NAAIA - Houston Chapter’s Post

Brunel Insurance Brokers proudly announces the acquisition of the renewal rights to Liability & General Insurance Brokers Ltd (L&G), an esteemed Independent Broker based in Framlingham. This strategic move underscores Brunel's commitment to expanding its UK footprint with the opening of its seventh office, and a new presence in East Anglia. Russell Lane, CEO of Brunel Group, expressed his excitement about the acquisition, stating, "We have long admired David and his team's dedication to putting clients first. The alignment between L&G and Brunel as true independent brokers makes this acquisition a natural fit for us. It has also been a group objective to have a physical presence and office in such a key geographical area. We are committed to investing heavily in the region, and expanding our team to better serve our clients." In conjunction with the acquisition, Brunel will be opening a new office in East Anglia having recently secured premises in Stowmarket, and is actively recruiting for various positions, including Account Handlers, Account Brokers, and Account Executives. This expansion reflects Brunel's commitment to addressing the needs of businesses in the region and providing them with a wider range of insurance solutions, employee benefits, wealth management and mid to high net worth offering. Matt Harlin, Managing Director of Brunel Insurance Brokers, commented on the strategic significance of the acquisition, saying, "This acquisition marks a significant milestone for us in delivering local community broking to the region. David's leadership qualities and entrepreneurial drive will undoubtedly contribute to our continued growth and success. We eagerly anticipate welcoming David and his team into our management fold. We have a tried and tested model with a core focus on clients, and relishing the opportunity to make a real difference to local people and businesses”. David Mangan, Managing Director of Liability and General Insurance Brokers Ltd, shared his perspective on the acquisition, stating, "I have ran a successful business for 10 years, and the decision to sell was driven by the opportunity for support and investment from a true independent broker like Brunel. I am excited about the next chapter with Brunel, and living locally know exactly what is required to deliver a market leading proposition, and confident that together, we will build one of the largest brokers for the region”. The acquisition of L&G's renewal rights signifies a strategic step forward for Brunel Insurance Brokers as it continues to expand its presence, at a time when the group is benefiting from significant growth, and profitability. 

Fred Fisher's recently published book, "Claims-Made Insurance - The Policy That Changed the Industry," is a valuable resource for insurance professionals. Fred’s book begins with an introduction by Angelo Gioia’s of his professional biography and that history alone is worth reading because much to the error of many insurance company employees, executives, private equity buyers and order taker agents, it is proof that coverage education has significant capital value. To stymie the plaintiff law firms from growing richer on the insurance industry, the insurance industry should embrace rather than disregard coverage education, as it has severely done. Educated people make better decisions (the alternative is ignorant people making decisions), offend fewer stakeholders, and improve its ethics. A reader doesn’t need to read far to gain value. On page 11, Fred writes, “Just don’t make money because it’s out there to be made! Provide financial security to the client rather than just selling them some insurance like my competitors do.” Those are the ethics lessons foundational to the book and essential to understanding the difference between an insurance policy designed to truly protect the insured and one designed to make insureds think they have coverage and for regulators to think coverage is being meaningfully provided. His analysis is the most holistic analysis of insurance I have read. Fred describes how vital insurance is to our economy, and specific to professional liability professions, far fewer professionals would exist today if not for professional liability insurance, including insurance agents. Don’t take your job for granted! At the very least, all professionals should read Chapter 3: A Defining Issue: What is the definition of “Claim”? 99% of carrier employees and agency producers I meet take the word “claim” for granted. What is insurance if no knows what constitutes a “Claim”? I’ve researched the definition extensively including the rather elliptical definition in many policies. Yet, how can one sell insurance and not know the definition of a claim? When underwriting a risk, how can one not know the definition of a claim? For every single insurance professional who agrees they have an ethical if not a legal duty to sell clients coverage to protect their assets, especially when selling professional liability, D&O, and such, you must read Fred’s book so that you possess the knowledge required to give the best advice. And when you know more than your ignorant competitor, you’ll sell more!

