Podcasts about amtrust

Blake and David examine Sasan Goodarzi's apology and lukewarm reception regarding the recent controversial TurboTax ad campaign. They also take a look at Intuit's new Enterprise Suite product, which aims to compete with NetSuite and Sage Intacct by offering multi-entity accounting capabilities at a lower price point. Moving on, there's talk of Anthropic's new Claude computing capability, EY's resignation as Super Micro Computer's auditor, and Google's declining search market share in the face of AI competition.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowRelay - http://accountingpodcast.promo/relayCloud Accountant Staffing - http://accountingpodcast.promo/casChapters(00:41) - Intuit Connect Recap (01:37) - Intuit CEO's Apology (09:32) - Intuit's Market Strategy (15:45) - Intuit Enterprise Suite Demo (30:00) - QuickBooks New Features (36:32) - Upcoming AI Webinar Announcement (37:06) - Feedback on AI Presentation (37:47) - The Future of Tax Preparation with AI (39:34) - AI in Action: Cloud Computer Use Demo (49:46) - Fraud in Political Campaigns (52:53) - Opportunities in Small Town Tax and Bookkeeping (57:08) - EY Resigns as Super Micro Auditor (01:07:39) - Conclusion and Upcoming Events (01:07:56) - Google's Ad Revenue Threatened by AI  Show NotesEY resigns as Super Micro auditor, causes stock to fall 33%https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.htmlIntuit Connect 2024: Sasan Goodarzi on AI & the Future of Accountinghttps://www.youtube.com/watch?v=1xzKztkuhRYIntroducing computer use, a new Claude 3.5 Sonnet, and Claude 3.5 Haikuhttps://www.anthropic.com/news/3-5-models-and-computer-use'All hell has broken loose': Inside Elon Musk's high-stakes pro-Trump door-knocking efforthttps://www.nbcnews.com/politics/2024-election/elon-musks-high-stakes-trump-door-knocking-effort-america-pac-rcna176255BDO must face AmTrust investors' fraud case after US appeals court backtrackshttps://www.reuters.com/legal/government/column-bdo-must-face-amtrust-investors-fraud-case-after-us-appeals-court-2024-11-04/Google's Grip on Search Slips as TikTok and AI Startup Mount Challengehttps://www.wsj.com/tech/online-ad-market-google-tiktok-9599d7e8Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsCoefficient - http://accountingpodcast.promo/coefficientexpo Client Hub - https://clienthub.app/ Forwardly - https://www.forwardly.com/Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Linda Comerford, Head of Claims North America at Resilience, brings her extensive experience in cyber incident response and cyber insurance to this episode. With her deep understanding of the challenges faced by leading cybersecurity and cyber insurance professionals, Linda provides valuable insights and practical advice that can help professionals in these fields navigate the evolving landscape of cyber threats. Join Anthony and Linda as they unpack the importance of communication between underwriting and claims teams, the evolving landscape of cyber threats, common mistakes insureds make, the role of cyber insurance in cybersecurity, and more.You'll learn:1. Why effective communication between underwriting and claims teams is crucial in navigating the complex world of cyber threats2. The biggest mistake clients make with their cyber policy and practical advice on how to prevent and mitigate cyber issues3. How professionals in the cybersecurity and cyber insurance fields can adapt to the challenges of an ever-evolving cyber landscape4. The vital role that cyber insurance plays in bolstering cybersecurity efforts and protecting businesses from potential financial losses__________About Linda:Linda Comerford is the Head of Claims for North America at Resilience, where she joined in September 2023. She has extensive experience in the cyber insurance industry, previously serving as the Incident Response Practice Leader at AmTrust, overseeing cyber claims, vendor assignments, and privacy counsel.Before AmTrust, Linda worked in cyber claims roles at Rockville Risk Management and Proven Data Recovery. She holds an MFA in Publishing and Writing from Emerson College and a BA in English from Oregon State University.Find Linda on LinkedIn: https://www.linkedin.com/in/lindalouisecomerford/ __________About Resilience:Resilience is the cyber risk solution company that's on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities, and augmented by prominent leaders and innovators from the insurance and technology industries; Resilience helps financial, risk, and information security leaders continuously improve their organizations' cyber resilience by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce actionable cyber hygiene.Website: www.cyberresilience.com Industry: IT Services and IT ConsultingCompany size: 51-200 employeesHeadquarters: San FransiscoFounded: 2016__________About the host Anthony:Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children. Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: ahess@asceris.com ___________This podcast is produced by our friends at SAWOO.

