15 People on the Move

AmWINS, NJM Insurance, Baldwin Risk Partners and PerSE all add talent in this week's edition of People on the Move.
By: | March 24, 2019 • 8 min read

NJM Insurance Names Malone as CFO

Chris Malone, CFO, NJM Insurance

Following an extensive national search, NJM Insurance Group, a property and casualty insurer in the Mid-Atlantic region, has named Chris Malone as chief financial officer. Malone joins NJM with more than 25 years of financial and leadership expertise. In this role, he will oversee the company’s financial and actuarial departments.

“We are thrilled to welcome Chris to our team,” said Mitch Livingston, NJM president & CEO.

“His background, training and experience in finance, along with his passion for strategic planning and product management, make him a perfect fit at a time when we are expanding both geographically and by product line. Most importantly, we are confident in his ability to begin making important contributions toward our continuing mission of providing value-based insurance solutions to present and future policyholders with the highest levels of service, integrity, and financial stewardship.”

“I can’t imagine a more exciting time to join NJM,” said Malone. “It’s a wonderful opportunity to help lead the expansion of a company with such a rich history and tradition of service. I’m excited to do my part to bring NJM’s unique value proposition to an expanding policyholder base.”

Baldwin Risk Partners Adds Dan Galbraith as Chief Operating Officer

Baldwin Risk Partners (BRP), a Tampa-headquartered insurance distribution and consulting holding company, announced the appointment of Dan Galbraith as chief operating officer.

Galbraith Joing BRP with more than 15 years’ experience in operational and sales across multiple business lines. He comes to BRP from Stericycle, where he served as senior vice president of sales for their North America Compliance Services Businesses; his responsibilities included health care compliance services, environmental waste services and their expert/recall business.

Galbraith started his career at Cintas Corporation, where he held progressing operations and sales leadership roles across their business lines.

“Dan’s experience in building world-class sales organizations will be instrumental as we continue to build a national insurance brokerage and consulting platform,” explains Trevor Baldwin, BRP president.


“At BRP, our growth and success are driven by our Powered by People approach and stakeholder-first mindset. Dan’s enthusiasm for developing leaders and building teams is a natural fit for our culture and growth strategy.”

As COO, Galbraith will be responsible for the operational excellence across BRP. He said, “BRP is at a very exciting time in its history. I feel incredibly honored to join the BRP family and the ranks of such talented colleagues who are fueling the industry innovation with their deep expertise and passion for delivering an exceptional client experience.”

Four Execs Join PERse in Miami

PERSe (Power.Energy.Risk) announced strategic developments with key hires and the opening of a new office in Miami, Fla.

PERse acts as a managing general underwriter specializing in property and casualty insurance products for energy and power production facilities with a specialized focus on renewable energy. The company can be accessed through retail and wholesale brokers in the renewable space, as well as those with traditional energy or property/casualty backgrounds.

PERse is part of the RSG Underwriting Managers group of companies and is headquartered in Newport Beach, Calif. with offices in New York; Calgary, Canada; London; and now Miami, Fla. The Miami office is primarily responsible for the underwriting of Renewable energy projects in Latin America and will be utilizing PERse’s ROW (Rest of World) Facility in their underwriting offering.

Leading the team in Miami is Marco Broccolo, who joined PERse effective February 1, 2019. Joining Marco is Kent Gallego, underwriter, who has transferred to Miami from Newport Beach.

Broccolo, leading the new Miami office, comes to PERse with 17 years of experience in underwriting, risk assessment, engineering and business development. Most recently, he was property chief underwriter and executive director for property facultative underwriting and portfolio management for Redbridge Reinsurance Managers, as well as an executive manager of a Latin American property binder.

Prior to 2014, Broccolo was with Assicurazioni Generali, serving as the director of their loss prevention department and senior underwriter for Latin America, and then as the director of commercial engineering in the U.S.

Jeff Richards recently joined PERse as a senior underwriter and will underwrite all forms of renewable energy projects. Richards will also lead PERse’s bio-fuels and bio-mass underwriting facility in the U.S. and is looking to expand PERse’s entire bio product offering.

Richards works closely with Adam Goddard, PERse’s underwriter in the London office, and has been working in specialty lines underwriting and loss control management since the 1980s, most recently serving as senior vice president and senior underwriter for GCube Insurance Services.

