HONING IN TO WIN Matthew F. Power on One80’s approach to navigating the waters of risk WILD RIDES Getting through stormy times in property insurance KEEPING INTERESTINGIT Thinking differently about talent retention ON WINGS OF CHANGE The fuel of turbulent times in property and casualty
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Everyone was facing challenges. Underwriters were also in a tight bind, under the order of nursing books of business back to health (in other words, profit) as quickly as possible. This meant making some tough decisions that would cause challenges for brokers and clients.
Pete Miller, Ryan Smith, Bennett Richardson, Mallory Hendry, Ksenia Stepanova
Another lynchpin of a strong broker-underwriter relationship is consistency – in both underwriting and product/service delivery. In a hard market, consis tent underwriting is key. It allows brokers to approach markets with confidence, knowing what underwriters require for a complete and strong submission.
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As for product/service delivery, brokers and underwriters must adhere to timelines. If brokers can deliver the required information as and when under writers need it, this often leads to more accommodation and leeway in the rela tionship, because everyone understands that promises will be kept.
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You scratch my back, I’ll scratch yours
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Brokers want underwriters to trust them, to be loyal to clients, and to accommodate
in Canada
he broker-underwriter relationship has been tested in recent years. Hard market conditions in commercial lines have whittled out the strong relationships from the weak – but even long-standing partnerships have faced trials and tribulations.
At the height of the hard market, commercial insurance carriers increased rates, shed unprofitable lines of business, and some were even declining submis sions at the eleventh hour. All brokers could deliver to clients was bad news.
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need help – and that’s why they’re asking brokers so many questions. It’s about gaining the right information to warrant crafting an alternative solution. It became a game of ‘You scratch my back, I’ll scratch yours.’
There are always workarounds. All underwriters have guidelines, and while all risks may appear to fit in one common box, there will always be opportu nities for underwriters to deploy their critical thinking skills. To do this, they
While that worked for those willing to put in the hard graft, sometimes brokers just want accommodation. They want underwriters to trust them, to be loyal to clients, and to accommodate the occasional coverage request that perhaps sits outside the box. In return, brokers should strive to deliver strong, profitable accounts to supportive underwriters, so everyone wins.
With conditions in the commercial insurance market improving, now should be a time of reflection. Following the notion of ‘You scratch my back, I’ll scratch yours,’ if the broker-underwriter relationship is strong, everybody wins.
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Matthew F. Power, president of itsriskapproachtheIntermediaries,One80onhowcompany’sstrategictoacquisitions,andtalentisdrivingsuccess
IBA celebrates the achievements of the industry’s top program administrators and carriers in 2022
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www.ibamag.com 5 CONTENTS Feature WinnersMethodologyarticle PAGE 1267The top program administrators and carriers are naturally collaborative organizations with upside potential PROGRAMANDADMINISTRATORSCARRIERS2022 SPECIAL REPORT
Ray Scotto, Target Markets Program Administrators Association
According to the TMPAA’s most recent biennial study, program business is growing more quickly than the overall commercial insurance marketplace, with a 32.8% rise between 2018 and 2020 and the growth in direct premiums earned for commercial lines increasing by only 9.33% over the sameProgramperiod. administrators and carriers
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siasm about the program space, and we see many new program administrators and carriers entering the market.”
6 www.ibamag.com 5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2022
THE PROGRAM business is booming following an estimated 30% rise in the past two years. There was over $53.8 billion in premium in 2020, according to Ray Scotto, executive director of the Target Markets Program Administrators Associa tion“If(TMPAA).thegrowth pattern shown over the past several years continues, we would esti mate that the premium number at this point would be somewhere near $70 billion today,” he says. “There continues to be great enthu
SPECIAL REPORT Average 2021 2022 Lowest Highest $411.9m $37m $2.6bn $264.3m $20m $1.5bn
Insurance Business America ’s 5-Star Program Administrators and Carriers list
have a symbiotic relationship. The former maintain a vital agent-facing role and handle day-to-day administration, while the latter offer financial stability and resources needed to keep coverage moving through unpredictable times.
“If the shownpatterngrowthover the past several years continues, we would estimate that the premium number at this point would be somewhere near $70 billion today”
“Those who use [fronting] either occa sionally or frequently (31%) say fronting provides them more flexibility and allows them to use their dedicated reinsurance facility to assume risk. Some who rarely use fronting (32%) only utilize it as needed. The rest (37%) prefer the traditional markets,” according to the TMPAA study.
80% of
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with 65% placing it as extremely important. A majority 86% of industry professionals ranked commitment to innovation in the top two tiers.
in 2022 celebrates this mutually beneficial relationship. In addition to yearly premium growth, which averaged 35%, IBA judged program administrators on the largest programs, expertise and stability and inno vations in program development. In turn, program administrators ranked carriers on criteria including exclusivity of relation ship, carrier reputation and commitment to innovation.Ourdatadelivers a compelling snapshot of the industry. Clear trends were revealed when the survey respondents ranked the criteria on a scale from 1 (not important) to 5 (extremely important). Sixty percent rated exclusivity of working relationship as extremely important, while 84% ranked claims specialization either a 4 or 5. Similarly definitive results were seen on the issue of relationship management,
Chris Bressette, AXA XL
on 2–4 regions only
In May, Insurance Business America issued a call for nominations for the second annual 5-Star Program Administrators and Carriers list. Nominees were ranked based on their achievements and initiatives across a range of areas, including largest programs, expertise and stability, and innovations in program development.Programadministrators were also asked to provide feedback on the carriers they work with, which IBA used to determine the 5-Star Program Carriers. The carriers were evaluated on a scale of 1 (poor) to 5 (excellent) in 10 categories. Those that received an average score of 4.00 or higher in a particular category were named 5-Star Award winners for that category.
of the fronting market has been a relatively easy road to growth for reinsurers, according to a recent report from Conning.
“With each of our program administrator partners, we share the goal of building something special. And that’s what makes it fun”
Continuous improvement
Scotto agrees with this analysis and adds: “The most notable increase in program capacity is coming from new fronting or hybrid fronting carriers.” Fronting is when an insurer issues a policy for a self-insured organization or captive insurer transfer ring the risk to an indemnity or reinsurance agreement.Support
AXA XL is one of the carrier winners. The leader of the company’s North American delegated authority P&C programs unit, Chris Bressette, notes the exponential interest in programs in recent years.
METHODOLOGY the PAs focused on all regions the highest average rating given to a winning PAs focused
“A growing number of traditional carriers have adopted a much more technical view of risk across multiple lines and are subject to increasingly complex internal governance structures due to the delegated model,” he says. “In that environment, carrier experi ence makes a huge difference. In contrast, fronting markets have facilitated the entry of more start-up program administrators and have broadened the participation of nontraditional reinsurers.”
Midwest,Southeast,(Northeast,West,South) 5 was
carrier 20% of the
“We also understand that carrier insights are most useful if they are carefully imple mented after considering the market dynamics the program administrator partner faces,” explains Bressette.
“We have a lot of respect for our partners’ instincts about the competitive landscape. We believe that it often makes more sense to provide tools and hold ourselves mutually accountable for outcomes, rather than to just prescribe an inflexible ‘box.’
“The stability of the company is the foun dation for our program managers building close relationships with our programs. We act as trusted advisors to our clients and share ideas to help grow the business profitability. Ideally, we can lean on our program admin
structures, and by working relationships that truly align interests.”
“As a result, we have been fortunate to earn the right to work with some amazing program administrator partners. We continue to be impressed by their integrity, creativity, and transparency. Our partners have taught us that most competitive advantages are only temporary and that, to succeed, we will need to rely on a capability-driven partnership and collaborate every day with an eye toward continuous improvement.
“With each of our program administrator partners, we share the goal of building some thing special. And that’s what makes it fun,” he says.
CARRIERS’ RANKING ON VARIOUS CRITERIA (1 = not important, 5 = most important) 4.154.214.364.394.424.704.864.955.00 3.53 Financial ExclusivityReputationstabilityofworking relationship Relationship management Internal program manager expertise MarketingClaimsCommitmentUnderwritingCompensationguidelinestoinnovationspecializationsupport SPECIAL REPORT
“As we go forward, I think even more capacity providers will recognize delegated program business as an efficient way to access specialized underwriting expertise and build a scalable diversified portfolio,” says“ContinuedBressette. reinsurer interest will allow carriers to more easily manage their net appe tite. A growing number of program adminis trators now match the technical capabilities of many carriers and deliver risk and exposure in ways that the carriers can more easily digest. The long-standing tension of the delegated business model has largely been replaced by more sophisticated program designs and deal
8 www.ibamag.com
While further growth is expected, there are other developments on the horizon.
During our survey, program administra tors ranked financial stability, carrier reputa tion, exclusivity of working relationship, rela tionship management, and internal program manager expertise as the five most important features a carrier could offer them.
