ programs business, he has driven multiple insurtech-

related projects at Allianz NA as North America liaison for innovation. Before taking on his current role, Kaleli spent four years as head of risk management for AGCS Americas, where he was responsible for implementing the department’s strategic priorities. He has also held positions with Allianz Brazil and Turkey.

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HOT 100 2019 KERI KISH

ZAC OVERBAY

Director of government relations

WOODRUFF SAWYER

Chief administrative officer

WSIA

Responsible for implementing WSIA’s government relations and legislative advocacy program, Keri Kish is a liaison and advocate for the association to federal and state legislative and regulatory entities, as well as a compliance resource for members. Kish joined WSIA after six years with the National Association of Insurance Commissioners. While at the NAIC, Kish served as anti-fraud counsel, providing legal and staff support to various regulatory task forces and working groups. Prior to the NAIC, Kish worked for Kansas Insurance Commissioner Sandy Praeger as a staff attorney, where she was responsible for administering the Kansas Workers’ Compensation Fund.

As chief administrative officer at Woodruff Sawyer, Zac Overbay is responsible for many of the company’s operational functions in support of its growing national footprint. In 2018, he reimagined and re-engineered Woodruff Sawyer’s operations, including an ambitious workforce and flexible work initiative, along with an assessment of the firm’s technology and resources from a client perspective. He led the charge to build and implement new technology platforms, including a claims management portal and Woodruff360, the firm’s custom-designed cloud-based client portal. Overbay also has a dual role as the firm’s chief risk officer, advising executives and the board on traditional and reputational risk exposures and providing guidance on internal litigation risks. Prior to his role as CAO, Overbay led Woodruff Sawyer’s claim audit and consulting practice for 15 years.

ANNAMARIA LANDAVERDE Vice president and head of cyber, US reinsurance division MUNICH REINSURANCE AMERICA

Annamaria Landaverde joined Munich Reinsurance America as VP and head of cyber for the US reinsurance division in 2017. She is responsible for the profit and growth of the cyber liability portfolio, with a focused emphasis on product development. Prior to joining Munich Re, Landaverde held a variety of managerial positions, including as national cyber practice leader, where she was responsible for managing strategy, product development, underwriter training, marketing, vendor selection and reinsurance procurement for the cyber product. She also served as small business team lead, supervising personnel and managing production for financial institutions, miscellaneous E&O, employment practices liability, D&O and cyber insurance.

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MICHAEL CONSEDINE CEO NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS

As head of the NAIC, Michael Consedine leads its strategic planning and policy development, as well as its numerous

WAYNE CARTER President U.S. RISK UNDERWRITERS

In 2017, U.S. Risk named Wayne Carter president of U.S. Risk Underwriters, the company’s specialty programs group,

engagements with state, federal and international stakeholders. In the last few months, the NAIC has organized multiple events, including the Silicon Valley 2018 Forums on autonomous vehicle and cybersecurity, as well as the Fall National Meeting, which focused on rising healthcare costs. Consedine also took part in and supported several recent events, including the Regulators Insurance Forum 2018, which facilitated discussion among G20 insurance sector leaders; the Community Recovery and Resilience Leadership Forum, which encouraged the expansion of the private flood insurance market; and InsureTech Connect, which addressed technology adoption in the industry. Before taking the helm at the NAIC, Consedine served as global head of government and policy affairs for Aegon, where he led, developed and implemented its regulatory, political and policy strategy.

where he holds senior-level management responsibilities for all of U.S. Risk’s specialty programs. Prior to joining U.S. Risk, Carter was president of Berkley Program Specialists. This year, U.S. Risk launched a new risk purchasing group to underwrite lawyers’ professional liability and enhanced its StaffPak program with a new carrier partnership.

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2019

LINDA FALLON Executive vice president, travel, accident and health ARCH INSURANCE COMPANY

Under Linda Fallon’s leadership, Arch’s travel insurance unit has grown substantially over the past 12 months in terms of both premium contribution and profitability.

Through her innovation and implementation of a multifaceted strategic plan that included building a solid business development team, investing in technology to streamline claims and operations processes, expanding into international markets, and successfully navigating a changing regulatory environment, the business has become a key player and competitor in the industry. Fallon’s continued success has resulted in her appointment to oversee additional Arch business units. Thanks to her years of experience and dedication to the travel insurance industry, Fallon was elected president of the United States Travel Insurance Association, the premier trade association for the travel insurance industry, in 2018. She also supports a number of philanthropic endeavors, including St. Jude Children’s Research Hospital, Food for the Poor and the Maryland Food Bank.

MICHAEL ZELDES

WAYNE WILLIS

Senior vice president

Executive vice president, sales and employee benefits

HUB INTERNATIONAL NORTHEAST

Throughout his 30-plus-year tenure at Hub, Michael Zeldes has been instrumental in developing and arranging insurance programs for a variety of privately held and small public companies, ranging from commercial real estate developers and law firms to nursing homes, assisted living facilities and manufacturers. Zeldes also led the development of Hub Northeast’s mentorship program. He has worked with up-and-coming sales professionals at Hub to guide them on best practices for selling and meaningful ways to drive business. Zeldes also oversees the region’s marketing and communications department, and played an integral role in shifting the focus of marketing and communications towards sales support, which helped Hub Northeast initiate and close significant new business.

ASSUREDPARTNERS

Wayne Willis specializes in benefit programs for large, multi-location employer groups that include fully insured, self-funded and captive arrangements. He is involved in the plan design, analysis and implementation of benefit plans for clients throughout the Midwest, working closely with each client to develop strategies for the constantly changing employee benefits landscape. Willis has been in the employee benefits industry since 2001 and with AssuredPartners since 2008. In addition to his employee benefits experience, he helps develop and place professional liability programs for large physician groups and hospitals, and is experienced in large deductible and captive programs.

STACI WELLENTIN Vice president, product management CORELOGIC

Staci Wellentin provides product leadership and direction for the risk management, real estate, government and energy markets within CoreLogic’s insurance and spatial solutions division. Through her strategic leadership in all aspects of market awareness, validation and product management, Wellentin and her teams provide best-in-class data and solutions to clients worldwide via a variety of delivery channels. Wellentin has 16 years of leadership experience in the information technology sector and has established a track record for introducing efficiencies amid difficult financial restraints. She previously served as vice president of administration for Lutheran Social Services of Wisconsin and Upper Michigan, leading the administrative operations of the $80 million nonprofit, which included information technology, agency-wide procurement, performance and quality improvement, agency real estate services, and facilities management. Prior to that, she was senior manager of the IT and management consulting practice at Accenture.

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HOT 100 2019 MIKE SCRUDATO

ANDREW GRIM Senior vice president, broker and principal

SVP, new strategic markets and innovation leader of the mobility domain MUNICH REINSURANCE AMERICA

As senior vice president of new strategic markets and innovation leader of the mobility domain at Munich Reinsurance America, Mike Scrudato works with different startup companies and business units across Munich Re to develop new reinsurance and insurance opportunities, solutions and services for mobility risks. Previously, he held various positions at the company in planning, finance, information technology and internal audit. Before joining Munich Re, Scrudato was part of the information systems services and risk management groups at two multinational professional services firms.

BROWN & RIDING

Andrew Grim has consistently been one of the top brokers at Brown & Riding and was one of the top three producers of new business in the company for 2017. Grim specializes in real estate and construction placements and is a critical member of Brown & Riding’s construction practice group. Over the past 12 months, Grim has increased his book of business by approximately 85%. He has also been instrumental in the success of Brown & Riding’s presence in the South Central US, opening the company’s Dallas office in 2014. Previously, the company had little to no presence in the Texas marketplace, but has now become a true competitor in the region. Outside of Brown & Riding, Grim is a member of WSIA’s 2018/19 emerging issues and innovation committee, as well as an ongoing supporter of the Diabetic Youth Foundation, Juvenile Diabetes Research Foundation and the Cystic Fibrosis Foundation.

AYAN SARKAR Vice president and principal business owner, InsurancePlatform GUIDEWIRE

MICHAEL D. BROWN Vice president/ property department manager GOLDEN BEAR INSURANCE COMPANY

Michael Brown joined Golden Bear Insurance Company in 2002, responsible for underwriting property and DIC/ earthquake business. He became manager of the commercial property underwriting department in 2013 and was promoted to vice president in 2015. Currently, 90% of the property department’s business is commercial earthquake exposures, managed through CAT models. In addition to his work at Golden Bear, Brown has written about and commented on various topics related to property catastrophe insurance for a number of risk and insurance publications, including Insurance Business America.

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As the principal business owner for InsurancePlatform, Guidewire’s platform for P&C insurance, Ayan Sarkar is involved with the company’s services for digital products and customer journeys. Earlier this year, Guidewire announced two new digital applications – ProducerEngage and ServiceRepEngage – for Salesforce Financial Services Cloud, designed to bridge the gap between horizontal CRM capabilities and vertical insurance capabilities. Prior to joining Guidewire, Sarkar spent 20 years in various digital, data and cloud-related roles at McKinsey & Company and Deloitte. He has also participated in various conferences and was a panelist at InsureTech Connect 2017.

BOBBIE GOLDIE Senior vice president CHUBB

With experience in both underwriting and claims handling, Bobbie Goldie joined Chubb in 2010 and has since held several senior leadership roles in property, casualty and financial lines throughout the US and Canada. She has particular expertise in cyber, professional liability, D&O, employment practices liability and crime. Over the last year, Goldie has been focused on spearheading initiatives to enhance the overall growth and profitability of Chubb’s cyber solutions. She has led two major advancements: the Chubb Cyber Index and the Cyber COPE Insurance Certification [CCIC] program. The latter was launched in collaboration with Carnegie Mellon University’s Heinz College and features curriculum in areas such as cyber risk resilience, cyber law and governance, and insurance solutions.

