AssuredPartners Broker Frank Baer Recognized as a 2019 Captives Power Broker
Frank Baer, Agency President, AssuredPartners
When a struggling captive group approached Frank Baer in 2011 to audit and produce a report on its program, little did he know that seven years later he would have turned around its fortunes.
The group was having problems with the structure of its rent-a-captive program that it had only set up two years earlier, as well as being saddled with an inequitable collateral formula. It also had a single provider acting as retail broker, captive manager, actuary and claims consultant.
Baer uncovered a multitude of problems within the program, and the group appointed him as its retail broker. Over the next six years he reformed the program, restructuring its risk sharing methodology and collateral allocation.
Baer also improved the group’s overall loss performance, focusing on its safety and risk control and active claims management.
Last year, he moved five of the group’s six participants to a mature member-owned group captive, negotiating stair-stepped collateral requirements. As a result, each of their collateral positions was stabilized and their losses were reduced by 30 percent.
Baer also helped move client Kanawha Stone Company and its sister organization TERRADON Corporation into a captive program for property and casualty lines, enabling them to make significant cost savings and benefit from knowledge sharing within the group.
Kanawha Stone Company’s president Tom Kittredge said: “As a lawyer who is also a broker, Frank is able to blend the arenas of contracts and insurance. This is extremely rare in our marketplace and has served our companies well.”
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.