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…
Euclid Specialty Managers welcomes Jeffrey Koonankeil as our new Chief Claims Officer. Jeff will be replacing Chris Ziemba, who has worked in a dual Claims Officer capacity with Euclid Specialty and Euclid Transactional, but will now solely focus on Euclid Transactional claims. Euclid Specialty takes great pride in its fiduciary claims expertise and experience, and our ability to resolve complex fiduciary claims for America’s employees benefit plans. The Euclid claims distinctive is our pro-active handling of complex claims in which policyholders have direct access to responsive and experienced decision-makers. Jeff will continue our tradition of responsive claims service and expertise. Jeff brings extensive Professional Liability claims experience to Euclid Specialty, having worked on Fiduciary Liability, Directors and Officers, Employment Practices Liability and Fidelity claims for leading professional liability insurance companies, all core lines for Euclid Specialty. Jeff has over 20 years of experience with national insurance carriers, including CAP Specialty,…
Euclid Executive Liability Managers welcomes Melissa Schwartz as product manager-commercial crime. She will be adding commercial crime to the suite of products that Euclid Exec offers. However, until the forms are in place, she cannot entertain risks on a primary basis. Ms. Schwartz brings more than 20 years of experience in management liability and crime insurance to Euclid Executive Liability Managers. She most recently held the position of vice president/product leader of fidelity and crime at Liberty International Underwriters. She was responsible for the underwriting strategy, production and performance of all U.S. fidelity and crime business. She built a profitable book of business with a team of three underwriters, two in New York City and one in Chicago. Ms. Schwartz will be based in the Greater New York area and reports to Euclid Exec’s principals, Jim Seymour and Paul Bunone. Euclid Program Managers is a family of insurance program…
We are pleased to welcome Chris Connacher to our public sector underwriting team. Chris will be working with our primary products and can be reached at cconnacher@euclidps.com or by phone at 630-524-3242. Submissions can be forwarded to Chris directly or by sending to mail@euclidps.com. Chris began his career with Liberty Mutual out of Columbus, OH. Over the last eight years, he’s built an extensive knowledge of both primary as well as self-insured business. During that time, Chris has worked with a number of different super regional and national carriers with a heavy focus on public entity and non-profit sectors. Most recently, Chris spent time with both CNA and Selective Insurance. He has a strong background in the public sector with experience working with risks with populations up to 250,000. Chris has also worked extensively with K-12 schools and junior/community colleges. Chris obtained his Bachelor’s Degree in Economics from Ohio University…
Many fiduciaries find audits by the Department of Labor (DOL) mysterious, so it helps when the DOL provides any type of guidance. The DOL’s Employee Benefits Security Administration (EBSA) recently released 2018 statistics for its enforcement of the Employee Retirement Income Security Act of 1974 (ERISA). When combined with EBSA’s recent commentary on its enforcement initiatives, fiduciaries can be better prepared to address compliance issues before a DOL audit. The following is an analysis of the recently released 2018 statistics, as well as a look at the “national enforcement projects” for EBSA investigators. EBSA continues to target its published enforcement priorities, is focusing on major cases, and is recovering higher overall amounts in its investigations. The Voluntary Fiduciary Correction Program also continues to grow. 2018 Statistics compared to 2017 One specific trend to note is the increase of monetary recovery by EBSA. In Fiscal Year 2018, EBSA closed 1,329…
Euclid Insurance Services, Inc. (“Euclid”), today announced that it has formed Euclid Design Underwriters, LLC (“Euclid Design”), a professional liability program administrator focused on Architects and Engineers. Chris Ventrone will lead the new operation and will work with Dave Lo Verso, both of whom are equity partners in the new firm. Holly Boyce will remain in an underwriting and support role. Euclid Design will partner with Nationwide®. The Euclid Design team members are highly regarded as leaders in the design professional space. John N. Colis, President and CEO of Euclid commented, “Chris and Dave bring a wealth of talent to this new venture. Their underwriting skills are well tested and they have extensive distribution relationships in the field. We look forward to them building on the long-term presence Euclid has had in this space”. Chris Ventrone, Managing Principal of Euclid Design noted, "We are very excited to work for an…
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…
Euclid Executive Liability Managers is pleased to announce it has expanded its partnership with Lloyd’s of London (AM Best A Excellent) via RenaissanceRe (AM Best A+ Excellent) to offer a full suite of Management Liability products including public and private Directors & Officers Liability, Employment Practices Liability and Fiduciary Liability to complement our existing product offerings. Euclid Exec looks forward to seamlessly providing our broker partners the same high standard of service, expertise and responsiveness, now on behalf of both our partners, Amtrust and Lloyd’s of London. Euclid Program Managers is a family of insurance program administration companies run by best-in-class underwriters who are experts in specialty niches and personally invested to deliver excellent service to our broker partners. To learn more visit website www.euclidprograms.com or view our company contacts below.
London, UK – July 9, 2018 – Euclid Transactional, LLC (“Euclid Transactional”), the New York based subsidiary of Euclid Insurance Services, Inc. (“Euclid”), announced today that it has launched a UK subsidiary to offer transactional insurance underwriting and claims handling solutions throughout Europe, the Middle East and Africa (“EMEA”). The new London-based agency will be managed by seasoned underwriters Kit Westropp and Carl Christian Rösiö who have over 20 years of experience working on M&A transactions and will join as principals. Swiss Re Corporate Solutions and Aspen Insurance have authorized the Euclid Transactional EMEA team to act as their managing general agent offering warranty & indemnity, tax liability and contingent liability coverages of up to $45 million of limits per deal on a primary or excess basis for risks across all industry sectors. Jay Rittberg, Managing Principal of Euclid Transactional commented, “We are thrilled to join forces with these market-leading…