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2019

SARAH WIRTZ Area senior vice president, Chicago casualty manager and national environmental practice leader RISK PLACEMENT SERVICES

In 2000, Sarah Wirtz was the very first intern at Risk Placement Services [RPS]; today, she serves as area senior vice president and casualty manager for the company’s Chicago office, as well as national environmental

practice leader. This year, Wirtz was an integral part of the successful launch of the new contractor’s pollution liability product on the RPS e-commerce platform. She is also actively involved in hiring and mentoring interns across RPS’ national offices, particularly in the Chicago branch, and serves as an internal sales program mentor. Wirtz’s community involvement extends to charitable events in both her professional and personal life. Every year, she helps to organize

a charity event called Pins for Park Lawn in support of the SIS Foundation. She also supports Feed my Starving Children. Earlier this year, Wirtz completed the WSIA Executive Leadership Summit and the Breakthrough Leadership Program through Gallagher, RPS and the Harvard School of Business. Her honors from RPS include being named to the Top Performers Club and being a four-time Million Dollar Producer/RPS Bar Club member.

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SPECIAL REPORT

HOT 100 2019 PETER ZAFFINO Executive vice president and CEO, general insurance AIG

JOHN HOWARD Chairman and CEO

LORI GOLTERMANN CEO, commercial risk solutions, health solutions AON

BB&T INSURANCE HOLDINGS

John Howard heads BB&T Insurance Holdings, one of the largest insurance brokers in the world. Earlier this year, the company acquired a brokerage with more than 60,000 clients across the Southeast, Texas and Indiana, which will expand its retail insurance network and reinforce BB&T’s position in the US and global markets. Before assuming his current role in 2016, Howard served as vice chairman of BB&T Insurance Holdings and was CEO of the wholesale and specialty division. Howard began his insurance career with GE Capital Services and went on to assume leadership positions at Prudential, Conseco and BISYS, which had divisions that were later merged with Crump Group. He joined BB&T in 2012 through the acquisition of Crump Group, where he was president and CEO.

Since joining Aon in 1993, Lori Goltermann has spent decades growing and shaping the US operations to position Aon as a leading professional services firm in the country. She served as executive vice president for Aon’s US health and benefits practice before being promoted to CEO of US commercial risk solutions and health solutions. In her current role, Goltermann oversees the corporate direction and strategy for 6,000 colleagues across 40 offices. She is also a key leader of the firm’s client promise. In addition, Goltermann leads the diversity and inclusion initiative at Aon and serves on the gala committee for the Illinois Special Olympics.

TIMOTHY M. SWEENEY EVP and president, Global Retail Markets LIBERTY MUTUAL

In January 2018, Liberty Mutual appointed Timothy Sweeney to lead its Global Retail Markets, which combines Liberty Mutual’s Global Consumer Markets with its business insurance and accident and health organizations. Sweeney was formerly president of Global Consumer Markets.

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LAIRD RIXFORD CEO INSURANCE TECHNOLOGIES CORPORATION

As CEO of ITC, Laird Rixford is responsible for providing strategic direction and

Peter Zaffino leads AIG’s business division for global commercial and personal insurance and is responsible for all end-to-end processes, from strategy and underwriting to claims and operations. Zaffino also oversees global business services and reinsurance at AIG. Recently, the company completed its acquisition of a full-service broker and program manager as part of its strategy to expand its program business and reposition its general insurance business. Prior to joining AIG in 2017, Zaffino was with Marsh & McLennan Companies [MMC], where he served as CEO of Marsh and chairman of risk and insurance services for MMC. Before that, he was president and CEO of Guy Carpenter & Company, following several senior industry positions, including an executive role with a GE Capital portfolio company. Outside of insurance, Zaffino is a member of the boards of The Michael J. Fox Foundation for Parkinson’s Research and the Fire Widows’ and Children’s Benefit Fund.

leadership for the company. Recently, ITC announced it was acquiring another insurance technology provider as part of its strategy to provide nationwide rating for independent agencies and fuel growth of its website and management platforms. Rixford has been with ITC since 2008. Responsible for creating AgencyBuzz, ITC’s automated agency marketing tool, he became president in 2014, overseeing product direction as well as sales and marketing. Outside of ITC, Rixford is a recognized public speaker on insurance technology and has presented at industry events across the US. Prior to joining ITC, Rixford provided technology consultation and solutions to banks, mortgage companies, real estate firms and insurance agencies.

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2019

RYAN COLLIER Chief digital officer and president of executive lines RISK PLACEMENT SERVICES

As the chief digital officer for Risk Placement Services [RPS], Ryan Collier leads an innovative insurance team focused on transforming the way insurance business gets done. In 2018, Collier and his team launched cyber liability insurance on RPS’ quote-bind-issue platform by distilling a 15-page, 100-question application down to four simple questions that can be completed in less than a minute online. The RPS e-commerce team has followed this template to launch 11 additional products, most of which can be quoted, bound and issued online in approximately 90 seconds. The platform achieved a major milestone in 2018, generating $100 million of premium from more than 14,000 retail insurance agents. In his dual role as the president of the executive lines division, Collier has guided an energetic, entrepreneurial team to a near 18% annual growth rate. Collier also focuses time and energy on charity work, particularly the Diabetes Research Institute, in honor of his son who lives with the disease. In addition, he puts a priority on recruiting young professionals into the industry. He was RPS’ first-ever Dave McGurn Founders Award recipient, recognizing his long-term dedication and overall service to the company.

TEN PROBLEMS ANE CAN SOLVE FOR YOUR AGENCY HOW DO I…? Find new producers who know how to sell? Make more money? Achieve organic growth? Appeal to millennials? Get what my agency is worth if I sell it? Keep up with carrier demands? Increase commissions and contingency revenue? Compare my agency’s performance to my competition? Upgrade our outdated insurance agency management system? Network with peers who understand my business?

If you are facing these issues, it may be time for a change to make your strong agency even stronger. Let’s talk - then you can decide if ANE is the answer for your agency’s future. Call 609 923-5280.

These are the FAQs we hear from agency owners. Visit www.ane-agents.com/ten to get our solutions.

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SPECIAL REPORT

HOT 100 2019 CHAD HALL President, Tampa RT SPECIALTY

CHAD HOXIE Vice president ALLIANT INSURANCE SERVICES

The past year has been a fulfilling one for Chad Hoxie, who saw his strategic approach to workers’ compensation result in significant outcomes for clients, from achieving major savings by renegotiating TPA arrangements to scoring sizable premium reductions by identifying pricing redundancies. “With complex workers’ compensation placements and consulting, the approach is simple,” he says. “Bring on the best team of people and invest more deeply in the clients and industries we serve.” As the architect of Alliant’s ResultsFirst program, Hoxie is responsible for furthering the company’s proprietary workers’ compensation solutions, such as TotalComp. With a solid background in underwriting and claims adjustment, Hoxie has effectively tailored workers’ compensation coverage to bring about meaningful change for his clients and continues to deliver clarity and certainty with tangible, measurable results.

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In addition to overseeing the operations and growth of RT Specialty’s Tampa office, Chad Hall is a practice leader for the company’s construction specialty practice. He has built and developed a team of construction professionals who focus exclusively on construction-related placements. Hall has successfully structured and designed casualty insurance for more than 2,000 projects in his career. His specialization has led to unique and creative solutions on residential, commercial, infrastructure, energy, distressed assets, condo conversions and partially completed takeover projects throughout North America and abroad. In 2017, Hall and his construction specialty practice teammate, Erik Davis, were awarded the RT Specialty Construction Broker of the Year Award. A bone cancer survivor, Hall also created, produced and hosted a national television series called Sheep Shape, which focused on individuals who had overcome adversity, following them on extreme outdoor expeditions around the world.

MONICA WILKENS Chief marketing and digital officer, Mylo LOCKTON COS.

MCKEEL HAGERTY CEO HAGERTY

McKeel Hagerty began playing with cars as a boy and hasn’t stopped since, turning his parents’ small local insurance agency into the world’s largest provider of insurance and automotive media for people who love collecting cars, driving cars, and reading and watching videos about cars. Hagerty’s ‘grow yourself first’ approach to life and leadership has been so successful in the insurance industry that he took his thinking to his peers in the Young Presidents’ Organization [YPO], the world’s largest peer-to-peer group for CEOs. He served as international chairman of YPO from 2016 to 2017 and traveled the globe, talking to world leaders and business innovators about leadership and success. He drew upon these insights for his first book, Boundless, which is due out next spring.

Monica Wilkens is chief marketing and digital officer for Mylo, Lockton’s digital startup. With 20 years of experience building brand equity, creating superior customer experiences and driving success through technology and innovation, Wilkens directs Mylo’s marketing strategy, brand development, digital media, customer experience, lead generation and marketing automation. In recognition of her leadership in transforming the insurance shopping experience, Wilkens has twice been named to the KC Techweek 100 list, an annual list of trailblazers who have made a significant impact on Kansas City’s technology and innovation ecosystem.

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2019

ANDREW SHOCKEY Assistant vice president of risk management PHILADELPHIA INSURANCE COMPANIES

Andrew Shockey has spent his 17-year career in various field and management roles within the risk management discipline. For the past eight years, he’s been with Philadelphia Insurance Companies [PHLY], where he focuses on talent development and various strategic initiatives. Shockey has been instrumental in developing and implementing PHLY’s GPS/telematics program, PHLYTRAC, as well as the risk management department’s training program for recent college graduates. By building relationships with a sister company in London, Shockey created a talent exchange program that provides an additional development opportunity for department personnel. While supporting and directing various operational priorities, he has managed to triple his field staff headcount over the last few years. He considers his work with policyholders with respect to child sexual abuse prevention to be among his most rewarding professional duties.

