It's been an action packed 6 and 1/2 years for me at AIS! Thanks Mike, Javier, Teena, Matt, Mark, Dylan, Patti, Megan, Marianna, and Heather. When I started working in Jan 2018, it was a soft market. Then a year before COVID hit, the D&O/EPLI market experienced the Me Too and Black Lives Matter movements. Between all the sex harassment and discrimination lawsuits, the D&O/EPLI market's premiums increased substantially (50%-100%), and, at renewal, limits were slashed, and retentions increased. During COVID, IAB E&O increased because the carriers thought the denials of business interruption/loss of income claims would be submitted by clients and would go after the IAB E&O, but 98% of the Courts ruled in favor of the carriers b/c there was no property damage to have the policy respond. Cyber (Privacy and network security) claims blew up during COVID. Employees working remotely did not have the security protocols in place (VPN, MFA, DR) to prevent a Hacker locking them up with ransomware and/or stealing PII and PHI. Hackers went after companies hard. The result was catastrophic re 50%-100%+ premium increases, lowering limits and increasing retentions. Today, professional, management and cyber premiums have leveled off. And, we see and hear from all the underwriters inviting us to lunch, requesting to schedule update meetings, and are playing nice-nice because they need business. It will be interesting to see where the cyber market goes in the next 1-2 years since ransomware claims frequency has decreased, yet the demands are on average $5M<+. #axisinsuranceservicesllc #hackers #cybercrime
Time flies when you're having fun. We are excited to be celebrating our 25th anniversary this year. Thanks to everyone that made this journey a success. From the plastic fold up tables in my living room to our corporate offices in Franklin Lakes its really been a ride. I couldn't have done without our management team who have been with me at least 16 of the 25. Here's to the next 25!!!! Axis Insurance Services, LLC PLRisk Specialty Insurance Agency LLC #25th Anniversary