The importance of having a strong, trusted Insurance partner and advisor is paramount to the success of a business. The past three years taught small to medium size business owners resilience and adaptability. Today more than ever, companies need more support than ever as they scale, right-size or create financially sound business models. Having an Insurance partner to help navigate complex issues can make all the difference. At Commercial Coverage we pride ourselves on partnership and the strong client relationships we build and the industry expertise we provide. This partnership protects the our client’s diverse business interests. It allows them to continue to innovate, thrive, support job growth, and bolster the economic well-being of communities in which they reside. Small to medium businesses play a vital role in the economy, providing a diverse array of jobs and driving growth, but they also face a unique set of challenges and risks. Insurance partners must protect and elevate them to support their entrepreneurial spirit, drive innovation, protect against potential losses that could negatively impact their bottom line. Business owners and leaders must ensure financial stability for their company while finding customers, planning for growth, and hiring the right people. There exists a thin margin of error to succeed and need all the attention and resources to grow. That’s where a strategic, forward thinking Insurance expert and partner come into play. A good Insurance partner not only provides best in class insurance strategies, they are a thought partner to the business, ensuring its owners and leaders understand what level of protection is right for them. This can be particularly important for those in high-risk industries or facing significant customer traffic with higher liability risks. Peace of mind allows a business owner to invest their resources where they are needed most, helping to ensure long-term success and growth. A knowledgeable insurance partner can support business development by improving cost certainty by eliminating some of the unknowns in terms of the risk of loss and business interruption, increasing employee benefit satisfaction and insuring the proper insurance coverage's are in place.

Guillaume Bonnissent’s Insurance IT Diary Episode 12: Megamarket I’ve been interested in reports that more major international insurers are interested in setting up a stall in the Lloyd’s insurance market. Most recently we hear that Santam Insurance, South Africa’s leading insurer, is in discussions with Lloyd's about a market entry, along with national champions Allianz (Germany), Generali (Italy), Sompo (Japan), and IAG (Australia), and others. It’s a marvellous ambition for Lloyd’s to become a marketplace where all the world’s major international carriers synergise to tackle risk issues that demand collaboration, and work side by side to provide coverage for the most complex multinational risks, those that require syndication. Alongside that, already it’s where many smaller underwriting units and MGAs thrive, others get their start, and the most promising insurance technologies are incubated (in the wonderful Lloyd's Lab). For a marketplace with a 325-year history, this evolution is a logical follow-on development after the painful introduction of corporate underwriting members and insurance capital in the mid-1990s. Looking back from the 2090s, I expect it will look like that was the plan all along. Lloyd’s may have become the obvious place for international carriers to serve their multinational clients better, develop international risk portfolios, and stay at the very front of developments in insurance, but it’s not yet the exemplar of efficiency. I don’t want to bang the same old drum, but a world-class market needs world-class technology, or its clients will pay too much. Happily, the market’s approach to technology is also evolving. I’m pleased to see the former central focus on market-wide initiatives has been eased, and is now matched by broad recognition of the value of third-party technology initiatives. The Corporation of Lloyd’s is now much more receptive to hearing from, working with, and recognising the value of third-party ventures in the technology arena. A competitive market for insurance technology solutions is a healthy market. Even where multiple corporations cooperate to insure the largest risks and foster development of new ideas, it's essential that suppliers compete to ensure digital services are not only constantly improving and therefore the best possible. Competition will also ensure they are differentiated. Market members need to be able to choose the exposure management platform, payments system, underwriting workbench, or whatever that best suits their business, the types of risks they underwrite, and of course their clients’ needs. We at Quotech are proud to be part of the Lloyd’s universe of suppliers. I'm personally really excited to see that even more of the big hitters from around the world are now wanting to get involved. Let’s not let them down with antiquated IT!

