Podcasts about Reinsurance

Tim Fletcher is Gen Re's VP, Senior Emerging Issues Specialist, and an avid contributor to Gen Re's blog, and he edits the UM/UIM Liability Laws Survey. He is a graduate of the University of Minnesota (Bachelor of Arts, Journalism) and the Michell-Hamline School of Law (Juris Doctor), and currently serves on CPCU's Reinsurance, Excess & Surplus Lines Interest Group and as chapter governor for the Upper South Region. He is a founding member of the Atlanta Insurance Coalition for Change and a guest lecturer on Risk Management and Insurance at Georgia State University and many industry organizations. In this episode of In the Know, Chris Hampshire and Tim explore emerging issues and exposures in the insurance industry, including AI, forever chemicals, social inflation, and medical advancements.   Key Takeaways Tim's journey from journalism to the insurance industry. The current state of the industry in the face of climate change. Messaging ways to reduce premiums with improved building processes. AI's impact on the present and future state of the insurance industry. Trends to be aware of in the AI space. Forever chemicals and microplastics as critical exposures that impact insurance. Social inflation and nuclear verdicts now and in the future. Growth and implications of autonomous vehicles and humanoid robots. Evolving technologies in the medical field. Addressing the talent gap in the insurance industry. A first look at the next generation of insurance agents. A five-year look at the technology-enhanced insurance industry. Tim's adventurous advice to his early-career self.   Quotes “There are opportunities for the insurance industry to better communicate its message.” “We're on the dawn of something significant that's going to be very interesting and exciting.” “I don't think there's any other profession that has a greater misunderstanding from what the public thinks it is to what it really is than the insurance industry.” “Your CPCU designation gives you a nice exposure to all facets of the insurance industry.” “Don't just put your CPCU designation on the shelf. Get active!”

Today's podcast is one of the most positive and optimistic I think I have ever recorded. Andrew Horton Group CEO of QBE has been in the role long enough to have been able to reap some of the rewards of the changes he has made at the global insurer since he took over the top job. Having dealt with legacy issues and posted some remarkable results that have validated his strategy – the mood from this interview is 100% forward-looking and upbeat. Andrew's QBE has a spring in its step and a growth plan to execute into a global insurance and reinsurance market that seems to be throwing up opportunities almost wherever you look. It certainly helped that this was recorded on a pleasant early spring day in London, with plenty of sun in the sky and blossom on the trees, but the difference between this interview and the last one I did with Andrew two years ago is palpable. Today, Andrew is buzzing with energy and good humour and has audibly grown in confidence. In this discussion we make light work of all the issues of the day, taking in topics as diverse as Reinsurance, D&I, the long-term trends of facilitisation and algorithmic underwriting and their consequences, Lloyd's and the London Market, and insuring the transition. So listen on as we take a world tour of market opportunities and a refreshed and revitalised player looking to seize the moment. If you are feeling jaded and in need a tonic – this is just what the doctor ordered! LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com We also thank audio advertiser, The Insurance Network (TIN), organiser of the highly-successful TINtech events series and Data Jam. www.tin.events

In this follow-up conversation with Jill Epstein, CEO of IABCal, we dive deep into the state of the California insurance marketplace following the devastating January wildfires. Jill walks us through major regulatory shifts, including the commissioner's new tools, the inclusion of cat modeling and reinsurance in rate applications, and how these changes are impacting carriers and consumers alike. She shares candid insights into how independent brokers are rising to meet the needs of their communities, the evolving role of the FAIR Plan, and what the future may hold for rate approvals, market stabilization, and rebuilding efforts across the state.Timecodes:00:00 Introduction and welcome to Jill Epstein01:04 New rate reform regulations and timelines04:19 Cat modeling, reinsurance, and how fires accelerated change08:18 Brokers' on-the-ground response and early carrier actions12:59 FAIR Plan updates and industry leadership during crisis18:07 Market impact, rate realities, and future carrier return24:03 E&O risks, sticker shock, and consumer understanding27:14 Legislation, hope for change, and broker resilienceResources:Become a member at RiskProNet.comConnect with Jill Epstein on LinkedinConnect with Chip Arenchild on LinkedIn

Die Themen im heutigen Versicherungsfunk Update sind: R+V mit Rekordergebnis 2024! Trotz Inflation und Naturgefahren erzielt die R+V Versicherung ein Konzernergebnis von 1,3 Mrd. Euro. Alle Sparten wachsen, die neue Strategie NextLevel soll bis 2030 Marktanteile sichern. Allianz Trade kündigt Änderungen in den Führungsteams an Der Warenkreditversicherer Allianz Trade gibt Veränderungen in seinen Führungsteams bekannt. Benoît des Cressonnières, Global Head of Reinsurance von Allianz Trade und CEO der Euler Hermes Reinsurance AG, wird am 30. September 2025 in den Ruhestand gehen. Philippe Dessèvre, derzeit CFO von Allianz Trade in der DACH-Region (Deutschland, Österreich und Schweiz), wird ab dem 1. Oktober 2025 seine Nachfolge antreten. Nachfolger von Philippe Dessèvre als CFO von Allianz Trade in der DACH-Region wird Jan-Steffen Klein, der diese Aufgabe zum 1. Juli 2025 übernehmen wird. Diese Ernennungen stehen unter dem Vorbehalt der üblichen aufsichtsrechtlichen Genehmigungsverfahren. BCA AG wird Gesellschafter bei comparit Die BCA AG beteiligt sich an der Vergleichsplattform comparit. Damit zählt die Brancheninitiative nun elf namhafte Maklerpools und Vertriebe zu ihren Gesellschaftern. Gleichzeitig wurden die comparit-Vergleichsrechner in die BCA-Serviceplattform DIVA integriert – ein weiterer Schritt hin zu mehr Unabhängigkeit und Effizienz für Makler, so der Pool. Canada Life erhöht den Garantiewert zum dritten Mal in Folge
 Canada Life hebt den geglätteten Wertzuwachs zum dritten Mal in Folge an. Der Garantiewert wächst von 2,0 auf 2,1 Prozent und ist Bestandteil aller fondsgebundenen Rentenversicherungen mit UWP-Garantien. Er gilt ab dem 1. April 2025 für ein Jahr. Itzehoer strukturiert SHUK-Bereich um Die Itzehoer Versicherungen stellen ihren Produktbereich Schaden/Unfall neu auf: Jörn Menke übernimmt die Leitung des Bereichs PSU, während Verena Wagner die neue Abteilung Pricing Aktuariat & Data Science führt. Beide folgen auf Niko Hennig, der das Unternehmen verlässt. Ziel ist eine stärkere Fokussierung – insbesondere auf nachhaltige Ertragssicherung im Kfz-Geschäft und datenbasiertes Pricing. Versicherungskammer mit 'Allzeithoch' Der Konzern Versicherungskammer erzielte 2024 ein Konzernergebnis von 354 Mio. Euro – ein Allzeithoch. Die Beitragseinnahmen stiegen auf über 9 Mrd. Euro, insbesondere die Schaden-/Unfallversicherung legte kräftig zu. Trotz Naturkatastrophen konnte die Combined Ratio gesenkt werden. Auch in der Kranken- und Lebensversicherung gab es positive Entwicklungen. Fitch bestätigt das AA–Rating. Der Konzern erwartet weiteres Wachstum über Marktniveau.

The Chinese marine insurance market is an important one. It continues to grow off the back of the world's largest commercial fleet and a range of domestic initiatives. In this podcast we speak with Ge Qi, Head of Reinsurance at Cosco Shipping Captive Insurance Company, a Director of the Shanghai Institute of Marine Insurance and a member of IUMI's Ocean Hull Committee. Ge Qi gives a unique insight into the current status of the Chinese market and explains how he believes the market will grow and develop over the coming years.

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ben Rose, Co Founder of Supercede. In this episode they delve into the world of reinsurance, exploring its fundamental concepts, terminology, and the necessity for insurers to engage in reinsurance. They discuss the differences between facultative and treaty reinsurance, as well as proportional and non-proportional reinsurance structures.The conversation highlights the complexities of reinsurance deals and the importance of understanding these concepts for effective risk management in the insurance industry. This conversation delves into the complexities of reinsurance, exploring how risk is managed through various layers and types of coverage.They also discuss the impact of significant events like wildfires on claims, the challenges insurers face in determining their reinsurance needs, and the current state of the reinsurance market amidst changing conditions. The importance of data quality and proactive communication between insurers and reinsurers is emphasized, along with the strategic nature of reinsurance as a field.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release. Hosted on Acast. See acast.com/privacy for more information.

