George and the. Here in Staten Island we think of the Ferry Terminal when we hear of St. But since hundreds of years, around the world, St. George is associated with something else. SAINT GEORGE AND THE DRAGON Saint George is the patron saint of numerous countries and regions, such as England, Ethiopia, Turkey, Canada, Catalonia, China, Georgia, Greece, Montenegro, Palestine, Portugal, Russia, and Serbia! George is immortalized in the myth of St. George and the Dragon, which, in a tiny nutshell, is roughly this: 'The PEOPLE of a village had a very bad conflict with a DRAGON.
They appeal to a person named GEORGE to help solve the conflict. George kills the Dragon.'
That dictum so often, they frequently say those words in their sleep. But what the. Malik Toms, Michael Wich. Since these anti-dragon groups began killing off drakes. The eggs to their Johnson, who promptly destroyed them.
That's the usual version of the story. IT'S THE TIME for all of us to replace old legends of overpowering and violence with new models of cooperation and problem-solving, human ingenuity and design science, bringing creativity to difficult situations! To help nurture this movement, we present Staten Island's 5th Annual St. George Day Celebration! EARTH DAY is April 22! We cannot celebrate community without celebrating our natural resources – especially Staten Island’s parks and waterfront.
Make Flower Bombs! What are flower bombs? Wild flower seeds in clay that can be thrown into vacant lots and will help beautify our neighborhood. Hundreds of flower bombs will be handed out at the Festival for everyone to distribute. MOBILE GARDENS!
The amazing artwork of Tattfoo Tan who creates gardens in unusual places, shopping carts, strollers – inspiring us all to think differently about our world. Support local green culture and join rousing a band of Eco-enthusiasts and craft types alike. The Staten Island Flower Fairies will distribute flowers and plantable seed cards (made from recycled materials, of course). What does a Staten Island Flower Fairy look like, you might ask? Hopefully it looks a lot like you and your friends/ beloved/ kids/ pets/ neighbors - perhaps donning wings, antennae, glitter, or other sprite-like accessories.
Our goal is to encourage everyone to make our community greener - and of course - look completely fabulous while doing it! AND OTHER EXHIBITS: Buy seedlings to welcome the spring in your own home Learn from Master Composters how to re-cycle our waste. Learn more about food distribution and the value of buying local.
Come and See! Hear and see LIVE music and dance performances on two stages ALL day long! Featuring Staten Island’s own local talent! Rock out with the Headlocks, Santiago, Allergic to B’s, Viva Maria, Joan Cadell's Midnight Choire, Trish and Christoph, RYA Brass Ensemble, Matchless Gifts Crew, and more. Sink into the rhythms of the Manhattan Tribal Belly Dancers and the Pink Diamond Steppers. Hula with the Groove Hoopalition Hoopers! Operatic brilliance with Kayla Ferguson and the teen group poetry hip-hop sensation of P.E.M.G.!
And that's not all! The Dragon from the hidden hills of Staten Island grows parched from the fire that she breaths. She relies on the watering hole in Tompkinsville Park to quench her thirst.
But the villagers fear the Dragon and rely on the water for their own needs. Can an ordinary human being called George help them resolve their difference and save the dragon? Can they share our natural resources? See A GIANT DRAGON puppet show in which St George and the Dragon work it out!
Not only one DRAGON, but many! Marching bands, mobile gardens, flower fairies, the international Dragon Dance Troupe, doggie dragons and a 30-foot dragon will PARADE around the park.
Join the PARADE – come as your favorite dragon and march in the parade. For the GIANT-PUPPETS performance of George's adventure in Tompkinsville!!!
Dost thou readeth? Stories, fables, history – they shape who we are and how we live. Celebrate the written word, the oral story and the bound book on International Day of the Book.
Browse and buy from the shelves of a variety BOOK VENDORS Toss in and take out from the open shelves of a community BOOK SWAP. A place to share and exchange books. Do you know how to make a book? See a BOOK MAKING demonstrations by master binder Malachi McCormick. Lend your ear or your voice to our READER’S CORNER – with scheduled live readings and an open mic ALL THROUGHOUT THE DAY. 'Imagine George and the Dragon resolving the conflict by way of honest communication and co-operation'. Imagine that.
