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
Euclid Transactional, LLC (“Euclid Transactional”), a leading managing general agent focused on transactional insurance underwriting, today announced four promotions on its North American team of underwriting professionals. The promotions underline the deep and growing talent available to the firm’s clients. Euclid Transactional has seen significant growth over the past two years, including the launch of new practices in Europe, Middle East and Africa (EMEA) and Canada, as well as a new practice in New York focused on tax. Since launch, the firm’s Canada practice has grown to be the largest and most experienced in that country, and its EMEA practice now features more than 11 members. The senior level promotions announced today include: Shawn O’Neill from Senior Vice President to Managing Director Manuel Giner from Senior Vice President to Managing Director Jake Filak from Vice President to Senior Vice President Jon Friedman from Vice President to Senior Vice President Each…
Euclid Program Managers is pleased to announce that Euclid Exec has been acquired by the AmTrust family of companies. The Euclid Exec team, led by Principals and Co-Founders Jim Seymour and Paul Bunone and supported by Euclid Program Managers, has successfully worked with AmTrust for eight years placing coverage for D&O and other management liability risks. Transitioning the business under AmTrust is a natural step in the program’s evolution and development, opening the way for continued growth and success. “AmTrust has been a wonderful partner for Euclid Exec since its founding in 2012. I am delighted that Jim and Paul, and their team will now be formally part of this growing and dynamic company” said John Colis, President and CEO of Euclid Program Managers. “Euclid Exec and Euclid Program Managers, have been great partners for AmTrust over the last eight years and we look forward to…
Euclid Insurance Services, Inc. has formed Euclid Life Science Specialty, LLC (Euclid Life Science), a product and professional liability insurance underwriting platform providing tailored casualty coverage products to the life sciences industry. Ryann Elliott has joined Euclid Life Science Specialty as an equity partner and managing principal. Elliott is an industry veteran in the life science underwriting space, most recently serving as the life science segment head of CNA. She will operate the entity from the East Coast with local underwriting and servicing operations in the Midwest and West Coast. The new facility began accepting new business in mid-September for October effective dates and will underwrite on behalf of Nationwide E&S/Specialty. According to John N. Colis, president and CEO of Euclid, the new operation is part of Euclid’s overall plan for program growth and expansion. View full article on Insurance Journal
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…