5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2022
“These are all critical elements which go into a successful program,” says David Zell, vice president of programs at QBE America.
istrator to do the same and seek advice from them on complex issues. Another key element in success comes from hiring claim profes sionals who understand the business and the clients served. Claims management needs to be fair and Meanwhile,consistent.”AXAXL distinguishes itself by maintaining one of the most experienced program teams in the industry and being a “high engagement partner.” They emphasize program design, aligning the interests of all parties involved (including reinsurers), and having the right culture fit for mutual deci sion making. Not only is collaboration essen tial with underwriting and pricing but also throughout the full value chain, including distribution, analytics, product, and claims.
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share with our carriers.” Veracity managed a 30% growth in premium from 2021 to 2022.
“Because program administrators have been able to quickly adopt new technolo gies to further streamline the insurance buying process, we see the program segment taking on an even bigger role in the future. It’s much easier for a carrier to partner with a program administrator than to build out or develop these tools internally. API connec tions allow for data to flow instantly back to the carrier, without having to build out the internal infrastructure.”
A greater percentage of carriers (45%) reported that productivity improved either a lot or “Thedramatically.pandemic has proven a successful program team does not need to be in one central location,” adds Zell.
their program segments that can’t be obtained at the carrier level.
“Our carrier partners worked with us to revamp application questions, add addi tional lines of coverage, and shorten the overall buying process,” says Steadman. “Not only did this result in increased growth of our programs, but it has also provided us with cleaner, more relevant data to dissect and
doned their central office and moved to be 100%Overvirtual.”thepast few years, there’s been a positive shift in carrier attitude toward the program administrator space, says Steadman.“Where once more hesitant to ‘outsource’ underwriting and compliance to MGAs, carriers more than ever recognize the effi ciencies, expertise, and agility offered by partnering with a program administrator,” he adds. “Program administrators often times have unique insight and access to
“With this in mind, QBE can draw top talent from around the USA when looking for program managers. We actually work with one program partner that has aban
Veracity’s employees worked remotely during the pandemic, helping them to become more methodical and deliberate.
It’s fast-growing food liability insurance program (FLIP), available online, offers a full suite of coverages including GL/PL, workers’ comp and cyber. A nutraceuticals program has a similar suite of coverages for manufacturers of products such as vitamins and weight-loss supplements. A product liability program also provides coverage for manufacturers and distributors of consumer and commercial products, such as e-commerce items.
And what of their relationship with carrier partners? “We’ve been fortunate enough to work with incredible carrier partners who share our vision in providing creative, unique solutions to insurance needs,” reveals Steadman. “We have regular strategic meetings with our carriers to go over profitability, production, as well as ideate on new product ideas and enhance ments. Program administrators understand better than most how quickly the competi tive landscape can change and need carrier partners to support them in adjusting the product to suit the needs of the customers not only for today, but into the future.
5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2022
That success wasn’t uncommon, according to the TMPAA State of Program Business Study 2021: “Administrators and carriers powered through the pandemic, shifting easily to a work-from-home set-up, oper ating with very little interruption, and even improving productivity.”
“What may start as a small program can develop into a multimillion-dollar book within a few short years”
10 www.ibamag.com
Making million-dollar books
Bressette’s sentiment is echoed by Daniel Steadman, vice president of underwriting and program development for one of our program administrator winners, Veracity.
They became better at aligning departmental priorities and invested back in the company. All of their efforts improved communication and collaboration for their product evalu ations, and clarified the new focus on the customer journey.
SPECIAL REPORT
Daniel Steadman, Veracity
“The industry is at a point now where brand new $5-million programs are exceed ingly rare, and carriers are starting to adjust expectations in the program space for new opportunities. Micro programs – segments within segments – provide carriers with unique diversification, and in many cases much more profitable books of business than their larger counterparts. We look for carriers willing to dip their toes into these spaces and have had tremendous success with them over the years. What may start as a small program can develop into a multi million-dollar book within a few short years.”
Programs
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PROGRAMCARRIERS ADMINISTRATORS 12 www.ibamag.com 5-STAR PROGRAM ADMINISTRATORS AND CARRIERS 2022 SPECIAL REPORT 2022 PROGRAMANDADMINISTRATORSCARRIERS
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“Probably the most important, pivotal moment in my career was 1993, when I walked into an AIG office, applied for a job, and found myself hired 24 hours later,” Power says. It was a period of growth and expansion at AIG, and
A
In establishing the One80 brand, Power’s vision was to create a highly special ized platform that was niche-focused and customer-centric: A New Direction in
Upon graduating from university, Power established his insurance career working at a number of insurance companies. It was his time at AIG, though, that he remembers as a career-changing experience.
Specialty Insurance. Today One80 is a market leader with five strategic pillars. These include wholesale broking, contract binding, specialty, program, and affinity business.
For Power himself, insurance was always a natural fit. As a child, he spent time in his father’s wholesale brokerage office. “I developed a familiarity with the business, terminology, client needs and the overall industry,” Power recalls.
SUCCESSWHOLESALESTORY
According to Matthew F. Power, president of One80 Intermediaries, acquisitions may have fueled rapid growth, but One80’s highly specialized approach to risk has been critical to its success
he had the opportunity to work with some of the leaders at the forefront of the industry.
16 PEOPLEwww.ibamag.com INDUSTRY ICON
– is now a leading affinity broker in the US, according to Power.
After 26 years at AIG, Power made the difficult decision to retire from his role as Lexington National branch president and head of wholesale broker engagement. It was then that he had the opportunity to create, establish, and lead private-equity-backed One80
His childhood experiences have served him well, and today Power sits at the helm of a broking business that is targeting $500 million in revenue this year. His career has extended beyond wholesale broking, and he credits his time on the carrier side as having had a “real impact” on him.
IT’S BEEN an exciting two years for One80 Intermediaries, which launched in January of 2020. Following a ream of strategic acqui sition activity, the business has established its infrastructure and is looking toward aggregation in the months ahead, according to One80 president Matthew F. Power.
One80Intermediaries.hasbecome a well-recognized player in the wholesale and program busi ness and – following a string of acquisitions
In 2022 and beyond, One80 will continue building out its infrastructure
“Retail brokers partner with One80 because of our deep industry knowledge, marketleading service, and the quality of the programs and paper we represent. This is true across all of our specialty areas, such as recreational marine, last-mile delivery, cannabis, travel/accident and health, warranty, and affinity business”
Position: President
Company: One80 Intermediaries
Career challenge: Managing teams through the headwinds of the financial crisis
Name: Matthew F Power
PROFILE
www.ibamag.com 17
Years in the industry: 40+
Career highlight: Building One80 while enabling the team to realize their full potential
Serving North America
For Power, what sets One80 apart as a broking business is its approach to
in key areas of expertise. “Retail brokers partner with One80 because of our deep industry knowledge, market-leading service, and the quality of the programs and paper we represent. This is true across all of our specialty areas, such as recreational marine, last-mile delivery, cannabis, travel/accident and health, warranty, and affinity business,” Power
Thesays.firm’s exceptional growth has been spurred by an acquisitive strategy, and One80 has bought 37 businesses since 2020. “We have been very strategic and extraordinarily selective with the acquisi tions we have made,” Power says.
One80 has offices in more than 50 locations across the US and Canada
Mentoring and mentorship can be a make-or-break factor in achieving ambi tious career goals, according to Power, who does not believe in the concept of the selfmade person. “I heard someone give a talk recently, and they were touting that they were a self-made person,” he says. “There is no self-made person,” he continues. “It takes a village to reach one’s full potential. Guidance and mentorship are critical to a successful career.”
“There is no self-made person – it takes a village to reach one’s full potential. Guidance and mentorship are critical to a successful career”
Rising revenue
“We are now deepening our balanced portfolio and moving more toward aggre gation, versus building the foundation and infrastructure of the business,” he says.
One80 expects to reach $500 million in revenue this year
The aim has been to build a “balanced portfolio with revenue streams that are not necessarily correlated to one another,”
Insurance remains a family affair for Power, who has two daughters working in the industry. The advice he would give to any emerging leaders is the same as he has given to them. “You’ve got to find those business leaders who inspire you, those who can help guide you and those from whom you can learn,” Power says.
INDUSTRY ICON
ONE80 AT A GLANCE
One80 has made 37 strategic acquisitions since its inception in 2020
“If you have an employee population that feels valued, they see a career path, they know management [always] has their back, they feel safe in the environment in which they’re working, they’ll do a great job for you – and they’ll do a great job for our customers, owners, shareholders, and investors,” he points out.
rather than jumping on any opportunity thatThis,arises.Power says, means that if there is a dip in the market cycle in one line of busi ness, then revenue will continue to come in from other areas.
18 PEOPLEwww.ibamag.com
talent. “Somebody said to me a long time ago that CEOs have to worry about three things: customers, employees, and owners,” Power says. “That had been my view for a long time, and was a guiding principle in leading organizations. But I have now come to believe that employees really are at the front of the line in that equation.” One80 has put its people – and making them feel valued – at the forefront of its strategy.
“You’ll see in areas like affinity, we’ve completed three transactions [and] we will soon complete a fourth transaction,” Power says, alluding to the brokerage’s purchase of NIA. “We are also continuing to develop and acquire new businesses in our warranty practice.’’
Strategic acquisitions
“Property rates in these areas are a fraction of what they are in, say, the midwest or south east, so one credible event can drastically affect a carrier or program’s profitability.”