Gary Fleming has also joined PERse to head up the engineering and loss control division and work in PERse’s technical services division.

Fleming is involved in all renewable energy sources and has a particularly strong background and experience with both battery storage projects and offshore wind energy projects, two growth areas for PERse. Previously, Fleming was a senior account engineer for Allianz Global Corporate & Specialty and a founding member of the Allianz Expert Teams for Renewable Power Generation.

James Hayes Joins Guidepost Solutions

Guidepost Solutions, a compliance, investigations, and security consulting firm added James T. Hayes, Jr. to the Guidepost Solutions team as vice president of the Sports & Entertainment practice. Hayes will be responsible for leading the practice and strengthening relationships with existing and past clients including the NFL, NBA, San Francisco 49ers, Notre Dame, Atlanta Braves, Dallas Cowboys, University of Phoenix Stadium, the NCAA and others.

“Jim is a valuable addition to the Guidepost Solutions team. His background and experience with complex security operations and federal law enforcement significantly bolsters our Sports & Entertainment practice,” said CEO of Guidepost Solutions, Julie Myers Wood.

Hayes’ background is in law enforcement and executive management. He previously served as the special agent in charge for U.S. immigration and customs enforcement, Homeland Security Investigations (HSI) New York office, where he was responsible for the management of HSI’s largest investigative field office. There, he led numerous high-profile criminal investigations resulting in the prosecution of sensitive, complex criminal investigations targeting terrorism, money laundering, racketeering, child exploitation, narcotics trafficking, human smuggling and trafficking, and intellectual property violations.


He also led Homeland Security’s efforts to work with sports leagues, franchises and entertainment companies to safeguard their intellectual property rights, protect their brands and enhance security management.

Most recently, he was responsible for the development, implementation and execution of financial crimes compliance programs at First Data Corporation, including leadership of anti-money laundering investigations programs. Hayes began his career as a United States border patrol in Del Rio, Texas. He earned his bachelor’s degree in criminal justice from Park University.

Frank Mancini Joins Renaissance Alliance Insurance Services

Bruce Cochrane, CEO of Renaissance Alliance Insurance Services, LLC announced today that Francis A. Mancini, Esq., former president and CEO of the Massachusetts Association of Insurance Agents (MAIA), has partnered with Renaissance Alliance, working on new business development and promoting the Renaissance Alliance brand in New England and nationally.

Of the partnership, Cochrane stated, “We are beyond excited that Frank Mancini will be working with the Renaissance Alliance team. As a longtime, respected leader of MAIA, Frank brings a lifetime of experience in the independent insurance agent community to bolster our growth plans.”

Cochrane added Mancini’s  knowledge of the insurance agency landscape across the country, particularly in New England, will bring valuable expertise to the Renaissance Alliance team.

“Frank’s reputation as a proven, dependable industry leader will add to the value we provide to our current and prospective member agencies, as well as to our insurance company partners.”

In June 2018, Long Arc Capital, LP made a substantial investment in Renaissance Alliance to enable growth both within the organization’s current New England footprint and to build the Alliance into a national platform. Mancini will work with Renaissance Alliance leadership and business development teams to identify agencies fitting the membership profile and introduce these agencies to the Renaissance Alliance family.

Mancini will also assist Renaissance Alliance as it expands to new territories, tapping into his background as an Independent Insurance Agent association executive.

AmWINS Adds Talent in Illinois, Utah and Elsewhere

AmWINS Specialty Logistics Underwriters (ASLU), a managing general agency specializing in the logistics and cargo industry, reported that Herman Cruz joined the company as a senior vice president.

In addition to his role as an underwriter, Cruz will serve as head of retailer relationships, in which role he will develop and cultivate relationships with retailers of all sizes across the United States. He is located in Chicago.

Andrea Dickinson, Tennessee co-branch leader, AmWINS

Cruz brings more than 30 years of industry experience and expertise in ocean marine, inland marine and overall transportation-associated risks. Prior to joining ASLU, he served as the Midwest region head of marine for Allianz and senior vice president/marine hub leader for Marsh & McLennan Companies.

AmWINS Access, a nationwide binding platform for small property and casualty business that targets accounts less than $10,000 in premium, announced it has also added three execs to its personal lines team and one additional to its commercial P&C binding team.