Ryan White serves as Assistant Vice President and Director of Ceded Reinsurance at UFG Insurance. He has held the roles of associate, commercial, and senior underwriter, underwriting supervisor, and the first underwriting manager of UFG Online. In 2021 he was named Assistant Vice President and recently transitioned into the newly created role of Director of Ceded Reinsurance. White holds extensive reinsurance experience, a BBA in Finance, and an MBA from the University of Iowa. He also holds the CPCU, ARe, AU-M, AU, and Associate in General Insurance (AINS) professional designations. He has served on the board of the Cedar Valley CPCU Chapter since 2020, and recently joined the CPCU Reinsurance and Excess Surplus Lines Interest Group in 2023, serving as Vice Chair for the 2024 term. In this episode of In the Know, Chris Hampshire and Ryan discuss launching an online platform in the reinsurance sector, ceded risk and reinsurance, and the career benefits of earning the CPCU designation.   Key Takeaways Unlike so many, Ryan entered the insurance industry intentionally. Reinsurance or primary insurance? Ryan weighs in. Details of the ceded reinsurance marketplace. Essential skill sets that aided Ryan's rise from associate to management. The highs and lows of launching an online digital platform. The impact of the pandemic on Ryan's work. Lessons learned while transitioning from the small business digital platform to the reinsurance arena. A tailored approach to meeting the ceded reinsurance needs of each client. An overview of the breadth of ceded reinsurance coverage. Ryan's motivation behind his involvement in the CPCU Society. Reinsurance & Excess Surplus Lines Symposium 2025. Iowa as a global insurance hub. Ryan's perspective on earning both the MBA and the CPCU. Ryan's message to anyone considering the reinsurance sector. A five-year look to the future of the insurance industry and AI. Advice from current Ryan to his early career self.   Quotes “Launching an online digital platform was a really exciting time in my career and in the company.” “No matter what part of the industry you're in, it's all about relationships.” “The opportunities that are in front of you in the reinsurance industry are unlimited.”

AM Best Associate Director Jason Hopper outlines a new Best's Special Report that finds about a dozen US L/A companies ceded business to sidecars at year-end 2023, tripling since 2021.

Xceedance Executive Vice President Sachin Kulkarni discussed insights on the evolving excess and surplus insurance market, highlighting the impact of automation, technology, reinsurance, bundling and talent growth on the future of the sector.

Join us for a deep dive into the 2025 reinsurance renewal season, where we analyse the key factors shaping the market, including pricing trends, capacity challenges, and evolving underwriting strategies. Whether you're a broker, underwriter, or industry observer, this episode will provide valuable perspectives on navigating the complexities of the renewal period.

Bir ay önce Los Angeles'ta birkaç büyük yangın çıkmış, yaklaşık 4 tane Kadıköy büyüklüğünde yer yanmıştı. Sosyal medyada, sigorta şirketlerinin dahil olduğu birtakım komplo teorileri yayıldı ama bence işin altında daha ilginç bir şey var: Zamanında halk adına, halk için alınmış bir kararın, iklim değişikliğinin de ittirmesiyle, tamamen geri tepmesi.Konular:(00:00) Kitap: Dört Önemli Mesele(01:27) LA yangınları(03:26) Fiyat kontrolü(06:20) İklim değişikliği(08:27) Primary peril(10:23) Riskin fiyatlanması(14:02) Reinsurance(15:00) Devletin rolü(18:10) Tabure barın belkemiğidir ve patronlarKaynak:Blog: LA Fires Could Change the Insurance IndustrySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Supercede is revolutionizing the reinsurance industry with purpose-built software solutions, addressing a critical gap in enterprise technology. With $21.6 million in funding, Supercede is building specialized tools for an industry that has historically relied on generic enterprise software or inefficient in-house solutions. In this episode of Category Visionaries, I sat down with Jerad Leigh, CEO and Co-Founder of Supercede, to explore how they're bringing innovation to what he calls the "unsexy" but crucial world of reinsurance technology. Topics Discussed: The opportunity in building "boring" enterprise software for reinsurance Why the reinsurance industry has been underserved by technology How Supercede leverages content marketing and community building The role of authenticity in B2B marketing and brand building Balancing professional credibility with creative marketing in a serious industry The evolution of their podcast strategy and content creation GTM Lessons For B2B Founders: Embrace the unsexy: Jerad emphasizes that some of the best business opportunities exist in "boring" enterprise spaces that aren't getting attention from flashy consumer or AI startups. B2B founders should look for valuable problems to solve in industries that others might overlook due to their perceived lack of excitement. Build vertical-specific solutions: Generic enterprise software often falls short for specialized industries. Jerad notes that while solutions like Salesforce are powerful, there's significant value in building purpose-built solutions that address industry-specific workflows and challenges. B2B founders should deeply understand their vertical's unique needs rather than trying to force-fit horizontal solutions. Lead with authenticity in B2B: Despite operating in a serious industry, Supercede successfully employs creative marketing approaches like meme calendars with personalized notes. Jerad argues that authentic, personality-driven content can work well even in traditional B2B sectors - the key is finding the right balance between professional credibility and engaging creativity. Leverage content for category leadership: Supercede's podcast strategy demonstrates how content can establish category leadership. By creating the first reinsurance-focused podcast and consistently delivering valuable content, they've built relationships with senior industry leaders and helped educate the next generation of professionals. B2B founders should consider how content can help them own their category's conversation. Take calculated marketing risks early: Jerad advises that early-stage companies have more freedom to experiment with creative marketing approaches since they have less to lose. He suggests using this period to find an authentic voice and build a core group of passionate supporters rather than trying to appeal to everyone with "safe" messaging. //   Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe.  www.GlobalTalent.co  

In this week's episode, Hemma sits down with Patricia Godoy Oliveira to explore her remarkable journey in compliance—spanning leadership roles at Google and Uber to her current position as LatAm Compliance Officer at Gallagher. Join us as Patricia shares how she keeps people at the heart of her compliance strategies, leveraging behavioral science and Trust and Inspire leadership to empower business partners. With practical insights, book recommendations, and a deep passion for ethics and compliance, Patricia offers a refreshing perspective on leading with purpose in this engaging and thought-provoking conversation.  Highlights include:  Navigating personal and professional transitions and reflecting on purpose How to build trust with your regional business teams in a global company Practical tips on incorporating behavioral science into your compliance program Fabulous reading recommendations for thought leadership and continuous learning in compliance Biography "Patricia is the LatAm Compliance Officer for Gallagher. Her career encompasses senior leadership roles at prominent American and Brazilian companies, including her tenure as Regional Chief Compliance Officer at Google and Director of Ethics & Compliance at Uber. Patricia's impactful contributions have garnered repeated recognition, including being named one of the "Most Admired Professionals" in Compliance in Brazil on multiple occasions. A graduate of Instituto Presbiteriano Mackenzie (Law School, Brazil) with a Masters degree (LL.M.) from the University of Chicago (US) and an MBA from Fundação Getúlio Vargas (CEAG, Brazil), Patricia complements her academic achievements with specialized courses in Insurance, Reinsurance and Law. Her profound understanding of both mature and evolving regulatory environments is a testament to her 15 years of experience in the Insurance and Reinsurance industry and 5 years in the dynamic Tech sector. Patricia's pragmatic approach to legal and compliance is grounded in economic and behavioral principles. She empowers organizations to achieve their goals by translating complex challenges into sound business strategies. Her leadership has been instrumental in implementing innovative programs and training initiatives that foster ethical conduct and drive sustainable growth. A respected voice in the field, Patricia actively shapes industry standards through her roles as a lecturer, professor, and at the Compliance Committee of AMCHAM, Brazil Chapter. Her unwavering commitment to ethical business practices is evident in her extensive involvement in various professional organizations, including the Ethics Tribunal of the Bar Association in Sao Paulo and the Global Compact of the United Nations. Patricia's journey exemplifies a dedication to building a more just and responsible business world." Resources Patricia on LinkedIN: https://www.linkedin.com/in/patricia-godoy-oliveira/ Subscribe to her newsletter Etica do Dia a Dia here: https://www.linkedin.com/newsletters/%C3%A9tica-do-dia-a-dia-7265210572445548545/ Patricia's Book Recommendations during the show: Carlos Muitos, Gabriel Cabral et al Trust & Inspire, Stephen Covey Thinking Fast and Slow, Daniel Kahnemann Humankind, Rutger Bregman The Righteous Mind, Jonathan Haidt Why They Do It, Eugene Soltes The Heart of Business: Leadership Principles for the Next Era of Capitalism, Hubert Joly

Want to revisit some of the most popular moments from Let's Get Surety®? In this special episode, host Kat Shamapande counts down the top five most downloaded episodes from the past five years! From the significance of relationships in surety to innovations in e-signatures, these episodes have captivated listeners worldwide. Join us for clips, reflections, and a celebration of the evolving landscape of the surety industry. Don't miss this nostalgic trip down memory lane! Counting down from the 5th most downloaded to the most downloaded episode: 5. Episode #59: I'll Be There for You - The Importance of Relationships in Surety 4. Episode #1: A Look at NASBP's Be Guaranteed to Succeed Campaign and Surety Stories 3. Episode #84: Reinsurance: Understanding Its Importance to Surety* 2. Episode #30: E-Signature in Surety 1. Episode #90: Growing and Fostering Women's Surety Careers *Disclaimer from Andrew Grey: The views and opinions expressed here may include projections based on assumptions and forecasts and is intended for information purposes only. Nothing that I am about to say is intended to be legal, underwriting, financial or any other type of professional advice, and listeners are encouraged to consult with his or her own counsel or other advisors to verify the accuracy and completeness of any information used and to determine its applicability to the recipient's particular circumstances. See full disclaimer on the episode page. Hosted by: Kat Shamapande, Director, Professional Development, NASBP Sponsored by Old Republic!

Jephita Gwatipedza, COO of Zep Re, highlights the evolving reinsurance landscape across Southern Africa. Despite challenges like economic constraints and localised regulatory shifts, opportunities are emerging in micro-insurance, agriculture insurance, and parametric solutions. Zep Re's initiatives include World Bank-backed agricultural insurance projects and innovative products like collateral replacement indemnities to enhance insurance accessibility. Skills development remains a priority, with the RI Academy training over 22,000 professionals in five years. Jephita underscores the need for local expertise and international collaboration to unlock the region's growth potential while addressing critical risks such as flooding and emerging threats like cyber risks. 