Extreme weather in Florida is nothing new, but its cumulative effects are
THE WINDS have changed for the resi dential and investment property insurance market –Hurricanesliterally.and tornadoes are occur ring more frequently, while new data from climate experts is showing a shift in the areas traditionally prone to hail and extremeHistorically,rain.
“Florida is currently in the midst of a bit of an insurance crisis, with many home owners’ carriers dramatically increasing rates to remain solvent, canceling policies,
Higher material costs and labor short ages are affecting claims payouts for carriers, sometimes more than doubling them.
Fire events are also leaping into virgin terri tory and negatively affecting some carriers’ and programs’ profitability.
FEATURES 20 www.ibamag.com
“This is particularly difficult because these wildfires are happening largely in areas of the country that have historically been highly profitable,” says Woedl.
Inclement weather in areas not known for climate events is a microcosm of the challenges that have beset the overall market for property and liability insurance in residential real estate recently.
the Great Plains region has been dubbed “tornado alley,” but recently, trends have shifted more toward the Mississippi“Louisiana,Valley.specifically, has experienced unprecedented tornado frequency and intensity of late,” says REInsurePro chief executive Shawn Woedl.
Despite the challenges, REInsurePro is riding the storms of change and can offer a safe harbour for property investors, as well as some advice on how to approach a market in constant flux.
pulling out of the market and/or going insolvent altogether,” says Woedl.
Light my fire
Other negatives include rising material costs, labor shortages, wildfires, the fallout from COVID around inflation, a rise in lawsuits, and a cyclical hardening of the property market – all factors putting pres sure on capacity available from carriers.
Woedl explains how each factor affects real estate insurance.
This is causing many carriers to shift their appetites away from some western states where the recent wildfires have been occurring.
Rider on the storm
“This, in turn, can lead to rate increases at best, and canceled policies or carrier insolvency at worst,” says Woedl.
“Moreover, the longer length of time it may take for repairs to be completed leaves the investor missing out on potential rental income in the REInsurePromeantime.”hasworked closely with its carrier partners to implement incremental changes to try to minimize the financial impact on the investor, while also keeping each carrier’s book healthy.
These changes include things like inte grating minimal increases into the insur ance-to-value (ITV) requirements, while still keeping those thresholds among the lowest in the market.
“Wildfires are happening largely in areas of the country that have historically been highly profitable”
Shawn Woedl, REInsurePro
Another dynamic affecting liability insur ance is a resurgence in lawsuits in parts of the country where the law may be less than clear. This is creating “judicial hell holes” and huge challenges for carriers to properly rate and maintain profitability, says Woedl.
“As these types of lawsuits continue and change the judicial landscape, we will need to
SECTOR FOCUS: PROPERTY
weighing on the regional market, driven by catastrophe losses over the last several years, coupled with fraudulent claims driven by poorly enforced regulations.
Tornados, wildfires and judicial ‘hell holes’ – it’s biblical out there, but REInsurePro is a firm hand for residential investors in any kind of market
“In many cases, an agent can obtain a proposal within minutes, giving them the ability to turn business faster for their clients.”
keep a close eye on the fallout and stay ahead of trends.”Inflation deriving from fiscal stimulus to combat COVID has also coincided with a cyclical hardening of the property market. Even the war in Ukraine has put pressure on reinsurers who back both foreign and domestic carriers, says Woedl.
program, what deductible options and coverage specifications each given location has available to it, then identifies the carrier options that are the best fit.”
REInsurePro can underwrite a location completely, to the carriers’ satisfaction, through remote technology. This circum vents the need to physically visit each prop erty, inspect it, and charge the client for that inspection to underwrite the risk properly.
If a location changes from renova tion to rented, it is a simple change in the REInsurePro technology platform rather than canceling and rewriting coverage.
“Clients only pay for the coverage while they need it, with no minimum-earned premiums, and agents earn recurring revenue with monthly commission.”
Tornadoes, floods, judicial hell holes – some might say it is biblical out there for players like REInsurePro. But it is in times like these that the country’s largest property and liability program for residential real estate investment properties shows its true value proposition.
“Our custom-built technology platform is designed to offer maximum flexibility and
REInsurePro’s program accommodates for tenant-occupied, vacant, renovation, and new construction properties, from singlefamily homes up to 20-unit multifamily locations, plus mobile homes, condos, vaca tion rentals, and even vacant land.
This is (not) the end
“Underwriting can be done in a matter of seconds through our tech platform when an agent completes a proposal request,” says“TheseWoedl.tech tools immediately tell us whether the property is eligible for the
RECENT BILLIONDOLLAR WEATHER AND CLIMATE EVENTS IN US Brought to you by Number of billion-dollar events Price tag (CPI-adjusted) TBA9 2022 $152.6bn20 2021 $111.5bn22 2020 $51.1bn14 2019 (data to JulySource:11) NOAA National Centers for Environmental Information
www.ibamag.com 21
speed, which is especially important in this challenging market where sometimes the first reply gets the business,” says Woedl.
Hello, I love you, let me jump in your game
“The biggest thing that agents can do is understand the state of the market and advise their clients the best they can, clearly explaining what is and isn’t covered and where they have exposures.”
ABOUT REINSUREPRO 4,0005,0003,0002,000 2020Q42020Q3 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 41,257 43,003 43,383 43,695 44,029 44,021 44,230 43,776 SECTOR FOCUS: PROPERTY Brought to you by
“Those who provide transparent commu nication and responsive service, have access to programs like ours that specialize in these niche markets, and have experience working with real estate investors will be better equipped to ride out this storm.”
“Most uniquely, [it] has a sublimit for skip-rent coverage to recover some lost income if a tenant suddenly moves out without notice, is deployed, passes away mid-lease, or is evicted,” says Woedl.
REInsurePro (pronounced R-E-Insure-Pro) is a national program manager with expertise in building specialty programs for niche property risks. Our flagship program for real estate investment properties is the largest and most comprehensive of its kind for tenant-occupied, renovation, and vacant properties up to 20 units. Our monthly reporting form provides flexibility for investors and simplified billing for agents. And our state-of-the-art technology platform simplifies the process of quoting, binding, and servicing these complexREInsurePro.comclients.
Creating value and focusing on taking the time to learn about clients’ busi nesses and what they need is easier with technology-enabled solutions such as those provided by REInsurePro.
NUMBER OF RENTER-OCCUPIED HOUSING UNITS IN THE UNITED STATES
While it’s a tough market out there, Woedl says that communication with the client is key.
It provides a limit of liability for tenantcaused negligent losses to shift the respon sibility of the loss away from the inves tor’s property carrier to help stabilize their rates long-term, and provides some contents coverage for the tenant and the non-negligent tenants of adjoining units that may have been damaged.
The program allows agents to customize their investors’ coverage package with an evergrowing arsenal of ancillary add-on coverage options to fill critical gaps in standard prop erty and premises liability policies, including lines such as earth movement, terrorism and political violence, and private flood.
“Hard markets like this one provide us with a unique opportunity to better connect with our clients” Shawn Woedl, REInsurePro
FEATURES 22 www.ibamag.com Source: Federal Reserve Bank of St. Louis
A standout product recently has been its Tenant Protector Plan, which acts much like renters’ insurance, but is managed by the property owner to ensure the coverage is in force.
“Hard markets like this one provide us with a unique opportunity to better connect with our clients,” says Woedl.
Agents who can sell on benefits over price will have the upper hand.
quote
monthly reporting
agents
investors
billing
ancillary options
We the solution to property and liability challenges faced by insurance agents and their residential real estate investor clients. online platform allows to and bind submit to underwriting when required, and a to answer any questions and help with complex is the featuring and for with any number of with of to meet the of
coverage,
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insurance
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Our innovative
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Do you have clients that could benefit from this 5-star program? Go for the gold! We are actively seeking agent partners. Visit REInsurePro.com/5-Star to get appointed with us.
RPS SIGNATURE PROGRAMS represents the collective power of a leading program administrator. It offers proprietary solutions on an admitted and non-admitted basis across a broad variety of niche markets that require specific underwriting, marketing, and distribution expertise.
According to the Target Markets Program Administration Association’s (TMPAA) State of Program Business Study 2021, program business reached $53.8 billion in premium. In fact, it’s growing more quickly than the overall commercial insurance marketplace.
The right coverage for exacting needs
RPSins.com/SignaturePrograms PRODUCTS SETH EVERITT, NATIONAL SALES LEADER, RPS SIGNATURE
Meet RPS Signature Programs, your go-to underwriting resource for agents and brokers looking for specialized coverage. 866-595-8413 contactRPS@rpsins.com A Sampling of RPS Signature Programs Now Available: • All Lines Aggregate • Amateur Sports • Bicycle and Ski • Camp, Conference & Retreat • Crane & Rigging • Garagekeepers • General Business • Golf & Country Clubs • Health & Fitness Clubs • Inland Marine • Insurance Agents & Brokers • Lawyers Professional Liability • Podiatry Professional Liability • Public Entity • Real Estate Appraiser E&O • Rental Equipment • Scaffolding Access • Social Services • Student Accident • Title & ProfessionalEscrowLiability • USA Lacrosse • USA Softball • Workers’ Self-InsuranceCompGroups
Program administration is a vibrant and ever-growing segment of the P&C industry. RPS Signature Programs is well positioned to accelerate existing programs, develop new programs to meet the needs of niche markets, and work with independent agents looking to grow their business with a trusted partner.
