First He Protected His Country, Now He Protects His Clients: Alliant’s Noah Hardie

How broker Noah Hardie’s military and government background play a major role in his day-to-day life both professionally and personally.

By: Emma Brenner | March 17, 2021

Noah Hardie has always thought himself a protector. It is a devout purpose that has governed all his decision making, from what sports positions he played to the career he set out to master.

For Hardie, protecting people was always the job to do.

So, after graduating high school, Hardie immediately enrolled in the United States Air Force Academy, where his childhood dream of becoming a pilot came to fruition.

“I was about five years old, and from that point forward, I decided I was going to be a pilot,” he said. “So it seemed that the smartest way to do that was to go to the Air Force Academy.”

“I was born and raised in California. I was there up until I was 17 until I left for the Air Force Academy,” said Hardie.

“Since then I’ve been pretty itinerant. In the military you move every two years. And after the military when I worked for the government, you also move every two years. So for most of my life post- college I moved every 24 months. I was lucky enough and blessed enough to have lived in a lot of different countries…France, England, Malta, all over. And that was my young life.”

After four years of military service, Hardie continued his work in service of his country by working for the FBI. His roles within the military and government enabled him to fully embrace his inclination to be a protector.

“I felt like I was protecting the American people, and that’s what I did.”

Now, Hardie resides in New Orleans with his wife, whom he calls an admirable teammate, and his four sons. He is a senior vice president at Alliant Insurance Services, a role that is a significant change from a career in the military and government.

Though the day-to-day operations between his career in insurance and public service differ, the driving force behind why he chose to walk down each path are one and the same.

Insurance as a Fulfilling Career

Though he used to spend his time working to protect his country, Hardie views his job as an insurer in a similar fashion. Now he’s protecting someone’s business and livelihood.

These “someones” have become much more than just clients to Hardie. Many of his insureds become friends, and even family, something that could be potentially tricky for some, but which Hardie views as a motivating factor.

These close-knit bonds make it so that Hardie works twice as hard to never leave his clients disappointed, treated unfairly or left to miss their goals. Hardie genuinely understands what concerns keep his clients up at night. And he doesn’t want to ever let them down.

“You don’t want to disappoint your family,” he said with a smile.

Hardie’s role as an insurance executive does not keep him chained to his desk every day, as he believes that does his clients and company a disservice. It’s important to him to understand the full picture of not only his client’s business but also the risks they are looking to mitigate.

This includes regular visits to client businesses and a familiarity with their operations. It also means Hardie strives for careful understanding of coverages so he can serve as an advisor to clients, rather than simply sell policies.

Support Throughout Any Endeavor

Hardie believes that his clients deserve more than a bare-minimum effort, and he undoubtedly knows that he can deliver on what they need. He credits his work ethic to his practices of discipline and patience, two qualities instilled in him from his time spent in public service.

Who else does Hardie credit to his success in his diverse career?

“It’s kind of a cliché answer, but I think my parents have really had the biggest effect on me as mentors,” he recalled.

His father instilled in him the importance of maintaining qualities of honor, integrity and duty. While his duty has shifted from country to client, Hardie’s unwavering mission is always to perform that duty. The value of integrity his father taught him has played a significant role throughout his life.

“My dad always said, ‘Your integrity is the only thing people can’t take away from you. That one you must give away.’ ”

Hardie’s mother taught him meaningful lessons on empathy.

“She drove home that you have to try to understand where people are coming from. It’s important to be empathetic and understand not just your clients but also your underwriters, too.”

Hardie practices empathy in the office. He acknowledges the benefits of being an empathetic leader, because understanding the people around him, no matter the issue, is of the upmost importance. If the team isn’t succeeding as a whole, then no one individual can succeed.

Coincidentally, Hardie recognizes that reminding himself of this is his biggest challenge.

“You can’t always drive, drive, drive. You must take time to make sure everyone around you is coming along with you, and you’re all going in the right direction and not scattered in your efforts.”

Bringing It All Together

A career as an Air Force officer or a government worker differs entirely from what a broker does every day. Hardie has shown what remains universal are the lessons each have provided him.

And each career has fulfilled him in the same way.

“What’s important and fulfilling to me in my work today is what was important and fulfilling in my work before, which was putting myself out there to protect my people. Whether it’s my team in the field, my countrymen or my clients, that’s what I’m all about. I’m all about protecting those people.”

And while the content of his job as a broker stimulates him, it’s not the technicalities of the business that get him out of bed every morning; it’s the motivation to truly better the businesses, and thus the lives, of the people he serves.

For Hardie, it has always stemmed from a desire to take care of people: “That’s the job for me,” he said. Simple as that. &

Emma Brenner is a staff writer with Risk & Insurance. She 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.

By: Risk & Insurance | April 3, 2024

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.