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SPECIAL REPORT

HOT 100 2019 GREGG MILLER

DENNIS J. LANGWELL

Chief strategy officer

EVP and president, Global Risk Solutions

SOCIUS INSURANCE SERVICES

MICHAEL J. ABERLE Senior vice president CANNGEN INSURANCE SERVICES

Early in his career, Michael Aberle noticed there were no comprehensive coverage options for the emerging cannabis market. In 2007, he developed the first nationwide cannabis insurance program, focusing on manufacturers and retail operations, which was approved in all legal states. Today, the underwriting and policy language Aberle developed has become the industry standard for most cannabis insurance programs in the US and now Canada. Over the years, he continued to improve the program by developing underwriting guidelines for stock through-put, product recall, product withdrawal and cargo, including money and securities. He also began developing industry-specific training courses that are state-approved for CE, MCLE and HRCI, which he plans to take online. Over the past few years, Aberle has worked on creating coverage for outdoor cannabis crops; in 2018, his underwriting manual for outdoor crops was approved and will be offered by CannGen Insurance Services. One of the foremost experts in the cannabis insurance market, Aberle has spoken at Insurance Business America’s Cannabis Cover Masterclass in 2017 and 2018, and he serves as the chair for the California Cannabis Industry Association’s insurance committee.

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Since joining Socius Insurance Services in 2008, Gregg Miller has been recognized as one of the top management liability producers in the country. He has developed expertise in D&O, E&O, employment practices and cyber liability, with a focus on financial institutions, professional firms, healthcare, real estate and hospitality. One of his greatest achievements to date has been helping to bring to market Litigation Cost Protection [LCP]. A first-of-its-kind insurance product, LCP is the only insurance policy in the world that provides coverage for litigation cost disbursement in the event of a loss at trial.

REKHA SCHIPPER President TANGRAM INSURANCE SERVICES

LIBERTY MUTUAL

After a stint as CFO for Liberty Mutual, Dennis Langwell was tapped earlier this year to lead the company’s Global Risk Solutions division, which brings together Liberty Mutual’s Global Specialty, Ironshore, National Insurance and Global Reinsurance Strategy Group into a single entity.

PATRICK MCMANAMON Managing director CANNASURE INSURANCE SERVICES

Patrick McManamon heads Cannasure, which develops, underwrites and services alternative P&C and risk management products for the cannabis industry. He serves as a key resource on all cannabis-related risk matters. He regularly speaks on insurance and risk management has been interviewed by and contributed to various news outlets.

Under Rekha Schipper’s leadership, Tangram Insurance Services has experienced accelerated growth over the past nine years. With nearly 17 years in the industry under her belt, Schipper is passionate about the value of insurance to the greater economy. Her mission is to help people see the opportunities available in this industry and empower them to create their own successful career path, something she believes is particularly important for women and minorities. Schipper began her own insurance career in 2001 as an assistant at a brokerage firm in San Francisco. She spent the next 10 years building experience that would eventually lead her into the executive ranks of the industry. Schipper is a member of the Young Presidents’ Organization and her company’s Women of Influence Group, and is a board director for a prominent performing arts nonprofit.

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2019

MYSHELL GRESHAM Client director, national accounts AIG

An experienced risk management and finance professional, diversity champion, thought leader, and community advocate, Myshell Gresham serves as client director for AIG’s major account practice, managing complex, multi-faceted relationships with Fortune 1000 accounts within the Western region. The

largest of Gresham’s clients represents more than $100 million in annual premium and has exposures in more than 30 countries. Passionate about serving others and supporting colleagues in finding what motivates them, Gresham has made countless contributions to the community, including serving as executive board member of the Insurance Industry Charity Foundation, business advisor for the San Francisco Women’s and Allies’ Employee Resource Group, and a committee member for the Northern California chapter of Dress for Success. She previously served as president of the National African American Insurance Association’s New York chapter and spearheaded the launch of its inaugural regional conference in 2018. She also helped launch the Black Professionals Employee Resource Group in New York.

CHRISTINE CHANDLER TILLETT  Director of human resources CHARLES DUNN COMPANY

GREG HENDRICK CEO

ERIC BOURQUIN Vice president, safety services TEXAS MUTUAL

AXA XL

Earlier this year, Greg Hendrick was appointed CEO of AXA XL, the P&C and specialty risk division of AXA. The newly formed division provides insurance and risk management products and services for mid-sized and multinational companies, as well as reinsurance solutions for global insurance companies. Previously, Hendrick was president of property & casualty at XL Catlin, where he also held a number of senior positions, including CEO of insurance and reinsurance, executive vice president of strategic growth, and president and chief underwriting officer of XL Re.

Eric Bourquin has more than 25 years of experience helping businesses create safe workplaces. Currently, he leads Texas Mutual’s policyholder safety efforts as VP of safety services. He frequently shares his expertise at workplace safety events throughout Texas and has become a leading voice on safe driving practices. Recently, he led the company’s efforts to develop a partnership with a leading provider of in-vehicle monitoring systems to offer discounted programs for policyholders to help reduce fleet accidents. Outside of Texas Mutual, Bourquin is an active member of the American Society of Safety Engineers.

Christine Chandler Tillett is responsible for a number of HR functions at Charles Dunn Company, including benefits, corporate insurance, safety and workers’ compensation. Tillett joined Charles Dunn in 2016, bringing more than 15 years of human resource experience and 25 years of combined management experience. She has worked to enhance the organization’s workers’ compensation model by implementing a new safety program and training material, in addition to training programs for managers aimed at reducing claims. In addition to her responsibilities at Charles Dunn, Tillett is a recognized California Department of Insurance trainer and belongs to several industry organizations, including Professionals in Human Resources Association, the Society of Human Resources Management, the International Risk Management Institute, the Association for Talent Development and the International Association of Insurance Professionals, where she serves as California council director. She also serves on the board of directors for Insurance Professionals of Los Angeles.

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SPECIAL REPORT

HOT 100 2019

AMANDA DOLAN Vice president and executive broker manager ALL RISKS LTD.

JOYCE TRIMUEL Chief operations and diversity officer CNA

Earlier this year, Joyce Trimuel was offered an expanded role to lead operations at CNA, where she now oversees the development and execution of strategies that drive innovation, efficiency and process optimization, geared toward improving the overall customer experience. Trimuel also leads CNA’s enterprise-wide efforts to grow a diverse and inclusive culture through strategic priorities to help CNA attract and retain the best talent. Before joining CNA in 2017, Trimuel was with Chubb, where she was able to hone her D&I leadership skills by serving as corporate chair for its multicultural development council. Prior to that, she was Chubb’s first and only female African-American branch manager, which paved the way for her passion to expand corporate D&I efforts. She spearheaded the development of Project Ignite, a first-of-its-kind leadership program that gives high-potential employees access to senior executive leaders in order to solve critical business issues. Trimuel also held underwriting and marketing leadership roles in Chubb’s operations in Chicago and Washington, DC.

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Amanda Dolan has been with All Risks Ltd. for her entire career, including a summer internship while attending Temple University. Prior to her current role, Dolan spent eight years as a professional and management liability broker and member of the Northeast professional team in Philadelphia, where she was responsible for establishing relationships with retailers nationwide to help build All Risks’ reputation in the financial lines sector. Currently, Dolan serves as vice president and executive broker manager, responsible for the strategic engagement, growth and management of target retailers, and serving as the key executive liaison on issues, opportunities, communication of key messages and connectivity.

ROBERT COX

MICHAEL KLEIN

President and chief operating officer, insurance operations

Executive vice president and president, personal insurance

MARKEL CORPORATION

TRAVELERS

With more than 35 years of insurance leadership experience, Robert Cox joined Markel this past summer in the newly created role of president and COO of insurance operations. Cox oversees Markel’s insurance divisions, including Markel Assurance, Markel Specialty and Markel International, as well as sales and marketing.

Michael Klein is EVP and president of personal insurance at Travelers, which recently announced a partnership with Amazon to offer smart home kits in addition to insurance and risk management information. The partnership allows Travelers customers to enjoy a discount on their policy with the purchase of a discounted smart home kit.

THOMAS BUBERL CEO AXA

Between AXA’s move to list its US operations and its acquisition of XL Group, 2018 has

been a challenging year for CEO Thomas Buberl. Nevertheless, AXA’s operating results for the first half of the year have managed to meet market expectations, which suggests an upward trajectory for the company heading into 2019. Buberl joined AXA in 2012 as CEO of its German operations and became a member of its executive committee. In 2015, he became CEO for the global health business line, and in 2016, he was appointed CEO for the global business line for life and savings. After serving as deputy CEO from March to September 2016, Buberl was named CEO and director of AXA.

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2019

ADAM MAZAN Area president, Southern California RISK PLACEMENT SERVICES

Adam vvvbegan his insurance career with Risk Placement Services [RPS] in 2005; during his tenure, he has gone from handling the front desk responsibilities to being promoted to his current position as area president for Southern California, where he leads a multi-disciplined office and a casualty

team that have experienced double-digit growth in the past few years. Under Mazan’s leadership, the Southern California team has grown from $100 million to more than $150 million of premium placed annually in casualty, property, workers’ compensation and binding business; the casualty book in particular has grown from $10 million to $60 million in premium over the past seven years. Specializing in public entities, education, construction and energy, Mazan’s casualty

focus is centered on partnering with clients to deliver creative and innovative solutions. Over the past few years, Mazan and his team have used their premium aggregation to create exclusive specialty programs and proprietary products for clients in the public-sector and education space. The products they’ve developed bring comprehensive coverage and cost-effective insurance solutions to insureds who otherwise would be confined by a lack of markets or minimum premiums.

