5 People on the Move

National Severe Storms Lab under new directorship, World Insurance Associates names retail president and more.

By: R&I Editorial Team | January 16, 2023

DaNa Carlis Named Director of NOAA’s National Severe Storms Lab

Research meteorologist DaNa Carlis has been named the new director of the National Severe Storms Laboratory (NSSL) at the National Oceanic and Atmospheric Administration (NOAA), where he will lead research into severe thunderstorms and other extreme weather events.

DaNa Carlia, director of NOAA’s National Severe Storms Laboratory

DaNa Carlis, director of NOAA’s National Severe Storms Laboratory

“I’m excited about the opportunity to lead this team of dedicated and accomplished scientists,” Carlis said of his new role. “I’m looking forward to getting out into the field to see the research that has been making a real difference in people’s daily lives.”

Prior to taking on this role, during his 20-year career at NOAA, Carlis served as deputy director of the Administration’s Global Systems Lab, as manager of the Earth Prediction Innovation Center, and as a policy advisor to both NOAA’s assistant secretary for environmental observation and prediction and its chief scientist.

Carlis also cofounded the NOAA’s Diversity and Professional Advancement Working Group. “Dr. Carlis shares my commitment to champion diversity and foster professional growth opportunities across the agency,” said NOAA’s administrator, Rick Spinrad. “NOAA is fortunate to have a leader with deep scientific expertise and the strong skills to elevate diversity, equity and inclusion into all aspects of NSSL’s culture.”

“A proven leader, DaNa has guided a variety of NOAA programs and projects that have contributed to producing better forecasts, earlier warnings for natural disasters and a greater understanding of the Earth,” said Steve Thur, NOAA assistant administrator for oceanic and atmospheric research. “His leadership experience and passion for research will help NSSL continue to fulfill its mission to help forecasters provide advance warnings of extreme weather and save lives.”

World Insurance Associates Appoints Thomas J. Fitzgerald as Retail President

Based on his track record of growing operations and improving both customer and employee satisfaction, Thomas J. Fitzgerald has been recruited as president of business at World Insurance Associates LLC.

In this newly created role, he will oversee World’s retail insurance distribution operations and draw on his brokering experience to continue expanding services and delivering positive placement outcomes.

Thomas J. Fitzgerald, retail business president, World Insurance Associates LLC

“It’s an exciting time to join World and to support the upward trajectory of the firm,” Fitzgerald said. “I look forward to leading the expansion of the already well-established retail business in response to the ever-changing market dynamics and economic landscape.”

Fitzgerald brings more than 30 years of experience in commercial brokerage to his new position. He joins World from QBE North America, where he spent the previous three years on the North America executive committee; prior to that, he spent 28 years at Aon, where he was CEO of Aon’s U.S. retail operations and ultimately served as CEO of Aon broking, leading the firm’s global operations.

“We are thrilled to welcome Tom to the World team as our new retail business president,” said Rich Eknoian, World founder and CEO. “As we move into 2023, it is perfect timing for Tom to bring new ideas and a fresh perspective to our rapidly growing retail business. His strong industry relationships and in-depth industry knowledge will no doubt make a positive impact for our insureds and carrier partners alike.”

Cyndi Tullos Assumes Role of CEO at SouthGroup

Cyndi Tullos has been named CEO and member of the board of directors at SouthGroup Insurance and Financial Services, Mississippi’s largest privately owned agency, with over 150 employees in 21 offices across the state.

Cyndi Tullos, CEO, SouthGroup Insurance & Financial Services

“I am excited about the state of the insurance industry and our Mississippi marketplace, especially the continuing advances in insurance technology,” Tullos said.

COO of SouthGroup since 2019, Tullos joined the firm from WorldCom in 2002. In addition to her roles at SouthGroup, Tullos has held leadership positions in several professional organizations, including the Independent Insurance Agents of Mississippi, ACORD, Applied Client Network, the IIABA Agents Council for Technology, and the Society of Certified Insurance Counselors.

Tullos replaces Ronnie Tubertini, who previously filled the position of CEO for 21 years. Tubertini stays on at SouthGroup as president and member of the board.

“Cyndi is one of the brightest and most talented people I have ever worked with,” Tubertini said. “In her previous role as SouthGroup’s chief operating officer, she led our organization through huge changes in systems and processes. Our board is excited about the experience, knowledge and skills Cyndi possesses. Her talents allow us to ensure a bright and competitive future. She is a high-energy leader.”