(Any style, 5 minutes max reading time). In a painting? (or visual artwork that can be displayed on an easel). (and perform it on the Festival Stage!) Win prizes and a special 'St George and the Dragon' TROPHY! ALSO, dress your pet person, dog person, cat person, bird person, like a Dragon for the PET DRAGON CONTEST and the DRAGON PARADE. Get your living dragon friend on the St George And The Dragon website in living color!
Cyber Risk Coverage Risk managers struggle and succeed in placing cyber coverage. 12 min read Infographic: The Risk List Global technology manufacturers face increasingly complex coverage challenges. Presented by Travelers. 2 min read Sponsored: State of Vermont Ask the right questions and choose a domicile for your immediate and long-term needs. 7 min read 2016 Power Broker The class of 2016 impresses with its size and quality. 3 min read Column: Roger's Soapbox Fraudulent whiplash claims after a motor accident run rampant in the UK.
3 min read Sponsored Content by Hiscox USA Small and medium sized businesses face very unique and complex exposures. 6 min read Risk Management Chris de Wolfe of Mars Inc. Can take you to places where there are snakes as long as large swimming pools. 15 min read Regulatory Trends The costs of Foreign Corrupt Practices Act investigations are heavy and not embraced by underwriters.
6 min read Liability Risk The sharing economy is projected to increase more than 20-fold in the next 10 years, but risk abounds. 7 min read The Law A look at the latest legal cases impacting the industry. 4 min read Column: Workers' Comp Focusing on improving outcomes will create a better health care system and benefit injured workers. 3 min read Higher Education Higher education faculty and risk managers must protect students and property without violating freedom of expression. 5 min read Column: Risk Management A little risk management education for board members could help prevent financial scandals. 3 min read Captive Trends Captives offer customized solutions, but quantifying cyber risk is a challenge. 5 min read Cyber Risk Coverage Slaying the Dragon Risk managers struggle and succeed in placing cyber coverage.
By: Anne Freedman March 1, 2016. 12 min read Topics: Cyber Risks Insurance Industry March 2016 Issue Underwriting 03201601coverstorydragon The cyber dragon is devouring billions of dollars in uninsured losses and risk managers are feeling the heat. Advertisement A daily drumbeat of data breaches is scorching even the most technologically savvy organizations.
Boards of directors and the C-suites, rightly fearful for their bottom lines, are in turn putting pressure on risk managers. Many risk managers are seeking to transfer this overbearing and frightening risk by purchasing cyber insurance, but that’s easier said than done. Even as risk managers seek solutions, they face a slew of applications with intricate, hard-to-answer questions on their IT security and exposures, as well as a dizzying array of coverages, terms and conditions. “The spate of data breaches is obviously creating fear in those who feel the need to buy it,” said Eamonn Cunningham, chief risk officer, Scentre Group, which has about 2,500 employees. “Whether you should actually buy it or not is another question, but the fear is driving behavior.
“The unfortunate confluence of facts is we are dealing with something that is relatively new, is constantly evolving and is coupled with a series of well-publicized incidents that, in my mind, could drive an element of extreme, irrational behavior to purchase a policy without sufficient analysis,” he said. Analyzing the Threat Target, Sony, Anthem, Home Depot, the IRS and the U.S. Office of Personnel Management suffered some of the more recent attention-grabbing data breaches. But with nearly 300 million records leaked and more than $1 billion stolen just in 2015, according to Tech Insider, every organization is at risk. The greatest external risks are from cyber criminals, according to the “2016 Vormetric Data Threat Report,” followed by hacktivists (hackers with political goals), nation-states, cyber terrorists and competitors. For most organizations, though, it is employees who pose the greatest danger. “Employees and negligence will continue to be the leading cause of security incidents in the next year,” according to the “2015 Data Breach Industry Forecast” by Experian.