Our team of industry experts can help take on the most complex client needs with our exclusive programs offering. And RPS offers unrivaled distribution and investment in our brand and technology. With years of experience, we help take care of the risk – so our partners can move on withYourconfidence.clientshave risk that defines who they are. Shouldn’t they have Signature Programs? PROGRAMS
The job of a program administrator is to make you look as good as possible in front of your clients. That’s when everyone wins.
signature
His sales and distribution knowledge are deep and vast, and include roles on both the retail and wholesale sides of the business, culminating in his most recent position at Risk Placement Services (RPS) as the national sales leader for their RPS Signature Programs division, where he leads
SETH EVERITT’s personal motto is, “With energy, effort, and enthusiasm, anything can be accomplished.” And with more than 12 years in the insurance industry, he has led several “first-ever” national sales teams from creation to execution and through growth and maturity life cycles.
business development initiatives with the largest retailers in the country.
That’s why our program administration division is comprised of thought leaders who are passionate about building programs and delivering tailored and exclusive solutions to clients.
As a program administration leader, RPS Signature Programs brings value to our retail partners and carriers alike by not only leveraging the strength of a larger entity but being a go-to underwriting resource that brings expertise and passion to every niche.
24 PROFILEwww.ibamag.com
With dozens of individual program niches, nearly $950 million in premium, and 200 industry professionals, we cover many of the most soughtafter classifications and lines of business, from public entity and schools to crane and rigging and professional liability.
In his multiple leadership roles, Everitt has shared his passion and commitment to delivering exceptional insurance solutions and service to retailers and insureds alike. By establishing and communicating an RPS value proposition that compels retail partners to choose RPS and aligns with the company mission of “getting the best coverage, from the right market, fast,” Everitt is able to fulfill that promise and come through for RPS clients when they need it most.
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FEATURES 26 www.ibamag.com
How insurance can win the talent war“THESEXIEST,
‘Psychic income,’ investment, and training – Jeff Arnold discusses how to bring the best people into insurance
most awesome and coolest industry in the world.” What comes to mind when you hear those words? For most people, the answer is probably not insurance. And yet, this is how RightSure Insurance Group founder Jeff Arnold describes the industry where he has spent over 30 Insuranceyears. was critical to the stability of many sectors throughout COVID-19, and it provides job satisfaction, a real-life impact, and meaningful work in spades. Still, the war for talent is one of the insurance sector’s biggest challenges today, and with top executives and industry stalwarts increasingly on the retirement path, the need for fresh talent in insurance is growing.
According to Arnold, the first step to winning this war is investing in the right people. That means pouring your resources into those who are looking to forge a career path filled with learning, collaboration, and progress, and making sure that you have a workforce ready to face the challenges of the“Therefuture.used to be a saying that people are our most important asset. I would challenge that with a different statement: “The right people are our most important asset,” Arnold tells Insurance Business.
SECTOR FOCUS: TALENT RETENTION
Headquartered in Arizona
“Those who are willing to get aligned with your culture, align with your company and engage with it, as well as take up new learning – those are the right people. For insurance companies, it’s important to start looking into your people and thinking about how you can pour more into them and help them be a more collaborative and creative asset.”
“If you want to retain your people, you have to invest in them,” Arnold continues.
“It’s when your most engaged and happy workers feel validated, and they feel that they’re making a difference, that they belong, and that they’re participating in something bigger than themselves. You can’t pay your rent on psychic income, but when it comes to talent retention, it is as important as the paycheck.”
Licensed in 42 states
“Psychic income is why we do what we do,” he explains.
‘Psychic income’ just as important as a paycheck
“There’s an old line where the CFO says to the president, “We’re spending a lot of money on professional development for our people.
magical thing called ‘psychic income,’ and that absolutely matters.”
“If you like investigative work, we need fraud detectors and claims adjudicators. If you’re an extrovert and you can talk to anyone, you’re probably going to earn an exceptional amount in insurance sales. If Brought to you by
Jeff Arnold, RightSure
Focusing on psychic income opens the door for every insurance business, big and small, to take active steps toward developing the sector’s talent“Yourpool.company might not have the checkbook of a Fortune 1000 insurance company, but you do have the ability to give your people more goals, direction, and knowledge in their field,” Arnold says.
What happens when they leave?” And the president says, “Well what if we don’t educate them, and they stay?” I think that’s completely true.”
www.ibamag.com 27
generations, who are increasingly seeking out jobs that they find personally meaningful.
When it comes to talent retention, Arnold notes that most people don’t leave jobs solely for money. Many leave due to bad managers, while others don’t see any career progression or growth potential in their roles. Therefore, in order to keep your best talent, Arnold says that ‘psychic income’ is just as important as the salary level – particularly with younger
“You can also work on your management style to make them feel more appreciated. So if you can’t pay with dollars, there’s a
no matter your skillset or your passions. And with four different generations in the workplace, it is also important for managers to be adaptable and flexible in meeting different people’s needs – because if they’re not, they will end up losing out.
“If you like to teach, we need people to teach customers, to teach new industry entrants, actuaries, and others how insurance works,” he explains.
RIGHTSURE FACTS
“Our industry has the ability to accept anyone with open arms, no matter your passion or your skillset. Our industry is the sexiest, most awesome and coolest industry in the world – you just happen to know it by a boring name called ‘insurance’ ”
12+ company awards
When it comes to recruiting and retaining talent, Arnold says that the most important message is that there is a place for everyone,
Overworked, or overwhelmed?
“A major thing that I challenge people to do is to dedicate the first few minutes of every day to yourself. Plan your day, have your coffee alone without your phone or email. And I promise you that after a few days of this, you’ll feel like you’ve gotten some of your life back.”
“That used to be the time when we were driving to work, or catching the bus – we could have that time to ourselves to process our thoughts. That doesn’t exist anymore.
“Right now, everyone feels like they’re working more than they ever have,” Arnold tells Insurance Business.
“Our industry has the ability to accept anyone with open arms, no matter your passion or your skillset,” he says. “Our industry is the sexiest, most awesome and coolest industry in the world – you just happen to know it by a boring name called ‘insurance.’ ”
“But I argue that we’re actually more overwhelmed, rather than overworked.
INSURANCE IN THE USA (2020) 5,929 insurance companies 2.86 million employees 3.1% of the USA’s total GDP $1.28trn in net writtenpremiums
FEATURES 28 www.ibamag.com
calls people take has actually decreased, and the time they spend on each call has gone down, too,” he notes.
Jeff Arnold, RightSure
COVID made our personal, work, and home lives blend together, and there’s no clear-cut delineation among them anymore.“From the moment you wake up, you’re spending the whole day doing multiple different functions, and it seems like there’s no downtime,” Arnold explains.
Some have reported struggling from ‘change fatigue,’ while a 2022 research study commissioned by Workplace Strategies for Mental Health showed the finance, legal, and insurance sector to be among the top three industries experiencing the highest burnout rates. However, when it comes to work volume, Arnold points out that this has actually stayed relatively stable throughout the pandemic – so what’s happening? What else could be causing burnout, if not workload?
you’re an introvert who loves numbers, we have a thousand actuarial positions for you.
In order to manage feelings of being overwhelmed, Arnold says that the most important factor is how you start each day, and how you manage your distractions. And in a world where most people still work from home on a regular basis, taking time out for yourself is one of the most vital steps to preventing burnout.
Despite all the positives in the industry, Arnold acknowledges that the last few years have been overwhelming for everyone – and insurance workers haven’t been left unscathed.
“Your company might not have the checkbook of a Fortune 1000 insurance company, but you do have the ability to give your people more goals, direction, and knowledge in their field”
Brought to you by
“Staff count hasn’t decreased either, but most people still feel like they’re working harder than ever. So I suggest checking in with yourself, because if you’re feeling overworked, you may just be overwhelmed.”
For more information, visit www. jeffarnold.com or email jeff@jeffarnold.com.
“When we look at the data, call volumes haven’t increased – in fact, the number of
SECTOR FOCUS: TALENT RETENTION
“If you start the first moments of your day with emails, you’re starting with other people’s work – so how will your own priorities get done?
“If you start your day chasing dopamine on social media, you’ll be chasing it all day long, and you won’t have control of your schedule,” Arnold says.
Applied Underwriters helps businesses and people manage uncertainty through its business services, insurance, and reinsurance solutions. The company is known for innovative approaches to client care
PRODUCTS
30 PROFILEwww.ibamag.com
877-234-4450 info@auw.com www.auw.com
For Steve Menzies there is an easy commerce between his leadership in the corporate world and dedicated philanthropy. A lifelong entrepreneur, Steve’s achievements include the creation of Applied Underwriters in 1994, as well as The Steve Menzies Global Foundation (boldthinkers.org), a nonprofit that works to solve complex social problems. He is also founder, through the direct patronage of Pope Francis, of the St. Francis Day Foundation (stfrancisday.org), a nonprofit organization that strives to address concerns of human ecology.