Scott Sauter joins AmWINS Access from Canopius, where he most recently managed a portfolio of personal lines programs. Sauter has 14 years of E&S personal lines experience with both MGAs and carriers, including Burns & Wilcox, All Risks, AIG and QBE. He is based out of the AmWINS Access office in Downers Grove, IL.

Debbie Anderson has more than 28 years of experience in the insurance industry. She began her career with Great American Insurance in 1991 before moving to Colonial General as a personal lines underwriter and marketing representative. Anderson is located in Salt Lake City, UT.


Jeremy Bright joins AmWINS Access from Johnson & Johnson Insurance, Inc., where he specialized in providing insurance solutions for high net worth clients. Bright, who has more than eight years of E&S and admitted personal lines experience, is based in Athens, GA.

Mike Ramirez joins AmWINS Access from RMS Hospitality Group. Ramirez began his insurance career at CRC and previously worked on a brokerage team at AmWINS and held underwriting positions at Colony, Endurance, and IIC. He is located in Camp Hill, PA.

Finally, AmWINS Brokerage announced two new moves as well:

Josh Ammons has succeeded Doug Sanders as branch leader of AmWINS Brokerage of the Carolinas in Charlotte, N.C. Sanders led the Charlotte office for 14 years and will continue to be an important figure in both the office and AmWINS as a whole.

 Andrea Dickinson has succeeded Bill Markin as co-branch leader of AmWINS Brokerage of Tennessee. As a Casualty broker focused on Transportation, Andrea has been an integral part of AmWINS for over 14 years. She will now lead the Franklin, TN branch alongside Sandy Foster.

The R&I Editorial Team can be reached at [email protected]

Exclusive | Hank Greenberg on China Trade, Starr’s Rapid Growth and 100th, Spitzer, Schneiderman and More

In a robust and frank conversation, the insurance legend provides unique insights into global trade, his past battles and what the future holds for the industry and his company.
By: | October 12, 2018 • 12 min read

In 1960, Maurice “Hank” Greenberg was hired as a vice president of C.V. Starr & Co. At age 35, he had already accomplished a great deal.

He served his country as part of the Allied Forces that stormed the beaches at Normandy and liberated the Nazi death camps. He fought again during the Korean War, earning a Bronze Star. He held a law degree from New York Law School.


Now he was ready to make his mark on the business world.

Even C.V. Starr himself — who hired Mr. Greenberg and later hand-picked him as the successor to the company he founded in Shanghai in 1919 — could not have imagined what a mark it would be.

Mr. Greenberg began to build AIG as a Starr subsidiary, then in 1969, he took it public. The company would, at its peak, achieve a market cap of some $180 billion and cement its place as the largest insurance and financial services company in history.

This month, Mr. Greenberg travels to China to celebrate the 100th anniversary of C.V. Starr & Co. That visit occurs at a prickly time in U.S.-Sino relations, as the Trump administration levies tariffs on hundreds of billions of dollars in Chinese goods and China retaliates.

In September, Risk & Insurance® sat down with Mr. Greenberg in his Park Avenue office to hear his thoughts on the centennial of C.V. Starr, the dynamics of U.S. trade relationships with China and the future of the U.S. insurance industry as it faces the challenges of technology development and talent recruitment and retention, among many others. What follows is an edited transcript of that discussion.

R&I: One hundred years is quite an impressive milestone for any company. Celebrating the anniversary in China signifies the importance and longevity of that relationship. Can you tell us more about C.V. Starr’s history with China?

Hank Greenberg: We have a long history in China. I first went there in 1975. There was little there, but I had business throughout Asia, and I stopped there all the time. I’d stop there a couple of times a year and build relationships.

When I first started visiting China, there was only one state-owned insurance company there, PICC (the People’s Insurance Company of China); it was tiny at the time. We helped them to grow.

I also received the first foreign life insurance license in China, for AIA (The American International Assurance Co.). To date, there has been no other foreign life insurance company in China. It took me 20 years of hard work to get that license.

We also introduced an agency system in China. They had none. Their life company employees would get a salary whether they sold something or not. With the agency system of course you get paid a commission if you sell something. Once that agency system was installed, it went on to create more than a million jobs.

R&I: So Starr’s success has meant success for the Chinese insurance industry as well.

Hank Greenberg: That’s partly why we’re going to be celebrating that anniversary there next month. That celebration will occur alongside that of IBLAC (International Business Leaders’ Advisory Council), an international business advisory group that was put together when Zhu Rongji was the mayor of Shanghai [Zhu is since retired from public life]. He asked me to start that to attract foreign companies to invest in Shanghai.