“Between human error and malicious insiders, time has shown us the majority of data breaches originate inside company walls,” it said. Analyzing specific exposures is one of the challenges facing risk managers. Scott Clark, risk and benefits officer, Miami-Dade County School District Scott Clark, risk and benefits officer, Miami-Dade County School District Scott Clark, risk and benefits officer at Miami-Dade County School District, with 45,000 employees and 355,000 students, said it took about a year of working with the CFO, chief IT officer, internal risk management employees, and an external risk management consultancy to determine the district’s cyber exposures; that was before deciding to go to market. “We all felt there were a number of moving parts that in the event of a major hack could be exposed,” he said.
One major exposure specific to school districts is student Social Security numbers, which are “practically dormant” until students seek out jobs or credit. It often isn’t until then they find out the information was stolen, Clark said.
“It’s a huge exposure that hasn’t gotten a lot of press outside of public school systems,” Clark said. “We all felt there were a number of moving parts that in the event of a major hack could be exposed.” — Scott Clark, risk and benefits officer, Miami-Dade County School District In early February, the University of Central Florida revealed that hackers stole the Social Security numbers of 63,000 current and former students and employees. To forestall problems, the Miami-Dade County School District reviewed which employees had access to Social Security numbers, said Mike Fox, district director for risk management. “If it was not vital to their job function, we took the access away,” he said. Working with carriers can help risk managers see these and other risks in a new light. Clark said that going through the underwriting process “is a great exercise” for risk managers. “It really forces you to examine from a cyber standpoint your organization at a deeper dive level than you ordinarily would,” he said.
Mike Fox, district director for risk management, Miami-Dade County School District Mike Fox, district director for risk management, Miami-Dade County School District “It really makes you focus on your operations and maybe some aspects of your operations that you didn’t consider,” Clark said. “But you can’t do it in a vacuum. You have to reach out to those in the trenches from a data standpoint so you get a full understanding of what exposures are out there.” One exposure Miami-Dade is working on is third-party access to its systems. The district now requires all vendors to have a policy to address cyber liability and is considering a requirement that all vendors in the future provide proof of actual cyber liability insurance coverage. But, Fox noted, even with strong firewalls, “the simplest thing will trip you up, a lost thumb drive, a stolen laptop.” Applying Is Complicated James Banfield, director of risk management at Texas-based Baylor College of Medicine, with 10,000 employees, said applying for cyber coverage is “a little bit daunting.” The college purchased its first cyber policy in the summer of 2015. Previously it was self-insured.
Advertisement “We hadn’t been with a carrier for this risk before, therefore, we weren’t easily able to translate what we do into what underwriters wanted, proof of how we monitor things, what tests we do to our systems to determine whether they are vulnerable,” Banfield said. “One of them wanted our first-born-child-type of information on the application,” Banfield said. His broker was able to get the carriers to accept a common application, with the medical college adding specific information upon request.
“It requires diligence and a little bit of tenacity internally to try to get this information that is being requested that may not exist or may not exist in the form the application is requesting,” he said. In addition to the complexity of applications, carriers deal with the notification expenses in the event of a data breach differently, Banfield said. One wanted to limit coverage to 2 million individuals.
Another wanted a dollar sublimit, while yet another offered full policy limits. Some offered network extortion coverage, some didn’t, he said. Most did not offer reputational harm coverage.
Most sublimited fines and penalties. Overall, Banfield said the terms and conditions were broad and favorable. He said it was worth buying the coverage and he felt that if there is a loss, his chances of having a claim covered were good. Reading the Fine Print There is a huge learning curve in selecting an insurance solution, said Lynda Bennett, chair, insurance recovery practice, Lowenstein Sandler. Lynda Bennett, chair, insurance recovery practice, Lowenstein Sandler Lynda Bennett, chair, insurance recovery practice, Lowenstein Sandler “One of the greatest challenges I face is when a client comes to me who has three different proposals from three different carriers and asks, ‘Which is better?’ “One isn’t necessarily better because they are all offering different terms and conditions,” she said. “There is not one that is the gold standard that gives you the best in each and every category that you intend to cover.