Aeolus Taps Benjamin Somers as Managing Director of Business Development

In his new role as managing director of business development, U.S.-based Benjamin Somers will report to partner and president Aditya Dutt to lead business development at Bermuda-based Aeolus Capital Management Ltd.

Benjamin Somers, managing director of business development, Aeolus Capital Management Ltd.

“It is a pleasure to welcome Ben to the Aeolus team,” Dutt said. “We believe his skill set, capabilities and experience will continue to enhance our focus on serving our clients and partners.”

Somers brings nearly 25 years’ experience in business development, alternative asset management, debt capital markets and corporate banking. Before joining Aeolus, he served as partner and head of business development and investor relations at Elementum Advisors. This followed time at Stark Investments, where he served as director of emerging markets, and JPMorgan, where he worked in asset management and corporate banking.

CEO, partner and co-head of Aeolus’ portfolio management team, Andrew Bernstein said: “Ben is one of the standout business development professionals in the insurance-linked securities asset class, and I am thrilled to be adding a professional of his caliber to Aeolus.”

Brian Bissett Promoted to Group CFO of Convex

Brian Bissett has been promoted to group CFO of Convex Group Limited, reporting to CEO Paul Brand. Bissett replaces Benji Meuli, who leaves the role to become Convex’s chief investment officer. Based in London, Bissett will remain on the board and continue to oversee Convex’s investment functions and lead its data and actuarial teams.

Brian Bissett, group chief finance officer, Convex Group Ltd.

A fellow of the Institute of Actuaries, Bissett has been with Convex since its inception in 2019, when he joined the firm as group chief actuary. This followed 30 years in the data and actuarial sector of the (re)insurance industry, during which time he held senior positions at Zurich, Catlin and XL Catlin.

Convex CEO Paul Brand, said: “Brian has been instrumental in not only building and leading Convex’s successful actuarial and claims functions but in orchestrating Convex’s data agenda. His exceptional actuarial and leadership capabilities make his promotion to CFO a natural and well-deserved step. I am confident he will continue to make a positive and lasting impact on Convex’s future successes.” &

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

How a Carrier Partner Can Help Navigate a Challenging Management and Professional Liability Market

A combination of a choppy economy with increased claims frequency and severity could lead to rate increases in the Management & Professional Liability market.

Rates in the management & professional liability (M&PL) markets were on the rise from 2020 to early 2023 and are now falling rapidly.

M&PL divisions manage a number of different insurance products including management liability (D&O), professional liability (E&O), employment practices liability (EPL), fiduciary liability policies, cyber, etc. In 2023 and into 2024, a big influence on the marketplace has been the extremely aggressive and softening public company D&O market.

Though these rates have been softening for management liability, that may change over the next few years as companies continue to adjust their business models motivated by economic uncertainty. Layoffs were up nearly 200% last year, Forbes reported, even as other recession indicators, like the inflation rate, improved. A recession could lead to an increased claim activity and force carriers to raise rates.

“Whenever there is a meaningful downturn in the economy, we tend to see claim frequency pop up,” said George Schalick, Jr., senior vice president of the Management and Professional Liability Division at Philadelphia Insurance Companies (PHLY).

With continued fiscal uncertainty, businesses potentially already burdened with pandemic-related claims should seek a carrier with a long history in M&PL products. They will provide much-needed risk management guidance and be better positioned to support their insureds during market fluctuations.

Why Insureds Might See an Uptick in M&PL Claims

George Schalick, Jr., Senior Vice President of the Management and Professional Liability Division, Philadelphia Insurance Companies

The current soft market might come as a bit of a surprise as it does not track with previous underwriting cycles and economic conditions. Afterall, many privately held and non-profit organizations struggled during the early days of the pandemic with shutdowns and rapidly declining revenues. But the Government assistance programs, like the Paycheck Protection Program loans, helped keep many afloat during the tough times.

“During COVID many organizations stopped doing business until they were able to sort out all of the health and safety challenges,” Schalick said. “They were forced to lock down, but then all the government assistance programs allowed them to keep people employed. The increased volume of claims we anticipated we would see coming from the lockdowns and restrictions that were imposed upon businesses in the U.S. didn’t manifest at first.”

“Just because there wasn’t an onslaught of reported claims at the beginning of the pandemic, doesn’t mean the circumstances that would give rise to a claim being reported didn’t occur. Courts and the judicial system were closed or slowed and now that they are back open, we’re starting to see the circumstances that occurred during the COVID lockdowns becoming claims today,” Schalick said. “Litigation is progressing.”