This week in his Inurance Technology Digest, underwriter-turned software man Guillaume Bonnissent, Quotech's founder, muses on Lloyd's role as a playground for the world's largest insurers, and its evolving approach to technology. #insurance #reinsurance #mgas #insurancebroking #lloydsoflondon #data #insurtech #insurancetechnology #underwriting #exposuremanagement

Explore the April edition of Captive Insurance Times, online now! >>> https://lnkd.in/ez2c5DYK <<< 𝑰𝒏𝒔𝒊𝒅𝒆 𝒕𝒉𝒊𝒔 𝒊𝒔𝒔𝒖𝒆: 𝐌𝐢𝐜𝐫𝐨-𝐂𝐚𝐩𝐭𝐢𝐯𝐞𝐬 | Scott Simmons, director of Verve Risk Services Ltd, and Michael Maglaras, president of Michael Maglaras, shine a light on abuse in the captives industry through the use of 831(b) of the Internal Revenue Code and how firms can protect themselves. 𝐓𝐡𝐞 𝐁𝐚𝐡𝐚𝐦𝐚𝐬 | Dana L. Munnings-Gray, acting superintendent of insurance, summarises recent developments in The Bahamas’ captive insurance industry. 𝐀 𝐝𝐲𝐧𝐚𝐦𝐢𝐜 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡 𝐭𝐨 𝐜𝐚𝐩𝐭𝐢𝐯𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 | With interest rates in flux, captive insurers must take a nimble investment strategy to preserve capital and seize opportunities. Ed Goard, CFA of Yousif Capital Management discusses how dynamic asset allocation, disciplined rebalancing and prudent risk management can help captives thrive across economic cycles. 𝐓𝐚𝐤𝐢𝐧𝐠 𝐬𝐭𝐞𝐩𝐬 𝐭𝐨 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐭𝐡𝐞 𝐭𝐚𝐥𝐞𝐧𝐭 𝐜𝐫𝐢𝐬𝐢𝐬 | Brittany Nevins of Vermont Captive shares how the Vermont Captive Insurance Emerging Leaders programme is aiming to educate students and insurance professionals on the benefits of a career in captives. 𝐂𝐚𝐩𝐭𝐢𝐯𝐞 𝐋𝐚𝐤𝐞 𝐂𝐢𝐭𝐲 | Travis Wegkamp provides CIT with an overview of Utah’s progress in the captive market, highlighting key regulatory changes and his future aspirations. 𝐎𝐧 𝐚 𝐫𝐨𝐥𝐥 | Sam Komo, insurance manager at the Missouri Department of Commerce & Insurance and Insurance, reflects on progress and challenges for the state’s captive insurance programme in 2023. 𝐁𝐫𝐢𝐝𝐠𝐞-𝐢𝐭 | Atlas Insurance's Ian-Edward Stafrace shares how innovative cell solutions can simplify cross-border insurance. 𝐂𝐈𝐂𝐀 𝐚𝐧𝐝 𝐲𝐨𝐮 𝐬𝐡𝐚𝐥𝐥 𝐟𝐢𝐧𝐝 | Captive Insurance Companies Association President Daniel Towle hails the captive industry’s rapid growth, showcased by record attendance at the 2024 Conference, and outlines emerging trends – from talent initiatives driving diversity to private equity’s influx shaking up the job market. 𝐂𝐈𝐂𝐀 𝐮𝐧𝐯𝐞𝐢𝐥𝐬 𝐭𝐡𝐞 𝐰𝐢𝐧𝐧𝐞𝐫 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐞𝐧𝐭 𝐄𝐬𝐬𝐚𝐲 𝐂𝐨𝐧𝐭𝐞𝐬𝐭 𝐨𝐧 𝐂𝐚𝐩𝐭𝐢𝐯𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 | Read all the finalist essays from the winners, Harrison White and Bailey Sims of Butler University. Second place went to Gracie Law and Sofia Davis of Temple University, and third place went to Brian Dunn, CISR, and Rose Gendy of Middle Tennessee State University (MTSU). 𝐌𝐨𝐝𝐨𝐜 𝐍𝐚𝐭𝐢𝐨𝐧| Chief Rob Burkybile III, tribal chief of the Modoc Nation in Oklahoma, discusses concerns about misconceptions and prejudices towards tribal domiciles in the micro-captive insurance industry and provides clarity regarding the Modoc Nation’s high standards.