Guest: Dr. Philip Mulder, Assistant Professor at UW-MadisonOnce you become a homeowner, you are flooded with the overwhelming responsibility of protecting your home, which means that you are going to need home insurance! But is it fair that your insurance may cost significantly more because of the weather that tends to happen around you? Or, what if homeowner's insurance isn't even available to you at all because of the weather? That is the current reality for some home and business owners across the U.S. Today on Weather Geeks, we brought on economist Dr. Philip Mulder who has already crunched the numbers about why that is and how insurance providers can get away with this..Chapters00:00 Introduction to Homeowner's Insurance and Climate Risks02:53 The Role of the National Flood Insurance Program05:54 Challenges of Flood Mapping and Insurance Coverage09:08 Impact of Recent Hurricanes on Insurance11:54 Understanding Mortgage Escrow and Insurance Premiums14:56 Trends in Homeowners Insurance Premiums17:49 The Role of Reinsurance in Insurance Markets21:05 Climate Change and Future Insurance Trends23:59 Insurance Burden on Low-Income Communities27:04 Future Research Directions in Insurance and Climate RiskSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jane March, CEO of Guy Carpenter South Africa, discusses the current state and outlook of the Southern African reinsurance market. After three challenging years marked by COVID-19, natural disasters, and economic constraints, the market shows signs of stabilisation. Jane highlights key opportunities, including parametric solutions and capacity growth in catastrophe insurance. Despite economic pressures, innovation, knowledge sharing, and skills development are reshaping the industry. With improved underwriting discipline and international collaboration, Jane forecasts a cautiously optimistic outlook for 2025. Her insights underscore the resilience of the industry and its role in supporting local insurers through tailored solutions and expertise.

Through its partnership with LIBRA Insurance Partners, TBA has access to resources that make securing offers for its advisors and their clients even easier. RGA – a reinsurer – is one of those resources that TBA leans out for specific impaired risk cases to secure an offer in just 24 hours. John Felton, President of TBA, sat down with Aaron Baack, RGA's Vice President of Underwriting, to discuss the unique opportunity this presents to advisors, how the process works, what impairments are most likely to get offers, and what carriers and eligibility face amounts and ages that are available through the program. For more information on how TBA and RGA can help you, contact TBA at info@tba.com or 865-588-9555.

