วันอาทิตย์ที่ 19 กุมภาพันธ์ พ.ศ. 2555

Editor's Choice Stories: January 10, 2012

New Hire Will Mine AIG Data (Wall Street Journal)

Chartis' new chief science officer Murli Buluswar hope to improve loss forecasts, reduce costs and devise more accurate pricing for insurance policies.

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The 36-year-old woman damaged the Clyfford Still painting at a museum in Denver.

Prescription Pill Addicts Pose Violence Risk to Pharmacies (New York Times)

"I just want to get out of here alive" said one pharmacist.

Japan Plans Age Limits, Tougher Tests for Nuclear Plants (Wall Street Journal)

After the Fukushima disaster, Japan plans much more stringent tests for nuclear plants.

Oddly Mild Winter Leaves Much of U.S. on Thin Ice (Laredo Sun)

The mild weather has hurt business for ski resorts while partially frozen lakes pose risks to hockey players and ice fisherman.

January 10, 2012

Copyright 2012© LRP Publications

                     

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New Product Announcements (Jan. 10, 2012)

Technology

JEVCO Insurance Company, a Canadian specialty insurer, and Guidewire Software, a provider of core system software to property/casualty (general) insurers, announced that JEVCO is in production with Guidewire ClaimCenter. JEVCO selected a claims system that would provide a strong technology foundation to help it enhance its quality of service for brokers and customers. The company is deploying ClaimCenter for all its lines of business across Canada and is now in production in three provinces: Alberta, Ontario and Quebec.

Related Coverage Target Markets Survey Shines Light on Programs Coverage (11/02/11) Lighter Headwinds Buffet Brokers in Third Quarter (11/03/11) Honoring Worker Safety and Injury Prevention (11/01/11) 12 Executives to Watch in 2012 (12/01/11) Consumed With Risk (12/01/11) Broadspire has successfully completed its launch of the RiskTech claims-management system, converting more than 10 million claims and retiring legacy systems. Broadspire's legacy system was converted in 2009 and Crawford's legacy systems, ARMS and SISDAT, have been retired. Broadspire clients can now fully benefit from RiskTech.

Resources

Willis Group Holdings announced the global launch of its insurance placement system, WillPLACE, an online tool that helps Willis to match its clients? insurance needs with the most appropriate insurers.

With WillPLACE, Willis placement professionals are able to gather data about insurers? risk appetites around the world, which is then imported into the WillPLACE Market Match tool. Using a proprietary matching algorithm, this information is then correlated online with the WillPLACE database that records the specific risks clients have, and matches these with appropriate insurers.

Experian, announced the launch of its Financial Stability Risk ScoreSM, a new tool that allows credit and lending professionals to identify accounts at the highest risk of business failure. Use of the new scoring model brings improved financial results by enabling users to segment businesses into risk categories, identify the accounts that are most likely to fail and set policies to limit risk exposure.

Coverages

Torus, the global specialty insurer, announced its entrance into the U.S. surety market with the launch of Torus Surety. To augment the development of this new platform, Torus has entered into an agreement to acquire First Sealord Surety, Inc.

Torus Surety will focus on providing contract surety in the U.S. to small and mid-size construction contractors. In time the operation will also offer commercial surety products. Torus will also seek to develop contract surety business in key emerging markets throughout Latin America. This will be done through Torus? admitted reinsurer in Brazil and the company?s other licenses in the region.

Ryan Specialty Group announced today that Concord Specialty Risk has entered into new trading relationships with Arch Specialty Insurance Company, Freedom Specialty Insurance Company, and a U.S. subsidiary of Zurich Insurance Company Ltd. Under the new facility, Concord will underwrite various transactional liability insurance products with a combined capacity of $55 million and the ability to access at least $20 million additional capacity for larger risks. The facility will be administered by Concord in a seamless process from underwriting to binding to claims management and resolution. Concord will act as the single point of contact between the facility markets and the Insured.


January 10, 2012

Copyright 2012© LRP Publications

                     

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People on the Move: Specialists (Jan. 10, 2012)

DONALD BATCHELOR was named vice president at Ametros Financial. Prior to joining Ametros Financial, he held the position of senior vice president of network services and operations with a startup healthcare company specializing in the federal sector. Batchelor has more than 30 years of healthcare experience, consisting of eight years in clinical positions and 22 years in healthcare management. His senior-level management experience with both Fortune 100 healthcare companies and start up healthcare companies can allow Ametros Financial to further develop and expand all aspects of its business. He will be working from the Ametros Southlake, Texas office.

"Working with Don again has been an aspiration of mine since we were at Health Net and First Health together. He is as good as it gets, and that fits the Ametros style perfectly," said Thomas Ash, chief executive officer at Ametros Financial.