Whether the subject is insurance, reinsurance, risk finance, or risk management, Jamie Sahara is recognized as one of the best minds remaking and redefining the world of risk transfer. For over two decades, Jamie has been on a mission to build a better risk enterprise. Through his depth in M&A, coupled with his experience and acumen in insurance operations, Jamie has realized more than 40 corporate transactions in the past decade. (jamiesahara.com)
STEVE MENZIES, FOUNDER AND CHAIRMAN, APPLIED UNDERWRITERS
JAMIE UNDERWRITERSPRESIDENT,SAHARA,APPLIED
PRACTICE AREAS: Workers’ TransportationCompensation • Liability & Physical Damage Construction • Primary & Excess Liability Homeowners • Including California & Gulf Region hurricane Fine Arts & Collectibles Structured Insurance Financial Lines • D&O, E&O, Personal Liability & Cyber Aviation & ReinsuranceSuretyWarrantyPropertyLiabilityEnvironmentalAerospace&Pollution
collective of loyal customers and partners. Today, Applied Underwriters guides governments, businesses, and people through financial risk by applying unconventional thinking to the conventional tools of insurance, reinsurance, investing, and business services. By digging deeper, applying technology and analytics, finding profitable avenues through even the toughest risks, we help our customers and partners manage uncertainty so they can push confidently toward their highest aspirations.
APPLIED’S story starts with workers’ compensation insurance. We took a difficult, heavily regulated line of insurance, made it our singular focus, and made it better. We did this by first learning its intricacies and the very real human risk it addresses. We then used that insight to help our customers better manage their risk. This pattern of deep study, considering the human side of risk, seeing opportunities where others see obstacles, and educating customers carried us to new product lines, new challenges, and a global
Different thinking from a global risk-services firm
Workers’ Compensation • Transportation – Liability & Physical Damage • Construction – Primary & Excess Liability Homeowners – Including California Wildfire & Gulf Region Hurricane • Fine Art & Collections • Structured Insurance Financial Lines • Aviation & Space • Environmental & Pollution Liability • Property • Warranty • Surety • Reinsurance ...And More To Come. MORE TO LOVE FROM APPLIED.® MORE IMAGINATION. ©2022 Applied Underwriters, Inc. Rated A (Excellent) by AM Best. Insurance plans protected U.S. Patent No. 7,908,157. It Pays To Get A Quote From Applied.® Learn more at auw.com/MoreToLove or call sales (877) 234-4450
SECTOR FOCUS: PROPERTY AND CASUALTY
Rapid and dynamic change in property and casualty is evident and likely to continue – and Skyward Specialty’s CEO views this as an accelerant to its success
Robinson puts a lot of the Houston-based property and casualty insurance holding company’s recent success down to its
“We’re very nimble when it comes to disrup tion and dislocation; it suits us really well.”
“In my 35-year career, I would describe this as the most interesting, most dynamic and noteworthy period for the industry in so many regards,” says chief executive Andrew Robinson.
“Are we kind of into a different period ... where there’s deconstruction and reconstruc tion going on?” asks Robinson. He points to change in the world’s economies and climate, and other risks, as well as changes to tort systems and capital markets as examples.
Skyward Specialty soaring on wings of industry change
FEATURES 32 www.ibamag.com
‘Rule your niche’
WHILE MANY companies are struggling with legacy paradigms or waiting for clear patterns to emerge in the post-pandemic insurance world, Skyward Specialty is embracing the idea that the current turbu lence is a permanent phenomenon.
Skyward Specialty is in its element riding these winds of change, in terms of the prod ucts it focuses on, its embrace of technology to amplify staff expertise, and even the corporate culture it is fostering.
The strategy is paying off.
“It’s helping them reduce their insurance costs, have safe driving, [and] maintain their fleets to a high standard.”
“Since that time, in our continuing busi nesses we’re consistently growing well in excess of 30% per year.”
“In some ways, it becomes a self-selecting feature as to the kind of people who want to come work for us – people who are excited to
“We have made just a massive advance in our use of technology in a way that’s quite intuitive for our underwriters and claims professionals”
“We have made just a massive advance in our use of technology in a way that’s quite intuitive for our underwriters and claims professionals,” says Robinson.
Robinson says the idea is to deploy technology, advanced data, and analytics
“We’re making determinations about whether that risk should be something that we will write and at what price, and we’re exposing that data on an ongoing basis so that risk managers can better manage the safety and quality of their fleets and their drivers,” says Robinson.
Andrew Robinson, Skyward Specialty
Attracting the right people
with its technical professionals in underwriting and claims so that it amplifies theirAncapability.example is its recently developed SkyDrive® tool within its industry solutions division. The tool takes a range of data that might normally be considered difficult to quantify in terms of risk, including such things as drivers’ route selection, how long a driver might break to rest, and G-force events that include sudden stopping or lane-changing, and combines it with infor mation about fleet quality, performance, and safety data to help select price and manage risk.
AMOUNTS RAISED BY SKYWARD FOUNDATION IN 12 MONTHS TO JULY 2022 Source: Skyward Specialty Brought to you by Civic and human services Environmental services Veterans services Health services Food insecurity $20,700$19,430$93,628$5,000$16,420 TYPE OF CAUSE
strategy of “rule your niche.”
“That kind of progression is occurring in nearly all of our divisions,” says Robinson.
“We identify underserved opportunities where we can bring real expertise and do something from a product perspective that’s unique, or maybe a technology perspective or risk management perspective, which allows us to build a highly valued and defensible position,” he says.
A typical example is Skyward Specialty’s transactional E&S division, which is focused on ‘true surplus lines,’ primary general liability and commercial property “where exposure, coverage and price don’t really fit into a box.” It started just under two years ago but has already surpassed $50m on a run-rate basis.
To be sure, deconstruction and recon struction are also a feature of Skyward Specialty’s growth. When Robinson took the reins a little more than two years ago, the company jettisoned those divisions where there was no clear line of site to ruling its niche.
Skyward Specialty operates at the complex end of the specialty insurance market, which requires a high level of technical expertise for its underwriters and claims professionals. But the firm also embraces technology in a big way to leverage that expertise.
www.ibamag.com 33
Another key role that the technology in SkyDrive® and a host of other analytical tools plays is to help attract people to Skyward Specialty, who are excited about a new phase of permanent change.
Helping to keep this new breed of digital natives engaged and thriving in a state of constant market flux also requires a different approach. While flexible working has become relatively more prevalent in 2022, Skyward Specialty has adopted the traditional idea of a small-town community and implanted it into corporate culture.
Brought to you by SECTOR FOCUS:
Robinson noted a couple of recent exam ples. During Pride Month, an employee-led
work with newer technologies.”
The foundation funds employee resource groups and outreach initiatives that workers initiate based on their interests.
CAPTIVESSURETY ACCIDENT & HEALTHTRANSACTIONALINDUSTRYGLOBALPROGRAMSPROPERTYSOLUTIONSE&S PROFESSIONAL LINES 19%25% 5% 6% 7%12% 16% 10% OVERALL: $1.029BN
“Ourroot.employees feel they are really part of something special.”
“But [net] we’ve only grown our staff during that time by about a quarter, so certainly, there’s been a good deal of aligning talent to our rule-your-niche strategy.”
Skyward employs around 430 people currently, with roughly half of those having joined since Robinson became CEO.
The company has flipped around the traditional approach, so nearly everything is employee-led versus employer-led. With the establishment of an employee-led, company-funded Skyward Foundation, and the encouragement of an employee-run social awareness and diversity team led by more than 30 employees, cultural change took
All the pieces are in place for further growth – engaged employees backed by powerful technological gains deploying the right products to underserved markets. Throw in a bit of unexpected turbulence and things might look even brighter – or, as Robinson noted, “We really are going Skyward.” PROPERTY AND CASUALTY
initiative to design and sell Pride-themed Skyward shirts on the company’s SWAG store generated more than $3,000 in support of homeless LGBTQ+ youth.
Source: Skyward Specialty
“When I joined, it was very clear that we wanted to live our values as a company, which is to support our employees, their families and communities,” says Robinson.
FEATURES 34 www.ibamag.com
And in response to the ongoing conflict in Ukraine, the Skyward Foundation orga nized a fundraiser benefitting UNICEF’s relief efforts there. Within just three weeks, Skyward Specialty and the Foundation raised and donated more than $77,000.
“So you have self-forming groups, ranging from groups that are interested in fitness to the LGBTQ+ community to folks who are interested in mental health.”
“The engagement is incredible and a true representation of the spirit of the company we are building,” says Robinson.