This week we talk about the Pacific Palisades, Hurricane Katrina, and reinsurance.We also discuss developed property values, arsons, and the cost of disasters.Recommended Book: The Data Detective by Tim HarfordTranscriptNatural disasters, whether we're talking about storms or fires or earthquakes, or some combination of those and other often related issues, like flooding, can be incredibly expensive.This has always been true, both in terms of lives and material damage caused, but also in terms of raw currency—the value of stuff that's destroyed and thus has to be rebuilt, replaced, or in some rare cases partitioned off so that similar things don't happen in the future, or because the space is just so irreparably demolished that it's not cost effective to do anything with the land, moving forward.The four most expensive natural disasters that we've been able to tally—so this doesn't include historical disasters that are far enough back that we can't really quantify the damage, due to an inability to directly compare, or insufficient data upon which to base such quantification—the top four that we can line up against other such disasters and compare the numbers for are all earthquakes.The earthquake in Japan in 2011 that, in addition to causing a lot of damage unto itself, also caused the disaster at the Fukushima nuclear plant tops the list, with a cost at the time of around $360 billion, which would be nearly $490 billion in today's dollars.The second most expensive natural disaster is also an earthquake in Japan, this one hitting a region called Hanshin in 1995, causing about $200 billion worth of damage in mid-90s money, which would be about $400 billion, today, and the third was an earthquake not too long ago, the 2023 quake that struck along Turkey and Syria's border, causing something like $160 billion in damage.The fourth costliest natural disaster hit China in 2008, causing around $130 billion in damage, which is about $184 billion in today's money.These disasters also caused a lot of casualties and deaths; about 20,000 people died in that most-costly, nuclear-incident-triggering quake, while nearly 88,000 were killed in that fourth-most-costly, Chinese one.The Great Hanshin quake, in comparison, lead to somewhere around 6,000 deaths: which is still just a staggering human loss, but it's an order of magnitude less than in those other comparable disasters; which hints at the trend we see with these sorts of events—the scale of wounded and killed doesn't necessarily correlate with the scale of costs associated with damaged and destroyed infrastructure and other assets.The costliest natural disaster in US history, as of the first week of 2025, at least, was Hurricane Katrina back in 2005, which all but destroyed the city of New Orleans and much of the surrounding area, causing around $125 billion in damage, which is equivalent to about $195 billion, today, but it only led to around 1,400 deaths: again, all of those deaths absolute tragedies, and any disaster that causes that many deaths is an historical event. But looking at the raw numbers, that's a shockingly low figure compared to the sum of the monetary damages tallied; it's actually remarkable as few people died as they did, looking at this storm and it's impacts through that lens.What I'd like to talk about today is another natural disaster, this one ongoing as I record this, that looks primed to take the record of most-costly, in terms of money, US natural disaster from Katrina, and some of the implications of this disaster.—Part of why disasters in the US, natural or otherwise, tend to result in fewer fatalities than those that occur elsewhere is that the US is a very wealthy country with relatively high-quality and widely dispersed infrastructure.There are quibbles to be voiced about that claim, as many recent reports indicate that said infrastructure isn't terribly well maintained, and that the country's healthcare setup and relatively low pay and support for the sorts of people who save lives and rescue victims in the midst of such disasters raise questions about how long this will continue to be the case; some of these high-quality systems are somewhat fragile, in other words, and won't always perform at the level they arguably should.That said, in general, when need be, US government institutions—federal and regional—are capable of throwing money at issues until they mostly go away, and they have a lot of decent resources to leverage when need-be, as well. Americans in general also have reasonable amounts of resources to call upon, on average at least, when they need to flee town and stay elsewhere for a while until a storm subsides, for instance.This is all on average, and we tend to see the gaps in that generality when disasters hit, and Katrina is a perfect example of this disaster illuminated dichotomy, as a lot of the country's least well off people, who have arguably been let down by the system and their government in various ways, were unable to do what everyone else was capable of doing, and were thus stuck in ramshackle and dangerous accommodations, and in some cases weren't rescued because of the nature of the infrastructure that was meant to help protect them, but which was ultimately incapable of doing so. Other people were shuttled by those entities to other parts of the country while the disaster was being handled, and some were never brought back—it was all a pretty big scandal.Looking at the averages, though, the US tends to experience disasters that are more expensive in terms of money than lives because there's more costly infrastructure in place, more valuable assets owned by pretty much everyone, compared to many other nations around the world, at least, and folks are generally capable of getting out of the way of stuff that might kill them—at least when we're talking about things like storms and fires.Case in point is the ongoing, as of the day I'm recording this, jumble of wildfires that are menacing, and in some cases demolishing, parts of the Greater Los Angeles area in Southern California.As of the day I'm recording this, a day before this episode goes live, there are two primary fires still spreading, designated as the Eaton and Palisades fires, those names based on the regions in which they started to flare out of control, and several smaller ones called the Kenneth, Hurst, and Lidia fires.The Palisades fire is currently the largest, having burned about 24,000 acres, followed by the Eaton, which has consumed around 14,000 acres. The Kenneth, Hurst, and Lidia fires have burned around 1,000, 800, and 400 acres, respectively.That's…not huge. Tens of thousands of acres is a decent sized plot of land, definitely, but for comparison, the Smokehouse Creek Fire that burned through parts of Texas and Oklahoma in 2024, and which became the largest wildfire in Texas history, consumed more than 1,100,000 acres.The Park Fire, which plagued Northern California in mid-2024, is the state's largest-ever arson-caused fire, and it consumed nearly half a million acres.So a total of just of 40,000 acres or so for this new collection of fires is piddly, within that context.The difference here is that both of those other fires consumed mostly, though not entirely, undeveloped land. And such land, while not value-less, is not the same kind of asset, in terms of dollars and cents, as heavily developed, with homes and businesses and electrical cables and roads and other such infrastructure, land tends to be.These new, Southern California fires are smaller than those other, big-name wildfires, then, but they're also consuming some of the most expensive real estate, and the properties and other assets build atop that real estate, in the world.As of right now, the Kenneth and Lidia fires are completely contained, and the Hurst is getting there. The Eaton and Palisades fires, the two largest of the group, are still mostly uncontained, however, due in part to wild and dangerous winds that are making containment efforts difficult, in some cases preventing aerial efforts, and in others making conditions extra risky for people on the ground, due to the dynamic and quick-moving nature of things.Given all of this, and again, given that these fires are burning homes worth tens of millions of dollars, located on coastal land that's in some case worth around the same, it's perhaps no surprise that analysts are already projecting that these fires could cause something like $50 to $150 billion in economic losses; and for comparison, the aforementioned Camp Fire in Northern California, which also consumed some fairly expensive homes and real estate, in addition to the undeveloped park land it consumed, only tallied about $30 billion in damage, all told, while the fires that hit Hawaii in 2023 added up to just $5.7 billion.Of that $50-150 billion total, it's estimated that around $20 billion will be covered by insurance, which represents a staggering loss for those without any, or without the proper insurance, but also potentially represents a huge loss for residents of California, as the state has an insurance of last resort scheme called the FAIR Plan, which is a privately run, but state-created entity that serves those who can't find insurance via conventional, private insurers. And often, though not always this means those customers are in areas that are too expensive or too risky for traditional insurance companies to operate in.In practice, that usually means insurers of last resort have a portfolio full of risky bets, and the plans they offer are more expensive than usual, and tend to provide less coverage and benefits than the conventional stuff.In these sorts of situations, though, we have a whole lot of risky bets than have suddenly come up snake eyes, this FAIR Plan suddenly having to pay out billions of dollars to their customers in these risky areas. And between 2023 and 2024, the number of homes in the very expensive Pacific Palisades area, which is high-risk for wildfires, nearly doubled to around $6 billion of covered assets in that zip code, alone. It's been estimated that the plan could have something like $24 billion in total losses from this cluster of ongoing fires.The FAIR Plan isn't government-funded: instead, if it runs out of money because of high levels of payouts, private insurance companies foot the bill, which will place further strain on those insurance companies, which are already expected to be staggered by losses across the region, but also then raises insurance prices for everyone in that area, moving forward, which could further inflate expenses for the state's tens of millions of residents, while also possibly incentivizing businesses to move elsewhere, which would reduce taxflows to state coffers, and over time cause even more financial problems.Reinsurance claims could muddle some of this math—reinsurance being basically insurance plans for insurance companies, bought from other, specialized insurance companies—as sufficient reinsurance coverage could help the FAIR Plan, and other insurers operating in these areas, weather the storm without being forced to raise prices excessively. But those companies, too, might then raise their reinsurance rates substantially, and those increases would then ripple across this same economic landscape.Lots of potential long-term financial damage, either way, on top of the assets lost and damage caused directly, and of course, the human losses, which as of the day I'm recording this, totals 24 people confirmed killed, dozens of people missing, and a still unquantified number of injuries and lives completely, perhaps permanently disrupted or upended.This whole situation—these fires—are complicated by many factors.The climate is one, as 2024 was the hottest year on record, the first one we've experienced, as a species, above that now-famous 1.5 degrees celsius-beyond-pre-industrial-levels milestone. That figure will fluctuate day to day and even year to year due to all sorts of variables, but the big picture here is that the global water cycle has changed because global average temperatures have been nudged upward, and that's causing a lot of upsets to local infrastructure and ecosystems that have always, since we've been here, at least, relied on that cycle functioning in a certain way, within a certain spectrum of operation.Now that we've defied that spectrum, we're finding ourselves with more extreme disasters of all kinds, but also more extreme and dangerous and damaging and deadly repercussions from those disasters, because the things we did to ameliorate them previously no longer work the same way, either.So California, especially this part of California, has been even drier than usual, and the way the state used to prevent the spread of wildfires no longer works the way it used to work; a climactic issue compounded by issues with the systems we've clung to, despite the problems they're meant to address having evolved substantially since they were originally developed and deployed.This situation is also complicated by the fact that southern California, and especially the LA area, is a hotbed for global entertainment, and that means a lot of wealth concentration.Lots of people scrambling to buy and build homes with beautiful coastal views, and the fact that these areas are high-risk for wildfires and increasingly other disasters, as well, doesn't really matter, because rich people want to be in this area, around all this activity and wealth, and it's generally understood that wealth can make you immune to these sorts of things, at least most of the time.That immunity is no longer such a given, and that high concentration of expensive assets means that even a relatively small fire can cause a heck of a lot of damage in a relatively short time.The same general collection of properties also means this region has a lot of landmarks that are at high-risk of destruction, and which are increasingly expensive to maintain and protect and repair, and it means the world is watching, to a certain degree—as celebrities flee their homes and influencers report the beat-by-beat of their evacuations—which in turn means there's plenty of incentive to spread misinformation, either out of a desire to participate in the situation, or because of honest ignorance, or for political and ideological reasons: wanting to paint the local governance as incompetent, for instance.At the moment, folks in the area are suffering from periodic power outages, largely due to local utilities shutting down some of their service areas in order to avoid starting new fires, their power cables and high winds sometimes sparking such things even in less pressure-cooker-like moments. And the air quality is absolutely abysmal, leading to localized health issues.Some areas have run out of water, apparently due to issues with reservoir infrastructure, and one of the two firefighting planes the local authorities have been using to douse the fires when the wind conditions allow has been grounded for repairs, after colliding with an illegally flown drone, the operator of which was apparently a paparazzi trying to capture photos of celebrity homes, either being consumed by fire or somehow avoiding such a fate.Again, this is a fast-moving story, and a lot is changing day by day, but at the moment it's looking like this could become the most expensive natural disaster in US history, and while local authorities are making progress in halting these fires' spread, the damage that's been done has already been substantial, and could have a lot of knock-on effects, for individuals and for the state's and country's economy, for years to come.Show Noteshttps://en.wikipedia.org/wiki/Park_Firehttps://en.wikipedia.org/wiki/Smokehouse_Creek_Firehttps://www.washingtonpost.com/business/2025/01/09/los-angeles-wildfire-economic-losses/https://en.wikipedia.org/wiki/California_FAIR_Planhttps://www.nytimes.com/2025/01/08/climate/california-homeowners-insurance-fires.htmlhttps://www.sfchronicle.com/california-wildfires/article/fair-plan-insurance-losses-20025263.phphttps://www.nytimes.com/interactive/2025/01/08/weather/los-angeles-fire-maps-california.htmlhttps://www.wsj.com/finance/wildfire-insurance-homeowners-costs-3889531fhttps://www.newyorker.com/news/the-lede/the-insurance-crisis-that-will-follow-the-california-fireshttps://archive.ph/Inso5https://www.npr.org/2025/01/09/nx-s1-5252837/will-there-be-enough-money-to-pay-out-insurance-claims-from-the-la-wildfireshttps://www.washingtonpost.com/climate-environment/2025/01/09/california-wildfire-palisades-homeowners-insurance/https://arstechnica.com/health/2025/01/public-health-emergency-declared-amid-las-devastating-wildfires/https://apnews.com/article/los-angeles-wildfires-southern-california-c5826e0ab8db965cb2814132ff54ee6fhttps://apnews.com/video/fires-wildfires-los-angeles-los-angeles-area-wildfires-california-574351467d2142ad958c212a0413ad96https://www.reuters.com/world/us/san-fernando-valley-under-threat-los-angeles-fire-rages-2025-01-12/https://www.wsj.com/us-news/los-angeles-wildfires-social-media-rumors-44d224b4https://www.wsj.com/style/los-angeles-hollywood-fires-celebrities-homes-paris-hilton-d1e3a7dehttps://www.vulture.com/article/hollywood-paparazzi-los-angeles-fire.htmlhttps://www.theguardian.com/us-news/live/2025/jan/12/california-fires-death-toll-expected-rise-ucla-threatened-winds-latest-updateshttps://www.reuters.com/business/environment/2024-was-first-year-above-15c-global-warming-scientists-say-2025-01-10/https://www.nytimes.com/2025/01/09/us/los-angeles-fire-water-hydrant-failure.html?unlocked_article_code=1.oE4.OUQs.lcdCoSSeQBtLhttps://www.axios.com/2025/01/11/los-angeles-fire-insurance-losses-billionshttps://www.latimes.com/california/story/2025-01-08/palisades-fire-devastation-scopehttps://www.washingtonpost.com/weather/2025/01/11/los-angeles-fires-california-updates-palisades-eaton-kenneth/https://www.latimes.com/california/story/2025-01-09/drone-collides-with-firefighting-aircraft-over-palisades-fire-faa-sayshttps://www.nytimes.com/2025/01/11/us/los-angeles-calfire-firefighters.htmlhttps://www.axios.com/2025/01/12/la-fires-climate-change-drought-extreme-weatherhttps://www.axios.com/2025/01/12/california-wildfires-loss-mental-healthhttps://www.nytimes.com/live/2025/01/12/us/los-angeles-fires-californiahttps://www.nytimes.com/2025/01/12/us/trump-los-angeles-fire-newsom-bass.htmlhttps://en.wikipedia.org/wiki/Hurricane_Katrinahttps://en.wikipedia.org/wiki/2008_Sichuan_earthquakehttps://en.wikipedia.org/wiki/2023_Turkey%E2%80%93Syria_earthquakeshttps://en.wikipedia.org/wiki/Great_Hanshin_earthquakehttps://en.wikipedia.org/wiki/2011_T%C5%8Dhoku_earthquake_and_tsunamihttps://en.wikipedia.org/wiki/List_of_disasters_by_cost This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

If insurers are buckling, and backup insurers are buckling, where’s the backup for the backup? Private insurers were exiting parts of California and other markets well before these current firees, causing millions of people to opt for state-run backup insurance plans. Those plans are also now buckling under pressure of intensifying natural disasters. So where do we go from here? We discuss. And later, we’ll interrogate some of the working conditions of Shein factory workers in China.

If insurers are buckling, and backup insurers are buckling, where’s the backup for the backup? Private insurers were exiting parts of California and other markets well before these current firees, causing millions of people to opt for state-run backup insurance plans. Those plans are also now buckling under pressure of intensifying natural disasters. So where do we go from here? We discuss. And later, we’ll interrogate some of the working conditions of Shein factory workers in China.

