Target Markets Day 1: Insurance Program Business Fueled by Innovation
Attendees at the Target Markets Mid-Year Meeting say specialized insurance programs are the launching ground for a host of new coverages and specialties.
Program Business Benefiting From Capital, Technology, Sector Knowledge
Carriers and MGAs at the Target Markets 2016 Mid-Year Meeting in Arlington, Va., predicted that results from program insurance business will continue to outperform the overall property/casualty sector.
Arch's Mark Lange: MGA, Program Sectors Ripe for Data-Driven Remake
Mark Lange, senior vice president, property/casualty programs, Arch Insurance Group, said rising interest from carriers and capital providers is fueling a surge in new programs and distribution opportunities.
Arch's Willemsen: Auto Results Hurting Some Programs
John Willemsen, managing director and head of insurance programs, Arch Re's Watford Specialty, said weak auto results are affecting underwriting results for insurance programs that depend on the line.
Berkley's Clarke: Accident & Health Has a Role to Play in Program Offerings
Susan Clarke, president, accident division, Berkley Accident & Health, said accident and health coverage can act as a buffer to a general liability policy.
BMS Capital's Braga: Capital Moving Closer to the Primary Risk
Rom Braga, CEO, BMS Capital Group, said investors and capital providers are focusing on MGAs and other sectors that have strong relationships with producers and end users.
Breckenridge's Masone: New Age of Data Means Measuring All The Way
Jino Masone, chief operating officer, Breckenridge Insurance Group, said even commercial insurance marketing efforts should be subject to data analysis, including whether efforts justify their investment.
B&B's O'Connell: Program Business is Finding New Paths to Risks
Jim O'Connell, principal and director, B&B Programs, said program business thrives when distributors connect with groups and associations, and is increasingly finding electronic channels to reach specialized audiences.
Glatfelter's Seifert: New Data Capabilities Raise the Bar for Programs
Art Seifert, president, Glatfelter Program Managers, said standards continue to rise for what it takes to demonstrate the likely success of a program, making it more competitive and difficult for new entrants to
Great American's Miller: Nonprofits Diversify, Expanding Their Risk Needs
Leah Miller, senior account specialist, specialty human services, Great American Insurance Group, said nonprofit organizations may have began with a single focus but that many have since branched in other directions, adding complexity to their coverage needs.
Great American's Starck: Smaller Accounts Show Interest in D&O
John Starck, divisional vice president, marketing, Great American Group, said smaller companies, nonprofits and privately held firms are showing interest in directors & officers liability coverage.
Great American's Suter: Producers Are Exploring Agency Owned Captives
Richard Suter, divisional senior vice president, marketing, Great American Insurance Group, said agents are forming captive insurance organizations into which they place program business. That creates opportunities for more profitable business and longer relationships, he said.
Insure Learn's Haws: Younger Insurance Recruits Respond to Gamification
Steve Haws, president, Insure Learn, said younger insurance workers show affinity for learning programs that emulate recreational gaming systems.
Live Oak's Drouillard: MGAs an Acquisition Target for Program Administrators
Kelly Drouillard, general manager, Live Oak Bank, said merger and acquisition activity remains strong in the $10 million to $20 million range.
Maritime's Pesce: Marine Risks Need More Technical Knowledge
Christopher Pesce, president Maritime Program Group, said the marine insurance sector is facing a shortage of technical know-how.
Munich Re's Assennata: Innovation is More than New Products
Steven Assennata, head of client group - insurance programs, Munich Re America, said expected innovation includes use of new safety technologies, data and underwriting automation.
Mystic Capital's Donoghue: Private Equity Interest Boosts Acquisition Prices
Kevin Donoghue, managing director, Mystic Capital, said the market for mergers and acquisitions remains brisk based on demand from private equity capital providers and strategic buyers.
SMA's Smallwood: Host of Outside Influences Shaping Program Sector
Deb Smallwood, founder, Strategy Meets Action, said insurance is becoming more exposed to non-industry forces, including surging capital, new technology and current trends.
Target Markets' Strommen: Better Economy Helps Restaurant Coverage
Heidi Strommen, president of ProHost and president of the advisory board for Target Markets, said the restaurant sector is one of several areas that is producing strong business for program administrators and related risk providers.
Target Markets Charities Partner With St. Joseph's, Walter Reed
Bill Kronenberg and Kathy McCarron discuss the fundraising and charitable strategies tied to the organization and conferences.
Tysers' Hodge: Lloyd's a Fit Home for Smaller Insurance Programs
Richard Hodge, director, Tysers, said Lloyd's and the London Market are open to considering startup and smaller specialty insurance programs that may not meet the requirements of some carriers.