I came across an article from earlier this year from Reuters discussing third party litigation financing. As a starting point, estimates are that TPLF yields returns 30% or more…those returns are coming from settlements and/or verdicts that claimants are receiving. So in addition to paying attorneys a third of any recovery, some claimants are also paying big shares to these funders as well. Which can significantly drive up claim severity, which drives up costs for the entire business community…and ultimately for everyone as consumers of the business community’s products/services. And yet, litigation financing is virtually unregulated and, in the vast majority of cases, we aren’t even able to get disclosures that a third-party funder is involved. As state legislatures begin to start fall sessions, I’m hoping this will be an area where we see some much-needed reform. https://lnkd.in/emAaW4MC
Stephen Deane’s Post
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We've created Workplace Communities at The Hartford to connect employees geographically, regardless of their role, team, or whether they sit in an office or are primarily remote. I have the privilege of serving as the sponsor of our South Community, which covers our teams in Alabama, Florida and Mississippi. Really enjoyed spending time with our employees in and around Jacksonville, Birmingham and Jackson...my first time ever in Alabama and Mississippi!
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We have a family vacation coming up - I’m starting to pull together my planned reading list and am looking for recommendations. Based on past vacations, I'll buy 5 or 6 books from the boardwalk bookstore, only actually manage to read 1 or 2, but will get to the others eventually. And so this isn't one-sided, here are a few I've read recently: Demon Copperhead by Barbara Kingsolver - it's difficult to not root for the narrator as he faces a childhood challenged by poverty, foster care, addiction but does so with wit and sometimes startling insight. I loved this book. Bel Canto by Ann Patchett - a book involving terrorists taking hostages at a party that has very little to do with terrorists taking hostages at a party. Instead, it's about the ability of humans to form relationships across divides. I don't use this word often with books...but it's beautiful. How to Hide an Empire by Daniel Immerwahr - a fascinating book that shines a light on the often painful history of U.S control and governance over territories like Guam, Puerto Rico and the Philippines. Sadly (but not surprisingly) racism often formed the foundation for these engagements and how they deteriorated. The 7 1/2 Deaths of Evelyn Hardcastle by Stuart Turton - the protagonist shifts into the bodies of different characters attempting to solve a murder...and I didn’t like it. At all. Why am I including it? If you think I have bad taste based on the books above, maybe you'll like this one! The guy at Barnes & Noble heartily recommended it and I don't think (?) he was being sarcastic, so some people seem to really like it.
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We issued our 2024 Risk Monitor Report earlier this week - a lot of great content from leaders across The Hartford, from geopolitical affairs to autonomous robots, as well as my write-up on the impacts of legal system abuse.
The nature of risk is constantly changing, and at The Hartford, we are continually developing innovative solutions for our customers to meet their evolving needs. We are excited to announce the latest edition of The Hartford’s Risk Monitor report, which offers key insights into top risk concerns based on feedback from our Commercial Lines distribution partners and customers. Our leaders address topics such as geopolitical affairs, cyber incident response, business interruption, legal system abuse, property valuations, AI and the labor market, and autonomous robots. The report includes contributions from Kevin Nolan, Ryne Carney, Stephen Deane, Anthony Dolce, Shailesh Kumar, Morris Tooker, Caleb Woodby and Andrew Zarkowsky, CPCU. The 2024 Risk Monitor Report is just one example of how The Hartford is leaning into change and listening to our customers and distribution partners. #Risk http://ms.spr.ly/6044YLVwu
The Hartford’s Risk Monitor Report – Second Edition
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In recognition of Pride month, The Hartford pulled together a few really powerful stories of LGBTQ+ individuals. A quick but impactful read on what Pride means to these four people. http://ms.spr.ly/6005YWKF9 #Pride2024 #Celebrate #iworkforthehartford #IWork4TheHartford
Stories of Pride: 4 Reflections for Pride Month | Extra Mile
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In recognition of Pride month, The Hartford pulled together a few really powerful stories of LGBTQ+ individuals. A quick but impactful read on what Pride means to these four people. http://ms.spr.ly/6005YWKF9 #Pride2024 #Celebrate #iworkforthehartford #IWork4TheHartford
Stories of Pride: 4 Reflections for Pride Month | Extra Mile
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This week I was in Washington, D.C., with The Hartford’s Government Affairs team. We met with members of Congress and their staff to discuss legal system abuse, specifically third-party litigation funding. This unregulated $15B+ industry poses national security risks, drives increased legal costs and nuclear verdicts, and presents consumer protection concerns for plaintiffs. I appreciated the interest, engagement and substantive discussions. As Thomas Bartell and Bill Rys reminded me throughout the two days: legislation and change takes time. These meetings were a step in the right direction. #IWorkforTheHartford
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We're fortunate to work in an era where providing mental health support to employees is a priority for many companies. For some people, their workplace is their primary access point for that support, but they don't always know how to pursue it. To help address that opportunity, The Hartford partnered with Active Minds to launch a digital guide on navigating mental health conversations at work, regardless of where you work. Learn more. http://ms.spr.ly/6006cNvZC #IWork4TheHartford
Send Silence Packing
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Great visit this week with Nick Doyle and our International Claims team in London - truly an impressive group. I enjoyed the discussions around our engagement in the market and seeing first-hand the strong connectivity with our underwriting, actuarial and IT partners. And I finally got to visit the famous Lloyd's of London building!
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The Hartford has been named to Fortune's list of America's Most Innovative Companies for the second year in a row, which recognizes companies for innovation in product & process, & for fostering a culture that encourages the spirit of entrepreneurship & creativity. #AmericasMostInnovativeCompanies http://ms.spr.ly/6007csaU9 #IWork4TheHartford
America's Most Innovative Companies
hartshares.thehartford.com
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