Following several years of stellar returns for reinsurers, what does this year's January renewal pricing swing mean for clients?In this episode, Howden Re's David Flandro brings his decades of experience monitoring market cycles to bear as he considers where the market could go next.Whilst capacity is ample and capital flowing into reinsurance markets, high catastrophe exposure and global turmoil could contribute to elevated premiums in the longer term. And as pricing tailwinds reduce, innovation will come to the fore as a means of achieving growth through the next phase of the cycle. Also in this episode, Insurance Insider editor Fiona Robertson discusses the themes that could dominate the insurance market during 2025. 

Dr. Mathilde Jakobsen and Tim Prince, both of AM Best, said the reinsurance sector has maintained a positive outlook, upgraded from stable earlier in the year, primarily driven by performance. Both spoke with AM Best TV at AM Best's Europe Insurance Market & Methodology Briefings – London.

This episode features a speech and fireside chat interview from Artemis' ILS Asia 2024 conference, which was held in Singapore on July 11th. It was our sixth in-person conference in Singapore focused on catastrophe bonds, insurance-linked securities (ILS) and alternative reinsurance capital trends. This session featured a keynote speech and fireside chat interview with Paul Schultz, at the time the CEO of Aon Securities, the capital markets and investment banking arm of the global broking giant Aon. Schultz has now become the Global Vice Chair of Reinsurance at Aon. In this episode, Schultz gave a keynote speech to update the ILS Asia 2024 conference attendees on catastrophe bonds and ILS in Asia, after which he sat for an interview to explore his thoughts on market conditions. Listen to the full episode for more insights into the Aon view on catastrophe bonds and ILS in Asia from our expert speaker.

In this episode of the Limitless Podcast, Dr. Matthew Preston & Dr. Thaon Simms explore General Accident Insurance (GENAC), listed on the Jamaica Stock Exchange. Dive deep into the workings of insurance companies, the importance of reinsurance, and how GENAC navigates challenges like rising reinsurance costs and market consolidation.

"At the end of the day, what you're doing, is helping people during their most terrible times." Juan Andrade's career has spanned journalism, federal government service, and now his role as President & CEO of Everest Group (NYSE: EG). Throughout his journey, in different facets, he has remained committed to advancing the common good. Now at the helm of the leading global underwriter, Juan reflects on his unique path to leadership, the challenges of stepping into his role at the onset of the COVID-19 pandemic, the current state of the insurance and reinsurance industries, and his vision for Everest Group's future. https://www.ice.com/insights/conversations/inside-the-ice-house

This episode features the second panel session of the day at Artemis' ILS Asia 2024 conference, which was held in Singapore on July 11th. It was our sixth in-person conference in Singapore focused on catastrophe bonds, insurance-linked securities (ILS) and alternative reinsurance capital trends. The second panel session of the day was a discussion titled "ILS investor sentiment and trends." Moderating the panel session was: Yuko Hoshino, Senior Managing Director, Business Development, Leadenhall Capital Partners LLP. Joining her were: Stefan Kräuchi, Founder / CEO, ILS Advisers / HSZ Group; Leslie Lim, Investment Director, Tsao Family Office; and InYeong Yi, Head of Reinsurance, Mitsui Bussan Pana Harrison. The panellists discussed developments in investor sentiment for insurance-linked securities (ILS) with a particular focus on the Asia Pacific region. The audience heard from ILS managers and a family office investor that allocates to insurance-linked securities (ILS), as well as a large asset owner with re/insurance interests, making for a well-rounded discussion. Listen to the full podcast episode for more insights into investor sentiment for insurance-linked securities (ILS) and catastrophe bonds in Asia Pacific.

Unlock the secrets to achieving financial freedom and creating lasting wealth with our special guest, Gino Barbaro, co-founder of the Jake and Gino real estate brand. Learn how Gino transformed his life from a despised reinsurance accounting job to a wildly successful real estate empire, managing nearly half a billion dollars in assets. Discover the pivotal moments that shaped Gino's journey, including his entry into the restaurant business, the life-altering 2008 financial crisis, and the profound impact of T Harv Ecker's "Secrets of the Millionaire Mind."   Explore the critical shift from chasing money to seeking autonomy as Gino shares his personal experiences and insights into the unsustainable nature of trading time for money. Understand the importance of starting a business with a customer-centric approach and how to create value that transcends mere financial gain. Gino's narrative will inspire you to reframe your identity, focusing on intrinsic sources of self-worth rather than tying it to professional roles that can disappear without warning.   Gain valuable knowledge on multifamily real estate financing strategies and the intricacies of structuring deals. Learn about long-term fixed-rate financing, avoiding short-term bridge financing, and the essentials of connecting with brokers to secure the best deals. Dive into the importance of financial intelligence and legacy building, as Gino emphasizes teaching these principles within the family. Don't miss out on this enlightening episode packed with actionable insights and strategies designed to help you achieve financial independence and build a lasting legacy.   CHAPTERS    (00:00) - Escape the Drift (09:40) - Discovering Autonomy and Customer-Centric Business (12:45) - Navigating Self-Identity and Wealth Building (19:37) - Multifamily Real Estate Financing Strategies (32:14) - Avoiding Risks in Real Estate Partnerships (43:51) - Teaching Financial Intelligence and Legacy (53:58) - Podcast Promotion and Engagement  

Welcome to the third instalment of the podcast where I use the annual Monte Carlo RendezVous to gauge the outlook ahead of the key 1.1 Reinsurance renewals. This year, a lot had changed in the preceding 12 months. 2023 results had been almost universally excellent for all reinsurers and capital had returned to very healthy levels. Colour and confidence were visibly returning to the market. Smiles and receptive ears were in far greater supply than a year previously and the grim mood of two years ago had been almost completely forgotten. The only flies in the ointment were continued emergence of poor back year performance in some US casualty classes and a hesitancy among investors who still seemed more ready to punish any bad news, than reward the good. Whatever had been black and white two years ago was becoming progressively greyer and choice and options over what - and how and in what shape or size reinsurance could be bought - were beginning to open up for cedants. In short this is a market of nuances and one where experienced traders are going to be given an opportunity to shine. So join me as I root them out from either side of the underwriting desk and find out what's going on. My promise to you is that if you weren't lucky enough to be down on the Cote D'Azur in early September, listening to this podcast will be the next best thing to having been there in person, in the rooms, suites, cafés, restaurants and lobbies with me as I interrogate a large number of key industry personnel. Give me the next hour and I'll give you the State of (Re)insurance. NOTES:  GL = General Liability LINKS: We thank our sponsor Stephens Rickard: www.stephensrickard.com  

In this episode of Know Your Risk and Insurance Coverage, we sit down with Jill Epstein, the Executive Director of IABCal (Independent Agents & Brokers of California), to discuss the ongoing property insurance challenges in California. Jill provides an in-depth look at how Proposition 103, regulatory delays, and reinsurance costs have shaped the current crisis. She shares how California's unique regulatory environment differs from other states and what the future holds for homeowners and insurance agents. This episode is a must-listen for anyone trying to understand the complex dynamics of California's insurance market and how it affects both consumers and insurance companies.Timecodes:00:00 – Introduction to Know Your Risk and Insurance Coverage00:19 – Introducing Jill Epstein of IABCal00:45 – California's Regulatory Differences02:00 – The Impact of Proposition 103 on California's Insurance Market03:20 – The Trifecta of California's Insurance Regulatory Challenges05:00 – Rate Delays and Public Participation in California06:40 – Reinsurance and Historical Data Limitations08:00 – Wildfire Crisis and Its Role in Insurance09:02 – Understanding Reinsurance and Capacity10:12 – State Farm's Decision to Halt New Policies11:41 – California Fair Plan: A Market of Last Resort13:41 – Exposure Concerns and the Fair Plan14:50 – The Importance of Allowing Adequate Rates16:20 – Staffing and Operational Challenges in the Department of Insurance18:04 – IABCal's Coalition and Legislative Efforts19:42 – What Does the Future Hold for California's Insurance Market?21:43 – Final Thoughts on Industry Challenges and Moving Forward30:02 – Closing Remarks and Future OutlookResources:Become a member at RiskProNet.comConnect with Jill Epstein on LinkedinConnect with Chip Arenchild on LinkedIn

AM Best Director Doniella Pliss highlights a new Best's Market Segment Report that finds growing health care utilization and medical inflation are expanding the role of health reinsurance.

Discover how cutting-edge reinsurance strategies and public-private collaboration can address the biggest risks in cyber insuranceIn this episode, Oliver Brew, Cyber Practice Leader at Lockton Re, brings 25 years of experience to discuss the evolving cyber insurance landscape. He explores how advancements in technology are shaping the industry, from improving underwriting efficiency to enhancing risk management. The conversation touches on the critical role of public-private partnerships in tackling systemic threats, and how new reinsurance structures are emerging to manage large-scale cyber events. Oliver also shares insights on leadership, team-building, and staying competitive in a rapidly evolving market.You'll learn:1. How technology is being used to refine underwriting and improve risk assessments2. The importance of public-private partnerships to handle systemic risks3. Trends shaping reinsurance and innovative solutions for large-scale cyber threats4. Effective strategies for building and leading multidisciplinary teams in the cyber insurance space5. The ongoing challenge of educating clients about the complexities of cyber insurance___________Get in touch with Oliver Brew on LinkedIn: https://www.linkedin.com/in/oliverbrew/___________Details about Lockton Re:Website: https://global.lockton.com/eu/enIndustry: InsuranceCompany size: 201-500 employeesHeadquarters: New York, United States___________About the host Anthony Hess:Anthony is passionate about cyber insurance. He is the CEO of Asceris, which supports clients to respond to cyber incidents quickly and effectively. Originally from the US, Anthony 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.___________Thanks to our friends at SAWOO for producing this episode with us! 

