Peter Kamoyo’s Post

4 Tips for Choosing a D&O/E&O Insurance Broker in 2024 1) Understanding of Coverage Issues: A broker serves as your advocate in the insurance marketplace, negotiating and tailoring coverage to align with your company’s unique operations. To ensure your policy responds when needed, consider an insurance broker with superior technical language drafting abilities. Understand your policy triggers. For example, do you want coverage triggered when the SEC reaches out with an inquiry that is a) informal, b) more advanced but not formal, or c) formal? 2) Loss Modeling Capabilities: Benchmarking becomes meaningful if you can identify at least 10 true peers that align with your company’s unique risk profile. Alternatively, loss modeling considers a company’s specific risk factors and then models the average retained D&O/E&O losses and the cost of volatility in any given year. These results are then contrasted with potential insurance program structures to help determine the value of transferring the risks to the insurance marketplace. 3) Claims Handling: The claims advocacy team at a brokerage firm should possess superior technical expertise and maintain strong relationships with insurers to facilitate favorable claims resolutions. Inquire about the outcomes of recently paid D&O/E&O claims to help determine a broker’s efficiency in handling these matters. Additionally, review the implications of recent claims trends and industry loss data in conjunction with decisions regarding limits purchasing. 4) Use an Independent Consultant: An independent consultant serves as an outsourced risk manager, providing an additional layer of expertise to your company's risk management efforts. A consultant's specialization in your industry ensures they stay informed about the latest risk issues, claims, and insurance policy terms and conditions relevant to safeguarding your business operations and balance sheet. These consultants collaborate with your external counsel and broker to streamline the insurance placement process. #insurance

Did you know that the concept of shared risk management is centuries old? The evolution of life insurance is a story of human ingenuity, scientific advancement, and the drive to manage uncertainty. More interesting than you initially thought, right? And there’s no quiz at the end! https://lnkd.in/ggwx87Wu #VitaFinancial #YourFinancialFamily #LifeInsurance #History

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Dellwood Insurance Group Specialty Insurance Company (Dellwood Specialty) (Scottsdale, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Dellwood Specialty’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Dellwood Specialty is a startup excess and surplus (E&S) lines insurance company targeting small- and medium-size enterprise risks exclusively through wholesale brokers and program administrators. The ratings of Dellwood Specialty reflect its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by an initial capital raise of more than $250 million. This capital raise exceeded initial targets with investors including several insurance carriers and individuals. AM Best expects the company’s strongest level of risk-adjusted capitalization to persist over its initial five-year startup phase. Additionally, the ratings reflect Dellwood Specialty’s adequate operating performance, underpinned by a credible business plan. The company’s limited business profile and appropriate ERM highlight the risks inherent in implementing its strategy as a startup E&S carrier. The E&S segment has grown substantially and is expected to expand further; however, it remains very competitive with established carriers and many new entrants vying for business. Dellwood’s senior management team consists of individuals with extensive experience and strong track records in the industry. To navigate this environment, Dellwood Specialty plans to rely on its innovative technology stack and investors’ long-term commitment to the business. https://lnkd.in/eH36Zq2h

Are you befuddled by the Lloyd's market? Get this For an entity that plays a key role in the safety of the world, Lloyd's market remains quite obscure to many. From its iconic structure to its specialist terms used within the market and its way of doing business. Many have come to think of the Lloyd's market as a black box. Others consider it to be an insurance company. Some even dare take it to mean a high street bank! So whether you are a seasoned professional or a novice in the industry, you want to grab a copy of this cheat sheet now! All of our sheets are available in HD PDF here: https://lnkd.in/eGup7svP In this sheet, we have simplified the functioning of the LLoyd's market, hopefully not too much. INTRODUCTION Over 330 years of pioneering insurance. World's premier insurance and reinsurance marketplace. Mission: Share risk to protect and inspire a braver world. CORE PRINCIPLES Collaboration: Underwriters and brokers work together. Innovation: New, relevant insurance solutions. Resilience: Helps communities recover in times of need. STRATEGIC VISION Performance: Excellence in market outcomes. Digitalisation: Leading with Blueprint Two for tech advancement. Purpose: Commitment to societal well-being. Culture: Inclusivity, respect, and integrity at its core. ... CORE BUSINESS OPERATIONS Underwriting Process Essence: Assess risk, set premiums. Tools: Crystal: Clarifies regulatory requirements. Risk Locator: Identifies location-based risks. Stamp Decision Tool: Aids in contract stamping decisions. Policy & Compliance Framework: Wordings Repository: Standardizes policy language. Business Timetable: Organizes policy issuance schedule. Contract Confidence: Guarantees contract clarity and enforceability. ... HOW THE MARKET WORKS AT LLOYD'S The Underwriting Room: The Heart of Lloyd's Face-to-Face Business: Central to Lloyd's operations. Brokers: Facilitate risk transfer between clients and underwriters. The Process of Risk Transfer Clients: Discuss risk needs with a broker, coverholder, or service company. Specialist Underwriters: Price, underwrite, and manage claims for each risk. Syndicates: Offer concentrated specialist underwriting expertise. Market Structure Benefits Innovation & Speed: Encourages better value and solutions. Direct Access: Immediate answers from decision-makers. Specialist Concentration: Unrivalled underwriting talent. Participants in the Lloyd's Market Policyholder: Businesses, organizations, insurers, individuals worldwide. Local Broker: First contact, assesses needs for Lloyd's marketplace. Lloyd's Broker: Negotiates with underwriters for tailored policies. Underwriter: Sets price and terms, collaborates on policy creation. Syndicate: Groups of underwriters writing insurance at Lloyd's. Managing Agent: Manages one or more syndicates, employs underwriters. And much more! ____________ If you would like a First Free HD PDF of our sheets, Like Comment Share Thanks!