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SPECIAL REPORT

HOT 100 2019

MATTHEW F. POWER Executive vice president LEXINGTON INSURANCE COMPANY

FRANK M. BARON President, alternative markets THE HANOVER INSURANCE GROUP

As president of alternative markets, a newly formed business unit within The Hanover’s domestic specialty group, Frank Baron leads the company’s specialty programs, excess & surplus and specialty brokerage businesses. During his 30-year career in the industry, Baron has served in executive leadership roles in P&C and financial lines underwriting, project management, compliance, and human resources at AIG, Reliance National and Zurich.

KAREN LANDRUM Consulting actuary MERLINOS & ASSOCIATES

Karen Landrum sits at the forefront of Merlinos & Associates’ work in developing rates for insurance programs focused on emerging risks, such as the cannabis

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Matthew Power is executive vice president of Lexington Insurance Company and serves as president of the company’s Boston-based national branch. Previously, he was chief innovation and strategic relationship officer for the Americas region of AIG and also served in several leadership roles for the company, including overseeing field operations through the East Coast and Canada. Prior to joining AIG in 1993, he held various positions with the Home Insurance Company and Kemper Insurance Company. Outside of AIG, Power serves on the boards of directors of the New England Council and the Greater Boston Chamber of Commerce, and also serves on the dean’s advisory board at the University of Massachusetts College of Management.

industry. A consulting actuary with more than 10 years of experience, Landrum also provides rate development and feasibility studies for entities looking to insure their emerging risk exposures via alternative risk-transfer mechanisms such as captives. Landrum has extensive rate-making and reserving experience across a wide variety of commercial and personal lines of business, and she regularly works with providers in the growing insurtech marketplace. In addition, she is one of the leaders of Merlinos & Associates’ predictive analytics consulting practice and holds the Certified Specialist in Predictive Analytics designation.

DAWN D’ONOFRIO President and CEO WKFC UNDERWRITING MANAGERS CORRISK SOLUTIONS

Dawn D’Onofrio currently serves as president and CEO of WKFC Underwriting Managers, which specializes in primary and excess property & casualty lines, and CorRisk Solutions, a specialty professional lines platform. She remains dedicated to keeping a pulse on the rapidly changing market by developing new underwriting technologies, creating and implementing new strategic initiatives, and building a results-oriented company culture. D’Onofrio began her insurance career as an underwriter with G.J. Sullivan & Associates (now owned by Worldwide Facilities), where she held several underwriting-related positions, with a focus on building and managing underwriting teams. D’Onofrio then worked for All Risks Ltd. before joining WKFC in 2007 as a branch manager for the West Coast division; she was subsequently promoted to chief underwriting officer in 2011. A broadly respected industry leader, D’Onofrio is known for her superior business technical skills, collaborative nature, insight and integrity.

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2019

JEANETTE WARD Chief operating officer TEXAS MUTUAL

THEA VALERO Corporate social responsibility manager PHILADELPHIA INSURANCE COMPANIES

For the past six years, Thea Valero has been with Philadelphia Insurance Companies [PHLY], where she is a member of the human resources management team. Currently, she manages and leads the corporate social responsibility [CSR] team, which leverages PHLY’s commitment to thriving communities, environmental responsibility and employee engagement to create

long-term value for employees, customers, business partners and communities. Valero has played a significant role in expanding the CSR function by strengthening relationships and building lasting partner ships with PHLY’s business partners and nonprofit customers. She was integral in the formation of the company’s inaugural Good Company Committee, which develops and recommends expanded or new CSR activities and programs to PHLY leadership. Valero is also a member of the Women’s Leadership Series at PHLY and is committed to helping foster a workforce that is inclusive, engaged, diverse and socially responsible.

Over the course of her 25-year career at Texas Mutual, Jeanette Ward has held a variety of roles that have provided her with unique experiences and perspectives. She has overseen several transformational system implementations, including a new enterprise claim system and the launch of Texas Mutual’s own healthcare network. In addition to her role as COO at Texas Mutual, Ward donates her time and talent to several charitable organizations, including the American Heart Association, United Way, Early Matters and the Insurance Industry Charitable Foundation, and has been a featured speaker at numerous national industry events.

We’re not just your partner, we are on your team. At AmWINS, everything we do is for the single purpose of supporting our retail clients and market partners. To learn more about the resources we provide, visit amwins.com.

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SPECIAL REPORT

HOT 100 2019

DEREK LOVRENICH Founder and CEO

JACQUELINE ROTH

INSURECO SYSTEM

Executive vice president BOLTON & COMPANY

An accomplished entrepreneur and insurance technology expert, Derek Lovrenich is widely known for producing the first insurance blockchain distribution solution for retail agents. For the past decade, Lovrenich has served as the founder and president of The Policy Spot, a mobile delivery platform for insurance professionals that enables them to efficiently deliver policies, manage certificates and receive payments without a merchant account. In 2003, Lovrenich founded the cutting-edge insureEco System. Armed with a mission to disrupt the flawed insurance lead-generation market, Lovrenich launched an app called InsureBio that allows users to create a biography to have their insurance data stored securely within his company’s private blockchain. The up-and-coming app prevents personal insurance data from being sold, in addition to maintaining a top-tier commitment to security.

JEFF TILLEY VP and manager of cyber hazards FM GLOBAL

As vice president and manager of cyber hazards at FM Global, Jeff

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Passionate about protecting clients’ businesses by helping them stay attuned to regulatory and marketplace changes, Jacqueline Roth leverages years of expertise in the insurance industry to help her clients address their risk management and employee benefits needs. Well versed in the Affordable Care Act, Roth is a frequent speaker on the topic and helps her clients understand the potential challenges and possibilities resulting from this legislation. She also helps companies to manage their short- and long-term goals within an evolving regulatory framework. Outside of Bolton & Company, Roth sits on a district board for the Professionals in Human Resources Association and is involved with the Society of Human Resources Management. She also helps to raise funds for Azusa Pacific University’s East Africa Scholarship Fund.

Tilley leads the development and integration of the company’s cyber engineering products, services and initiatives. FM Global recently introduced the industry’s first comprehensive cyber readiness assessment to help its clients measure overall cybersecurity resilience. The comprehensive review takes into account cyber exposures at the location and enterprise levels, preparedness and response capability, and the ability to prevent unauthorized physical access to facilities and IT networks.

MARK E. WATSON III CEO ARGO GROUP

Mark Watson invested in Argo Group’s predecessor company, Argonaut Group, in 1998, joined its board of directors in 1999, and became president and CEO in 2000. Since then, he has led Argo Group to become an international underwriter of specialty insurance and reinsurance products. This year, Argo Group made several investments in technology, including a cybersecurity startup and artificial intelligence for quote underwriting. The company also recently conducted a survey among its brokers and clients, which identified cyber crime, climate change and talent retention as some of the most pressing issues in insurance and reinsurance. Before joining Argonaut, Watson was a founding partner of Aquila Capital Partners, a Texas-based venture capital firm focused on technology and life sciences companies. Prior to that, he was executive vice president and a member of the board of Titan Holding, a publicly listed property & casualty insurance group that was later acquired by USF&G Corporation. During the earlier part of his career, Watson was an attorney and served as a legislative aide in the Texas Senate.

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2019

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

Marya Propis joined All Risks Ltd. in May as senior vice president and director of distribution and broker partnerships. In this role, sheâ&#x20AC;&#x2122;s responsible for defining and driving distribution priorities, including supporting

field distribution and new sales initiatives, and for managing various broker partnerships in an executive capacity. As a senior leader, she collaborates closely with the rest of the leadership team to ensure effective implementation of broker management strategies and growth initiatives, while also looking after leadership development and diversity initiatives. â&#x20AC;&#x153;I am invigorated to work in an environment where every senior leader understands that

significant growth is the result of contributions from hundreds of really great people inside the organization, and from listening to our broker partners,â&#x20AC;? she says. Prior to joining All Risks, Propis held successive leadership roles at Lexington Insurance and AIG, including head of broker engagement for the US commercial group and senior vice president of sales and marketing.

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SPECIAL REPORT

HOT 100 2019

JIM CLARK President SVP and chief underwriting officer HDI SPECIALTY INSURANCE COMPANY HDI GLOBAL INSURANCE COMPANY

SCOTT M. PURVIANCE CEO AMWINS GROUP

MIKE CRAPO Chairman of the Banking, Housing and Urban Affairs Committee US SENATE

Currently in his fourth term as a US senator, Mike Crapo serves as chair of the Senate Committee on Banking, Housing and Urban Affairs, the Republican members of which recently called on the FDIC to ensure legal

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Jim Clark is the president of HDI Specialty Insurance Company and chief underwriting officer of HDI Global. The latter has made significant investments in the past two years to grow its service and product offerings, and expanded its US engineering lines and construction division with a number of key appointments earlier this year. Throughout his career, Clark has held various positions in the insurance industry. Prior to taking on the president and CUO roles at HDI Specialty and HDI Global, he served as the casualty underwriting manager since joining the company in 2003. Before that, he spent 12 years at the Kemper Group, where he handled all lines of business for international and domestic clients, including alternative risk and group captive business.

In May 2018, Scott Purviance succeeded M. Steven DeCarlo as CEO of AmWINS Group, putting him at the helm of one of the largest independent wholesale distributors of specialty insurance products in the US. AmWINS Group operates through more than 115 offices globally and handles annual premium placements in excess of $15.3 billion. Purviance was one of AmWINS’ first employees, joining in 2001 as chief financial officer. He took on the additional role of chief operating officer in 2012 and has served on AmWINS’ board of directors since 2015. Prior to joining AmWINS, Purviance was VP of finance for the business insurance division of Royal & SunAlliance USA and was part of the insurance services assurance practice at PricewaterhouseCoopers.

businesses could receive access to financial services. Results from the mid-term elections are also expected to have an effect on the pace of deregulation for financial institutions, as well as policies on the consumer data used by insurtech companies. Crapo has been member of the Senate banking committee since 1999. He has also been selected to serve in various leadership roles in the 115th Congress, including chief deputy Republican whip.

