Insurance Journal TV » Market Forum

Emerging Risks at Lloyd’s

bpedroso — Wed, 26 Oct 2011 16:07:49 +0000

As the leading surplus lines market, Lloyd’s does a lot to stay on top of emerging risks. Part of that effort includes a team of emerging risk researchers based in London. In this interview from MarketScout’s Entrepreneurial Insurance Symposium in Dallas, Hank Watkins, president of Lloyd’s North America, describes the emerging risk unit at Lloyd’s and how an emerging risk is identified.

The Lloyd’s Market

bpedroso — Wed, 26 Oct 2011 16:07:34 +0000

Lloyd’s has built a reputation over the years as being one of the most innovative insurance markets in existence today. But despite that reputation, the famous Lloyd’s underwriting room may never change, says Hank Watkins, president of Lloyd’s North America. In this interview from MarketScout’s recent Entrepreneurial Insurance Symposium in Dallas, Watkins describes the Lloyd’s market, its unique set up, and why the face-to-face interaction that happens in Lloyd’s underwriting room is so important.

A View From the HUB

bpedroso — Tue, 25 Oct 2011 22:41:02 +0000

Being on the same page, with the same mind set and the same interests made all the difference for the group of entrepreneurs that founded what is now known as HUB International Ltd. Rick Gulliver, president of HUB, says there’s not one hero in the success of HUB; but rather a group of heroes that turned a small group of 11 Canadian brokerages producing just $38 million in revenue collectively in 1998 to a powerhouse organization with some 250 offices in North America, producing $645 million in property/casualty revenue in 2010. In this interview from MarketScout’s recent Entrepreneurial Insurance Symposium in Dallas, Gulliver discusses the idea that became HUB International.

Does Innovation Miss the Mark?

bpedroso — Mon, 24 Oct 2011 22:37:59 +0000

Michael Lee, founder, chairman and CEO of the Tower Group, doesn’t believe innovation runs deep in the insurance industry. The insurance industry is not known as being one of the most innovation industries in the financial services world, and that reputation is somewhat deserved, Lee says. But that trend is changing, and continues to change. In this interview from MarketScout’s annual Entrepreneurial Insurance Symposium in Dallas, Lee explains what parts of the insurance world do a good job at innovating and where innovation may be lacking.

The Uncertainties of Global Exposures

bpedroso — Fri, 07 Oct 2011 18:44:23 +0000

A property and casualty insurance company with clients in 190 countries needs to be able to respond effectively to the ever-evolving nature of global risk. At the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, David Bresnahan, president of Lexington Insurance Company spoke with Insurance Journal about some of the challenges that companies with global operations face. He says insurers like Lexington, which has locations in 190 countries, must have an innovation-focused culture in order to be able help their customers negotiate the uncertainties that come with changing worldwide exposures.

Turning Ideas into Reality

bpedroso — Thu, 06 Oct 2011 19:25:58 +0000

What is an entrepreneur? The exact characteristics that comprise an individual with the ability to bring new ideas to the marketplace and foster their success may be difficult to define.
But it’s not much of a stretch to recognize that Richard Kerr, chairman and CEO of the electronic insurance exchange MarketScout, CEO of Bermuda-based Monster Insurance Co., co-founder and chairman of MarketScout Wholesale (MSW), and founder of the Entrepreneurial Insurance Symposium and the Entrepreneurial Insurance Alliance has significant expertise in turning innovative ideas into reality. In short, he is an entrepreneur.
In an interview with Insurance Journal’s Stephanie Jones, Kerr shares his thoughts about innovation and entrepreneurship, as well as his vision of future trends in the distribution of property and casualty insurance products.

Program Management: An Alignment of Interests

bpedroso — Thu, 06 Oct 2011 19:00:09 +0000

QBE the Americas, a division of Australia’s QBE Group, conducts property and casualty insurance business in 10 countries. While QBE is well-established worldwide, its profile as a single unified brand is not as visible in the United States as the company would like says Rob Byler, who was appointed president of the New York-based unit’s program business in 2010.