This week, Matt Mosley and Kash Izadseta cover Cyber Insurance... What is it? How to get it? How to stay protected? Links mentioned in this episode: http://tevoratalks.com Instagram, Twitter, Facebook: @TevoraTalks

Private Limitations of Action Provision of Policy Defeats Late Law Suit Knox Mediterranean Foods, Inc. (Knox) appealed the trial court's grant of Appellee Amtrust Financial Services (Amtrust)'s motion for traditional summary judgment on Amtrust's affirmative defense of limitations. In one issue, Knox contends that summary judgment was improper because there was a genuine issue of material fact as to when its claim accrued. DISCUSSION While Knox's brief wholly fails to cite the record, the record comprises 425 pages, roughly 300 of which is the insurance policy. The sole issue in this appeal required the Court of Appeals to consider whether Amtrust's June 13 letter constituted a denial of Knox's claim. That letter is a little over a page long and easily located in the record. LIMITATIONS The time in which a plaintiff must file suit is defined, as the name suggests, by statute. Parties may contract for a shorter limitations period, provided that the contractual limitations period is not shorter than two years. A cause of action accrues, and the limitations period begins to run when facts come into existence that authorize a party to seek a judicial remedy. In first-party insurance actions, the insured's cause of action accrues when the insurer denies a claim. There is no dispute that the insurance policy at issue sets a limitations period of two years and one day from the date of accrual. When an insurer denies a claim, its mere willingness to reconsider that denial does not restart the limitations period. Therefore, Amtrust's June 13 letter to Knox unequivocally communicated a decision to deny coverage. Amtrust established as a matter of law that Knox's claim accrued-and the contractual limitations period began to run-on June 13, 2017. Because Knox filed this lawsuit on May 20, 2020, nearly three years after its claim accrued, its claim was time-barred. ZALMA OPINION The covenant of good faith and fair dealing applies to the insurer and the insured equally. When an insured fails or refuses to prove its loss it leaves the insurer no choice but to deny the claim rather than continue to beg the insured to fulfill its promises. Since Knox did nothing for almost three years after it was told Amtrust would pay no more its suit was time barred. (c) 2023 Barry Zalma & ClaimSchool, Inc. --- Support this podcast: https://podcasters.spotify.com/pod/show/barry-zalma/support

After graduating from FSU's Risk Management/Insurance program, Tom Budz began his insurance career at AmTrust, where he held several underwriting positions including Specialty Practice Underwriter working with specialty verticals and national brokers. Tom currently works as a Middle Market Underwriter for Chubb and works part-time at the local fire department and as a volunteer with the Big Brother Big Sister program. In today's episode of the In The Know podcast, Chris Hampshire sits down with Tom for a look at the lessons that firefighting can teach insurance about safety and success. He highlights his decision to join the insurance industry, what he sees as a middle-market underwriter, and how his role as a firefighter contrasts with his work as an underwriter.   Key Takeaways Tom's career in insurance began with a simple interview. How insurance programs can better promote themselves to close the industry talent gap. Tom's experience as an underwriter hasn't been anything like he expected. Firefighting keeps Tom plenty busy outside his day job hours. Perspectives that Tom has gained as he has surveyed fire damage. Trusting the insurance experts allows things to get done faster. The counterintuitive lessons learned from lifting equipment and fire extinguishers. Tom's training experience in the fire department translates to his work in the insurance office. Whether relocating for work or working remotely, attracting new talent to the industry requires options and flexibility. Tom's take on the value of a hybrid work schedule. Life lessons from Tom's work as a firefighter that apply to anyone. Tom's success and progress encouragement for his early-career self.  