JAMES MASTOWSKI President and CIO JIMCOR AGENCIES

James Mastowski heads Jimcor Agencies, an independent firm with leading technology, including a network infrastructure investment featuring virtual computers with the Dell EMC VxRail system onsite. Jimcor’s most notable achievements in the past year include the launch of a multiline comparative rating solution with 10 markets. Jimcor also collaborated with i-engineering to develop the ALIS solution as a national platform, leading the way in technology solutions for MGAs and wholesalers. Mastowski serves as treasurer of Jimcor and is also an active NAGA member. He previously served on and chaired the automation committee for the AAMGA, which honored him with the Earle S. Dillard Award in 2011.

2019

ORDINARY PEOPLE GETTING THE HOT 10 EXTRAORDINARY DONE 0

T 10 HO

2019

TRENT COOKSLEY Head of open innovation MARKEL CORPORATION

As head of open innovation at Markel, Trent Cooksley leads startup outreach, scouting and strategic partner management. Beyond insurance, Cooksley is a three-time startup co-founder and multi-stage investor in numerous industries. He currently serves on the board of Global Insurance Accelerator and is a co-founder of Insurtech Midwest.

CURTIS BARTON ERIK DAVIS Managing director, construction specialty practice

CEO VENTURE PACIFIC INSURANCE SERVICES

RT SPECIALTY

Under Erik Davis’ guidance, RT Specialty’s construction practice has become one of the largest in the industry with more than $2 billion in annual premium, $200 million of which has been placed by Davis’ personal production team, which is co-brokered with Chad Hall. As managing director, Davis leads a team of dedicated professionals who focus on placing the most difficult construction risks across all lines of business. Davis developed and successfully launched two new project-specific construction liability products for New York risks and recently launched a proprietary homebuilder product for local, regional and national builders, which disrupts the current structure of homebuilder programs. He has earned RT’s Construction Broker of the Year recognition multiple times. Outside of RT, Davis is owner of Always Evolving, an automotive lifestyle brand. He is also a member of YPO Los Angeles, a board member of Mustard Seed Ranch and Dream Rides 4 Kids, and an advisor for Sabot Group.

Since Curtis Barton took over as CEO of Venture Pacific Insurance Services [VPIS], the business has become one of the fastestgrowing brokerages in the nation, averaging 15% organic growth annually. In addition, VPIS remains active in the M&A space, offering a platform that eases perpetuation for agency owners, and has continued to expand its proprietary programs on a nationwide basis. In 2017, VPIS launched a new financial services division, Venture Pacific Financial Services, which specializes in the corporate retirement space and wealth management. Barton also co-founded brokkrr, an insurtech company that provides a real-time and on-demand way for consumers to match, meet and secure their insurance needs. In late 2018, Barton, VPIS and seven other agency owners formed Alkeme Insurance Services, a cluster group focused on using technology, AI and proprietary products to drive a new distribution platform in the aggregation space.

Industry-Leading Wholesale Broker & Program Manager

Let us go to work for you today. Email your next risk to submit@midman.com where you’ll have access to the world’s foremost carriers and programs.

Since 1990

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SPECIAL REPORT

HOT 100 2019 With more than 25 years of insurance and risk management experience, Paul Marshall is responsible for the development, growth, profitability and overall strategy of McGowan Program Administrators’ active shooter/ workplace violence insurance program. Since the program’s inception, it has insured more than 1,000 businesses, organizations and events across the US. Throughout his career, Marshall has had direct experience in retail agency sales, program management, underwriting and claims. He has authored multiple articles on the topics of active

PAUL MARSHALL Managing director, active shooter/workplace violence/crisis management insurance MCGOWAN PROGRAM ADMINISTRATORS

DAVID H. MCELROY CEO

JUDE DIBATTISTA SVP and head of E&S division, property & casualty insurance QBE NORTH AMERICA

Responsible for the E&S property & casualty division at QBE North America, Jude DiBattista serves as the company’s senior vice president of specialty and commercial’s excess & surplus division. A 25-year insurance veteran, DiBattista built and launched the division in 2016. Known for being a transformational insurance expert with in-depth technical expertise, DiBattista has a proven track record in building and rebranding profitable business units across the P&C insurance industry and has held leadership roles at several global insurance carriers. Throughout his career, DiBattista has had several key accomplishments, including the launch, transformation and repositioning of multiple property & casualty business units. He has developed new products for various market segments and successfully created and implemented new strategic business models to improve profitability.

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LEXINGTON INSURANCE COMPANY

In August 2018, David McElroy was named CEO of Lexington Insurance Company, where he will serve as a member of the general insurance executive leadership team and will oversee all aspects of Lexington’s business. He will also lead general insurance program business in the

shooter, workplace violence and deadly weapon attacks, and he makes frequent appearances on a variety of news outlets. In addition, Marshall has presented at several industry conferences, including RIMS, PIA, CPCU and PRIMA.

US, which includes a range of niche markets supported by program administrators with market-leading infrastructure and underwriting expertise. Over the course of his career, McElroy has held numerous leadership roles within the insurance industry. Most recently, he served as chairman and CEO of Arch Worldwide Insurance Group, an executive position of Arch Capital Group. Earlier in his career, McElroy held roles at The Hartford Financial Services Corporation, Reliance National and Chubb.

MICHAEL R. KEANE President, core commercial THE HANOVER INSURANCE GROUP

With more than 20 years of experience in the insurance industry, Michael Keane’s strong insurance acumen has made him a proven leader in the property & casualty space. As president of core commercial at The Hanover, Keane leads the company’s core commercial businesses, which includes small commercial, middle market and technology.

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2019

NORMA CARABAJAL ESSARY CEO SURPLUS LINES STAMPING OFFICE OF TEXAS

The first female CEO in the history of the Surplus Lines Stamping Office of

Texas [SLTX], Norma Essary has been instrumental in re-establishing SLTXâ&#x20AC;&#x2122;s presence both as an advocate and an insurance industry leader. Essary has been part of a paradigm shift of forward-thinking executive leaders who have gained momentum with transparency and strong communicative strategies. She has

set the bar on new organizational practices, including development of enterprise solutions, new technologies, talent management and mentoring opportunities. Prior to joining SLTX, Essary spent 13 years overseeing strategic enterprise risk management for Dallas/Fort Worth International Airport.

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FEATURES

SECTOR FOCUS: WHOLESALE E&S

What keeps insurance leaders up at night? A litany of threats bearing down on the industry is changing the name of the game for wholesale brokers, carriers and everyone in between FROM THE cyber threats facing companies big and small to technology that’s shifting insurance distribution channels and a dire need for new talent to replace retiring experts, the insurance industry is seeing change on all fronts. Brokers and underwriters are looking to help clients prepare for both current and emerging risks, and at the same time, insurance leaders are meeting change head-on and spearheading internal transformations to ensure their businesses stay relevant. The themes of change and evolution took center stage at a recent panel featuring top executives in the industry. H.W. Kaufman Group, the parent company of Burns & Wilcox, converged in Detroit with its global network of companies and carrier partners for the 36th annual Kaufman Leadership Meeting to find out how the business is performing and where it might be headed in the coming years.

The meeting foreshadowed a significant anniversary for H.W. Kaufman Group, which will celebrate 50 years of business in 2019. Identifying and preparing for insurance industry challenges have been key to the group’s success so far and will be necessary for its continued growth in the market. A panel of carrier CEOs and presidents – led by Jodie Kaufman Davis, corporate senior vice president and board member of H.W. Kaufman Group and managing director of Burns & Wilcox Canada, and moderated by Chris Zoidis, corporate executive vice president at H.W. Kaufman Group – gave a glimpse into the issues that are top of mind for industry executives, including the force of technology, the wholesale broker of the future and the range of evolving risks impacting clients. The conversation started off with a discussion of the rumblings emanating from Lloyd’s

of London as the global insurance and reinsurance market struggles to regain its footing amid CEO turnover and underperforming lines of business, which has had reverberations for insurance companies worldwide. “Lloyd’s, first and foremost, needs to decide what it wants to be, and I think it’s going through a bit of an identity crisis,” said Jonathan Ritz, president of Western World Insurance Group and CEO of Validus Specialty, who added that he “applaud[s] the franchise’s efforts to address profitability – it’s important to all of us,” and noted that corrective actions taken by Lloyd’s are impacting the lines of business that have performed the worst, such as direct and facultative property insurance. However, the question of what the market will look like in the coming years is still up in the air. “I think the jury’s out as to whether Lloyd’s is going to return more to a specialty market, as opposed to being more of a generalist market, which is what it has been probably for the last 15 years,” Ritz said. Nonetheless, there are product lines that have been performing well for Lloyd’s, said Markel Assurance president Bryan Sanders, and what domestic carriers need to be aware of now is how aggressive Lloyd’s will be in the marketplace on those lines.