BREAKDOWN OF SKYWARD SPECIALTY BUSINESS SECTORS
ACCIDENT & HEALTH ALLIED GLOBALE&SCONSTRUCTIONCAPTIVESHEALTHCAREBROKERAGEENERGYPROPERTYSOLUTIONSMANAGEMENTLIABILITYPROFESSIONALLIABILITYPROGRAMSSPECIALTYTRUCKINGSURETY SCAN TO LEARN MORE! SKYWARDINSURANCE.COM | FOLLOW US ON SOCIAL MEDIA OURUNDERWRITINGBEST-IN-CLASS&CLAIMSEXPERTSHAVEEXTENSIVEEXPERIENCE&PROVENSUCCESSWE ARE DELIVERADAPTABLENIMBLE,&SUPERIORSOLUTIONSINTHEMOSTNICHEMARKETS WE RISKENABLETECHNOLOGYADVANCEDLEVERAGETOSUPERIORSELECTION&CLAIMSDELIVERY We deliver insurance solutions differently. We are a specializedsolutionsinsurancespecialtycarrierthatcustomizesforhighlymarkets. RatedbyA-(Excellent)AMBest
Our value starts with the strength of our products, but we believe that your premium should provide more than just great coverage. With Falvey Insurance Group, you receive a breadth of additional value-added services at no additional cost. We have spent decades developing a reputation in the industry for being committed to going the extra mile for our clients and broker partners, providing solutions that put your needs first and exceed expectations.
marketplace, with heavy emphasis on marine, energy, property, aviation, and other specialty lines of business.
In-house claims, loss prevention, and recoveries
Specialized underwriting expertise
All Falvey companies have a Net Promoter Score over 80% – compared to 42%* for the remainder of insurance companies in the US and Canada.
• Marine Cargo • Stock Throughput • Life Science • Cyber for Cargo • Storage • Trip Transit • Worldwide Terrorism • All-Risk Shipper’s Interest • &TransportationLogisticsLiability • Global Vessel Pollution • Clean Marina • Shipyard • COFR • Blue Cards • Non-Vessel Owner • Supplemental Wholesale Products *Source: ClearlyRated
Falvey means experience, trust, and value
401-792-0144
We specialize in industry verticals where we have unique expertise, and we deliver a broad range of services to support our market-leading coverage offerings.
Michael received a BS in finance from Manhattan College. He recently served as chairman of the board for the American Institute of Marine Underwriters (AIMU), currently serves as vice chair of the International Union of Marine Insurance (IUMI), and is an active member of various other P&C industry organizations.
MICHAEL MCKENNA is currently the chief underwriting officer for Falvey Insurance Group. The role is primarily focused on profitable growth of the existing product suite for our carrier partners; expansion of the overall existing specialty product offering; and executive responsibility for the various underwriting functions within the group.
If you have a broker agreement with Falvey, you have access to:
FALVEY INSURANCE GROUP began as a single division, with its first office opened in 1995 in Wakefield, RI by the company’s founder, Mike Falvey. Almost 30 years later, the company has evolved into Falvey Insurance Group, comprising four divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance, Safe Harbor Pollution Insurance, and Falvey Insurance Group Wholesale. “The Specialized Insurance Experts” are known for world-class customer service, claims processing excellence, industry-leading technology, and comprehensive knowledge and expertise that is unparalleled in the insurance industry.
By having an in-house, integrated claims, recoveries and loss control department, Falvey can proactively and efficiently combine ease of claim settlement with value-added risk management services to our customers.
Proprietary, industry-leading technology
Falvey Insurance Group (FIG) represents a consortium of insurance products, each with its own core competencies in insurance underwriting across specialized verticals, including marine cargo, all-risk shipper’s interest, marine pollution, and transportation & logistics liability
World-class customer service
falveyinsurancegroup.com
Prior to joining Falvey, Michael led the underwriting function as chief underwriting officer of the Hartford Global Specialty Unit.
PRODUCTS
MICHAEL MCKENNA, CHIEF UNDERWRITING OFFICER, FALVEY INSURANCE GROUP
Prior to Hartford’s acquisition of Navigators in May 2019, Michael was the chief underwriting officer of US Insurance at Navigators, with key responsibilities for the growth, expense management, and profitability of the US specialtyMichaelproducts.joinedNavigators in 2004 from Aon, where he was senior vice president of the specialty reinsurance division. He focused on development and servicing of clients engaged in the broader P&C
With a full-time 20-person development team, Falvey’s proprietary software is designed to meet the changing needs of our customers, in addition to pushing innovation into the market.
36 PROFILEwww.ibamag.com
HAVE A SPECIALIZED RISK? FALVEY HAS YOU EXPERTLY COVERED. Large carriers may include similar coverage types under their package policy, but they lack the expertise of Falvey’s underwriting teams, the specialized in-house claims and loss prevention services, and the industry-leading technology and service Falvey offers its customers. Become a valued partner today: falveyinsurancegroup.com Marine Cargo | All-Risk Shipper’s Interest | Marine Pollution Transportation & Logistics Liability | & More
SPECIAL REPORT
Throughout 2022, the IBA team has evaluated nominations and submissions for our series of Insurance Business Special Reports awards. After months of phone research, peer feedback, surveys, data analysis and more, our team is proud to highlight those professionals and companies we think are deserving of special recognition in their field. This report is the definitive guide to the individuals and companies IBA has identified as the best of the best in insurance in 2022.
John Tateossian
VP/Commercial Lines Broker Hull & Company
Jeffrey Case
Rikki Concannon Brokerage Services Manager RPS Ascinsure Specialty Risk
www.ibamag.com 39
RT Environmental and Construction Professional
Diana Duke
Nick Kohal
Robert Balogh
John Heft
ArgosyPresidentRisk Specialists
Rick Smith
Senior Vice HUB-NationalPresidentElevator Insurance Program
Senior VP, LPL Practice Leader
Senior Vice President
Vice President, Flood Monarch E&S Insurance Services
Eric Hicks
Matt Shanks
Transportation Team Leader and Underwriter Russell Bond (Jencap)
Violetta Sabok
Senior Personal Lines
Executive Vice President RT Specialty
Executive Vice President Amwins Group
Daniel Drennen
Michael Freishtat
Monarch E &S Insurance Services Southeast Region
Vice President RT Specialty
Vice AmwinsPresidentGroup
Managing Director Executive Perils
Area Vice President, Casualty and Environmental Risk Placement Services
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WSIAPresident
Associate Managing Director Burns & Wilcox Brokerage
Senior Vice President AmWINS Group
Trey Renno
John Keogh
Clinton Anderson
USG Insurance Services
Bob Rusbuldt
Area Executive VP Risk Placement Services (RPS)
Division of Specialty Program Group
RiskCEO Strategies
SynapsePartner Services
President, National Specialty Practice HUB International
Matthew Romano
Laurna Castillo
First Vice President, Producer/Broker
Executive VP and Chief Diversity & Inclusion Officer
Vice GreatPresidentLakesGeneral Agency
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Pamela Alphabet Regional Practice Group Leader Burns & Wilcox
Julia Chu
USG Insurance Services
Executive Vice President Amwins Group
Lambros Lambrou CEO, Commercial Risk Solutions Aon
Fred Bautista
Raffi Kodikian
Cyndi Johnston
PMC Insurance Group
Keith Ross
CEO and Broker
Senior Underwriter, Special Risk Department Monarch E&S Insurance Services
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Executive Vice President AmWINS Group
Genette Nice
J. Patrick Gallagher Jr. GallagherCEO
LibertyCEO Mutual Davis Moore
Chief Risk Officer Markel
Senior VP of State Product Management CSAA Insurance Group
Senior Vice President Jencap
Lilian Vanvieldt
Dawnmarie Black Head of US Broker Practice Lloyd’s
Dan Saulter DaviesCEO Group
GLOBAL 100 - INSURANCE
New England Excess Exchange
Gary Grindle
Alliant Insurance Services
Charlotte Stone
Vice President
American Risk Management Resources Network
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Senior Flood Underwriter
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Tanya Andolsen
RiskPresidentPlacement Services
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Joya Sobolewski
David Long
VP of Sales, Broker
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Erich Schutz
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Peter Taffae
Gregory Case AonCEO
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Paul Gaglioti III Harbor.AICEO LLC
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Joel Troisi
President and CEO Insure Equality
Personal Risk Management Solutions
Ryan Specialty Group
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Jade Sullivan Head of Innovation Sole Pro
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Head of US Broker Practice Lloyd’s Elisa Stampf President and CEO Insure Equality
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Senior Vice President, Client Executive
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Warren Buffett
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Chief Marketing Officer
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Anne Hardner
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Jennifer Kessel Marketing Director USG Insurance Services
Founder and Chairman
Amber Hamilton Gregg
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Catherine (Cathy) Smith
Progressive Insurance
Managing Partner
HuntonPartner
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Senior Vice President Alliant Insurance Services
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President and CEO
AmwinsCEO
2022 SPECIAL REPORT AWARD WINNERS
Personal Risk Management Solutions
Chief D&I Officer
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Julie Kadnar Divisional Group President Great American Insurance Group
Senior Vice President
Gail Wien
Becky Patel
Rohit Verma
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Ngozi Nnaji
Catherine (Cathy) Smith
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In-House Trial Attorney State Farm Insurance
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Director of Specialty Claims, Cyber Risk HUB International
Dawnmarie Black
Inland Marine Technical Manager Allianz Risk Consulting Allianz Global Corporate & Specialty
Fatima Dean Director, Client Development ReSource Pro