“These policies are so complicated. You have to get into the definitions and all of the definitions are embedded in other definitions. It’s mind-numbing and very, very complicated to review,” Bennett said. Robert Chesler and Janine Stanisz of the Anderson Kill law firm noted that a single cyber policy may contain 60 definitions and 30 exclusions. David Katz, a partner at law firm Nelson Mullins Riley & Scarborough, said he “spends a lot of time with in-house lawyers on whether they have the right type of coverage.” One key area is coverage of first-party or third-party claims. For example, does the policy cover only damage to the insured or does it also cover damage a breach causes to third parties, or damage to the insured caused by an incident at another entity, such as a vendor? Prior agreement on settlement of claims is also important, he said.
What settlement formula is applied with respect to payment of damages if there is disagreement between the insured and carrier over a potential settlement? A delay in notice to either the broker or the carrier of a potential claim also creates certain risks for the insured, Katz said. Sometimes, in the immediate aftermath of a suspected data breach, some companies are so focused on stopping the bleeding that they may not provide the necessary notifications.
Others may report information that is later found to be incorrect. Failure to follow the policy’s set notification procedures and communicate correct information could harm a company’s ability to successfully pursue a claim or defend its reputation, Katz said. Advertisement Many risk managers said they appreciate post-breach services in the form of policy additions, such as notification call centers, credit monitoring, public relations, forensic and legal services. “You can get all of those services on your own but it helps when you have an insurance company that has assembled a team,” said Baylor College’s Banfield. As for forensic services provided by cyber coverage, Katz said, it’s important to know whether the scope of services applies only to an investigation to meet notification mandates or whether it will also include an investigation into causes of the breach and ways to remediate the problem. Including the “earliest possible retroactive date” in a policy is also important because a breach may go undetected for a period of time, according to King & Spalding LLP.
Making the risk manager’s job even tougher is that in a generally soft market, cyber insurance is getting pricier. Taking the Risk to Market “There’s truly one hard market out there and it’s cyber,” said Carolyn Snow, director of risk management at Humana, a Kentucky-based health insurance company with 52,000 employees. Carolyn Snow, director of risk management, Humana Carolyn Snow, director of risk management, Humana “We just went through a renewal and it was really, really brutal. “We have a very aggressive security staff and security systems.
You can never say you won’t have a loss — you would be foolish to say that — but we do everything we can that’s reasonable to mitigate losses.” But in health care, there is so much protected information at risk that it gives underwriters pause, she said. “The one thing underwriters are looking at really hard this year is the number of records of protected information you have. That’s a big, big problem for health care companies. “The application information required this year was much more extensive than in prior years,” she said.
“Even after talking with our security people, we got a lot more questions, much more than we had in the past.” In the end, some carriers declined to quote, including some from the prior program. Humana also took a higher attachment point for its coverage. What Snow found “very, very unusual” is that the pricing on the higher layers of the tower is nearly as expensive as the primary layer. “What underwriters think of as the working layer is much higher than it used to be,” she said. “It’s a really hard market.” Brokers and underwriters, however, said that — except for health care and retail organizations — capacity is ample and they consider the price to be reasonable. Standard & Poor’s said there are about 50 carriers offering cyber risk coverage, with increasing demand for the solution, newer entrants to the market, and a risk that is evolving.
Lloyd’s of London estimates that there is about $400 billion in annual global losses from hacking, with “only a moderate proportion” being insured. S&P said the “typical line size for policies for small companies is around $25,000, to a maximum $5 million to $25 million for larger companies. For large companies, policies can be stacked in the form of a tower to provide the theoretical maximum capacity of around $400 million.” “One of the greatest challenges I face is when a client comes to me who has three different proposals from three different carriers and asks, ‘Which is better?’ — Lynda Bennett, chair, insurance recovery practice, Lowenstein Sandler Banfield said he found ample capacity. The medical college got six good quotes for its first cyber policy this past summer, he said, noting that pricing hadn’t gone up markedly since the college first looked at cyber coverage about 10 years ago. Clark at Miami-Dade, said the district’s recent renewal was flat for the second year of its policy offering a $10 million limit per claim and aggregate annual limit, with a $250,000 self-insured retention per claim.
Advertisement Scentre Group’s Cunningham said his company is “actively considering” a cyber policy purchase, but he stressed the need to take a measured approach. Work with carriers that have a mature approach to cyber, he advised, as opposed to newcomers to the field who may only be in the market until they have losses. He said a lot of capacity is coming on stream. Given that, he said, risk managers have to pick those markets that they believe have a considered understanding of the risks in their organizations.