“It's important that we're a part of that bottom line and at the end of the year, meet those business goals” says Alisa as she discusses managing and building an internal recruitment team. Alisa describes her journey in to recruitment and joining the insurance industry, which she initially perceived to be ‘boring, slow and old'. Now managing a team of 13 recruiters and adding over 1800 team members to the AmTrust headcount in 2022, Alisa shares the fast-paced, entrepreneurial spirit and competitive culture at the Forbes-listed ‘Top 100 Private Companies in the US.' Alisa highlights the key role the internal recruitment function can play in working alongside senior leaders to support the growth of the varied business functions, as well as the characteristics she looks for when recruiting. “You have to be scrappy. You have to be flexible, things are changing all the time. You have to be able to pivot and jump into a different line of business.”Giving her advice to incoming executives coming for interview, Alisa says, “Know our strengths but also know our weaknesses. Know and highlight that one thing that the position or the company might be missing.” Sharing the tools AmTrust use when recruiting, Alisa also encourages those seeking to recruit A-player talent to alter the way they think about and approach talent. “It's really important to change that mindset from ‘culture fit' to ‘culture add'. That's when you're going to get a high performing team.”Connect with Alisa Sohn on LinkedIn or find out more about AmTrust FinancialThe Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses around the globe.To discuss identifying & attracting the very best talent to your team or being a podcast guest, reach out to Nick via nick.hoadley@insurance-search.com Copyright Insurance Search 2023 – All Rights Reserved.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Today's guest is Matt Zender, Senior Vice President, Workers' Compensation Strategy at AmTrust. We'll be looking at a new risk report from AmTrust Financial on “Workers' Compensation and Injury Trends in the Restaurant Industry.”   Injuries were lowest this time last year. Justin and Matt talk about how risk professionals in food retail, restaurant, and hospitality can use this time of year to maintain low injury rates onsite and on the road. They discuss the top three injuries: crushing, mental stress, and fainting, and how COVID-19 influenced the number of injuries. They conclude the discussion with ideas for risk managers to leverage the insights in this report for 2023.   Key Takeaways: [:01] About the RIMS Membership. [:15] About RIMScast. [:28] About today's episode. [:39] All about upcoming RIMS webinars, workshops, events, and more! [1:07] About RIMS-CRMP. [1:21] About RIMS-CRMP-FED. [1:55] About RISKWORLD 2023 with closing keynote speaker Danica Patrick! [2:11] About recent RIMScast episodes. [2:35] About today's episode with Matt Zender, the SVP for Workers' Compensation Strategy at AmTrust. [3:07] Justin welcomes Matt Zender to the podcast! [3:12] In the AmTrust Financial report on Workers' Compensation and Injury Trends in the Restaurant Industry, injuries were lowest in the first quarter of last year. How can risk professionals in the food, retail, restaurant, and hospitality industries maintain low injury rates? [3:56] Why do claims go up over the holidays? [4:15] In the first quarter lull, restaurant operators often do insurance planning. They're often too busy the rest of the year with their operations on the road to plan insurance. [5:17] Why AmTrust wanted to put the report out during the first quarter lull. [5:27] Restaurants are doing more delivery than ever. [5:45] Why COVID-19 was a force multiplier for restaurant operators. [6:26] How is the way we consume food changing in the U.S. and how have meal delivery services enabled these changes? [7:10] About the top three injuries mentioned in the report: crushing, up 89%, mental stress, up 71%, and fainting, up 61%. [7:47] About crushing of body parts from machinery or from boxes stacked too high. [9:41] Why has mental stress become more widespread? [10:52] About our changing relationships with our jobs. There is physical conditioning needed for working a restaurant job after months of not working. [12:26] How fainting claims sometimes relate to mental stress claims. [13:21] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD. [14:23] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work. [16:15] Decreases and increases in claims reported relate in part to reductions and growth in the workforce. Economic forces were at play as well. [17:21] Have mental stress claims changed since 2019? How claims tie in with the relationship with employers. [18:30] How can restaurant owners and franchisees leverage the report? Matt asks you to think about what separates you from others. How are you protecting your employees? [20:57] Matt tells you how to use your size to your advantage. [21:43] How risk managers can leverage insights in this episode from Matt and the AmTrust report “Workers' Compensation and Injury Trends in the Restaurant Industry.” [22:17] AmTrust issued this report two years ago and again, after COVID-19, in the hope that franchise and restaurant owners will use the insights to drive better behaviors. [23:35] The report appendix includes all sorts of injury prevention tips! [23:58] You can download the 11-page report as a PDF file from AmTrustfinancial.com. [24:43] Justin thanks Matt for joining us on RIMScast. [24:55] You can find the link for the report below. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!   Mentioned in this Episode: RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open! Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD! RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21. RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1. RIMS Diversity Equity & Inclusion page Contribute to Risk Management Magazine The 2022 AmTrust Restaurant Risk Report Upcoming Webinars: “Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023 “Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023 See the full calendar of RIMS Virtual Workshops Related RIMScast Episodes: “Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023) “Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023) “Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers” (2022) “Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises” “RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic” “How One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020” Sponsored RIMScast Episodes: “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL (NEW!) “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “Aon's 2022 Atlantic Hurricane Season Overview” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL “How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD “Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL “Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire “ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd. “Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett “Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency “SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd. “RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL “RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett “RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS Advisory Services — Ask a Peer Risk Management Magazine Risk Management Monitor RIMS Risk Leaders Series RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! Spencer Educational Foundation RIMS DEI Council RIMS Path to the Boardroom RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App RIMS Buyers Guide Dan Kugler Risk Manager on Campus Grant Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS Advisory Services — Ask a Peer Risk Management Magazine Risk Management Monitor RIMS Risk Leaders Series RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! Spencer Educational Foundation RIMS DEI Council RIMS Path to the Boardroom   Want to Learn More? Keep up with the podcast on RIMS.org and listen on iTunes. Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   Follow up with Our Guest: Matt ZenderAmTrust Financial   Tweetables (For Social Media Use):   “At AmTrust, we write more restaurants than anybody and it's a space that we really do enjoy. But we know that restaurant operators wear a lot of hats. To expect that they're going to be able to think about insurance all the time is not realistic.” — Matt Zender   “Restaurants always see turnover. It's part of what they are used to. The amount of turnover they saw through the pandemic was obviously greater than perhaps they had ever seen. So you had a lot of newer employees.” — Matt Zender   “You have, perhaps, some folks reaching different priorities in their life. Things that maybe they felt that they couldn't prioritize before, … and then, all of a sudden, through COVID-19, they realized that they had some opportunities to rethink some of this.” — Matt Zender   “If you're a franchise operator, and you've got 14 different stores under your control, what have you done commonly throughout those 14 to help protect your employees?” — Matt Zender   “We published it a couple of years ago and then we refreshed it, and in the refresh, we didn't just want to show the same data because so much had changed because of COVID-19, which is why we took a different sort of cut at it. … We wanted to share the insights.” — Matt Zender  

Ep. 60 of the Cyber Law Revolution is live!Thrilled to have Linda Comerford, AVP of Cyber Services and Incident Response at AmTrust, joins the show to talk about the claims process, how to become a more attractive insured, and common missteps during a cyber claim!You won't want to miss it!Keep the questions and calls coming! 410-917-5189 or spollock@mcdonaldhopkins.com