The role of technology A conversation around change in insurance wouldn’t be complete without a mention of insurtechs and the solutions they’re bringing to the table. Carriers on the panel said they’re well aware of the benefits of technology and its potential to disrupt the business as it exists today. “As we see a lot of competition in the brokerage channel, is there going to be any disintermediation?” said Chris Lewis, president of IFG Companies. “You’ve got the Lemonades and others going out there trying to provide a direct solution. We continue

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From left to right: Jonathan Ritz, Bryan Sanders, Tom Clark, Jodie Kaufman Davis, Chris Lewis, Chris Zoidis

to believe that there’s a critical role for the wholesale broker in the distribution channel, but that channel is going to get compressed.” That’s part of the reason why Lewis’

necessarily just going to go direct and that the whole channel is going to be disintermediated. It’s not in our interest, it’s not in your interest, and frankly, if you look at surveys of

“The firms that invest in the technology and still have access to the business are the ones that are going to win” Bryan Sanders, Markel Assurance company has been making investments in technology to work with wholesalers. “The goal is to collapse the channel, but preserve the critical role of the broker within that so they can continue to add value in advising the retail broker and the insurer on their options as new and difficult risks come up,” Lewis said. “We don’t believe that it’s

small businesses, they’re still looking for that trusted advisor, so there are ways of using the same technology that is being used by the insurtechs and others within the existing distribution, but [that] make it much more efficient, much more powerful, and that’s what we’re focused on.” Products are changing, too, as insur-

ance integrates with technology to provide fresh solutions to customers. Nationwide E&S/Specialty president Tom Clark said his company is on its way to incorporating technology into its products, but understands that there’s so much more it can contribute to the insurance-buying process as the tech arms race charges forward. “We look at technology truly as that enabler, then for us to take our wealth of data and really look at predictive analytics and predictive modeling to drive the insurance buyer through the retailer or wholesaler and ultimately to us,” Clark said. “How do we drive greater speed, ease and efficiency through that pipe, because I think that’s going to be the name of the game and how we win.” Claims processing and customer acquisition are other crucial areas where technology is allowing carriers to gain efficien-

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FEATURES

SECTOR FOCUS: WHOLESALE E&S

H.W. Kaufman Group, and by extension Burns & Wilcox, is already uniquely positioned in the market for longevity, Clark pointed out. The company is family-owned and not beholden to private equity, which gives its leaders the freedom to make wise investments for the long term. One example is the company’s recent acquisition of Stonemark, a Texas-based financing firm that will offer insurance premium financing services for property & casualty brokers across all lines of business.

ANNUAL PREMIUMS CONTINUE TO RISE AT H.W. KAUFMAN GROUP $2.5bn

$2bn

$1.5bn

A catastrophe-prone forecast

$1bn

$500m

2010

2011

2012

2013

2014

2015

2016

2017 Source: H.W. Kaufman Group

cies. More broadly, these tech-enabled solutions have a role to play in driving down expenses as margins in the binding business get squeezed. “We need to find solutions for that ease of doing business because the competition isn’t going away – it’s only going to get worse,” Clark pointed out.

The wholesale broker of the future Striking a balance between investing in the future and bringing business through the door today is one that successful wholesale brokers will have to master if they want to be here years down the road. Again, technology is an important component of fortifying wholesale brokerages, but the impacts of investment aren’t always beneficial to the bottom line. “The firms that invest in the technology

and still have access to the business are the ones that are going to win,” Sanders said. Yet he cautions, “I think that it’s part of the reason why we’re seeing so much consolidation, particularly in the wholesale space, of smaller firms, [because of ] some of the challenges that take place with paying for the technology and then continuing to develop the technology.” Specialist expertise will likewise give wholesale brokers a leg up in a competitive landscape, Ritz noted, as will investing in the development of transaction platforms, given that wholesale brokers perform an aggregator function in the marketplace. This, in turn, will allow carriers to focus on their areas of expertise, including data analytics, pricing, risk selection and risk management, which will create better partnerships going forward.

Preparing for the future also means addressing risks that are growing in frequency and severity. Hurricanes Florence and Michael, alongside the deadly trio of hurricanes from the 2017 season, had devastating consequences in the US. Flooding, storm surge and heavy rainfall submerged communities and resulted in levels of damage that are expected to reach into the billions. These recent natural disasters have opened up opportunities for the private flood insurance market. Deciding it can no longer bear the burden alone, FEMA introduced changes to the National Flood Insurance Program that give the private market some room to maneuver, although hurdles persist. “The difficulty we have found is really in the distribution, in the education to the insured and in trying to put a private product into the marketplace where, through the normal and historical distribution channels, you can actually create a spread of business that matches up with your understanding and modeling of the risk,” Ritz said. “That’s an incredibly difficult, if not impossible, thing to do with the way the product is distributed and controlled today.” Due to regulation and the long-standing restrictions on competition in the flood insurance market, Lewis pointed out that it’s

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a challenge to try to compete by charging a price on the coverage that’s fair for both the insurer and the insured – not to mention the likelihood that climate risks will only grow in number and size. “If you look at the risk of climate change, one of the biggest things with increasing temperatures is that you have more severe periods of precipitation,” Lewis said. “With that, even if we could price for the risk as we see it today, there is a material risk that future floods would actually be more severe, and I’m not sure there’s the political will to actually allow you to charge for that in a way that makes it attractive from an economic perspective.”

addressing weaknesses that are undermining the success of the business is a good place to start. Tom Clark sees complacency as the biggest threat facing the E&S space today. “Trying to do things the same way is really not going to get us to where we need to be,” he said. “We have pressure on our returns – those aren’t going to go away. I see a lot of companies out there using technology or their technology investments as paving the cow path. I don’t think that’s really going to get us to where we need to be, either. It’s going to be a joint effort and working collectively to see how we [can] improve the returns for both the wholesaler and the retailer.”

“We need to find solutions for that ease of doing business because the competition isn’t going away – it’s only going to get worse” Tom Clark, Nationwide E&S/Specialty Along the same lines, cyber risk is likely to increase – experts predict a ‘cyber hurricane’ is likely to hit companies across the world in the coming years. Today, coverages are expanding quickly and broadly, and are merging with property policies as physical assets are put at risk during cyber incidents. “It’s a massive exposure,” Ritz said. “I think it’s an exposure that’s really, really, really hard to understand, and it worries me that as an industry, we’re going to wake up one day and find a … $100 billion cyber loss.”

Major threats to the E&S marketplace So how can leaders arm themselves today and strengthen their companies in the face of an uncertain future? Fixing what’s broken by

DIRECT WRITTEN PREMIUM IN THE US E&S MARKET

21% 7%

72%

Lloyd’s $8.65 billion

Other E&S premium $2.97 billion

Dedicated E&S carriers filling statutory statements $29.91 billion Source: Guy Carpenter, 2016

With the fundamental changes going on in the economy, as well as in insurance products and how the industry conducts business, Lewis is worried that brokers and carriers aren’t selling products that will respond to the needs of insureds this year, next year, and five or 10 years down the road. “We need to be more creative in terms of how we design products that meet their needs,” he said. “We need to work very entrepreneurially to design the solutions that can foster this next generation of products, and that takes collaboration, that takes cooperation, that takes thinking that ... has gone a little latent in the industry – people rely on the existing products and are not being as aggressive.”

At the heart of insurance, however, is the customer. Working to deepen and protect customer relationships is a goal that insurance professionals need to keep in mind as the uncertain future unfurls. “One of the things that has really made our end of the industry extremely special through the years is our ability to have great relationships,” Sanders said. “Continue to invest in those relationships because we know that as much business as we can put through a portal, in order to get the deals done that have some complexity, it takes a relationship. So the biggest question I have over the next five or 10 years is: Are we going to be able to sustain that level of relationship that we’ve had for the amount of time that E&S has been around?”

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FEATURES

SECTOR FOCUS: AGRICULTURE

Reap what you sow IBA’s Joe Rosengarten spoke to some agribusiness insurance experts to find out what agents need to do to plant the seeds of success

FORGET THE tractor, combine harvester or state-of-the-art John Deere sprayer – the first purchase on the priority list of any conscientious farmer has to be a comprehensive agriculture insurance policy. Farmers and ranchers face various types of risks, many of which have the potential to be financially catastrophic. There’s a wide range of insurance coverages

that fall under the agribusiness umbrella. Property coverage is crucial for protecting structures such as dwellings, barns and other outbuildings and their contents, while liability coverage is needed to cover lawsuits for things like contaminated food or injuries suffered by third parties on the premises, such as slips or falls, injuries from animals or machinery. Equipment breakdown coverage

is required to cover sudden and accidental breakdown of farm machinery, and inland marine coverage protects mobile machinery used on the farm and while in transit. Protecting animals is another important consideration; livestock coverage provides reimbursement for loss associated with perils such as lightning, drowning, injury while in transit, fire and deaths due to disease. Cyber coverage has also become an important aspect of an agribusiness policy, explains Ken Patrick, divisional assistant vice president of agribusiness for Great American Insurance Group. “[Cyber coverage] is becoming a hot issue because of the amount of farming that relies on computer-run machinery, including robotics,” he says. “Cyber coverage may provide protection in the event of a disruption of operations due to the hacking of a computer system. Cyber liability can also protect against a computer breach where customers’ or third parties’ data is exposed to the hacker.” One of the most serious exposures for a farmer is the potential for their produce, milk or meat products to be linked to a foodborne

TOP 10 WRITERS OF MULTIPLE-PERIL CROP INSURANCE CHUBB

SOMPO HOLDINGS

$1.83 billion ZURICH INSURANCE GROUP

$761 million FARMERS MUTUAL HAIL INSURANCE CO. OF IOWA

$1.57 billion QBE INSURANCE GROUP

$631 million TOKIO MARINE GROUP

$1.29 billion AMERICAN FINANCIAL GROUP

$551 million AIG

$1.01 billion CGB INSURANCE CO.