The underwriters also need to have the capacity to properly underwrite the risk and ultimately provide a product that very closely correlates with what should be the underlying intent between insured and insurer. Litigation Defines Coverage Litigation of cyber claims ultimately creates standard definitions for policy wording, but there hasn’t been all that much litigation thus far. “Most of the losses to date we have seen have fallen within the pre-claim aspects of coverage, the loss prevention or forensics to figure out what happened,” said Bob Parisi, managing director, Marsh FINPRO. “This is fairly young coverage and there is still a fair amount of uncertainty in the marketplace,” he said.
“As you get a more critical mass of people buying the coverage, you will have more instances of claims that will fall outside of coverage,” he said. At that point litigation will increase, he said. To date, most of the litigation involving cyber claims were filed pursuant to commercial policies such as general liability, crime, D&O or E&O, as opposed to a standalone cyber policy.
In one case, Travelers Indemnity Co. Is seeking a court ruling that it does not need to defend or indemnify P.F. Chang’s China Bistro Inc. Under a general liability policy. The restaurant chain’s data breach did not trigger the policy, Travelers argued, because there was no bodily injury, property damage, advertising injury or personal injury connected to the incident, as the policies defined them.
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That case is still pending. In another case, employees of Apache Corp., an oil and gas company, were fooled by emails and phone calls purportedly from a vendor notifying them of new bank account information for payment of invoices. Company employees released $2.4 million to the thieves before the fraud was discovered. Great American Insurance Co., which issued Apache a crime policy, disputed the claim but Apache won its case in court. “When you think about most policies like fire or property,” said Humana’s Snow, “those policies have been litigated word by word.
Cyber hasn’t been litigated that much. The more litigation you have, the more certainty you will have about coverage. “What underwriters think of as the working layer is much higher than it used to be.
It’s a really hard market.” — Carolyn Snow, director of risk management, Humana “I think the problem for the buyer and for the carrier is maybe you intended to cover one thing and not something else. The way it is written may cover more than intended. I think vagueness around some of the wording is an issue. Happily it’s not something we have experienced,” Snow said. Advertisement Cunningham said it’s too early to tell if carriers are fundamentally making good on the implicit promises they provide when the insurance contract is written.
“I think there is a lack of history of publicized settlements,” he said. “If both carriers and insureds don’t approach this in a very diligent manner so as to ensure the underwriter contract correlates with the commercial intent of the insured in going into the marketplace that mismatch could very well end up in litigation,” he said. Anne Freedman is managing editor of Risk & Insurance. She can be reached at afreedman@lrp.com. Share this article: Infographic: The Risk List 6 Risks for Global High Tech Manufacturers Global technology manufacturers face increasingly complex coverage challenges.
Presented by Travelers. By: R&I Editorial Team March 1, 2016. 2 min read Topics: March 2016 Issue Rank the Risk List RiskList0316 RiskList0316 RiskList0316 The Risk List is presented by: RiskList0316 RiskList0316 RiskList0316 RiskList0316 The R&I Editorial Team may be reached at riskletters@lrp.com. Share this article: Sponsored: State of Vermont 7 Questions to Answer before Choosing a Captive Insurance Domicile Ask the right questions and choose a domicile for your immediate and long-term needs.
By: State of Vermont February 22, 2016. 7 min read VermontSponsoredContent Risk managers: Do your due diligence! It seems as if every state in America, as well as many offshore locations, believes that they can pass captive legislation and declare, “We are open for business!” In fact, nearly 40 states and dozens of offshore locations have enabling captive insurance legislation to do just that. With so many choices how do you decide who is experienced enough to support the myriad of fiscal and regulatory requirements needed to ensure the long term success of your captive insurance company? “There are certainly a lot of choices,” said Mike Meehan, a consultant with Milliman, an actuarial firm based out of Boston, Massachusetts, “but not all domiciles are created equal.” Among the crowd, there are several long-standing domiciles that offer the legislative, regulatory and infrastructure support that makes captive ownership not only a successful risk management tool but also an efficient entity to manage and operate. Selecting a domicile depends on many factors, but answering these seven questions will help focus your selection process on the domiciles that best fit your needs. Is the domicile stable, proven and committed to the industry for the long term?