In der Rubrik “Investments & Exits” begrüßen wir heute Daniel Wild, Gründer und Aufsichtsrat von Mountain Alliance. Daniel hat die Runde von Servify und Inworld AI kommentiert: Servify, ein Startup, das den Lebenszyklus von Geräten für mehrere beliebte Smartphone-Hersteller wie Apple und Samsung in vielen Märkten verwaltet, hat 65 Millionen US-Dollar erhalten und will in zwei Jahren an die Börse gehen. Der Singularity Growth Opportunity Fund führte die Series-D-Finanzierung des Startups mit Sitz in Mumbai an. AmTrust und Family Offices wie Pidilite sowie die bestehenden Investoren Iron Pillar, Beenext, Blume Ventures und DMI Sparkle Fund beteiligten sich ebenfalls an der Runde. Das Startup arbeitet mit mehr als 75 Herstellern von Elektronikgeräten zusammen, darunter OnePlus und Xiaomi, und bietet ihnen Whitelabel-Kundendienstleistungen wie Schadensschutz und verlängerte Garantien. Partnerunternehmen nutzen die gleichnamige Plattform von Servify auch, um ihren Kunden Inzahlungnahmen, Upgrades und Finanzierungsprogramme anzubieten. Außerdem gab das Startup Inworld AI, das die Entwicklung virtueller Charaktere auf der Grundlage künstlicher Intelligenz ermöglicht, eine Series-A-Finanzierungsrunde in Höhe von 50 Millionen US-Dollar unter der Leitung von Section 32 und Intel Capital bekannt. Die Runde umfasste Investitionen von Founders Fund, Accelerator Investments LLC, First Spark Ventures, Kleiner Perkins, BITKRAFT Ventures, CRV, M12, Micron Ventures, LG Technology Ventures, SK Telecom Venture Capital, NTT Docomo Ventures und The Venture Reality Fund. Inworld AI bietet eine developer platform zur Erstellung von KI-gesteuerten virtuellen Charakteren, die immersive Realitäten wie das Metaverse, VR/AR, Spiele und virtuelle Welten bevölkern. Gegründet wurde das Unternehmen von Kylan Gibbs, Michael Ermolenko und Ilya Gelfenbeyn, die sich auf KI spezialisiert haben und gemeinsam bei etablierten Unternehmen wie Google gearbeitet haben.

Some days we just wake up on the wrong side of the bed! Here is how to handle just that. We go into what to do:1. if you wake up on the wrong side2. if you ate something "bad" last night and feel like crap3. if you didn't get a good night sleep4. when your family members are a**holes in the amTrust me this is is going to help you have the best day ever or at least move into accepting that is isn't and that is okay!Are you on the LIST for the next round of the YMX? What are you waiting for? click www.lauraconley.com/yummy-mummy-experience to learn more about my 6 month group course and coaching program that guarantees you lose weight for the last time and to get on the waitlist! Doors open in September! See acast.com/privacy for privacy and opt-out information.

David Lewis has worked in the life insurance business as an independent agent since 2005. Over the last 16 years, he's helped develop educational and marketing content for large financial firms like Allstate, New York Life, State Farm, AmTrust, and J.G. Wentworth. California State University (CSU) teaches his essays on Human Life Value and life insurance as part of its Expository Writing and Reading Course. His articles have been featured in online publications like ThinkAdvisor, The Huffington Post, NuWire Investor, and RealClearMarkets.