Zach Padula from the Hilb Group is our feature presenter today. Zach holds the commercial insurance seat in our chapter. Hilb Group was formed in 2009, and they target and primarily work with middle market businesses. As a Risk Advisor, Zach makes sure that his clients make good decisions to support their business and business goals. He does this by identifying risks to their business. Risk Assessment & Analysis through an exposure workbook where Zach can view all of their assets, payroll, auto fleet....they aggregate all of the data to get a comprehjensive view of the business and help limit their risks and exposure. Risk Financing--Zach will go to the multiple carriers and markets that they work with and put together a comparison of their current insurance and how Hilb can compete with and be sure that the company is fully protected and appropriately covered going forward. Target Accounts that Zach would like to work with would be companies who are domiciled in the New England Region, 10M+ in annual revenu, multi-locations or multi-state operations, fleets of 5+ vehicles. The Hilb Group also wants to help and grow with the businesses they insure. Zach monitors and evaluates as the year progresses to best position his clients and their ever changing Insurance needs. If you would like to consult with Zach and have him review your current policies, please reach out [email protected].

Are you uncertain about your D&O insurance coverage and costs? Focusing on your company's Risk Profile can help eliminate that uncertainty and provide clearer insights into your insurance needs. Expanding on the Second Benefit: Eliminates Uncertainty Understanding and improving your company's Risk Profile can significantly reduce uncertainty regarding your D&O insurance coverage. Here’s how: 1. Clarity in Coverage: A well-defined Risk Profile helps ensure that your policy covers the specific risks your company faces, reducing ambiguity about what is and isn't covered. 2. Predictable Costs: By identifying and mitigating risks, you can anticipate potential claims and manage insurance costs more effectively, leading to more predictable premiums. 3. Informed Decision-Making: With a clear understanding of your risks, you can make better-informed decisions about risk management strategies and insurance needs, minimizing unexpected surprises. 4. Better Insurer Relationships: Demonstrating a comprehensive understanding of your risks can build trust with insurers, leading to more favorable terms and conditions and reducing the likelihood of coverage disputes. Focusing on your Risk Profile not only helps you manage D&O insurance costs but also provides strong protection for your leadership team. Evaluate and enhance your Risk Profile today to secure better coverage for tomorrow. 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.

You may have seen my previous posts about the advantages of Group Captive insurance & how beneficial it can be for you and your business. I know, I know…. Insurance isn’t the most exciting thing to talk about but… I recently came across an article that provides an in-depth analysis of Group Captives and its benefits, and answers tons of questions. If you are interested in how it all works, I highly recommend reading the article. Our personal clients that have taken advantage of group captives have seen tremendous benefits from it year in and year out. I posted the link below for those interested and I’m happy to answer any questions. 👍🏼

In today’s unpredictable world, the need for risk protection has become paramount. Insurance tools play a crucial role in safeguarding individuals, businesses, and assets from potential risks and uncertainties. Understanding the various insurance tools available and comparing their features is essential for making informed decisions about risk management. In this article, we will provide an overview of insurance tools, and discuss how to compare products across different insurance categories. https://bit.ly/3OucIWc

In today’s unpredictable world, the need for risk protection has become paramount. Insurance tools play a crucial role in safeguarding individuals, businesses, and assets from potential risks and uncertainties. Understanding the various insurance tools available and comparing their features is essential for making informed decisions about risk management. In this article, we will provide an overview of insurance tools, and discuss how to compare products across different insurance categories. https://bit.ly/3OucIWc

Often, I am asked what the difference between an insurance consortium and an insurance captive is and what are the pros and cons of each. Below is a quick explanation. Consortiums: ✅ Pros: - Shared Risk Pooling: Consortiums, formed by a group of insurance companies, offer businesses the advantage of spreading risks across multiple insurers. This can provide stability and mitigate the impact of large losses. - Access to Expertise: Collaborating with multiple insurers in a consortium provides businesses with access to a diverse pool of expertise and resources, enhancing their risk management capabilities. - Cost Sharing: By pooling resources and risks, businesses may benefit from more predictable costs and potentially lower premiums due to economies of scale. ❌ Cons: - Limited Control: Businesses have less control over policy terms and coverage within a consortium compared to captives, as decisions are often made collectively by the participating insurers. - Dependency: Reliance on external insurers for coverage may limit customization and flexibility, potentially constraining businesses' ability to tailor policies to their specific needs. Captives: ✅ Pros: - Tailored Coverage: Captive insurance companies, formed and owned by businesses themselves, offer the advantage of customizing insurance policies to match their unique risks and preferences. This provides greater control and flexibility over coverage terms. - Risk Management Control: Businesses have direct oversight of underwriting and claims management processes within captives, allowing for proactive risk management strategies tailored to their specific needs. - Cost Savings Potential: By retaining risks within the captive rather than transferring them to external insurers, businesses may realize long-term cost savings and potentially capture underwriting profits. ❌ Cons: - Initial Investment: Establishing and operating a captive requires significant upfront investment and ongoing administrative costs, which may be a barrier for some businesses. - Regulatory Compliance: Compliance with insurance regulations and governance requirements can be complex and time-consuming, requiring businesses to allocate resources for regulatory oversight. Ultimately, the choice between a consortium and a captive depends on factors such as risk tolerance, coverage needs, and strategic objectives. Understanding the differences and weighing the pros and cons is essential for businesses to make informed decisions about their insurance solutions. #Insurance #RiskManagement #BusinessStrategy