“It turns out that it is harder [for China] to change, because they have one leader. My guess is that we’ll work it out sooner or later. Trump and Xi have to meet. That will result in some agreement that will get to them and they will have to finish the rest of the negotiations. I believe that will happen.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.

Shanghai and China in general were just coming out of the doldrums then; there was a lack of foreign investment. Zhu asked me to chair IBLAC and to help get it started, which I did. I served as chairman of that group for a couple of terms. I am still a part of that board, and it will be celebrating its 30th anniversary along with our 100th anniversary.


We have a good relationship with China, and we’re candid as you can tell from the op-ed I published in the Wall Street Journal. I’m told that my op-ed was received quite well in China, by both Chinese companies and foreign companies doing business there.

On August 29, Mr. Greenberg published an opinion piece in the WSJ reminding Chinese leaders of the productive history of U.S.-Sino relations and suggesting that Chinese leaders take pragmatic steps to ease trade tensions with the U.S.

R&I: What’s your outlook on current trade relations between the U.S. and China?

Hank Greenberg: As to the current environment, when you are in negotiations, every leader negotiates differently.

President Trump is negotiating based on his well-known approach. What’s different now is that President Xi (Jinping, General Secretary of the Communist Party of China) made himself the emperor. All the past presidents in China before the revolution had two terms. He’s there for life, which makes things much more difficult.

R&I: Sure does. You’ve got a one- or two-term president talking to somebody who can wait it out. It’s definitely unique.

Hank Greenberg: So, clearly a lot of change is going on in China. Some of it is good. But as I said in the op-ed, China needs to be treated like the second largest economy in the world, which it is. And it will be the number one economy in the world in not too many years. That means that you can’t use the same terms of trade that you did 25 or 30 years ago.

They want to have access to our market and other markets. Fine, but you have to have reciprocity, and they have not been very good at that.

R&I: What stands in the way of that happening?

Hank Greenberg: I think there are several substantial challenges. One, their structure makes it very difficult. They have a senior official, a regulator, who runs a division within the government for insurance. He keeps that job as long as he does what leadership wants him to do. He may not be sure what they want him to do.

For example, the president made a speech many months ago saying they are going to open up banking, insurance and a couple of additional sectors to foreign investment; nothing happened.

The reason was that the head of that division got changed. A new administrator came in who was not sure what the president wanted so he did nothing. Time went on and the international community said, “Wait a minute, you promised that you were going to do that and you didn’t do that.”

So the structure is such that it is very difficult. China can’t react as fast as it should. That will change, but it is going to take time.

R&I: That’s interesting, because during the financial crisis in 2008 there was talk that China, given their more centralized authority, could react more quickly, not less quickly.

Hank Greenberg: It turns out that it is harder to change, because they have one leader. My guess is that we’ll work it out sooner or later. Trump and Xi have to meet. That will result in some agreement that will get to them and they will have to finish the rest of the negotiations. I believe that will happen.

R&I: Obviously, you have a very unique perspective and experience in China. For American companies coming to China, what are some of the current challenges?


Hank Greenberg: Well, they very much want to do business in China. That’s due to the sheer size of the country, at 1.4 billion people. It’s a very big market and not just for insurance companies. It’s a whole range of companies that would like to have access to China as easily as Chinese companies have access to the United States. As I said previously, that has to be resolved.

It’s not going to be easy, because China has a history of not being treated well by other countries. The U.S. has been pretty good in that way. We haven’t taken advantage of China.

R&I: Your op-ed was very enlightening on that topic.

Hank Greenberg: President Xi wants to rebuild the “middle kingdom,” to what China was, a great country. Part of that was his takeover of the South China Sea rock islands during the Obama Administration; we did nothing. It’s a little late now to try and do something. They promised they would never militarize those islands. Then they did. That’s a real problem in Southern Asia. The other countries in that region are not happy about that.

R&I: One thing that has differentiated your company is that it is not a public company, and it is not a mutual company. We think you’re the only large insurance company with that structure at that scale. What advantages does that give you?

Hank Greenberg: Two things. First of all, we’re more than an insurance company. We have the traditional investment unit with the insurance company. Then we have a separate investment unit that we started, which is very successful. So we have a source of income that is diverse. We don’t have to underwrite business that is going to lose a lot of money. Not knowingly anyway.