Global Leader, Insurance Consulting and Technology Willis Towers Watson
Celia Santana
The Hartford
Andrea Keenan
Head of People Engagement Axis Capital
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Vice President, Small Commercial Arch Insurance
ReinsuranceCEO Group of America
Dawnmarie Black
Chief Risk and Underwriting Officer
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Oveta Mitchell
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Chief Insurance Officer Corvus Insurance
Chief Territory Officer, East Markel
TokioCEO Marine HCC
Sarah Price
Suzie Hall-Reynolds Broker VP M J Hall & Company
Assistant Vice President, Cyber Liability BCS Financial
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President and CEO Insurance Solutions Associates
Priscilla Hung
Kathy Conley-Jones
Karen Keniff
Martina Hahn
Vice President of Healthcare Claims CNA
Tenesha Frazier-Levett Global Relationship Leader Crawford & Company
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Margaret Resce Milkint
The Zebra
Director of Marketing Falvey Insurance Group
Loretta Fuller
Stacie Gram
NegarSharifi
TIG Advisors and Sunstar Insurance Group
The Conley Financial Group
National Director of Sales and Marketing One80 Intermediaries
Tamara Simpkins Franklin Chief Digital, Data, and Analytics Officer Marsh
Susan Johnson
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President and CEO
Senior Vice President Lockton
Megan Miller
Marilyn Marshall
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Mary Parsons
Executive Vice President, Professional Liability Division Arch Insurance Group
HR Program Manager, Diversity and Inclusion FarmersInsurance
Kesa Edwards
Global Insurance Practice Leader Diversified Search Group
Patricia Gastanaga
Rebekah Ratliff JAMSMediator/Arbitrator
Managing Director and Global Specialty Claims Officer Aon
Kim Beach
Tracey Sharis
Megan Bell
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Executive Vice President RT Specialty Neera Sharma
Vice President, Property and Casualty Brown & Brown
Robyn Hahn
Susan Rivera
Reshma Dalia
National Personal Lines Department Co-Manager The Liberty Company Insurance Brokers,Inc
Stephanie K. Rushforth
ELITE WOMEN
Sarah Gavlick
Head of Underwriting Operations Hiscox USA
Michelle Goldman
Executive Vice President CAC Specialty
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CoastalPresidentBrokers Insurance Services
VP, Large & Complex Construction CNA
Robbyn Reichman
Director, Diversity, Equity & Inclusion PURE Insurance
Sonji Grandy
Lenika Milne
Chief Operating Officer and Chief Marketing Officer
Kerri Roberts
Sophia Yen
Senior Partner/Principal, Insurance Strategy and Innovation Leader EY
Executive Vice President, CFO, Alliant Specialty Alliant Insurance Services
Kirsten Charlton
Rachael Lawton
President and Chief Operating Officer Guidewire Software
Lori Bailey
Executive Director Spencer Educational Foundation
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LawtonOwner/PresidentBenefitsGroup LLC
Founder and CEO Insure Women
Teresa Milano
Commercial Vice President Assured Partners Ngozi Nnaji AkoInsuranceConsultingFounder
Tammy Kocher
Precious Norman Walton Director of Underwriting Harbor AI
Chief Product Officer
Michele Centeno
Lisa Harris
Chief GuidewireEvangelistSoftware
President, Commercial Lines Westfield
CEO of Greater New York Region Aon
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EVP Sales, Employee Benefits Assured Partners
Justin Sorensen EmbrokerDirector Insurance Services
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Senior Vice President Marsh McLennan Agency
National Non-Profit Practice Leader Marsh McLennan Agency
Powers Insurance and Risk Management
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OvermyerPartner Hall Associates
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Executive Vice President Assured Partners
Executive Vice President/Partner Seibert Keck Insurance Partner
John Powers
Managing Director, Insurance Services Franklin Street
Michael Kellam Chief Executive Officer Ware Insurance
Phillip Lane Vice President and Partner Insurance Office of America
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Regional Managing Director Franklin Street
SVP Sales, Commercial Lines Assured Partners
Kyle Schielack Managing HigginbothamDirector
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Marcus Eagan Vice EaganPresidentInsurance
Garet Marr
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RHSBPrincipal
Executive Vice President FBB Insurance
Bob Middleton
Brendon Bock
Dane Beasley
George Phillips
Jonathan Axel Area President, West Coast The Liberty Company Insurance Brokers
SPECIAL REPORT
RHSBPrincipal
Alan Jones
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Evan Seacat
Partner/Vice President of Commercial Lines Insuramax
Gregory W. Havemeier
Brian Hall
Allison Nixon
OvermyerPartner Hall Associates
Partner and Client Advisor Gulfshore Insurance (Acrisure Agency Partner)
Michael Irvine
TOP PRODUCERS
Executive Vice President Bozzuto & Associates Insurance
Joe Urquhart
VP Sales, Commercial Lines Assured Partners
Vice President of Environmental and Construction Dale Group
Karl Henley
Ben Smith Managing HigginbothamDirector
Joseph De Lucchi CALPresident/CEOInsurance& Associates
Michael Egan Vice President The Selzer Company
MarshPrincipalMcLennan Agency
Division Leader, Business Insurance Marsh McLennan Agency
David McKinnon
Bob Bamberger
Brent Aycock Managing HigginbothamDirector
Brian Johnson
Mark Lee Managing HigginbothamProducer
EVP Sales, Commercial Lines Assured Partners
Senior Vice President Overmyer Hall Associates
John Henry Ward III
Executive Vice President Marsh McLennan Agency
Joel Hirschfeld HirschfeldPresident & Associate
Joe Thompson
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Senior Vice President FBB Insurance
VP, Risk Management TIG Advisors
Jeffrey Maconaghy Agency AssuredPresidentPartners
Jeff Mentel
Marcus Henthorn Managing Director of Sales Gallagher
Michael Shadeed Managing Director, Insurance Services Franklin Street
Dan Borgna
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Director of Arts Insurance Program Maury, Donnelly & Parr
Chief Executive Officer
Senior Vice President Marsh McLennan Agency
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John Sirabella Account Executive CLG Insurance and Acrisure Agency Partner
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Dan Overmyer
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Clinton Anderson
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Paul Praxmarer
Executive Vice President Hub International
RSIPresidentInsurance Brokers
Bart McGowan
DillonProducerRisk Management
Trey Wood
Richard Lonneman Executive Vice President/Partner Assured Partners
CumbrePresidentInsurance Services
Timothy Spear
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Sam Sackler
Gulfshore Insurance (Acrisure Agency Partner)
Jared Parsons
Partner and Client Advisor
Senior Vice President Bolton, an IMA Company
Managing Director, Insurance Services Franklin Street
SVP Sales, Commercial Lines Assured Partners
Zachary Fanberg Vice EaganPresident/ProducerInsuranceAgency
Area Vice President, Casualty and Environmental Risk President
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Tim Dickison
Robert Baldacci
Partner & Senior Vice President Board Member Woodruff Sawyer
Mark Doscher
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EVP, Community Association Insurance Assured Partners
Tyler Vandeberghe Sales BrownLeader/Producer&Brown
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Tim Powers Vice MissouriPresidentGeneral Insurance Agency
Agency President and Real Estate Vertical Leader AssuredPartners
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employees who have best friends at work are seven times more likely to be engaged in their jobs. Additionally, if they have at least three vital friends at work, they are 96% more likely to be satisfied with their lives.
Why friendships are important at work
Workplaces are complex environments, bringing together a melting pot of people with varying ideas, assumptions, experiences, expectations and ambitions. It’s about finding the balance between too much friendship and not enough collegiality.
they are saying differently. It’s like giving someone the benefit of the doubt. We will do that for a friend, but not for a foe.
RELATIONSHIPS
Having a solid network is vital to career success, but it’s meaningless if the relationships in that network aren’t genuine. It’s easy to spot the person who can network, network, network, yet the relationship is superficial and highly transactional. A relationship that focuses purely on what you can get from it fuels disconnection.
Fostering collaboration
FEATURES 50 www.ibamag.com
If you see other people as ‘foes’ in the workplace, you are more likely to misinterpret their intent, which leads to distrust, disagreement, and unproductive competitive behavior. None of which help to build a collaborative and productive workplace.
Inspiring happiness
which category we’ve put them in. What this means in practice is that if two people are saying the same thing to us, and one person is considered a ‘foe’ and the other person a ‘friend,’ we will interpret what
The brain then processes the information we receive from that person according to
Organizations often talk about culture but rarely consider the role friendships play in creating a healthy, dynamic, and productive work environment, says Michelle Gibbings
Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe.’ It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe.’
Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe.’ It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe’
In his book Vital Friends: The People You Can’t Afford to Live Without , Tom Rath outlines research which shows that
Connection is at the root of all human existence. Having someone you can share experiences with, bounce ideas off, and talk through problems with is good for the soul. When you work with people you like, the
SOME LEADERS believe that if a work environment is too collegiate, people will stop challenging each other, and ideas won’t be debated. However, combative environments in which a dominant person subjugates the opinions of others and is unfriendly and highly politicized can be destructive. The damage to employees’ mental health and wellbeing from working in such an environment is well known.