$474 million FAIRFAX FINANCIAL HOLDINGS

$879 million

$301 million Source: Insurance Information Institute, 2017

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illness such as salmonella or E. coli. In these situations, product liability insurance is vital. The farmer needs coverage for defense costs and indemnity payment protection for bodily injury claims resulting from the foodborne illness, as well as protection from suits that might arise from other companies that have incorporated the farmer’s product into their product. Patrick gives the example of a strawberry farmer who sells her produce to a national ice cream manufacturer. In a short period of time, the ice cream manufacturer is faced with a number of lawsuits alleging that the ice cream is the cause of a series of Hepatitis A outbreaks. It is eventually discovered that an employee at the farm that supplied the

“Some harvest seasons may be as short as two to three weeks ... and during this time, farmers can’t afford downtime. If a large property loss occurs immediately before or during harvest, it can be devastating” Karen Walter, Allianz Global Corporate & Specialty berries is the source of the outbreak. The ice cream manufacturer tenders all bodily injury claims back to the farmer and also sues the farmer for the loss of $1 million in ice cream that had to be removed from the market due

to potential contamination. Under most farm liability coverage forms, both the bodily injury and property damage claims would be defended and covered, Patrick explains. However, some carriers

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FEATURES

SECTOR FOCUS: AGRICULTURE

INSURANCE NEEDS IN THE AGRICULTURE SECTOR Multiple-peril crop and livestock insurance General liability Equipment breakdown Commercial auto Business income Inland marine Cyber Workers’ compensation Umbrella

have attached or embedded an ‘incorporated products’ exclusion in their policy wordings. “With this type of exclusion, the farmer would not have protection against a product’s property damage claim in this example,” Patrick says. “Agents and farmers should inquire with the insurance provider about how their coverage form will respond to an incorporated products claim scenario.”

Stormy weather More than most industries, agriculture is at the mercy of the elements, and the increase in extreme weather events has created severe disruption to farmers and their harvest cycles. It should come as little surprise that a high proportion of farmers’ property losses result from bad weather and natural catastrophes. Wind and hail are frequent loss drivers;

winter losses can occur as a result of collapse from weight of snow or ice; and wildfires are no longer confined to a specific season. “Some harvest seasons may be as short as two to three weeks, and others extend for two to three months, and during this time, farmers can’t afford downtime,” says Karen Walter, agribusiness lead for the West zone at Allianz Global Corporate & Specialty. “If a large property loss occurs immediately before or during harvest, it can be devastating to a farmer. Although business interruption is a commonly sold coverage in the commercial world, its equivalent in the farming world – disruption of farming operations – is not often offered or sold. When it is included, the limits are frequently inadequate because farmers tend to underestimate the amount of time and money it will take them to rebuild after a large property loss.” This year has been one of the worst crop insurance loss years in the past decade, due in no small part to Hurricanes Florence and Michael, widespread hail damage, and the wildfires in California and Oregon. Research conducted by Conning found that the overall agribusiness market will likely see a mid-single-digit premium increase in 2019, but CAT-exposed risks could see higher increases and/or changes in terms. “Hail losses are increasing in both frequency and severity,” Walter says. “Depending on the market area, insureds may see one or more of the following: premium increases, wind/hail deductibles or cosmetic damage exclusions.” With wildfires occurring more often and not being limited to a specific season, insurance carriers and reinsurers are applying more sophisticated analytics and carefully underwriting wildfire risks. The reinsurance market has tightened for personal dwellings in brush-exposed areas, so insureds in those areas should expect premium increases. There has recently been more capacity moving into the California agribusiness

space, something Ron Abram, president and CEO of Abram Interstate Insurance Services, attributes to the expansion of certain niche areas, such as higher-value estate farms, agritainment, wineries and the goat cheese market. However, despite last year’s fires in California’s wine region, there has been little change in the marketplace. “We are seeing an increase in new, smaller boutique wineries, but the appetite for them is less than robust,” Abram says. “The products remaining steady are the avocado, fruit, nut and hobby farms, but things are becoming tighter for risks such as dairies and beef cattle ops due to expenses losses.”

How to specialize Agriculture insurance is a specialty space that’s not without its challenges and complexities. Farmers play a central role in providing Americans with a safe and secure food supply, and the work they do can often be forgotten by the time products have reached the supermarket shelves. Helping farmers carry out their operations with the least possible disruption to their crops and animals brings with it a satisfaction that goes deeper than profit. There is opportunity for agents in agriculture insurance; however, getting into such a highly specialized space is likely to be difficult. Mark Raymie, president at AmTrust Agriculture Insurance Services, encourages agents to start by developing an understanding of the agronomics of the crops in their area. “If interested in this area, agents should go out and meet the farmers, join the farmer groups, and learn how corn and soybeans grow,” Raymie says. “The agents who are successful get out and meet their farmers regularly. The ones who only see their clients twice a year will struggle. It is a personalized business, and meeting people is the best way to grow your agricultural understanding and make a mark in this segment.”

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FEATURES

BROKERAGE INSIGHT

All hands on deck Gowrie Group’s history is rooted in marine insurance. IBA’s Heather Turner caught up with chairman and CEO Carter Gowrie to learn more about the unique aspects of this niche market

IBA: How did Gowrie Group develop its specialization in marine insurance? Carter Gowrie: I started over 40 years ago in a small office in a marina in Essex, Connecticut, selling only boat insurance. It was one of the first boutique yacht specialty insurance firms. I have been sailing and around boats my whole life, so it was a natural fit for me to specialize in boat insurance. Over the years, we expanded to follow our boat clients into other areas of their lives and passions. For example, we found many boat owners were business owners in the recreational marine industry, so we expanded into doing insurance for marinas, boat builders, yacht brokers, boat dealers, yacht clubs and other marine entities. Over time, we expanded into home and auto insurance, employee benefits, and solutions for fire departments and ambulance associations. We also expanded into other ‘passion’ areas such as equine, fine arts, antique cars and other collectibles.

IBA: What is Gowrie Group’s Burgee Program? CG: I started thinking about it in the mid-1980s. We got into a hard market cycle in the commercial world, and the yacht club I belonged to locally had their insurance canceled, and I couldn’t find anyone

to properly insure them. It was a class of business no one wanted because of the risks associated with coastal property, marine, restaurants, liquor, youth sailors and hosting events. Many of the things that yacht clubs do present a certain amount of risk. When I placed the new coverage for my club, it was all piecemealed. Other yacht clubs around the country were having the same problem at the same time. It made me think, if we could find a good solution, it would be a good program opportunity. I convinced an insurance company to work with me on it; we put together a program that included all lines of business, including workers’ compensation, marine, umbrella and D&O coverage. It worked really well, and we got traction right out of the box. Today, we insure more than 50% of the yacht clubs, community sailing programs and

sailing schools in the US. In addition to our insurance carrier partner, our third partner in our Burgee Program is the US Sailing Association, which is the governing body of the sport of sailing. US Sailing endorses our program for their members and member organizations.

IBA: How have natural catastrophes affected this space? CG: I think the biggest change we have seen recently as a result of catastrophes is in the boat insurance marketplace. Last year, there was a lot of devastation in the Caribbean, and most of the boats in the Caribbean were predominately insured by Lloyd’s of London, and Lloyd’s has really pulled back and tightened up on their underwriting requirements. That’s put a lot of hard-market pressure on boat insurance overall, and we’ve seen rates going up in that market.

LEARNING THE ROPES As the founding partner of Gowrie Group, Carter Gowrie has grown the firm to more than 175 employees across multiple locations since its establishment in the 1970s. Today, Gowrie Group provides a broad range of insurance solutions to more than 14,000 clients nationwide. Gowrie is the architect of the Burgee Program, Gowrie’s specialty insurance program for yacht clubs and sailing organizations. He is a lifelong boater, an internationally accomplished sailboat racer and an active member of US Sailing.

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“Lloyd’s has really pulled back and tightened up on their underwriting requirements. That’s put a lot of hard-market pressure on boat insurance overall” IBA: What are the emerging risks in marine insurance? CG: In regard to climate change, rising water and flood-type exposure is an issue. High tides are higher now than they used to be. We recently had a Nor’easter, and the tide was six feet above normal high tide level, which was the highest the water has been in Connecticut since Hurricane Sandy in 2012. The other trends we see in marine are similar to the emerging risks we see across general commercial accounts. For example, the HR component is a lot more complicated than it used to be. We also now see more companies taking our recommendation to add employment practices liability, cyber and D&O coverage a lot more than we used to see just five to 10 years ago.

FAST FACTS: GOWRIE GROUP

Areas of specialization Marine insurance Commercial insurance Environmental insurance Employee benefits Personal insurance Yacht insurance Coastal home insurance Equine insurance

Year founded: 1974 Headquarters: Westbrook, Connecticut Number of offices: Five Leadership: Carter Gowrie, chairman and CEO; Ed Gumbrecht, president and COO; John Fisher, president and principal, personal insurance; Skip Young, president and principal, benefits; Chris Brodeur, senior vice president and principal Community outreach: Gowrie’s annual campaign to support the Shoreline Soup Kitchens & Pantries has raised more than $1.5 million over the past 15 years

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FEATURES

SECTOR FOCUS: HOSPITALITY

At your service A thriving hospitality sector represents a good opportunity for agents to target a new niche

THE KEY to success for any company in the hospitality sector is pretty obvious, mainly because it’s right there in the name: hospitality. Organizations base their value propositions on providing a pleasant and consistent customer experience, and they rely on their clients spreading the word – either face-to-face or increasingly online – to attract new business. For many entities in the hospitality space, being able to function effectively 365 days a year is a must, and a robust insurance policy plays an integral role in making that a reality. The hospitality sector consists of a wide range of service oriented companies including hotels, restaurants, cafés, clubs and bars, motels and hostels, resorts, museums,

theatres, B&Bs and caravan parks, and tour operators and travel agents. Hotels and restaurants are generally the biggest players in the hospitality space, and both face various exposures from a liability standpoint, including slips and falls, liquor exposure, cyber breaches, foodborne illnesses, and crime related to theft. “Hotels and restaurants also face exposures from a workers’ compensation standpoint,” says Brian Popelmayer, VP of commercial casualty for Starr Insurance Companies. “Employees can suffer injury from accidents and slips and falls, and there is potential for burns and lacerations in any restaurant or hotel kitchen. There are also various exposures on the commercial auto side – risks

WHAT MAKES UP THE HOSPITALITY INDUSTRY? Hotels

Golf and country clubs

Full-service restaurants

Theatres

Fast food restaurants

Bowling centers

Catering

Museums

Casinos

for the company’s own fleet, as well as things like passenger shuttles and food delivery exposures if you are not delivering through a third party.”