ThinkstockPhotos-139679578700 The more economic impact that the captive industry has on the domicile, the more likely it is that captives will receive ongoing regulatory and legislative support. The insurance industry moves very quickly and a domicile needs to be constantly adapting to stay up to date. How long has the domicile been operating and have they been consistent in their activity over the long term?
The number of active captive licenses, amount of gross premium written in a domicile and the tax revenue and fees collected can indicate how important the industry is to the jurisdiction’s bottom line. The strength of the infrastructure and the number of jobs created by the captive industry are also very relevant to a domicile’s commitment. “It needs to be a win – win situation between the captives and the jurisdiction because if not, the domicile is often not committed for the long term,” said Dan Kusalia, Partner with Crowe Hortwath LLP focused on insurance company tax. Vermont, for example, has been licensing captives since 1981 and had 589 active captives at the end of 2015, making it the largest domestic domicile and third largest in the world. Its captive insurance companies wrote over $25 billion in gross written premiums.
The Vermont State Legislature actively supports an industry that creates significant tax revenue, jobs and tourist activity. Are the domicile’s captives made up of your peer group? The demographics of a domicile’s captive companies also indicate how well-suited the location may be for a business in a particular industry sector. Making sure that the jurisdiction has experience in the type and form of captive you are looking to establish is critical. “Be among your peer group.
Look around and ask, ‘Who else is like me?’” said Meehan. “Does the jurisdiction have experience licensing and regulating the lines of coverage for other businesses in your industry sector?” 3. Are the regulators experienced and consistent? VermontSponsoredContent It takes captive-specific expertise and broad experience to be an effective regulator. A domicile with a stable and long-term, top-tier regulator is able to create a regulatory environment that is consistent and predictable. Simply put, quality regulation and longevity matter a lot.
“If domicile regulators are inexperienced, turnaround time will be slower with more hurdles. More experience means it is much easier operating your business, especially as your captive grows over time,” said Kusalia. For example, over the past 35 years, only three leaders have helmed Vermont’s captive regulatory team. Current Deputy Commissioner David Provost is one of the longest tenured chief regulators and is a 25-year veteran in the captive insurance industry. That experienced and consistent leadership enables the domicile to not only attract quality companies, but also to provide expert guidance on the formation process and keep the daily operations running smoothly. Are there world-class support services available to help manage your captive? VermontSponsoredContent The quality of advisors and managers available to assist you will have a large impact on the success of your captive as well as the ease of managing the ongoing operations.
“Most companies don’t have the expertise to operate an insurance company when you form a captive, so you need to help build them a team,” Jeffrey Kenneson, a Senior Vice President with R&Q Quest Management Services Limited. Vermont boasts arguably the most stable and experienced captive infrastructure in the world. Many of the leading captive management companies have their headquarters for their Global, North America and U.S. Operations based in Vermont.
Experienced options for captive managers, accountants, auditors, actuaries, bankers, lawyers, and investment professionals are abundant in Vermont. Can the domicile both efficiently license and provide on-going support to your captive as it grows to cover new lines of coverage and risks? VermontSponsoredContent Licensing a new captive is just the beginning. Find out how long it takes for the application to get approved and how long it takes for an approval of a plan change of your captive’s operations. A company’s risks will inevitably change over time. The captive will need to make plan changes which can include adding new lines of business. The speed with which your domicile’s regulatory branch reviews and approves these plan changes can make a critical difference in your captive’s growth and success.
The size of a captive division’s staff plays a big role in its speed and efficiency. Complex feasibility studies and actuarial analyses required for an application can take a lot of expertise and resources. A larger regulatory team will handle those examinations more efficiently.