Firmly established for years as the leading open-invitation market presentation event at the Rendez-Vous in Monte Carlo, this briefing is a unique opportunity for reinsurance market insight and opinion ahead of busy bilateral meeting schedules. Key discussion points include: AM Best's trend analysis on the global reinsurance sector; if pricing discipline will be maintained; AM Best's global reinsurance outlook and the drivers of future rating movements; the impact of alternative capital and ILS; and key rating issues impacting all reinsurers.

The life reinsurance industry in Bermuda has embraced the use of third-party capital structures and investor relationships, with sidecars now an established and growing feature of the market, Damian Cooper of PwC Bermuda explained in a recent interview. Our latest Artemis Live interview is with Damian Cooper, an experienced audit focused Partner in the Insurance team at PwC Bermuda. Cooper has a focus on the reinsurance industry, particularly the life sector, and also leads PwC's capital markets, accounting and regulatory advisory practice within Bermuda. With 20 years experience at PwC supporting life and general insurance clients in Australia, the UK and Bermuda, Damian has also audited several reinsurer's ILS and third-party capital operations. During our interview, Cooper pointed to the health of the life reinsurance market in Bermuda and highlighted a continuous trend towards innovation in the relationships between cedents and investors or asset managers. Cooper explained some of the trends driving this. He told us that, "On the demand side from the life reinsurers, it's worth noting that, obviously, reinsurers are fairly restricted, there's a real limit on a regulatory capital perspective on their ability to use debt financing so they are relatively dependent on equity.  "So third party capital has really been seen as an attractive way to grow, given its relative cost and flexibility as a tool to fund that growth, and given just the size of where these life reinsurers are going, there is a constant need, or a fairly steady need, to attain new capital to be able to fund that growth. "For the established reinsurers, the use of third-party capital and those sidecars also gives an opportunity to generate sort of management fee income, right, so to create another revenue source for them as part of their wider sort of return to their primary equity holders. "Then also, depending on the source of third-party capital, it can be used to ensure you get a good long-term alignment of interest between a ceding company or an asset manager and creating that sort of more symbiotic relationship on the reinsurance side, and then on the supply side.  "The existing success of those third-party capital vehicles is generating its own appetite for people looking at an effective way to essentially invest into the life reinsurance market and to be able to partner up or access the successful management teams, as they were, and their expertise in underwriting and asset management." Listen to the full podcast episode for more insights from PwC Bermuda's Damian Cooper.

Description: In this episode of TimTalks: Automotive Leadership and Beyond, Tim explores the leadership principles that have propelled President Chad Staples of Elevation Dealer Services to success. Chad reveals how his company is redefining reinsurance with a transparent and customized approach, helping dealers maximize profits while building strong, value-driven teams.Contact:Connect with Chad Staples President of Elevation Dealer Services on Linkedin or contact him at  chad@elevationdealerservices.com[00:00] - Introduction: The Importance of Leadership in AutomotiveTim introduces the episode, emphasizing the critical role of leadership in creating successful car dealerships.[02:15] - Chad Staples' Background and Introduction to Elevation Dealer ServicesChad Staples shares his journey into the automotive industry, starting 16 years ago, and how he founded Elevation Dealer Services. [05:30] - Redefining Reinsurance: Transparent Fee StructuresChad discusses the traditional challenges in the reinsurance industry, particularly hidden fees, and how Elevation Dealer Services is different by offering a completely transparent fee structure. He explains how this approach leads to significant cost savings.[10:00] - Customizing Reinsurance Based on Dealer GoalsChad dives into how Elevation Dealer Services tailors its offerings to align with each dealer's growth strategy. He explains the flexibility of their investment strategies, which allow dealers to maximize returns based on their individual risk tolerance and business goals.[13:45] - The Role of Investment Strategies in ReinsuranceA detailed look at how Chad's company offers dealers more aggressive investment options, leading to higher returns. [17:00] - Setting Up Controlled Foreign Corporations (CFCs) and the 831(b) Tax ElectionChad explains the advantages of setting up CFCs under the 831(b) tax election, which allows dealers to defer taxes on underwriting profits. He also discusses the flexibility in ownership structure and the long-term financial benefits for dealers.[21:00] - Building a Strong Team: Leadership Values at Elevation Dealer ServicesChad reflects on his leadership journey, emphasizing the importance of servant leadership and creating a positive, supportive culture within his company.[24:30] - Success Stories and Dealer FeedbackTim and Chad discuss the positive feedback from dealers who have partnered with Elevation Dealer Services. [28:00] - The Growth of Elevation Dealer ServicesChad talks about the rapid expansion of his company, including the hiring of new team members and the addition of new dealer clients. He highlights the importance of maintaining a strong company culture amid growth.[32:00] - The Law of Attraction in LeadershipTim and Chad discuss how strong leadership naturally attracts talented individuals and loyal customers. They explore the idea of duplicating successful leadership practices to create a lasting impact in the industry.[35:00] - Encouragement for Dealerships Considering Reinsurance EvaluationChad encourages dealership leaders to explore reinsurance evaluations, even if they're happy with their current provider. [37:45] - Closing Thoughts and Call to ActionTim wraps up the episode by reiterating the importance of leadership and innovation in the automotive industry. He encourages listeners to reach out to Chad for a reinsurance evaluation and to consider the benefits of partnering with Elevation Dealer Services.[40:00] - OutroTim thanks Chad for joining the podcast and shares a final thought on the role of leadership in achieving long-term success in the automotive industry.

Urs Baertschi, CEO of P&C Reinsurance at global reinsurer Swiss Re joined us for this Artemis Live interview just in advance of the 2024 Monte Carlo Reinsurance Rendez-Vous event. Baertschi discusses Swiss Re's priorities for the end of year renewal negotiations, his view of reinsurance market conditions, the need to continue working to close insurance protection gaps, the role of alternative capital and insurance-linked securities (ILS) and much more. Speaking about what he expects to be on the agenda in Monte Carlo at the RVS, Baertschi told us, "Generally speaking, as we look at the environment, at the supply and demand dynamics, demand is up. Clients want to buy more reinsurance to de-risk their peak perils, and we're going to be in an active discussion around that as an industry." Moving on to speak about terms and conditions, Baertschi continued, "When you look at the risk sharing between the insurance industry and the reinsurance industry, there clearly was a lot of movement about a year and a half ago and 24 months ago around this and it has stabilised since then. "Primary insurance has caught up around the reality of what it means to have higher volatility in the frequency space as well." He added, "The risk landscape keeps evolving and so it's really important for our industry, end-to-end, to reflect that evolving risk landscape in the kind of products that we offer, in the rates that are being charged throughout, in the structures, in the wordings, and so these are all going to be discussions that we expect to kick-off in Monte Carlo, and then throughout the rest of the renewal season." Asked about key issues related to price adequacy, attachment points and his expectations for reinsurance capital providers to remain disciplined, Baertschi expects relative stability it seems. "We would expect the current environment, that we've seen so far this year, to maintain throughout the balance of the year as well," he explained. "This new-norm of more than $100 billion of insured losses from natural catastrophes is really here to stay, and that's a market reality. And the vast majority of that is driven by smaller events that should be picked up in the retention of the primary insurers. "So with all of that, the history, the financial results, how the balance between the insurers and reinsurers in the risk-sharing is finding itself in the market, we would expect the environment to remain largely similar to the discipline that we have seen so far this year." Listen to the full episode for more insights from Urs Baertschi, CEO of P&C Reinsurance at Swiss Re.