If you want an engaged and productive workplace in which employees constructively challenge and go beyond the norm, consider how you nurture and encourage healthy friendships.
Building engagement
work is more enjoyable, and you are likely to find yourself more connected. When you feel more connected at work, you’ll feel happier.
As you do this, remember the words of relationship expert Dale Carnegie: “You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”
Having a solid network is vital to career success, but it’s meaningless if the relationships in that network aren’t genuine
Accelerating progress
different perspectives and explore new ideas. It’s much easier to take input and feedback from a friend who you trust. Similarly, having an affiliative and collaborative environment makes it easier for ideas to be debated, agreed on, and Researchprogressed.demonstrates that cooperating with others activates the same reward circuitry in your brain as when you eat chocolate. So cooperating makes you feel good too.
If you want to develop an influential and effective team, consider the role that friendship can play in helping to create the culture you need to excel.
Of course, being happier sparks a whole range of additional benefits.
www.ibamag.com 51
Good friends don’t just agree with you. They challenge and inspire you to greater heights. They help you see things from
Michelle Gibbings is a workplace expert and the award-winning author of three books. Her latest book is BadBoss:What toDoifYouWorkforOne,ManageOneorAreOne.Formoreinformation,visitwww.michellegibbings.com.
FEATURES 52 www.ibamag.com BUSINESS LEADERSHIP
The value of empathy leadershipinLEADERSHIPHAS
Thriving or surviving?
expect obedience. Mistakes are swept under the carpet for fear of losing jobs, and no one is prepared to signal when things might be goingFortunately,awry. I’ve also seen the impact that empathy shown by leaders has on the results of teams and relationships within them. We
undervalued. They are in survival mode. The conversations between leadership and those on the ground are transactional, reflecting a ‘tell’ culture (I’ll tell you what to do, and you do it). No rich debate is held; there’s simply fearful compliance. Leaders do not lead; they merely send out instructions and
leadership has focused on developing cognitive, logic-driven, strategic thinking that can ‘steer the ship’ away from the rocks and into clear waters. Many have discovered along the way that without understanding what the crew need in order to pull together on the oars, and what motivates them, the rocks appear swiftly and too late for evasive action.
long been a dynamic dance, balancing attaining results with managing and leading people.
The most effective leaders are those who understand the emotions that motivate their staff and help them thrive, says Tracey Ezard
In the current era, agility and adaptability have become key skills that allow individuals, teams, and organizations to thrive. The ability of teams to move within the grey and evolve to new ways of working and collaborating requires their leaders to have a new level of skills to create a culture in which that is Historically,possible.
being downright miserable. With our personal and professional lives copping a real shake-up over the past two years, the teams who have weathered the storm the best have been those whose members show deep support and understanding of each other. Gallup also found that engaged teams create a 23% higher profit than miserable teams.
A 2022 Gallup survey of the global workforce found that 60% of people are emotionally detached from their workplace, with 19%
We perform better in an environment in which we are supported to be our best and feel valued as a human being, not just a role
I’ve worked with some of those miserable teams. Most of them feel unseen, unsafe and
Let’s listen deeply to their perspectives with a desire to understand, showing humility and grace in response to their feedback, and acknowledging their courage in speaking up. Then there is no limit to what we can achieve together.
culture in which it is safe to share where they need support and robust enough to allow discussion of the more challenging issues.
Empathy holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’
Research continues to open our eyes to the impact that a sense of belonging, psychological safety and trust has on our cognitive functioning and outcomes. Show me an empathetic leader who can offer a safe space for their team to share their feelings and concerns about any work initiative, and I’ll show you a team that is honest and open enough to work proactively on what’s working and what is not. This team creates a learning
www.ibamag.com 53
Empathy holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’ – whether we agree or not. Empathy says, ‘I seek to understand what is happening for you and how I can support you to be the best you can be.’
The key for leaders? Get curious about your people. Ask questions to understand more about what makes them tick. What is
The key Empathy is a key skill of those with emotional intelligence. It is the ability to understand the emotions that motivate and sustain people to thrive. Daniel Goleman, whose extensive research into emotional intelligence redefined what we see as important in leadership today, sees both thinking and feeling skills as critical. “How we do in life is determined by both – it is not just IQ but
emotional intelligence that matters. Indeed, intellect cannot work at its best without emotional intelligence,” Goelman says.
Tracey Ezard is a keynote speaker, author, and leadership and team educator. Her leadership framework and book FerociousWarmthhelp leaders find the balance between the head and the heart, results and relationships, strategy and culture. Find out more at www.traceyezard.com.
perform better in an environment in which we are supported to be our best and feel valued as a human being, not just as a role. What we feel impacts on how well we think.
important to them? How do they see the state of play in your organization? Where do they think the way you all work could be improved? What are their strengths, their challenges? What do they need to thrive and excel?
FEATURES 54 www.ibamag.com WORK-LIFE BALANCE
But saying yes feels good, doesn’t it? Saying yes is a habit that makes you feel needed, valuable and useful. You want people to like you. You want to be part of the gang. And saying no feels bad; it makes you feel guilty, worried about upsetting people, or fearful of damaging your reputation or even losing your job. This relationship we have with saying yes or no is a programming issue that is now hurting us more than it’s helping us. And why now?
struggling to set boundaries? Are you saying yes to things you should say no to? Putting in long hours not ‘just this once’ but all the time? Feeling that people take you for granted or even take advantage? Then there’s a chance that you’re not setting boundaries – and as a result you could be heading for burnout.
You are already working a lot more hours than before COVID-19. ADP Research last year showed that employees working from home were putting in an entire day per week
Set clear boundaries to prevent burnoutAREYOU
The coronavirus pandemic means that people working from home are clocking up longer hours than ever, but everyone should be working smarter instead of harder, says Rebecca Houghton
Why do we do it? Most of us have been trained since childhood to be people pleasers. If you’ve ever said yes, knowing you should have said no, or made up an excuse instead of saying no, then the chances are that you’re pleasing people and struggling to set boundaries of your own.
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more work. And now we are being asked to come back into the office, so we are adding a commute on top of that.
Rebecca Houghton, author of Impact:10WaystoLevel upyourLeadership, is a leadership and talent expert and founder of BoldHR. She builds B-suite leaders with C-suite impact by working at an organizational, team and individual level.
We have a cult of overwork in many countries. ‘Busy’ is wrongly equated with ‘valuable,’ so we feel obliged to work harder and harder instead of smarter and smarter. This means we feel that we should be able to
1 Boundaries build respect. If you don’t respect your own boundaries, no one else will. They will always take you for granted, and they will always want more.
With these simple techniques, you can set boundaries that both prevent burnout and build respect.
If you haven’t had a real conversation about resetting expectations, then you will be trying to cram six days’ productivity into only four days’ worth of available working hours. No wonder you’re feeling burned out. So, what can we practically do about it?
WORK-LIFE BALANCE
keep doing more and more and more – as if we are an infinite resource. But we are not.
We must get out of our own way when it comes to work boundaries. Get over the fear of saying I can’t (or won’t) do it all. Get over the shame of not having an infinite capacity for work (even Superman has his limits). Stop fearing that we will lose respect or even status if we don’t say yes.
2 Without your own priorities you’re at the mercy of everyone else’s. A lack of priorities makes us feel we have no way to push back. Set your priorities with your leader and build your confidence to say no if work requests conflict with them.
ADP Research last year showed that employees working from home were putting in an entire day per week more work
over that line. But if you say you’ll never compromise on your morning meditation, or you say that you will always spend every second Friday with your grandad, then you’re more likely to say no when work requests come up. It’s easier to respect our own boundaries when they are specific and meaningful. Once you’ve set your work-life boundaries, then it’s time to set some in-work boundaries too.
Here are five ways to establish and keep your boundaries intact at work:
4 Qualify before you commit. Find out what you’re saying yes to before you say it, by simply asking when and why. ‘When do you want it?’ will mean that you can schedule it appropriately rather than assume you need to work all weekend on it.
5 Learn to say yes in the right way. This means ‘yes, I can show you how to do it’ (instead of doing it for you), or ‘yes, if I can stop something else’ (instead of adding it on top), or ‘yes, I can do it on Thursday’ (instead of Sunday).
This means being clear on what really matters to you. If you simply say you’ll only work a 50-hour week, you won’t stick to it, as there will always be a good reason to step
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First off, articulate your boundaries. This is a step that most people forget to do, and if you don’t have your boundaries clearly articulated, you have no hope of holding to them. In the coaching I do with middle managers (or ‘B-suite’ leaders, the most burned-out cohort in the world), we talk about a clear red line. This is the point past which you do not go without clear repercussions. If you don’t have this clearly articulated yet, then you have no chance of anyone respecting your boundaries.
3 Control your diary before it controls you. Expect a meeting agenda, or challenge your need to attend. If they can’t articulate the meeting agenda and why you are required, it’s likely to be a waste of your time.
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