QBE subsidiaries Praetorian and General Casualty enjoy name recognition in the United States, Byler says, and QBE now has the opportunity and the initiative in place to spread the message about the underwriting depth, the balance sheet capacity and solid performance that QBE has to offer.

At the 2011 Entrepreneurial Insurance Symposium in Dallas, Byler, who has extensive experience in program management and development, spoke with Insurance Journal about the processes involved in developing and designing successful insurance programs.

Entrepreneurial Technologists

bpedroso — Thu, 06 Oct 2011 18:50:29 +0000

This year the Entrepreneurial Insurance Alliance (EIA), sponsored by MarketScout, named Vertafore and Risk Metrics, as winners of it 2011 Entrepreneurial Award in technology. Vertafore’s WorkSmart and Risk Metrics’ Insurance 360 technology products received recognition from the EIA as being some of the industry’s most innovative concepts in technology. Each year, the EIA receives hundreds of applications for the most entrepreneurial, innovative, and new insurance concepts, but only a select few receive the honor of receiving an award at the MarketScout annual Entrepreneurial Insurance Symposium. In this interview with Insurance Journal, Vertafore’s Susanna Morgan and Risk Metrics’ Kevin McCarthy explain their innovative ideas in insurance technology, and what WorkSmart and a new version of Insurance 360 promise to deliver for the industry.

Thinking Globally, Operating Locally

bpedroso — Mon, 03 Oct 2011 23:25:53 +0000

All insurance is regional, according to conventional wisdom, so maintaining strong local relationships is more important than ever in an increasingly global marketplace. As president of field operations for Navigators Management Company and former president of Lloyd’s North America, few understand the need to balance regional and global perspectives better than LoriAnn Lowery-Biggers. To successfully bring products and services to market that meet the particular needs of clients worldwide means being able to communicate intelligently on a global platform while realizing that execution and implementation occurs at the local level. Lowery-Biggers, who recently spoke at the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, says carriers that are willing to take calculated risks and don’t shy away from innovation will be among those that thrive going forward.

Triage Nurses Cut Costs in Workers’ Comp

bpedroso — Mon, 26 Sep 2011 21:47:04 +0000

What if a business could lower its workers’ compensation claims costs by as much as 30 percent by simply taking care of the injured worker at the onset of injury? That’s exactly what some businesses have done after using triage services provided by Company Nurse, an innovative firm offering the services of a 24/7 triage nurse hotline for injured workers. Unlike a nurse case manager, triage nurses enter the workers’ comp injury process at the front-end of a claim. This early intervention is delivering good results for businesses, the insurance industry and of course the employee, says Paul Binsfeld, founder and CEO of Company Nurse. After years of working in workers’ compensation, Binsfeld continued to see a lack of compassion for injured workers. He envisioned an environment that would take better care of the injured worker, while leading to better cost control outcomes. His plan is working. In just over four years, Company Nurse has grown more than 200 percent, and saves employers that use triages saves 15 percent to 30 percent on workers’ comp costs in the first year alone. Binsfeld, who recently spoke at the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, says the idea to create Company Nurse was just the right thing to do. In this interview, he shares his view on the triage injury concept and how it’s making a difference for workers, employers and the workers’ comp industry.

PURE Innovation

mtolk — Fri, 16 Sep 2011 23:00:41 +0000

During his 25-year career in the property/casualty insurance business, Ross Buchmueller has specialized in protecting the assets of wealthy clients. So it was a natural progression when he founded PURE, a six-year-old reciprocal insurance company that operates in the high net worth market niche. In an interview with Insurance Journal, Buchmueller describes the process of taking PURE from idea to execution, and discusses the entrepreneurial spirit that is vital to the insurance industry.

Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark

bpedroso — Mon, 11 Apr 2011 17:55:29 +0000

Karen Clark, who pioneered catastrophe modeling for property/casualty insurers, thinks insurers, rating agencies and regulators have become over-reliant on the models. The models are great tools but they are not always the best tool for all purposes and do not give the complete picture. Other approaches must also be used, says the consultant who now heads Karen Clark & Co.

Markets in Motion: Management Liability Coverage

bpedroso — Tue, 30 Nov 2010 20:34:19 +0000

Management liability programs, which include employment practices liability, directors and officers liability, and errors & omissions coverage, have emerged as a crucial safety net for businesses, especially in the wake of the financial crisis. In this edition of Markets in Motion, Hiscox and Markel discuss their new management liability programs and what exposures insureds face in these turbulent times.

Chartis Targets Small Businesses for Growth Opportunities

bpedroso — Thu, 11 Nov 2010 15:29:58 +0000

Chartis has worked particularly hard in the last several years on building insurance programs that target very specific areas of business. One of those areas has been small to mid-size businesses. Paul Boris, program manager for Chartis Growth Enterprises, talks with Insurance Journal about what they are doing to help small businesses grow and what products they have developed to target these businesses.

W.R. Berkley: Economic Recovery Depends on Country’s State of Mind

creese — Fri, 15 Oct 2010 20:10:58 +0000

Economic recovery in the United States is now very dependent on the state of mind of the American public and its business leaders, according to William R. Berkley, founder, chairman and CEO of W.R. Berkley Corporation.

Berkley, a keynote speaker at the National Association of Surplus Lines Organizations (NAPSLO) annual convention in Atlanta, said that the economy is getting back on track but progress will continue to be slow until there is a general “confidence that things are going to move forward.”

While problems with commercial real estate have largely been ameliorated, he said, the housing sector continues to be a drag on the economy. Until the foreclosure situation is cleared up, “we can’t get homebuilding going; we can’t get people the mobility they need to change jobs,” Berkley said.

At some point, businesses will need to understand that “the risk of doing nothing is greater than the risk of doing something,” he said.

Why the Time is Right for New Companies

creese — Mon, 11 Oct 2010 17:02:03 +0000

Jack Sennott, executive vice president of Allied World Assurance, has helped build two very successful companies, Executive Risks and Darwin Pro. At the recent MarketScout Entrepreneurial Insurance Symposium, Sennott discussed how success as an entrepreneur can often depend on timing.

Markets in Motion: Medical Marijuana Dispensaries

creese — Tue, 28 Sep 2010 23:58:09 +0000

Medical marijuana dispensary owners are vulnerable to some exposures that are unique to their business and product, but they also face many of the same exposures as other businesses, such as general liability and employment practices liability and data breach.

Some in the insurance industry have been hesitant to work with the medical marijuana segment because of the high risk and constantly changing state laws. However, the demand for coverage has increased in recent years and more insurance companies are looking into how they can specialize in this class.

In this edition of Markets in Motion, MyNewMarkets.com Associate Editor Amy O’Connor speaks with Burns & Wilcox in Sacramento, Calif., about how they are working closely with dispensaries to make sure their coverage needs are met, and with a Sacramento dispensary owner about how her insurance agent has helped protect her business.

MarketScout’s Kerr Promotes Insurance Entrepreneurship

bpedroso — Mon, 27 Sep 2010 21:32:37 +0000

The man who started MarketScout is on the lookout for innovators and innovations in the insurance industry. Richard Kerr recently hosted more than 400 entrepreneurs and innovative thinkers and the people who want to support them at his MarketScout Entrepreneurial Insurance Symposium in Dallas. Among the highlights: the announcing of the 11 finalists in the Entrepreneurial Insurance Awards that his organization plans to give out. The winners will be announced in December. Here, Kerr talks about the symposium and the awards.