Added to the delayed pandemic litigation is a concern over newer claims that might be filed as the country inches toward an economic downturn. Though a recession was avoided in 2023, experts think a soft dip could occur in 2024, with 76% of economists saying there’s a 50% or less chance of an economic downturn this year — that almost always results in more management liability claims.

“During the Great Recession in 2008, we saw an almost immediate spike in claims because of the economic conditions and the pressure it placed on organizations. They were making personnel changes with significant belt tightening almost immediately.” Schalick said.

What’s in Store for M&PL Policy Rates in 2024?

Despite an uptick in claims and increased economic uncertainty, management liability rates haven’t increased, resulting in market-wide pricing levels that may not meet the increased pressure of rising settlements and jury verdicts.

“Rates are going the other direction and settlement values are not falling,” Schalick said.

The mismatch between rates, claim frequency and severity is, in part, because carriers experiencing the dramatic soft market in the public D&O market are seeking premium gain in the private and non-profit market.

“In the public company market, the rates have been decreasing significantly. The rates were increasing in the private, not-for-profit market, and rightfully so, but there’s a desire to supplement overall mid-size D&O for carriers who also write private not-for-profit, and they see that as an opportunity to aggregate premium,” Schalick said. “So the always competitive landscape in the private, not-for-profit market has dramatically increased in the last 18 to 24 months.”

Still, companies of all sizes and types should be concerned about management liability rates in the future. Legal system abuse is resulting in increases in both the amount of litigation and the size of verdicts plaintiffs are receiving.

Certain areas of the country are particularly vulnerable to this type of legal system abuse. As a result, insureds in these localities are likely to be vulnerable to rate increases.

“The environment is so positive for the plaintiff that forces premium increases so carriers are able to stay in that market long term,” Schalick said.

Why a Tenured Carrier Partner Can Help Insureds Navigate An Uncertain Market

It’s clear that insureds are facing an uncertain M&PL market over the next few years. Fortunately, carriers with a long history in the M&PL space will be there to offer stability.

Philadelphia Insurance Companies has been supporting this market for 35 years. PHLY is committed to offering long-term rate stability, even as economic and claims trends start to push premiums upwards. They have an appetite for all sorts of companies, large and small, for-profit and nonprofit alike.

“We’ve been at this game for a long time and are one of the most tenured underwriters in this space,” Schalick said. “We like to stay very consistent.”

PHLY has worked with both for-profit and non-profit on management liability policies. With dedicated M&PL teams throughout the company’s 13 regions, PHLY provides the support agents and brokers are looking for on behalf of their clients. The teams know their regions well and can respond to local trends. They’re also dedicated to making the renewal process as easy as possible for their partners and policyholders.

“We have real confidence in our results, so we focus a lot on making the renewal experience as painless as possible for all agents and insureds,” Schalick said.

The company is also investing in tools to help insureds avoid losses. Earlier this year, they launched a new online risk management platform, PHLYGateway, which offers resources for insureds on how to create an employee handbook and trainings on issues such as recognizing workplace sexual harassment and discrimination.

If insureds have questions, they can consult a Best Practices Help Line, provided via the platform. That way, they can get on the spot risk management guidance to help them prevent claims.

To learn more, visit: https://www.phly.com/mplDivision/managementLiability/default.aspx.

This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Philadelphia Insurance Companies. The editorial staff of Risk & Insurance had no role in its preparation.

5 People on the Move

DaNa Carlis Named Director of NOAA’s National Severe Storms Lab

World Insurance Associates Appoints Thomas J. Fitzgerald as Retail President

Cyndi Tullos Assumes Role of CEO at SouthGroup

Aeolus Taps Benjamin Somers as Managing Director of Business Development

Brian Bissett Promoted to Group CFO of Convex

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5 People on the Move

DaNa Carlis Named Director of NOAA’s National Severe Storms Lab

World Insurance Associates Appoints Thomas J. Fitzgerald as Retail President

Cyndi Tullos Assumes Role of CEO at SouthGroup

Aeolus Taps Benjamin Somers as Managing Director of Business Development

Brian Bissett Promoted to Group CFO of Convex

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Sponsored: Philadelphia Insurance Companies

How a Carrier Partner Can Help Navigate a Challenging Management and Professional Liability Market

Why Insureds Might See an Uptick in M&PL Claims

What’s in Store for M&PL Policy Rates in 2024?

Why a Tenured Carrier Partner Can Help Insureds Navigate An Uncertain Market

Share this article!