This episode continues our series of "industry spotlights," in which we focus on specific trends and opportunities in middle market M&A transactions. This episode kicks off several episodes around the finance and insurance ("F&I") products industry, estimated at $80+ billion in size at the retail level. Specifically, this episode is all about vehicle service contract ("VSC") administrators.   Colonnade has extensive transaction experience in the automotive F&I products industry and has been on the sell side or buy side M&A advisor on many of the significant F&I products transactions that have taken place over the last decade. These transactions are complex and require an investment banking team with deep industry knowledge. Colonnade has insider-level mastery of the drivers of valuation, competitive positioning, business trends, relevant metrics, and the right buyer universe, enabling us to provide superior deal execution to our clients. In this episode, we answer the following questions: What is a VSC? What types of car problems are covered under a VSC, and how does it differ from car insurance coverage? What is the F&I products ecosystem? What are the economics of a VSC? What is the value of VSCs to consumers? Who are the major players in the VSC administrator industry? What are the consolidation trends in the VSC administrator industry?  How are VSC administrator companies valued?     What is a VSC? (02:30)   Gina Cocking:  A VSC is like a warranty but cannot be legally called a warranty. OEMs can only offer warranties. Essentially, a VSC is covering any mechanical failures on a vehicle, which can range from problems with the engine, electronics, windows, and others.   What types of car problems are covered by VSCs? (02:38)   Gina Cocking: Different VSCs cover different car problems. Some have full coverage, and others are more limited. Car buyers may also buy a tire and wheel contract, a key fob contract, or an appearance protection contract. There is a whole slew of products that can cover mechanical failures, which are noninsurance-related problems.   What is covered by car insurance versus a VSC? (03:00)   Gina Cocking: Collusion damages, such as if a driver gets hit by another car or runs into a stop sign, are covered by insurance. VSC covers all mechanical failures.   How often are VSCs purchased with cars? (3:40)   Gina Cocking: About 51% of cars sold in the United States through franchise dealerships are sold with a VSC attached to that car.   What is the F&I products ecosystem? (03:46)   Gina Cocking: Dealerships are the primary distribution channel as they are selling the F&I product to consumers. Third party marketers also sell VSCs.   The VSC administrators adjudicate the claims. For example, when a consumer has a mechanical failure, they will contact the VSC administrator, who will work with the repair facility to ensure that the repair facility is paid for any claims. If it is an administrator obligor, they are responsible for the payments for the claims.   F&I agents are the intermediary between the administrator and the dealership.   What are the economics of a VSC? (05:16)   Gina Cocking: VSCs are profitable products for dealerships and other sellers. For example, if a dealership sold a VSC to a consumer for $3,000 (VSC usually costs $2,800 to $3,500), the administrator probably sold it to the dealer for $1,000, and $500 was paid to an F&I agent. Therefore, the dealership is going to make a $1,000 profit on the sale of the VSC. Part of the $1,000 paid to the administrator covers administration costs, and part of it goes into the trust to pay for future claims. VSCs are typically a five-year contract. The funds held at the trust will earn out over five years and will be used to pay future claims. Any excess funds in the trust are remitted back as profits to the dealership or whoever owns the trust.   What is the typical F&I product penetration rate on vehicles sold? (08:04)   Gina Cocking: Public dealerships have shown F&I product penetration rate greater than 100% on average per vehicle sold last year, which means they are selling more than one product. Penetration rate continues to increase primarily driven by returning customers who have had good experiences with these products and dealerships' increased marketing efforts around these products.   What is the value of VSCs to consumers? (10:53)   Gina Cocking: There is a correlation between the increase in sales of VSCs and other vehicle warranty products and the rise in consumer electronics. If consumers have a service contract on their phone, they should also have a service contract on their car, a valuable asset.   The peace of mind component of service contracts, particularly VSCs, is why consumers are adopting these products. It is an excellent financial management product, but it is not necessarily a product for everyone. For example, some people do not need a VSC because they essentially can self-insure (i.e., have the funds to pay for repairs). However, 40% to 50% of Americans do not have $400 of assessable cash at any given time to pay for an unexpected repair, so these products are a necessary financial planning product to protect one of the most valuable assets, a car.   In the past, VSCs have had a bad reputation due to claims being denied. What are some of the top reasons claims are denied? (13:42)   Gina Cocking: Generally, what I see are when claims are denied is that they are usually made during the blackout window. Most VSCs will have a 30-day window post-purchase where you can not make a claim for anything that happens in the first 30 days. The reason for that is adverse selection. The other reason is that it might not be covered by the VSC, which is usually pretty clear in these contracts.   Who are the major players in the VSC administrator industry? (16:52)   Gina Cocking: The two largest VSC administrators that are non-OEM are JM&A and Safeguard. Other administrators include RoadVantage, IAS, and APCO. In addition, there are insurance companies that own administrators. For example, Fortegra owns Smart AutoCare as its warranty administrator, Assurant owns the Warranty Group, and AmTrust owns AAGI.   What have been the consolidation trends in the VSC administrator industry? Why are companies integrating, and what are the benefits? (18:35)   Gina Cocking: Vertical integration brings synergies and distribution. Administrators are locking up distribution channels by buying F&I agencies and buying other administrators. When administrators acquire another administrator, it could increase the geographic footprint and bring in a new market.   Insurance companies are buying administrators because there is some vertical integration by taking out part of the cost structure. Part of the cost structure is called Contractual Liability Insurance Policy ("CLIP"). An insurance carrier provides the CLIP, which is essentially a backstop to the funds put in the trust to pay for future claims. If there are not enough funds in the trust to pay for claims, the CLIP will ensure that the insurance carrier will provide the funds to pay for the claim. There is an expense associated with purchasing a CLIP, so an administrator that vertically integrates with an insurance company will take out some of the expense in the cost structure and recognize some synergies.   The number one driver of M&A activity in the industry is private equity firms, which have been investing in the F&I products sector for over ten years because of the dynamics of the industry. Favorable industry dynamics include large industry size, industry growth, high margins, and high cash flow. Private equity firms often acquire an administrator then make add-on acquisitions to increase distribution and recognize synergies in the expense chain by taking out a layer of the cost structure.   How are VSC administrator companies valued? (24:51)   Gina Cocking: Administrators are valued, typically not on GAAP, but modified cash accounting basis. GAAP accounting matches expenses and revenues with the life cycle of the product. Under modified cash accounting, revenues are recognized at the time of sale because these products are rolled into an auto loan, and the administrator gets payment upfront. The expense associated with reserve for future claims and the CLIP, all the contract-related expenses, are recognized at the time of sale. For a growing business under modified cash, earnings will be higher than under GAAP accounting.   There is real value to the insurance funds in the trust to pay for future claims for an administrator obligor. The products are structured to a certain loss ratio, which is claims divided by the premiums remitted to the trust. Income from the trust should be included in the value of the company.   Other drivers of value in this industry include geographic reach, concentration with dealership groups, and size. Client concentration is important because most private equity firms will not invest in a company if greater than 15% or 20% of its revenues come from a single source.  Size matters because bigger companies are worth more than smaller companies.       Host Information   Gina Cocking Gina Cocking serves as the Chief Executive Officer of Colonnade Advisors. She returned to Colonnade as a Managing Director in 2014. Gina began her career in investment banking at Kidder Peabody, was an analyst at Madison Dearborn Partners, and an associate at J.P. Morgan & Co. She was a Vice President at Colonnade Advisors from 1999 to 2003. She left Colonnade to gain operating experience as the Chief Financial Officer of Cobalt Finance, a specialty finance company. She went on to become the Chief Financial Officer of Healthcare Laundry Systems, a private equity-backed company for which she oversaw the successful sale to a strategic acquirer. Gina served as the Line of Business CFO – Consumer Banking and Lending at Discover Financial Services. Gina serves on the Board of Directors of CIB Marine Bancshares, Inc., a bank holding company based in Brookfield, Wisconsin, that operates banking offices in Illinois, Indiana, and Wisconsin. Gina received her BA in Economics and an MBA from the University of Chicago. Additionally, Gina holds the Series 24, 28, 79, and 99 securities licenses.   Jeff Guylay Jeff Guylay is a Managing Director of Colonnade Advisors. Prior to joining Colonnade in 2000, Jeff was an investment banker at J.P. Morgan in the firm's Mergers & Acquisitions and Fixed Income Capital Markets groups in New York. He also spent several years in J.P. Morgan's Chicago office. Jeff has over 20 years of M&A and investment banking experience and has served as lead execution partner on over 25 M&A and financing transactions at Colonnade. Jeff received an MBA from Northwestern University's Kellogg Graduate School of Management and a Master of Engineering Management from the University's McCormick School of Engineering. Jeff received a BA from Dartmouth College and a BE from Dartmouth's Thayer School of Engineering. Jeff holds the Series 7, 24, 63, and 79 securities licenses. Jeff serves as a director of the non-profit Nurture, an organization dedicated to enhancing the nutrition and wellness of children and families.   About the Middle Market Mergers & Acquisitions Podcast Get the insiders' take on mergers and acquisitions. M&A investment bankers Gina Cocking and Jeff Guylay of Colonnade Advisors discuss the technical aspects of and tactics used in middle market deals. This podcast offers actionable advice and strategies for selling your company and is aimed at owners of middle market companies in the financial services and business services sectors. Middle market companies are generally valued between $20 million and $500 million.  