A 35-person staff like Vermont’s, for example, typically licenses a completed application within 30 days and reviews plan changes in a matter of days. What are the real costs to establishing and managing your captive? VermontSponsoredContent It is important to factor in travel costs, the local costs of service providers, operating fees, and examination fees. Some states that do not impose a premium tax make up for it in high exam fees, which captives must be prepared for. Though Vermont does charge a premium tax, its examination fees are considered some of the least expensive options in the marketplace. It is also important to consider the ease and professionalism of doing business with a domicile in the ongoing operations of your captive insurance company.
“The cost of doing business in a domicile goes far beyond simply the fixed cost required. If you can’t efficiently operate due to slow turn-around time or added obstacles, chances are you have made the wrong choice,” said Kenneson. What is the domicile’s reputation? VermontSponsoredContent Make sure to ask around and see what industry experts with experience in multiple domiciles have to say about the jurisdiction.
Make sure the domicile isn’t known for only licensing certain types of captives that don’t fit your profile. Will it matter to your board of directors if your local newspaper decides to print a story announcing your new insurance subsidiary licensed in some far away location?
Are companies leaving the jurisdiction in high numbers and if so, why? Is the domicile actively licensing redomestications — when an existing captive moves from one domicile to another? This type of movement can often be a positive indicator to trends in a domicile. If companies of a particular size or sector are consistently moving to one state, it may indicate that the domicile has expertise particularly suited to that sector. Redomestications made up 11 of the 33 new captives in Vermont in 2015. This trend is a positive one as it speaks to the strength of Vermont. It reinforces why Vermont is known throughout the world as the ‘Gold Standard’ of domiciles.
Asking the right questions and choosing a domicile that meets your needs both today and for the long term is vital to your overall success. As a risk manager you do not want surprises or headaches because you did not ask the right questions. Do the due diligence today so that you can ensure your peace of mind by choosing the right domicile to meet your needs. For more information about the State of Vermont’s Captive Insurance, visit their website: VermontCaptive.com. SponsoredContent BrandStudioLogo This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with the State of Vermont. The editorial staff of Risk & Insurance had no role in its preparation.
The State of Vermont, known as the “Gold Standard” of captive domiciles, is the leading onshore captive insurance domicile, with over 1,000 licensed captive insurance companies, including 48 of the Fortune 100 and 18 of the companies that make up the Dow 30. Share this article: 2016 Power Broker Power Broker Rising Stars The class of 2016 impresses with its size and quality. By: Dan Reynolds and Tom Starner March 1, 2016.
3 min read Topics: 2016 Power Broker Brokerage March 2016 Issue No Ad Judging the talent employed by commercial insurance brokers leads us to one conclusion; optimism is the order of the day. Advertisement As we discovered this year, not only are the ranks of high-achieving younger brokers as strong as ever, they are increasing in number.
We’ve renamed our Power Broker® “Under 40” category to “Rising Stars” to better celebrate this wave of talent and to focus on an important point. Yes, this is a younger group of professionals, all of them under 40, but it’s more on point to think of them as the future leaders of this profession. As Power Broker® winners and finalists, this set of Rising Stars demonstrated a superior level of creativity in finding solutions for their clients, unflagging customer service and a devotion to learning more about their industry. Just four years ago, the number of brokers honored by this designation hovered around 40. Last, year, there were 54 Power Broker® winners and finalists recognized in the Under 40 category.
Over the next few pages, you will see the names and affiliations of 77 brokers we recognize as Rising Stars. Since the launch of this category in 2009, more than 250 brokers under 40 received the designation. The majority of the Rising Stars designees come from the Big Three firms and their average age is 36. They represent a powerful wave of talent that is bolstering a profession, which like many other professions will be challenged to replace talent as the baby boomers retire. For this group of Rising Stars, a career in commercial insurance brokerage is a compelling challenge that results in rich rewards.
“I really enjoy telling ‘the story’ on behalf of my client to the insurance carrier, to pique their interest in an account,” — Ashley De Paola, assistant vice president, Alliant We first came to know Lockton’s Christopher Keith when he broke into the Power Broker® ranks as a winner in the Workers’ Compensation category in February 2013. In those days, Keith worked for the Philadelphia-based Graham Co. Keith, 39, said it’s the “entrepreneurial” nature of the business that he finds so rewarding. “I like the fact that I am managing my own profit and loss statement,” said Keith, who this year achieved Power Broker® status in the Aviation category. Ashley De Paola, assistant vice president, Alliant Ashley De Paola, assistant vice president, Alliant At Lockton’s annual President’s Dinner, he was recognized as the “prototype” Lockton producer.