CEA: Transforming Earthquake Insurance

bpedroso — Mon, 27 Sep 2010 18:09:04 +0000

Residents from Mexico all the way up Oregon, and around the world, have been rocking and rolling more frequently. The increase in seismic activity underscores the need for earthquake insurance. With a 99 percent chance of a mega-earthquake striking California in the next 30 years, California Earthquake Authority CEO Glenn Pomeroy shares how his agency is improving the value and affordability of earthquake insurance.

Markets in Motion: Solar Manufacturer Warranties

bpedroso — Wed, 01 Sep 2010 23:48:46 +0000

The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.

According to Mike McMullen, managing principal of PowerGuard Specialty Insurance Services, banks are hesitant to lend against some larger solar projects because of the severe credit crunch and the balance sheet of the solar manufacturer. This has made it difficult for these projects to get the funding they need from banks. PowerGuard developed its unique warranty program to back up the 25-year warranty of the solar manufacturer should the manufacturer become unable to pay. As alternative energy and large solar projects continue to increase, agents need to be aware of these insurance options.

In this edition of Markets in Motion, MyNewMarkets.com Associate Editor Amy O’Connor talks with PowerGuard about their solar warranty product and how agents can get involved in this emerging insurance market.

Markets in Motion: Going Green

creese — Thu, 29 Jul 2010 15:29:15 +0000

One of today’s biggest insurance trends is green insurance as businesses look at ways to become more sustainable and cut costs. According to underwriters, the regulatory environment for green is changing dramatically as well. For example, the Securities and Exchange Commission (SEC) is requiring publicly traded businesses now disclose their climate risks and what they’re doing about climate change. The Environmental Protection Agency (EPA) regulates greenhouse gas as a pollutant and is putting new and tougher restrictions on nearly all industries.

Some cities have adopted green building codes requiring that buildings be rebuilt as green. Some jurisdictions, including California, will soon require that office buildings, hotels and buildings that are for sale or lease must disclose their energy star score. These new green building regulations, as well as the actual task of going green, can be overwhelming for a business owner. Insurance companies and agents can work with them to help ease the process and make sure their green exposures are covered.

In this edition of Markets in Motion, MyNewMarkets.com Associate Editor Amy O’Connor talks with Fireman’s Fund about how agents can help insureds with the going green process and with a business owner who has successfully made the transition to a green business.

Some Florida Insurers Get a Break on Citizens Take-Out Policies

creese — Thu, 03 Jun 2010 00:25:40 +0000

For a number of years, Florida has had a program allowing insurers to take policies out of the state-backed Citizens Property Insurance. The original deal was that they took them out and had to stay on the policies for three years. Insurance Commissioner Kevin McCarty is relaxing that rule and allowing some of the insurers to non-renew some of the riskiest take-out policies early. He estimates it will affect about 20,000 to 30,000 policies. Jeff Grady of the Florida Association of Insurance Agents says agents aren’t thrilled about this change. In fact, he thinks it’s an indication that the whole take out program is a failure.

Florida’s Mitigation Credit Program: What Went Wrong?

creese — Thu, 27 May 2010 21:25:35 +0000

Florida’s program of premium credits for storm-proofed homes has been one of the contributors to the financial woes of some property insurers. The program appears to have encouraged fraud with millions of dollars in credits being awarded based on questionable inspections. Re-inspections found error rates as high as 80%. So how did such a well-intentioned program get out of control? The answers– and some fingerpointing– in this interview come from agency, carrier and regulatory points of view.

Florida’s Property Insurance Market 1 Year From Now

creese — Thu, 27 May 2010 18:36:31 +0000

Florida insurance leaders are asked to look beyond current legislation and the hurricane season to what they would like to see in the state’s property insurance market a year from now. Insurance Commissioner Kevin McCarty would like to see the state tackle some fundamental issues including coastal development, building codes and the government’s role in risk sharing. Insurance Journal’s Andy Simpson also speaks with Jeff Grady, president/CEO, Florida Association of Insurance Agents; James Graganella, president/CEO, Southern Fidelity and Capitol Preferred; and Jay Newman, chairman, one-year old Sawgrass Mutual.