Ariel Gorelik and Marc Bernstein talk about how call centers all over the world are benefiting from globalization, how to lead organizations in a rapidly changing environment, and the greatest advantages, but also most difficult drawbacks of working from home. Ariel Gorelik is the Chief Information Officer and Chief Operations Officer at AmTrust Financial Services, Inc., a Fortune 500 insurance company with over 8,000 employees. Ariel is an expert on digital transformation and international IT strategy. His extensive operational leadership experience in the insurance sector includes expertise in centralization of operations and transformation of service delivery to improve customer satisfaction. --- Send in a voice message: https://anchor.fm/marcbernstein/message

EP31: {Sreevathsa Prabhakar, Founder of Servify} This startup likely covers the premium smartphone on which you're likely listening to or watching this episode of the Podcast! Very few companies give service capabilities much thought. Indians too are not very demanding of service and service requests arise for less than 3% of all mobile handset sales. Servify saw as an opportunity to solve for globally from India. A large opportunity to support brands manage customer interactions & expectations using technology. We chat with Sreevathsa on his journey working with Indian & global brands and taking that learning into building his 2nd service oriented venture. On the Episode we chat about Sree's journey and also what draws him towards building service oriented businesses. He also shares his philosophy on what it takes to be an entrepreneur. Sree's 8Cs of Entrepreneurship (Aug 2020 version) Curiosity Clarity Commitment Conviction Courageous Conquer Care COVID19 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — → Don't forget to subscribe to the Newsletter via stars.substack.com so that you can receive future podcast releases delivered to your inbox! → Full episode of the podcast is available on my YouTube Channel — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — About: Servify is on a mission to help consumers take control of all their devices and appliances - at home or at work. Servify today is one of the largest device lifecycle management platforms in the world and serves (as a Strategic Partner) consumers of Apple, Samsung, OnePlus, Motorola, Xiaomi, Nokia, Bose, Airtel, Vodafone, Du, Amazon, Oppo, Croma, AmTrust to name a few great associations. Stay Safe! - V (@varunvummidi) Timeline: 04:15 - The journey 09:44 - Nokia story 11:27 - Remembering Nokia 17:17 - Moving on from Nokia to building The Service Solution (TSS) 21:25 - Focussing on consistent service quality with TSS 24:24 - What is Servify? 26:22 - Service as a core pillar 31:03 - Need to outsource service for large manufacturers 35:41 - Solving for service around the world 41:02 - Using data from a Billion handsets 43:36 - Being a second time founder 56:19 - Choosing to raise funds as a second time founder 48:35 - 8C's of Entrepreneurship Curiosity Clarity Commitment Conviction Courageous Conquer Care COVID19 1:00:02 - COVID & its impact

While it has become the norm, working remotely presents different threats to employee safety than those experienced in the workplace. Offering employees to work from home can enhance productivity, but companies must understand their responsibilities and obligations as an employer of offsite employees. In this episode, AmTrust’s Matt Zender discusses the evolving remote work environment, risks employees working remotely face, and how businesses can make remote work environments safer.

Great episode if you like entertaining guests.  Peter invests up to $250k initial checks out of PLG Ventures and is not afraid to invest super-early (pre-product, pre-revenue).   He helps his portfolio companies on all things organizational behavior, but was formerly CEO of AmTrust, the largest privately held bank.