Related Coverage Target Markets Survey Shines Light on Programs Coverage (11/02/11) Lighter Headwinds Buffet Brokers in Third Quarter (11/03/11) Honoring Worker Safety and Injury Prevention (11/01/11) 12 Executives to Watch in 2012 (12/01/11) Consumed With Risk (12/01/11) Active Risk (formerly Strategic Thought Group) announced the appointment of IAIN JOHNSTON to the Board as a non-executive director. Johnston has held a number of non-executive positions as well as founding several businesses in the technology sector. He began his career with United Biscuits in the 1980s and has a strong sales and marketing background with experience of both the U.K. and the U.S. markets in a variety of roles at all levels.

Lynton Barker, executive chairman of Active Risk, commented, "We are delighted that Iain Johnston is joining the Active Risk Board. His wide ranging experience in the IT industry and strong sales and marketing skills will prove invaluable to support our growth strategy and business development activities. There is an increasing demand for Enterprise Risk Management software as businesses see how this can underpin their strategic decision making. Active Risk has the proven solution and the right team in place to support customers and to exploit the growing business opportunity. We welcome Iain to the Board."

In addition to his role with Active Risk, Iain is also a non-executive director of Internetq plc. He was Deputy Chairman of Alterian plc until October 2011, having co-founded the business in 1997 and was also CEO of the Loewy Group Ltd until the sale of the business in July 2011.

Agencyport Software (formerly Sword Insurance), a leading provider of software and services to the global insurance and reinsurance industries, announced that JEFF COSTLEY has joined the company senior sales director. Costley is based in Atlanta and brings more than 20 years of enterprise software sales to the insurance industry. He will primarily focus on the excess and surplus (E&S) market where he is well-regarded as a thought leader and a member of industry associations like AAMGA and NAPSLO.

"Carriers in the E&S market are now leveraging new ACORD standards and sophisticated vendor software like ours to service their agents, MGAs and retail and wholesale brokers. Agencyport has been a leader in P&C distribution technology for over a decade and Jeff will lead our expansion into the E&S market," said Mike McCurley, Agencyport's senior vice president of global sales. "His proven knowledge of the evolving IT challenges within the insurance industry will prove invaluable to our sales team, our company, and to our customers."

Previously, Costley held key positions within the Insurance software sector including national responsibility for excess and surplus market sectors. Costley has led, managed and executed the sales process from introduction to close of sale. He has also helped shape marketing strategies and routinely partnered with the product development teams, recommending enhancements and new development for future software versions and releases.

"Agencyport is known across the insurance industry for delivering outstanding customer service to back its broad and innovative product and service portfolio" said Costley. "I look forward to putting my expertise and experience within the E&S sector to work for Agencyport."

Exigen Insurance Solutions, a provider of modern core solutions to insurers delivered through an aligned-outcome business model, announced the appointment of WILHELM ZELLER as director. Zeller is the former chief executive officer and executive board chairman of Hannover Re.
"Mr. Zeller's addition to our board brings even further industry experience and insight to a strong team focused on the exciting market opportunities for our growing and talented organization," said Exigen Insurance Solutions' executive chairman, Alec Miloslavsky. "The company will benefit directly from his growth-oriented, business-building approach. Willie shares our vision of technology as a creator of business value in the insurance enterprise and we look forward to his contributions and guidance."

Zeller served as CEO at Hannover Re for 13 years. Under Mr. Zeller's guidance, Hannover Re grew in standing from sixth to third largest reinsurer in the world. His strategy of efficient capital management, active cycle management and a focus on profitability made Hannover Re into the world's second most profitable reinsurer. Prior to joining Hannover Re, Zeller was a member of the executive board of Cologne Re from 1977 through 1995. Earlier in his career, he served as the head of the Casualty Department and International Department Non-Life at Zurich Insurance Company.

January 10, 2012

Copyright 2012© LRP Publications

                     

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วันเสาร์ที่ 18 กุมภาพันธ์ พ.ศ. 2555

Thumbing Noses at Exposure

For at least one business owner, no amount of press coverage or exposure is worth the risk and the hassle of primary season.



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How Can We Be Apple, Not IBM?

By David M. Wong

Like many across the world, I was saddened when Steve Jobs passed away last year.Since his death and the release of his official biography, I have encountered a number of instances where people and organizations are asking themselves, "" What has been most fascinating about these instances is that they have each been followed with a distinctly different opinion on what has made Apple so much more successful than IBM, including:

Related Coverage Target Markets Survey Shines Light on Programs Coverage (11/02/11) Lighter Headwinds Buffet Brokers in Third Quarter (11/03/11) Honoring Worker Safety and Injury Prevention (11/01/11) 12 Executives to Watch in 2012 (12/01/11) Consumed With Risk (12/01/11)

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First Federal Insurance Chief Walks Fine Line

At the Joint Industry Forum in New York, Michael McRaith outlined his first six months as director of the Federal Insurance Office, sharing plans for the future.



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วันศุกร์ที่ 17 กุมภาพันธ์ พ.ศ. 2555

Desire to relieve pain from work injury supports claim for overdose

In New York, a worker's death resulting from an accidental overdose taken to relieve a condition caused by a work-related accident can be compensable.



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