How are you adjusting to the evolving trends in carrier appetite and rate changes within the executive and financial risk liability insurance market? Understanding the landscape of Executive and Financial Risk Liability Insurance requires more than just a knowledge of policies; it involves a keen insight into insurance carrier appetite and prevailing rate trends. These elements are crucial in ensuring efficient risk transfer and tailoring insurance strategies to your company’s specific needs. The Significance of Insurance Carrier Appetite Carrier appetite refers to the types of risks and industries an insurance carrier is most willing to underwrite. This appetite is influenced by various factors including past claim experiences, market conditions, and the carrier’s strategic focus. For both public and private businesses seeking coverage, aligning with a carrier whose appetite matches their risk profile is essential. It ensures not only a better understanding of the risks by the insurer but often more favorable terms and coverage options. Analyzing Current Rate Trends Rate trends in the insurance market are indicators of the broader economic and risk landscape. Factors such as global events, regulatory changes, and emerging risks can influence these trends. Currently, the market is experiencing shifts due to factors like cyber threats and regulatory evolutions in various sectors. By staying informed about these trends, businesses can anticipate changes in premiums and coverage terms, allowing for more strategic insurance planning. The Interplay of Carrier Appetite and Rate Trends Understanding both the carrier’s appetite and the prevailing rate trends can lead to more efficient risk transfer. It allows businesses to identify insurers that are not only interested in their specific risk profiles but also offer the most competitive rates. This alignment is especially crucial in executive and financial risk liability insurance, where the complexity and size of the risks can significantly impact coverage terms and costs. Consider how your current insurance strategy aligns with the appetite of your carriers and the ongoing rate trends. ·      Are you positioned advantageously in the market? Remember, when it comes to your Executive and Financial Risk Insurance, you don't necessarily get what you deserve; you get what's negotiated for you.

Welcome to day three of five days of Merlin Day three, Concept to Asset part 3. Asset Merlin Insurance Brokers' Core Speciality is providing expert insurance advice and guidance to those dedicated individuals and companies that are helping to shape the future of the UK’s built environment. Our differentiator is our holistic approach – we call this ‘concept to asset’ What does this mean? This means we have the technical expertise and market knowledge to provide insurance advice to every party involved in every stage of the construction project. Once practical completion is issued the asset will need to be insured by whomever is taking control. This will typically be placed on a property owners policy covering the reinstatement of the building following damage and would include the subsequent loss of rent. These policies will also cover any third party liability the property owners are subject to under common law. We typically arrange these policies for the following: -           Asset Managers -           Property Funds -           Block Managers -           Freeholders/Residents Associations -           Family Trusts The advantage of our concept to asset approach is having have dealt with the property throughout the course of construction we have a complete knowledge of the building and a wealth of information to supply to insurers. We have experience in placing large property portfolios and high reinstatement cost buildings using our London market presence to secure competitive terms. Merlin Insurance Brokers Great people when you're arranging insurance. Incredible people when you have to use it.

I have a client who saved $650,000 in insurance premium. The hard insurance market has caused more of my clients to look at captive insurance programs, and we moved a contracting client into a group captive last year. The contractor has 300 employees, a dozen vehicles, and few claims. The standard insurance market was going to charge this client $900,000 for general liability, workers compensation, and auto insurance. We moved the contractor into a group captive where the company can receive returned premium for having a good loss history. The captive priced the contractor's annual premium at $700,000 based on the historical low claims. The contractor had another great loss year in 2023 so the company is looking to receive $450,000 in returned premium. The net result for this company is going from $900,000 of standard market insurance cost to a net $250,000 captive cost, saving an amazing $650,000 of insurance premium. If you are a company that thinks you are overpaying the insurance industry, let me know. I can run a premium model to see how much money you could save in a captive model.