Why Florida Is Rethinking Its 1-in-100 Reinsurance Requirement

creese — Wed, 26 May 2010 23:42:00 +0000

Reinsurance for that 1-in-100 year storm. That’s a criterion that the Florida Office of Insurance Regulation has used for years in assessing property insurers’ reinsurance programs. It’s also a standard that some rating agencies use. But Florida Insurance Commissioner Kevin McCarty has decided to take a fresh look. He wants to look not just vertically at the exposure of the 1-in-100-year storm but also horizontally at the frequency of more moderate storms. Why the change now? McCarty, agents and two CEOs give their views.

MGAs Called Critical for Florida Property Market

creese — Mon, 24 May 2010 21:47:31 +0000

In Florida it’s not uncommon for an insurance holding company to have an affiliated managing general agency to which it pays fees. Those fees have come in for some criticism lately by some who think that insurance companies that say they are losing money are actually funneling profits to their MGAs. State officials have looked into two cases. However, even the critics agree that the model of the MGA has been important historically and will be critical to the future of the Florida property insurance market and any problems with it are really manageable.

Florida Insurance Chief: 85% Medical Ratio Will Hurt Agents

creese — Fri, 21 May 2010 16:46:46 +0000

Federal healthcare reforms call for major group health insurers to be held to an 85% loss ratio while insurers in the small and individual markets would have to achieve 80%. The government has some flexibility in setting the final ratios. Florida Insurance Commissioner Kevin McCarty is among those who thinks the ratio needs to be carefully defined and possibly lowered to ensure availability of sufficient products to consumers and a role for insurance agents.

Web 2.0 Fuels Growth in Cyber, Privacy Liability Insurance

creese — Tue, 04 May 2010 09:04:57 +0000

Cyber and privacy liability insurance is poised for growth, with more players coming into the market to cover a growing number of businesses. Insurance Journal recently spoke with Graeme Newman, CFC Underwriting’s business development director, about increasing data security and privacy risks, given the surge in social media.

New York’s Answer to Lloyd’s of London

bpedroso — Mon, 01 Mar 2010 22:32:05 +0000

A proposal by regulators in New York to re-launch the New York Insurance Exchange and create a U.S.-based Lloyd’s of London competitor, is one of the most closely watched stories in the industry. Maria Filipakis, special counsel for the New York State Insurance Department is overseeing the plan, which is in the process of being vetted by representatives from over 50 of the largest companies in the industry. She recently spoke with Insurance Journal about the progress of the plan, and how that new exchange could reshape the market.

The Climate for Pay-As-You-Drive Insurance

bpedroso — Thu, 25 Feb 2010 18:17:48 +0000

Insurance companies and regulators are exploring usage-based car insurance — also known as “Pay as You Drive” — a voluntary system that promises to modify driving behavior and, perhaps, even the climate.

Fast Food Chain Battles Fraudulent Claims

bpedroso — Wed, 10 Feb 2010 00:08:06 +0000

Based in San Diego, Jack in the Box Inc. was founded in 1951 and is the first major fast-food chain that started as a drive-thru. Today, it has approximately 43,000 employees with more than 2,200 quick-serve restaurants in 18 states. In this episode, Jack in the Box deputy general counsel of 12 years, Ray Pepper, discusses the risks associated with fraudulent claims for the publicly-traded company.

Economy Has Long Way to Go, CNA Chief Says

creese — Tue, 22 Dec 2009 21:07:15 +0000

Recent property/casualty insurer financials showed improvement but Thomas Motamed, CNA Financial’s CEO and chairman, isn’t jumping for joy yet. Investment income is down and underwriting results aren’t improving, he says in this interview with Insurance Journal’s Andrew Simpson. That means companies like his have to stress pricing and underwriting discipline even though the economy continues to make this difficult.