Strong prices, tight policy terms and higher investment yields drive a positive outlook for the global reinsurance sector.Speaker: Brandan Holmes, VP – Senior Credit Officer, Moody's RatingsHosts: Danielle Reed, VP – Senior Research Writer, Moody's RatingsRelated Research:Reinsurance – Global: Outlook shifts to positive as improvement in risk/return dynamics gathers momentum

What's going on with property insurance in Florida?  Specifically rates, coverage, condominiums, automobile insurance, telematics, flood insurance, and the reinsurance costs that carriers pass along to consumers.  Former Florida Deputy Insurance Commissioner Lisa Miller gets to the heart of the issues with three experienced insurance agents in South, Central, and North Florida who share their insights and suggestions on improving Florida's challenging property insurance market. Show Notes Host Lisa Miller and guests discussed the high premiums affecting homeowners and auto insurance, driven by catastrophic weather, inflation, litigation, and reinsurance costs.  Positive trends such as rate decreases and more flexible coverage options are highlighted.  The conversation also covered the critical need for flood insurance and the role of the news media in educating the public about insurance complexities and how agents can help the media do so.  The episode underscores the importance of transparency and proactive communication in the industry.Miller's guests each brought unique perspectives from different regions of Florida: Jay Wolfberg, President of We Insure, headquartered in Sunrise.  Wolfberg has over a decade of experience in commercial and residential property insurance.  He discusses positive trends in the market, including rate decreases and more creative coverage options. Anna Regina Myrrha, Agency Principal and Broker at American Insurance Pointe (AIP) in Orlando.  Myrrha shares insights on the stabilization of rates and the importance of adapting coverage to meet clients' needs. Paul Lalonde, President of Insurance Wagon, a Jacksonville insurance agency.  Lalonde provides a perspective on the homeowners as well as the commercial insurance market and the challenges posed by recent legislation affecting condominium insurance. Overview of the Florida Insurance MarketHost Miller highlighted the current state of the Florida insurance market, where premiums for automobile, homeowners, and commercial insurance are at an all-time high.  She identified four main factors driving these rates: Catastrophic Weather: Florida's susceptibility to hurricanes and other severe weather events significantly impacts insurance costs. Inflation: Rising costs of goods and services contribute to higher insurance premiums. Litigation: Legal fees and settlements from lawsuits lead to increased insurance costs. Reinsurance Costs: The cost of reinsurance, which insurers purchase to protect themselves from large claims, is a significant factor in premium pricing, comprising upward of 40% of a homeowners insurance premium. Host Miller emphasized the uncertainty surrounding reinsurance costs, especially with the ongoing hurricane season, and the potential for higher rates if a significant hurricane occurs.Positive Trends in Homeowners InsuranceRate Decreases and StabilizationHost Miller highlighted a recent report from the Florida Office of Insurance Regulation that 12 companies have requested rate decreases, while 25 have sought to maintain their current rates. For example, American Integrity Insurance Company has announced a nearly 7% rate decrease for a significant number of policyholders...  (For full Show Notes, visit https://lisamillerassociates.com/episode-52-agent-roundtable/) 

Is the insurance market the last to get a good going over from the regulatory authorities?  Having become a country that loves a good market study, we've had petrol, banks, supermarkets – so surely insurance, and while you are at it, Air New Zealand, would be a good next stopping point.  Australia isn't overly happy with the way their insurance industry works either, and the regulator last week hinted inspections of some sort were coming.  Like banking, a lot of the insurance game there is run by the same people as it is here. And like the banks, they have the same line up of excuses as to why they are so profitable.  IAG, for example, made a profit in the last year of about $1 billion, and they did it off the back of rising premiums. It was an 8% rise in profit and the dividend was 27 cents.  Premiums are up because of climate change. Payouts, risk, and reinsurance are the usual excuses.  Don't get me wrong, we need profitable and stable companies, but in this cost of living crisis, councils and insurance companies seem to be the last ones standing when it comes to passing costs on at rates a mile higher than inflation.  IAG say we are starting to see inflation easing. Excuse me? It's eased. It's in the band. Central banks all over the world have or are about to cut rates based on the fact inflation is under control.  And not only have premiums gone up, they've flagged they will be up another 9 percent next year.  Reinsurance is part of their excuse. Here's a fun fact one of the biggest reinsurers in the world is Swiss Re. Guess how much their profit is up? 17%. To what, I hear you ask, a bit under $4 billion.  So where is the line?  A strong and profitable company versus taking the mick and simply passing on costs because they can and seeing massive profits with big dividends while still milking the old idea that everything is bad, storms rage, and payouts drain resources.  Now if that isn't a market study waiting to happen, I don't know what is. See omnystudio.com/listener for privacy information.

We talk a lot about building more housing, but we do not talk enough about the risk of home insurance. We have massively underpriced risk in many parts of the economy. This leads to things like financial nihilism and distrust, which is why we see a world divided - partially because the risk models are all wrong.00:00 Introduction to Kamala Harris's Economic Proposals00:09 Detailed Housing Policies01:14 Supply and Demand in Housing01:37 The Broader Impact of Housing Shortages02:29 The Complexity of Housing as an Asset03:18 Challenges in Home Building03:47 The Home Insurance Crisis08:53 Economic and Financial Implications09:44 Regulatory Issues and Underinsurance11:09 Reinsurance and Secondary Perils13:03 Future Paths and Solutions14:55 Updating Risk Models for the Future17:44 Conclusion and Final Thoughts

IRMI's Joel Appelbaum interviews Peter Johnson, chief actuary at Spring Consulting Group, about insurer collateral obligations for large deductible and captive reinsurance programs. They discuss how collateral protects insurers financially while enabling organizations to self-insure and reduce market premiums. Peter emphasizes the importance of actuarial expertise, detailing methodologies to calculate collateral requirements and the need for accurate loss development patterns and reserve analyses. The conversation includes case studies showing how to reduce collateral obligations by challenging industry assumptions and using company-specific data. It also covers managing loss development over time, especially for long-tail lines such as workers compensation.

Bryan is a Founder and President of Mammoth Life and Reinsurance, the nation's only minority owned distribution /reinsurance carrier focused on delivering data advantaged digital life products to underserved communities. He is also Managing Partner of PurplePill Ventures a founder-friendly private equity fund focused on creating, building and leveling up insurance, healthcare and financial technology companies led by diverse founders. Prior to Mammoth and Purple Pill, Bryan was one of the original team that created and built Lazard Wealth Management. He authored and executed the marketing plan for the group focusing on single/multifamily offices, endowments, foundations and ultra-high net worth private investors. Before Lazard, Bryan had advised client families at JPMorgan Private Bank and Morgan Stanley for whom compiled a strong record of success raising in excess of $2.5B in new assets. Bryan is a Board Member Emeritus, former Atlanta Chapter President, and current Co-Chair of the Founder's Council of CavAngels, LLC, a non-profit club composed of University of Virginia alumni, faculty, parents, students and friends of the University whose mission is to provide education and investment in private, early-stage companies associated with members of the UVA family. He is a graduate of The Norfolk Academy (VA), holds a degree in Public Policy Studies from Duke University, where he was a Varsity athlete, as well as an MBA from the University of Virginia Darden School of Business where he served a decade as a Trustee of the Darden School Foundation. Bryan is also active in the alumni strategic planning committee for the Omega Psi Phi Fraternity chapter at Duke University. In his “spare” time, he is a serious martial arts hobbyist, teacher, and competitor, holding black belts in Brazilian Jiu Jitsu, Wing Chun Kung Fu, and Muay Thai based Mixed Martial Arts. Want to create live streams like this? Check out StreamYard: https://streamyard.com/pal/d/5353468462366720

It hasn't been all sunshine and roses in the green H2 industry lately, only 4% of projects announced by 2030 have reached FID. Find out below what key mechanism can help us remove barriers:Reinsurance!!!Thrilled to launch our 18th episode of the Hydrogen Innovators Podcast with Dr. Kathrin Ebner, working on risk and (re)insurance at Munich Re. Give it a listen and learn more about how Kathrin and her team remove barriers in the green hydrogen world by offering risk transfer solutions for electrolyzers

“In our experience, a reinsurance deal was being profiled in a physical binder full of paper. I thought, ‘How good would it be if we could take risk or bundles of risk and make a profile for it'", says Ben."Think of all the information that you could attach to that profile. That was a very early concept. For a long time we debated, how this would work in the reinsurance world where we've got all these different parties with vested interests, and deals they like doing in a very particular way, with a very particular workflow.We just iterated and iterated on how you could create a system whereby these buyers, brokers, reinsurers could exchange profiles of the deals that they wanted to do.”On the Insurance Coffee House Podcast, two of Supercede's co-founders, Ben Rose and Jerad Leigh, talk about their early career journeys and realisation of the breadth of opportunity within the insurance industry.They discuss the inspiration for launching Supercede, the mountain of iteration and calibrating constantly around the different elements, features and parts of the work flows within reinsurance deals.“We have a very mission driven culture. There such an obvious problem we're trying to solve. We're not inventing something for the sake of inventing it. We're not pursuing something, because it sounded nice.We've got a thing that everybody in reinsurance universally hates and wishes was better.”5x growth over the past 12 months, has put Supercede on track to triple again this year, with new clients, investors and top talent joining the team.Ben and Jerad explain the benefits and efficiencies Supercede offers to all stakeholders within reinsurance deals and their desire to create modern tools to free people up to do what they're good at.“People want technology. It's really important to have modern tools to free up the talent at a broker or underwriter so they can do the jobs they're actually meant to be doing and not the sort of janitorial work instead”, says BenAttracting the right talent is critical for business growth and Jerad explains what they look for when hiring.“Testing for culture is obviously really important. People who are familiar and comfortable working at a company of this size.But I think it's really important to test for people who are principled thinkers. You have to have people who are willing and able to look at the variety of challenges that are being brought to the business and the factors that are involved and make decisions based on principles of what is best and most important and most thoughtful at that time.Certainly, a don't hire assholes rule should apply, because when you're sub 50-100 people, bad individuals or people who don't really fit can bleed across the organisation.You have to be very thoughtful in those first 25-50 hires, making sure you're retaining a quality of character.You have to be intentional, to phrase and present questions that are trying to root out what you're looking to solve for.Over the last half dozen years or so, there's a real belief that people can thrive in an environment that's a start-up.Some people can, and some people can't. You have to identify what you're trying to test for and present questions and case studies through your hiring process that will allow you to distil down to the individuals that actually can thrive.”Highlighting which other insurtech businesses inspire them, Jerad cites hyperexponential as a prime example. “I think their team does a great job. I really rate how they hire and how they set roles for the things that they're trying to solve for.Like us, they're taking a core problem that sits within the underwriting units of businesses and giving tools to help those underwriters do that work more effectively.There's this concept or fallacy of, ‘If you build it, they will come'. A lot of software companies...