Nikolaus Sühr is a passionate CEO and Co-founder of KASKO whose passion lies in shaping the digitalization of insurance. KASKO specializes in working with large insurers to design, distribute and run digital insurance products for any distribution channel. Without having to re-prioritize IT legacy systems and structure, KASKO provides innovative solutions at speed for larger and more traditional insurers. KASKO to date has worked with Allianz, Allianz Worldwide Partners, AmTrust, ARAG, AXA Travel, Barmenia, Baloise Group, Baveria Direkt, FRI:DAY, GAV, Obvi, R+V, Roland, Swiss Re, Co-op Insurance and Zurich.

How bad is the blue light from your devices for your health? What technology is out there to combat it? How do you build a business tackling such an issue? This week, James is joined by Justin Barrett, CEO of Healthe, a company dedicated to improving eye health in a digital world, Healthe's suite of products, technologies and Eyesafe brand are now being implemented by world leaders in consumer electronics. In partnership with the eye and healthcare community, electronic manufacturers and standards organizations, Healthe develops health-first technologies, standards and products. Justin was a recognized semi-finalist for Ernst & Young Entrepreneur of the Year with Healthe being ranked #5 on the Observer list of Hottest 20 Health Start-ups in 2019. He is a co-inventor on Healthe's wide-reaching patent portfolio of light filtration technology for digital devices including accessory products, integrated display technology, augmented reality and VR. Previously, Justin was Entrepreneur-in-Residence at Fortune 100's Amtrust. Based in Minneapolis, Minnesota, he and the Healthe team develop technologies and standards in conjunction with the Eyesafe Vision Health Advisory Board including leading ophthalmologists and optometrists. justin@health-e.com | www.health-e.com HS. Health-Tech Talks Event, 31st October: https://www.eventbrite.com/e/hs-health-tech-talks-digital-health-tickets-76273475017

All images and links for this episode can be found on CISO Series (https://cisoseries.com/open-this-email-for-an-exclusive-look-at-our-clickable-web-links/) You'll be dazzled by the clickability of our web links on this week's episode of CISO/Security Vendor Relationship Podcast. This episode is hosted by me, David Spark (@dspark), producer of CISO Series and founder of Spark Media Solutions and Mike Johnson. Our guest this week Aanchal Gupta (@nchlgpt), head of security for Calibra, Facebook. Aanchal Gupta, Head of Security for Calibra, Facebook, Mike Johnson, Co-Host, CISO/Security Vendor Relationship Podcast, David Spark, Producer, CISO Series Thanks to this week's podcast sponsor Expel. Expel is flipping today’s managed security model on its head (Ouch!) for on-prem and cloud, taking a technology-driven approach that lets analysts focus on what humans do best: exercise judgment and manage relationships. The company offers 24x7 monitoring through its security operations center-as-a-service, using the security tools customers already have. On this week's episode Hey, You're a CISO, what's your take on this? Last month, Brian Krebs reported a breach from the 6th-largest cloud solutions provider PCM Inc. which let intruders rifle through Office365 email/documents for a number of customers. In response, listener Alexander Rabke, Unbound Tech, asked, "Would CISOs continue to do business with ‘security’ companies that are breached?" What's your recommendation for sales people who are at such an organization? How should they manage news like this? Ask a CISO We know there are plenty of pros and cons of telecommuting. I'm eager to hear from both of you how security leaders value telecommuting. What are the challenges to a CISO of managing a virtual staff? What's Worse?! We've got two extreme scenarios you'd never see in the real world. Why is everybody talking about this now? Mike, on LinkedIn you ranted about the term DevSecOps that it was a distraction and that "It's really no different (at a high level) than building security into an Agile development process, or a Waterfall process." I agree but I would argue that when DevOps was introduced it was about getting two groups working in tandem. At the time it was a mistake to omit security. Last year at Black Hat I produced a video where I asked attendees, "Should security and DevOps be in couples counseling together?" Everyone universally said, "Yes", but I was taken aback that many of the security people responded, "that they should just listen to me." Which, if you've ever been in couples counseling knows that the technique doesn't work. I argue that the term DevSecOps was brought about to say, "Hey everybody, you have to include us as well." Mike recommends Kelly Shortridge and Nicole Forsgren presentation at Black Hat 2019, "The Inevitable Marriage of DevOps and Security". Companies continue to take advantage of the economies of scale offered by multi-tenant cloud services, but complacency is dangerous. Multi-tenant cloud is often described as being like a big apartment building, but the big difference is that the walls that separate tenants from each other are not solid, but software. Software is built by humans which closes the circle: unpredictable humans in an unpredictable world. I’m not just talking about hacking here. What about compliance? GDPR’s austere and perhaps old-world view that data on a German citizen must stay in Germany, is nonetheless the law, and carries substantial fines for transgression. This requires data centers to be run from multiple countries, but so long as they’re connected by a cable no data is ever truly isolated. Future regulations affecting health records or patents or blockchain transactions might find themselves in limbo when it comes to coming to rest in a certain section of a certain cloud. For the moment, companies are focusing mostly on the cost-efficiencies of shacking up with other tenants in the same building, but very soon, this too might not be enough. Check out lots more cloud security tips sponsored by OpenVPN, provider of next-gen secure and scalable communication software. OpenVPN Access Server keeps your company’s data safe with end-to-end encryption, secure remote access, and extension for your centralized UTM. The great CISO challenge Lauren Zink of Amtrust posted an article from Infosec Institute asking, "What are you to do with repeat offenders in social engineering exercises?" The article offers some helpful suggestions. In the discussion, there was some pointing fingers at security training designed to purposefully trick employees. Have either of you had to deal with repeat offenders? What did you do? What's your advice for other security leaders... and HR?  

