As the COVID-19 pandemic continues, life as we knew it is becoming a distant memory. Every aspect is experiencing the impact of a crisis for which most of us find ourselves ill prepared. Every trade, profession and industry is struggling to find a measure of stability in rapidly shifting times. John Colis, president and CEO of Euclid Insurance Services, said part of the risk that program administrators have is because “retail brokers, particularly smaller ones, will be caught in a very difficult situation and will be reluctant to cancel clients they’ve had for five, ten, or fifteen years—many of whom are good friends. PAs need to keep a focused eye on the solvency of their brokers because if the insured pays the broker and the broker doesn’t pay us, we can’t cancel the insured and we’re on the hook to the carrier.” Download Advice From Our Outbreak Program Pros
As another decade reaches an end and we prepare to welcome 2020 in three months’ time, we glance ahead to what program business might look like at the end of the next decade, an important exercise for the only association solely focused on program administration. With the advances in technology, AI, availability of data, influx of new capital and continued consolidation, this is an industry segment that could look much different 10 years down the road. According to the Target Markets Program Administrators Association (TMPAA)’s studies, this decade began with program business accounting for $17.5 billion in commercial insurance revenue in 2010. That number reached $36.1 billion in 2016, with most of this premium written by TMPAA members. It is expected that the 2019 study will put that figure even higher. The results of that study will be discussed at the 19th Annual TMPAA Summit in October. The association itself…
Itasca, IL and New York, NY– August 19, 2019 – Euclid Insurance Services, Inc. (“Euclid”), today announced that it has formed Euclid Life Science Specialty, LLC (“Euclid Life Science”), a product and professional liability insurance underwriting platform, providing tailored casualty coverage solutions to the life sciences industry. Ryann Elliott joins Euclid Life Science Specialty as an equity partner and Managing Principal. Ryann is an industry leader in the life science underwriting space most recently serving as the life science segment head of a leading market carrier. She will operate the entity from the East Coast with local underwriting and servicing operations in the Midwest and West Coast. The new facility will be accepting new business in mid-September for October effective dates and will underwrite on behalf of Nationwide E&S/Specialty. Nationwide E&S/Specialty brings the support and financial strength to the operation. Euclid Life Science Specialty brings the deep expertise for underwriting…
Program administrators share experience and advice When we think about what’s important in our business, price comes to mind—although we sometimes try to fool ourselves into believing that’s not the case. Processing efficiency and customer responsiveness also are success factors. So, of course, is adequate coverage—the thing that helps clients sleep at night. But all these things matter very little if an insurance provider fails at claims handling. “Claims are at the center of what we do for a living,” says John Colis, president of Euclid Insurance Services. “It’s extremely important that we understand, from a program administrator’s perspective, what the options and nuances are around different types of claims-handling approaches.” Colis moderated a panel discussion at the Target Markets Program Administrators Association Mid-Year meeting in Baltimore earlier this year where panelists represented three different approaches to handling program claims: in-house, carrier-provided, or TPA-based. Discussion focused primarily on advantages…
New York, New York – July 20, 2016 – Euclid Transactional, LLC (“Euclid Transactional”), a subsidiary of Euclid Insurance Services, Inc. (“Euclid”), announced today that it has entered into agreements with Swiss Re Corporate Solutions and Allianz Global Corporate & Specialty (“AGCS”) to offer representations & warranties, tax liability, contingent liability and other transactional insurance coverages. Under the program, Euclid Transactional will have underwriting and claims handling authority as a managing general agent for Swiss Re Corporate Solutions and AGCS. The program will focus on both primary and excess insurance opportunities and will cover risks for transactions across all industry sectors. Jay Rittberg, Managing Principal of Euclid Transactional commented, “We are honored to serve as underwriting and claims handling representative for these outstanding organizations. With the signing of these agreements, our clients will benefit from our carrier partners’ shared appreciation of the execution required to succeed in the world of…
Itasca, IL and New York, NY–April 20, 2016 – Euclid Insurance Services, Inc. (“Euclid”), today announced that it has formed Euclid Transactional, LLC (“Euclid Transactional”), a transactional insurance underwriting platform, to expand its capabilities to provide representations & warranties, tax liability, contingent liability and other transactional insurance coverages. Jay Rittberg, Phillip Casper and Albert Song have joined Euclid Transactional as equity partners, and they will lead the new operation out of New York, NY. The Euclid Transactional team members are highly regarded thought leaders in the transactional insurance space. John N. Colis, President and CEO of Euclid commented, "The use of transactional insurance has increased significantly over the past few years and we are excited to expand our transaction-related offerings to our insurer partners and clients through this new, unique underwriting facility. The team, collectively, has more than 30 years of experience working on M&A transactions and has demonstrated the…