States, Insurers Grapple with Subsidized Property Insurance Markets

bpedroso — Tue, 22 Dec 2009 20:29:51 +0000

The exposure of various states’ residual markets for property insurance has grown from $55 billion to nearly $700 billion in the last two decades. Dr. Robert Hartwig, president and economist of the Insurance Information Institute, discusses how this has become a serious problem, particularly in Florida, for both public officials and private industry.

Insurance Opportunities In the New Decade

bpedroso — Tue, 22 Dec 2009 19:52:14 +0000

The recession has taken its toll on many traditional businesses. But the good news is that, as these businesses recover along with the economy, there will also be opportunity for insurers to address the needs of some new growth industries over the next decade, according to Dr. Robert Hartwig, economist with the Insurance Information Institute. The new decade will be about more than insuring windmills.

Insurance Innovation: An Oxymoron?

bpedroso — Tue, 22 Dec 2009 19:27:49 +0000

Insurance innovation…is it an oxymoron? That was the provocative title of a panel at the Professional Liability Underwriters Society meeting in Chicago. One of the panelists, Leib Dodell, now with the new ThinkRisk Underwriting in Kansas City and formerly president and CEO of Media Professional Insurance, discusses why and how the insurance industry should embrace innovation.

CEO Motamed Says Changes Underway at CNA

bpedroso — Mon, 14 Dec 2009 21:48:24 +0000

Thomas Motamed joined CNA Financial as Chairman and CEO in January, 2009 after 30 years at Chubb Corp. In this interview, he talks about the changes he has in store at CNA.

Media, Tech Markets Converge: Dodell On Keeping Up

bpedroso — Mon, 07 Dec 2009 19:51:27 +0000

The world is changing, with virtually every business now facing both media and technology exposures. Insurance needs to keep up, says Leib Dodell , former president and CEO of Media Professional Insurance, who is now part of the team launching a new specialty E&O facility based in Kansas City called ThinkRisk Underwriting Agency. In this interview with Insurance Journal’s Andrew Simpson, Dodell discusses how the insurance industry might adjust to keep up with the convergence of the media and technology marketplaces.

Product Recall 101

creese — Tue, 10 Nov 2009 00:02:13 +0000

Whether it’s for food or manufactured goods, hardly a week passes without news that somewhere, a recall on a product has been issued. Understandably, Product Recall insurance is a fast-growing market for liability coverage for many insurers. Jane McCarthy, vice president of Liberty International Underwriters, talks about the basics of product recall, and why many buyers need it.

Key to Environmental Liability

creese — Tue, 03 Nov 2009 17:00:01 +0000

Every business, regardless of size, should be considering its environmental exposures. According to William McElroy, senior vice president, Environmental, Liberty International Underwriters, there is no avoiding the fact that environmental liability is a highly technical area. Thus, a close working relationship between the broker and an experienced environmental carrier is the key to getting the coverage right.

From Vine to Wine

bpedroso — Tue, 29 Sep 2009 00:11:11 +0000

Don Reha is the winemaker for Orfila Vineyards and Winery in Escondido, California where he oversees the winemaking process from vine to bottle. In this episode of Watching the Risks, Reha talks about insuring and protecting the product and business income through its various stages.

Smart Growth in the P/C World

bpedroso — Wed, 10 Jun 2009 22:01:03 +0000

Being too big to fail is not really an issue in most of the property/casualty business, says Bob Restrepo, CEO of State Auto Insurance, a super regional carrier that is looking to grow and balance its personal and commercial book. Restrepo discusses growth and the pricing, acquisition and competitive environment in these excerpts from a wide-ranging interview with Insurance Journal’s Andrew Simpson.

How a Midwest-Based Insurer Copes with Catastrophes

bpedroso — Tue, 02 Jun 2009 16:35:48 +0000

Not all catastrophe insurance losses are on the coast. State Auto Insurance CEO Bob Restrepo discusses how his Super Regional company has been hit hard by cat losses and what it is doing to mitigate these losses.