Modern exposures A grim reality of the modern age means that the need for terrorist and active shooter coverage has never been greater for companies in the hospitality sector. Active shooter situations are occurring with increased frequency, and Popelmayer has witnessed a growing demand for such coverage options. He describes this growing phenomenon as being on par with cyber in

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“Today’s world demands that hospitality venues do a better job of protecting their customers and themselves” Paul Sipos, All Risks Ltd. terms of what’s keeping hospitality industry leaders up at night. In response to this growing demand, two years ago, Starr created a specific product for workplace violence through its crisis management division that includes active shooter coverage.

“For our hospitality clients, alongside a general liability quote, we also provide a quote for workplace violence/active shooter with separate coverage limits to help cover that type of unfortunate event,” Popelmayer says. Exposures in this industry are continually evolving, and insurers are being forced to react

to the changing landscape. Risks that weren’t even a consideration 15 or 20 years ago are now at the forefront of hospitality executives’ minds, according to Seth Gillston, EVP of private equity and real estate at Chubb. “We have seen emerging risks that include cyber and smart buildings, security and terrorism, airborne contaminants, and increased defense costs,” Gillston says. “We have also seen new risks emerge in relation to development and construction, interior water damage, catastrophic events, and mergers and acquisition issues and potential pitfalls.” The insurance needs of hospitality clients have also been altered by the increasing number of millennials using their facilities. Millennials expect a more interactive, techenabled service, and hotels particularly are being forced to up their game to attract this younger demographic, which is responsible for much of the recent growth and performance in the hospitality sector. “A big change has been created by technology, especially in the hotel space, where more guests are using hotel-related apps and hotels themselves are offering things like mobile check-in and mobile room keys,” Popelmayer says. “Technology is continuing to evolve, and that is opening up new and additional cyber- and crime-related exposures.”

Fighting fraud As with many other market segments, insurance professionals operating in the hospitality space need to remain vigilant to potential fraud attempts. One of the more brazen bids to defraud an insurer occurred in September, resulting in indictments for two men who are alleged to have set fire to a restaurant in an attempt to collect on the resulting insurance payment. The two individuals, Mushtak Al Mosaadi and Omran Al-Khazraji, were charged with conspiracy to damage and destroy a building used in interstate commerce by fire. Al

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FEATURES

SECTOR FOCUS: HOSPITALITY

FAST FACTS: THE HOTEL INDUSTRY

The total retail value of the global hotel industry is set to surpass $500 billion in 2018

Hotel industry revenue in the US alone is expected to hit $200 billion in 2018

Travel and tourism accounts for 10% of global GDP

Corporate travel is expected to rise by 6.1% by the end of 2018

Mosaadi was additionally charged with mail fraud. According to the assistant US attorney attached to the case, Al Mosaadi obtained a general liability insurance policy for the Babylon Gardens in May 2016. On that same day, he also doubled the policy’s limit from $50,000 to $100,000. Prosecutors said that on June 2, 2016, Al Mosaadi conspired with others to start a fire inside the restaurant. On that day, Al Mosaadi gave a sworn statement to local police, fraudulently claiming that he had no clue about who could have started the fire. Ironically, he also agreed to help police find the “suspects” behind the crime. Al Mosaadi allegedly signed an agreement with two companies to pay for cleaning and

rising costs. Minimum wage increases in particular will have a direct effect on hotels and fast-food establishments. “We are also seeing lots of competition in the restaurant space,” Popelmayer says. “The needs of millennials are shifting toward casual, quick service, and some of the more traditional restaurant chains are struggling, and we are seeing more companies like that go out of business. However, the ones that have shifted to the buying needs of the customer are still prevailing and doing well.” Despite a recent blip in financial markets, economic fundamentals in the US remain strong, which means consumers will continue to spend heavily in restaurants, bars, theatres and hotels, setting the hospitality sector up a

“The needs of millennials are shifting toward casual, quick service, and some of the more traditional restaurant chains are struggling” Brian Popelmayer, Starr Companies

The hotel industry is expected achieve an annual growth rate of 6% to 7% in 2018

The mid-scale segment is expected to see the most gains in 2018 Sources: Deloitte; Statista

fire damages the next day. Both Al Mosaadi and Al-Khazraji were arraigned and, if convicted, they face a minimum of five years, up to a maximum of 20 years. Al Mosaadi could face an additional 20 years if he is convicted on the mail fraud charge.

Strength to strength Despite the changing client profiles and emerging risks, the hotel industry is performing well in 2018. The majority of hotel companies recently reported strong third-quarter earnings results. Revenues are growing across the board, and most economists project that the industry will continue to grow in the low single digits heading into 2019. One industry concern is the prospect of

period of continued strong performance. It’s a market segment that clearly represents a solid growth opportunity for brokers and agents. As with many areas of insurance, building solid relationships with insureds is crucial to achieving success in hospitality. “As a national broker who understands the marketplace and the variances in state liquor laws, I partner with my agents to find the most comprehensive coverage for their clients,” says Paul Sipos, assistant vice president and casualty broker at All Risks Ltd. “Declining liquor liability or assault and battery coverage leaves an establishment vulnerable to expensive claims from its patrons. Today’s world demands that hospitality venues do a better job of protecting their customers and themselves.”

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PEOPLE

CAREER PATH

EARLY ADOPTER

His roots in the industry go back a long way, but Steve Aronson has the perspective to guide insurance into the future Aronson’s introduction to insurance started at the age of 4, when he began spending Saturdays accompanying his father to his downtown Boston office en route to lunch or some other activity “I would be stationed on his lap or at a desk; I would be stuffing envelopes or putting stamps on envelopes – he created a fun environment, so insurance wasn’t a bad word for me”

1957

IS INTRODUCED TO INSURANCE

1975

FINDS HIS NICHE As a teenager, Aronson already had his eye on a career in insurance, but he was persuaded to pursue a business degree by a high-school counselor who urged him to have a backup plan “The plan was for me to join the agency as the life insurance specialist. After six months, I realized I wasn’t cut out to be a full-time producer, which is what a life insurance salesperson has to be. I was welcomed with open arms on the P&C side”

1983 GETS A CRASH COURSE Aronson’s father was among the first 12 agents to join Safety insurance, which Aronson says opened many doors for him “Meeting with senior executives gave me an insight at a very young age into how insurance companies thought about business. I was getting marketing intel about tumultuous sectors of the industry. People were willing to talk to me and take my business, and I was the kid at the table”

1985

1997 PIONEERS TECH Amidst the mid-90s industry determination to go paperless, Aronson decided he didn’t like the imaging or scanning technology sold to insurance agents and opted to build his own. Ultimately, his teenage son was integral to the process “We wanted to use tech for marketing and efficiency – we proved that we’d built a simple system if a high-school student who couldn’t spell ‘insurance’ could use it. We sold it to about 75 insurance agencies in a 10-year period”

2016 SELLS UP Having reached an employee base of 23 and revenue of more than $5 million, Aronson sold his agency in 2016 “Early on, I realized all you really have is your reputation – some of the [eight] acquisitions [that grew the agency] were because people knew me and trusted me to take care of their customers. I looked for the perfect acquisition partner for two years and chose Acrisure because they allowed our team to continue running the agency”

BECOMES PRESIDENT Due to his father’s poor health – the elder Aronson had his first bypass when his son was a college junior – Aronson found himself eventually taking over the top job at the family agency

“If not for my mom, who was a nurse by training, being willing to start going into the agency, I would have had to quit university. [Being made president] was a statement that my dad had faith in me and that I was the future of the agency” 2015 CONTINUES TO MAKE A DIFFERENCE While many of his colleagues slowed down, Aronson found himself energized by his work on the board of ID Federation. He was inspired to get involved when he was introduced to the organization’s founders via his work at AUGIE and NetVU earlier in the decade “We are of a similar mind, and I thought this was somewhere I could make a difference in the industry. I’m seeing the new opportunities to improve workflows and data security”

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PEOPLE

OTHER LIFE

“So ma ny times, I walk up on a fa mily with a mom at the end of her rope,” Sentner says, “a nd there’s a moment when everything stops a nd a look of a bject terror crosses the kid’s face – they know they’re on the naughty list!”

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

Kids Sentner sees at a typical Breakfast with Santa event

Number of Santa suits hanging in Sentner’s closet

Number of hours Sentner usually spends as Santa per season

THE MAN WITH THE BAG When Frank Sentner dons a famous red suit, he goes from insurance industry veteran to every child’s favorite person FRANK SENTNER went to great lengths to get his children to believe in Santa when they were young, from stamping ashy boot prints in front of the fireplace to hanging out of his daughter’s bedroom window with a stick to make reindeer tracks in the snow on the roof. So when one his acquaintances

bemoaned the difficulty of finding a Santa, Sentner, an insurance technology consultant, knew he would be the perfect fit. In addition to the “Santa ambushes” he executes at a local mall and the Breakfast with Santa/Dinner with Santa events held at various restaurants, Sentner has

extended his Santa territory to include churches, schools, fairs and a shelter for families affected by domestic violence. “To have a young child run up to you and throw their arms around you is a magical experience,” he says, “and it happens to me dozens of times a year!”

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Expect big things in workers’ compensation. Most classes approved, nationwide. It pays to get a quote from Applied.® For information call (877) 234-4450 or visit auw.com/us. Follow us at bigdoghq.com. ©2018 Applied Underwriters, Inc., a Berkshire Hathaway company. Rated A+ (Superior) by A.M. Best. Insurance plans protected U.S. Patent No. 7,908,157.

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