In the latest episode of Making Risk Flow, host Juan de Castro speaks with Emmanuel Clarke. Emmanuel wears many hats, including serving as Chairman of the Board at the BMS Group and Compre Group, and as a Senior Advisor at McKinsey & Company. Industry insiders speak of Emmanuel as a living legend in the insurance sector. With over 30 years of experience in the industry and multiple enterprise leadership roles, Emmanuel is a performance-driven, strategic, and execution-focused leader with a proven track record for leading global and culturally diverse teams. Together, Juan and Emmanuel highlight the digitisation challenges that both insurance and reinsurance face, and why they are more similar than they immediately look on the surface. Plus, the duo also cover how AI and data could be used to evolve reinsurance workflows, the impact seasonality has on the quality of data, and why it's crucial to digitise unstructured data as soon as it's received.To discover out more about digital risk processing, click here.Our previous guests include: Bronek Masojada of PPL, Simon McGinn of Allianz, Richard Coleman of Ecclesiastical, Steven Wilkins of Hiscox, Matthew Grant of InsTech, Philippe Lutgen of Howden, Paolo Cuomo of Gallagher Re, and Thierry Daucourt of AXA.Check out the three most downloaded episodes: The Five Pillars of Data Analytics Strategy in Insurance | Craig Knightly, Inigo 20 Years as CEO of Hiscox: Personal Reflections and the Evolution of PPL | Bronek Masojada Implementing ESG in the Insurance and Underwriting Space | Simon Tighe, Chaucer, and Paul McCarney, Moody's

This panel discussion was the third session of the day at our Artemis ILS NYC 2024 conference, held in New York on February 9th 2024. ILS NYC 2024 was Artemis' largest insurance-linked securities (ILS) conference to-date, with over 410 registered attendees enjoying insightful debates from our expert speakers, as well as valuable networking opportunities throughout the day. Attendees came from more than 30 countries across the globe to hear thought-provoking insights from insurance-linked securities (ILS) market leaders, all under the theme of "Growing into the higher return environment." This third podcast from our ILS NYC 2024 conference features a panel discussion focused on the private side of the insurance-linked securities (ILS) market where collateralized reinsurance protections are written and invested in, titled: Collateralized Re & Retro - Creating consistency and coverage. The panel discussion was moderated by Mitchell Rosenberg, Managing Director, ILS, Howden Tiger Capital Markets & Advisory. He was joined by: Laura Taylor, President, Nephila Holdings Ltd.; Chris McKeown, Chief Executive, Reinsurance, ILS & Innovation, Vantage Risk; and Paul Larrett, Chief Underwriting Officer, Securis Investment Partners. The discussion focused on the collateralized reinsurance and retrocession markets, exploring what has changed in recent years after the challenging losses face and how the ILS market can continue to expand this segment and remain a key provider of reinsurance and retro capacity in collateralized formats. The panellists also explored the importance of delivering certainty to cedents, through the forms of coverage that are available in today's hard reinsurance marketplace. Capital management and how collateral flows within the industry was also a key topic for discussion, with panellists explaining steps taken to improve the deployment, management and use of reinsurance collateral, to benefit both cedents and investors. Listen to the full episode of this collateralized reinsurance and retrocession focused panel discussion for unique insights into how the more private side of the ILS market is set up for 2024, and how speakers view the forward potential of this ILS segment.

When an insurance company can't cover all of its claims, it actually has its own insurance. This is called "reinsurance." How does that work and why do reinsurers look at their risk pool differently than say home or auto insurers? Related episodes: Why is insurance so expensive right now? And more listener questions (Apple / Spotify) When insurers can't get insurance (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

A WINNER - CTP for Rumble A new CTP to announce! Club 72 Thank You Solar Eclipse PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm Up - A WINNER - CTP for Rumble - A new CTP to announce! - Club 72 - Solar Eclipse Market Update - Boeing issues continue - Oil market on fire - Yellen - talking tariffs again - Kashkari and others on cuts - Earnings season starts this week Lucky CLUB 72 Jonathan Farris Mark Studebaker William Palmer Susan Erickson Terrence Cleary Anonymous (2) Fed Walking All Back - Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday that at the U.S. central bank's meeting last month he penciled in two interest rate cuts this year but if inflation continues to stall, none may be required by year end. - "If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all," Kashkari said during an interview with Pensions & Investments. "There's a lot of momentum in the economy right now." Walking Forward - Federal Reserve Governor Michelle Bowman said Friday that it's possible interest rates may have to move higher to control inflation, rather than the cuts her fellow officials have indicated are likely and that the market is expecting. - "While it is not my baseline outlook, I continue to see the risk that at a future meeting we may need to increase the policy rate further should progress on inflation stall or even reverse," Who is the best? -If you were wondering about the track record of the Fed Chair's performance over time, it's worth delving into the historical data. - Overall, the track record of Fed Chairs over time reflects the challenges and complexities of managing monetary policy in a dynamic and ever-changing economic environment. Each Chair has faced unique circumstances and challenges during their tenure, and their actions have had far-reaching implications for financial markets and the economy as a whole.   Whispers - Hearing that the car business - used and new having one of the worst years on record (from selective car salespeople) - Same as above on lower end boat business (sales) - U.S. small-business confidence slipped to the lowest level in more than 11 years in March amid rising concerns about inflation, according to a survey on Tuesday. - The National Federation of Independent Business (NFIB) said its Small Business Optimism Index fell 0.9 point to 88.5 last month, the lowest level since December 2012. It was the 27th straight month the index was below the 50-year average of 98. - - Twenty-five percent of owners reported inflation was their single most important problem in operating their business, reflecting higher input and labor costs, up 2 points from February. The share of businesses raising average selling prices rose 7 points from the prior month. Inflation Data and ECO - CPI and PPI this week - CPI expectations are 0.4% MoM for March --- Many are sahing that this is a clean month without odd seasonal factors - so something to watch - - 10 Yr at 4.378% ----------- FOMC minutes at 2:00 Wednesday -- Last week - Employment situation continues to be strong - 3.8% Unemployment rate 300k added to payrolls (Wage growth was okay) Earnings Season - Banks in Focus - Banks are expected to see some decline in earnings over the period - Focus on net interest margin as well as credit deterioration (and days outstanding) - However, YoY - earnings growth for some look pretty good - - - - Property & Casualty Insurance (87%), Reinsurance (62%), Life & Health Insurance (12%), and Multi-line Insurance (12%). REMOTE WORK on the sea

- Commodity Prices are down.  This will result in slightly lower MPCI premiums (15-20%), but it also means much lower per acre guarantees than it did in 2023.  $200 an acre less on corn and $100 an acre less on beans.  Unfortunately, input costs are about the same. I included a quick spreadsheet where I used ISU's estimated costs of production to come up with an implied level of MPCI coverage that would be needed to cover costs. You can see the big differences in '23 and '24 - it is not pretty.- Any good crop insurance agent's first job is to find a level of coverage that can cover input costs.  That was easy in '21-'23.  In 2024, it will be impossible for a majority of farmers - especially if they are not willing to buy higher coverages. So we might be stuck just trying to come close to covering inputs. Farmer instinct's may be to back off of crop insurance in order to save a few bucks, but they really should be looking at more ways to keep losses to a minimum.- So we might need to buy higher coverages.  What are our options?  85%, SCO (86% county based), ECO (95% county based), and private (unsubsidized) add-on coverages.  Folks who bought ECO on Corn in 2023 should be pretty happy.  Prices fell enough that even counties with above average yields will be getting ECO payments.   SCO and ECO have both grown in popularity over their short history and I think we will continue to see them grow in the coming years.FMH also has a couple of add-on coverages that work in tandem with SCO or ECO that are pretty good values.  They are called SCO+ and ECO+.  I can really nerd out on these, but we may not want to get this deep.- SCO is an economical way to buy up, but you can only have it when you have elected the PLC program at FSA. Both ARC and PLC programs are more relevant now than they were in the past several years.  They are far from a crop insurance replacement, but they may come into play in 2024.- High level MPCI products are not always needed for good risk management, but they are always a good value because of the subsidy.  History proves farmers will get back more than they put in if they remain in the same programs long enough.  This is true for all subsidized crop insurance plans.- Private Products like Hail and Wind have not changed much and I don't know of any significant rate changes across the country.- The use of precision data to report acres, production, and complete claims continues to grow.  The typical farmer will reduce premium (FSA acres tend to be overstated) and grow APHs (Dividing the same production by fewer acres). Claims are also completed significantly faster. - FMH itself has a unique story.  We were founded as a mutual insurance company by a group of farmers in the late 1800s in Early, IA.  They were frustrated with losing crops due to hail so they pooled together financial resources to be paid out to those who had the largest hail losses.  The majority of board members and president at that time were from the same family - the Rutledge family.   The Rutledge's still run the company today and have for the entire 130+ years.This last bit seems odd given crop insurance is unique to the American Farmer, but a high majority of crop insurance companies (I think 11 out of the current 14) are run by larger reinsurers that are foreign entities.  On the other hand FMH is a mutual owned by our private policyholders.  So for this reason - we call ourselves "America's Crop Insurance Company."I also thought of another good story from the playgrounds of Aurelia if you will allow me to indulge.