What’s Keeping D&O Clients, Brokers Awake At Night

bpedroso — Mon, 23 Mar 2009 01:42:21 +0000

Securities class actions are not the only worry for Directors & Officers Liability clients and brokers today. They are also being kept awake by expected bankruptcies, heightened regulatory action and even foreign practices, Denise Amantea, a partner with Woodruff Sawyer Insurance in San Francisco, tells Insurance Journal from the 2009 Professional Liability Underwriting Society (PLUS) D&O Symposium.

How Brokers Manage D&O Expectations

bpedroso — Mon, 23 Mar 2009 01:28:49 +0000

Carpenter Moore Senior Managing Director Norman Allen discusses a recent Professional Liability Underwriting Society (PLUS) survey on the role of brokers in the claims process for Directors & Officers Liability and where tensions may exist. Also, how a broker helps define expectations not only of the client but also of the carrier.

Bear Market Makes for D&O Difficulties

bpedroso — Thu, 19 Mar 2009 15:45:20 +0000

Bankruptcies, bailouts and a bear market are making it difficult to price and estimate claims for D&O insurance. In this exclusive interview with Insurance Journal’s Ken St. Onge, Michael Karmilowicz of The Hartford dishes on the state of the D&O marketplace, the new challenges of side A coverage and the problems in setting premiums amidst Wall Street’s collapse.

AIG on Today’s D&O Liability Climate

bpedroso — Fri, 06 Mar 2009 18:31:33 +0000

Given today’s headlines, directors and officers are questioning their liability exposure like never before. In this interview with Insurance Journal’s Andy Simpson at the recent PLUS convention in New York , Mike Smith, president of AIG Executive Liability, discusses the D&O market for financial and non-financial firms, and the importance of brokers, underwriters and relationships.

Even in ‘Soft Markets’ E&S Industry Shines

bpedroso — Thu, 09 Oct 2008 17:37:07 +0000

Tom Mulligan, executive vice president of Western World Insurance Company, talked with Insurance Journal’s Chris Boggs about the soft market and the continued importance of excess and surplus lines carriers and brokers. Mulligan relates the differences between this soft market compared to past soft markets pointing out that no two are ever alike; but, just like in past markets, the E&S industry is being called on to solve problems.

Times of Boom and Bust

bpedroso — Tue, 07 Oct 2008 18:12:42 +0000

The property/casualty industry has its times of boom and bust. How are surplus lines brokers in particular affected by this and what can they do to remain profitable? E.G. Lassiter, chairman and CEO of Atlanta-based RSUI Group Inc., answers that and other questions in this interview with Insurance Journal’s Andrea Wells at the recent National Association of Surplus Lines Offices’ annual convention in San Diego.

How Today’s Soft Market Differs from the Past

bpedroso — Thu, 02 Oct 2008 22:29:52 +0000

The soft market is here again and an over supply of capital is the main reason for the market’s turmoil, says Skip Cooper, president of AmWins Group Inc. In this interview with Insurance Journal’s Mark Wells at the recent NAPSLO Annual Convention in San Diego, Cooper says that while the capital is a bit more disciplined than past soft market cycles, carriers are still hurting. There’s also a big disconnect between carrier pricing and the terms of reinsurance, he adds, something unique to the current market cycle.

Liberty Mutual’s Personal Responsibility Campaign, Take 3: Out-Buzzing the Big Spenders

bpedroso — Tue, 22 Jul 2008 15:51:40 +0000

Not every insurance company is able or willing to spend billions on advertising to get business. Liberty Mutual’s Responsibility: What’s Your Policy Campaign and its Responsibility Project proves there is a way to outbuzz rather than outspend the competition and build relationships with prospects, contends Steve Sullivan, senior vice president of communications at Liberty Mutual, in this segment of an interview with Insurance Journal’s Andy Simpson.