“I’m very proud of that,” he said. Alliant’s Ashley De Paola, 33, a 2016 Power Broker® in the Real Estate category, said it’s the quick-paced, evolving atmosphere of commercial insurance brokerage that excites her. “I really enjoy telling ‘the story’ on behalf of my client to the insurance carrier, to pique their interest in an account,” De Paola said. Earlier in her career, a client expressed his concern over her age and experience. Her review of his insurance program changed his mind. “It was very rewarding when he later asked me to work on his business,” she said.
Advertisement Beecher Carlson’s Joe Roberta, a 2016 Power Broker® winner in the Private Equity category, has several reasons he likes working in this industry. Top of the list is that this is a very “social industry.” “I truly enjoy working with people that I’ve been fortunate enough to build long-term relationships with,” he said. Justin Wiley, 32, Power Broker® winner in the Public Sector category, works for Arthur J. Gallagher & Co., which prides itself on its mentoring efforts.
The company sent Wiley to Orlando, Fla., to work with veteran Rich Terlecki, himself a multiple Power Broker® winner. “My goal was to learn and gather from him as much intellectual capital as possible,” Wiley said. Clearly, Terlecki taught him well. The 2016 Power Broker® Rising Stars Morgan Anderson, 38 Arthur J. Gallagher Irvine, Calif. Real Estate Morgan Anderson, 38 Arthur J. Gallagher Irvine, Calif.
Real Estate Peter Ballas, 33 Aon Morristown, N.J. At-large Peter Ballas, 33 Aon Morristown, N.J. At-large Brooke Barnett, 37 Marsh Los Angeles Entertainment Brooke Barnett, 37 Marsh Los Angeles Entertainment Herman Brito Jr., 26 Marsh New York Marine Herman Brito Jr., 26 Marsh New York Marine John Byers, 34 Aon Franklin, Tenn. Employee Benefits John Byers, 34 Aon Franklin, Tenn.
Employee Benefits Sandy Carter, 32 Beecher Carlson Atlanta Automotive Sandy Carter, 32 Beecher Carlson Atlanta Automotive Brandon Cole, 31 Arthur J. Gallagher Irvine, Calif. Nonprofit Brandon Cole, 31 Arthur J.
Gallagher Irvine, Calif. Nonprofit Edward Conlon, 37 Aon New York Financial Institutions Edward Conlon, 37 Aon New York Financial Institutions Chris Connelly, 32 Arthur J. Gallagher Orlando, Fla. Public Sector Chris Connelly, 32 Arthur J. Gallagher Orlando, Fla.
Public Sector Anne Corona, 38 Aon San Francisco Technology Anne Corona, 38 Aon San Francisco Technology Cara Cortes, 35 Aon Pittsburgh At-large Cara Cortes, 35 Aon Pittsburgh At-large Uri Dallal, 37 Aon New York Financial Institutions Uri Dallal, 37 Aon New York Financial Institutions Ashley De Paola, 33 Alliant New York Real Estate Ashley De Paola, 33 Alliant New York Real Estate Brian Dougal, 38 Aon San Francisco Real Estate Brian Dougal, 38 Aon San Francisco Real Estate Justin Dove, 29 Arthur J. Gallagher San Francisco Real Estate Justin Dove, 29 Arthur J. Gallagher San Francisco Real Estate Patrick Drake, 27 Aon Southfield, Mich.
Utilities, Alternative Patrick Drake, 27 Aon Southfield, Mich. Utilities, Alternative Dan Edelstein, 37 Willis Towers Watson New York Manufacturing Dan Edelstein, 37 Willis Towers Watson New York Manufacturing Tim Farward, 36 Marsh Philadelphia Utilities, traditional Tim Farward, 36 Marsh Philadelphia Utilities, traditional Larissa Gallagher, 28 Aon Southfield, Mich.
Manufacturing Larissa Gallagher, 28 Aon Southfield, Mich.