Keith Gottfried, chief of Morgan Lewis & Bockius LLP's shareholder activism defense practice, took some time to talk to The Deal's Activist Investing Today podcast about how defending the company against an ex-CEO and founder of the business is so different, and perhaps much more difficult, than protecting it from an activist hedge fund. Gottfried's comments emerge as founder and co-founder activism has skyrocketed in recent months, with high profile campaigns launched at Papa John's, Wynn Resorts and AmTrust as well as many other companies. According to FactSet, there were 36 campaigns launched by founders, co-founders and former CEOs at companies between 2013 and 2018, so far, including 11 this year so far.

Bloomberg Markets with Carol Massar and Cory Johnson.u0010u0010GUEST:u0010David Wilsonu0010Stocks Editoru0010Bloomberg Newsu0010Discussing his "Stock of the Day" AmTrust Financial Services (AFSI). AmTrust Financial Services Inc.'s shares fell to a 4 1/2-year low after the insurance company delivered its second straight earnings disappointment. Profit for the first quarter amounted to 32 cents a share, far below the 61-cent average estimate of analysts in a Bloomberg survey. Last month, AmTrust delayed a restatement of past results and disclosed that U.S. regulators are investigating its accounting practices.

Bloomberg Markets with Carol Massar and Cory Johnson.u0010u0010GUEST:u0010David Wilsonu0010Stocks Editoru0010Bloomberg Newsu0010Discussing his "Stock of the Day" AmTrust Financial Services (AFSI). AmTrust Financial Services Inc.'s shares fell to a 4 1/2-year low after the insurance company delivered its second straight earnings disappointment. Profit for the first quarter amounted to 32 cents a share, far below the 61-cent average estimate of analysts in a Bloomberg survey. Last month, AmTrust delayed a restatement of past results and disclosed that U.S. regulators are investigating its accounting practices. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

In this episode, Jay Rosen returns from a week’s trip to Walt Disney World. Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: DOJ Criminal Division's Acting Principal Deputy Assistant Attorney General remarks on the FCPA and its enforcement. - See text of speech by clicking  here. See Matt Kelly’s blog post by clicking  here.Whistleblowers in the news. See Tom’s article on the Barclay’s CEO and Amtrust in  FCPA Blog and on KPMG in  Compliance Week. Mike Volkov weighs on whistleblowing as indicia of corporate culture  here.One year reports note that declinations are on the rise under the on the now one-year old FCPA Pilot Program. For Miller & Chevalier report click  here (sub. req’d). For the Stanford University FCPA Clearinghouse Report in the Wall Street Journal, click  here.Tribute to Kara Brockmeyer, retiring as head of the SEC’s FCPA Unit. See Tom’s article in  Compliance Week.Jay details his upcoming conference schedule and weekend report on ethics and compliance observations from the Florida version of the Magic Kingdom.Listeners to this podcast can received a discount to Compliance Week 2017. Go to registrationand enter discount code CW17TOMFOX. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Jay Rosen returns from a week’s trip to Walt Disney World. Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: DOJ Criminal Division's Acting Principal Deputy Assistant Attorney General remarks on the FCPA and its enforcement. - See text of speech by clicking here. See Matt Kelly’s blog post by clicking here. Whistleblowers in the news. See Tom’s article on the Barclay’s CEO and Amtrust in FCPA Blog and on KPMG in Compliance Week. Mike Volkov weighs on whistleblowing as indicia of corporate culture here. One year reports note that declinations are on the rise under the on the now one-year old FCPA Pilot Program. For Miller & Chevalier report click here (sub. req’d). For the Stanford University FCPA Clearinghouse Report in the Wall Street Journal, click here. Tribute to Kara Brockmeyer, retiring as head of the SEC’s FCPA Unit. See Tom’s article in Compliance Week. Jay details his upcoming conference schedule and weekend report on ethics and compliance observations from the Florida version of the Magic Kingdom. Listeners to this podcast can received a discount to Compliance Week 2017. Go to registrationand enter discount code CW17TOMFOX. Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristina Insley/First National Insurance Group First National Insurance Group is a local independent agent's office representing carriers such as Travelers, Auto Owners, Donegal, Hartford, Zurich, Amtrust, Northland, Main Street and many more. They sell home, auto and business insurance. To reach First National Insurance Group, call 770-513-2264. Troy Zavitz/Systel, Inc Systel, Inc is an integration company. They […] The post Kristina Insley with First National Insurance Group and Troy Zavitz with Systel appeared first on Business RadioX ®.

Everything you need to know about the Berkshire Hathaway portfolio. Join Motley Fool analysts Matt Koppenheffer and David Hanson as they look at the latest from the world of Bitcoin, JPMorgan’s latest legal news, and take a listener’s question about AmTrust Financial.