How Might You Benefit from Stephanie Seibold’s Emerging Risks Strategy at The Hanover?
Helping clients to overcome the unique set of placement challenges many are currently encountering will be top of the agenda for Stephanie Seibold following her promotion to president of alternative markets at The Hanover.
The current dynamic of the insurance market has made obtaining coverage for businesses with higher risk profiles and tough exposures even harder than before.
So Seibold’s primary focus will be on ensuring that The Hanover continues to evaluate and provide its brokers and insureds with the right mix of admitted and non-admitted products and program solutions, backed by its dedicated underwriting teams, risk management capabilities and claims expertise.
She will also have a remit for talent development in her new post overseeing the company’s specialty property and casualty programs, specialty general liability and specialty brokerage businesses.
“As an industry, we are in a unique market cycle, where focusing only on historical market cycles to predict how or when the market will shift is not enough,” said Seibold.
“With runaway verdicts and emerging issues in the casualty space, partnered with the sheer volume of new catastrophes annually in densely populated areas, our industry is undoubtedly experiencing significant changes.”
Seibold started in insurance straight out of college with a personal lines-focused insurance agency. After working in commercial underwriting for a regional carrier and as a personal lines account manager at an agency in Western Massachusetts, she joined The Hanover in 2007 as a middle market underwriter before progressing to various sales and underwriting roles and then, most recently, chief underwriting officer of specialty property and casualty.
But it was the opportunity to help others more junior than herself to develop that Seibold considers to be her greatest achievement. At the same time, she said that it has enabled her to grow as a leader.
“My biggest achievement has been training and mentoring early-in-career underwriters and watching them succeed in not only their underwriting roles, but also watching as they find their own footing within the industry,” said Seibold.
“Some have stayed in underwriting and excelled, while others have moved into product, operations, claims or the brokerage side.”
In terms of her own personal development, Seibold has attained designations as an Associate in Commercial Underwriting and as a Commercial Lines Coverage Specialist and a Construction Risk and Insurance Specialist.
Moving forward, Seibold wants to focus on anticipating future risks and trends. One such issue she has already identified is the gaps in the standard market for risks with more complex property and liability exposures.
“We responded by developing capabilities to fill that gap for our agent and broker partners, offering them alternative risk financing options such as large self-insured retentions and captives, and access to surplus lines paper,” said Seibold.
“Emerging risks present an area of opportunity that is ripe with innovation and creativity, driven by a lack of existing solutions.” &
Stephanie Siebold has been selected as a 2024 Risk & Insurance® Executive to Watch. To see the other executives selected this year, visit here.