R&I: And that’s because you are a private company?

Hank Greenberg: Yes. We attract a different type of person in a private company.

R&I: Do you think that enables you to react more quickly?

Hank Greenberg: Absolutely. When we left AIG there were three of us. Myself, Howie Smith and Ed Matthews. Howie used to run the internal financials and Ed Matthews was the investment guy coming out of Morgan Stanley when I was putting AIG together. We started with three people and now we have 3,500 and growing.

“I think technology can play a role in reducing operating expenses. In the last 70 years, you have seen the expense ratio of the industry rise, and I’m not sure the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will also be required.” — Maurice “Hank” Greenberg, chairman and CEO, C.V. Starr & Co. Inc.

R&I:  You being forced to leave AIG in 2005 really was an injustice, by the way. AIG wouldn’t have been in the position it was in 2008 if you had still been there.


Hank Greenberg: Absolutely not. We had all the right things in place. We met with the financial services division once a day every day to make sure they stuck to what they were supposed to do. Even Hank Paulson, the Secretary of Treasury, sat on the stand during my trial and said that if I’d been at the company, it would not have imploded the way it did.

R&I: And that fateful decision the AIG board made really affected the course of the country.

Hank Greenberg: So many people lost all of their net worth. The new management was taking on billions of dollars’ worth of risk with no collateral. They had decimated the internal risk management controls. And the government takeover of the company when the financial crisis blew up was grossly unfair.

From the time it went public, AIG’s value had increased from $300 million to $180 billion. Thanks to Eliot Spitzer, it’s now worth a fraction of that. His was a gross misuse of the Martin Act. It gives the Attorney General the power to investigate without probable cause and bring fraud charges without having to prove intent. Only in New York does the law grant the AG that much power.

R&I: It’s especially frustrating when you consider the quality of his own character, and the scandal he was involved in.

In early 2008, Spitzer was caught on a federal wiretap arranging a meeting with a prostitute at a Washington Hotel and resigned shortly thereafter.

Hank Greenberg: Yes. And it’s been successive. Look at Eric Schneiderman. He resigned earlier this year when it came out that he had abused several women. And this was after he came out so strongly against other men accused of the same thing. To me it demonstrates hypocrisy and abuse of power.

Schneiderman followed in Spitzer’s footsteps in leveraging the Martin Act against numerous corporations to generate multi-billion dollar settlements.

R&I: Starr, however, continues to thrive. You said you’re at 3,500 people and still growing. As you continue to expand, how do you deal with the challenge of attracting talent?

Hank Greenberg: We did something last week.

On September 16th, St. John’s University announced the largest gift in its 148-year history. The Starr Foundation donated $15 million to the school, establishing the Maurice R. Greenberg Leadership Initiative at St. John’s School of Risk Management, Insurance and Actuarial Science.

Hank Greenberg: We have recruited from St. John’s for many, many years. These are young people who want to be in the insurance industry. They don’t get into it by accident. They study to become proficient in this and we have recruited some very qualified individuals from that school. But we also recruit from many other universities. On the investment side, outside of the insurance industry, we also recruit from Wall Street.

R&I: We’re very interested in how you and other leaders in this industry view technology and how they’re going to use it.

Hank Greenberg: I think technology can play a role in reducing operating expenses. In the last 70 years, you have seen the expense ratio of the industry rise, and I’m not sure the industry can afford a 35 percent expense ratio. But while technology can help, some additional fundamental changes will also be required.

R&I: So as the pre-eminent leader of the insurance industry, what do you see in terms of where insurance is now and where it’s going?

Hank Greenberg: The country and the world will always need insurance. That doesn’t mean that what we have today is what we’re going to have 25 years from now.

How quickly the change comes and how far it will go will depend on individual companies and individual countries. Some will be more brave than others. But change will take place, there is no doubt about it.


More will go on in space, there is no question about that. We’re involved in it right now as an insurance company, and it will get broader.

One of the things you have to worry about is it’s now a nuclear world. It’s a more dangerous world. And again, we have to find some way to deal with that.

So, change is inevitable. You need people who can deal with change.

R&I:  Is there anything else, Mr. Greenberg, you want to comment on?

Hank Greenberg: I think I’ve covered it. &

The R&I Editorial Team can be reached at [email protected]