12 People on the Move

Chubb adds a new chief operating officer, Marsh appoints a managing director of financial institutions and more in this edition of People on the Move.

By: Emily Spennato | January 23, 2020

HDI Global Specialty SE Hires Head of Aviation, Canada

HDI Global Specialty SE, a specialty lines insurer, has appointed Michael McEwen to head of aviation, Canada to strengthen its aviation practice.

McEwen joins HDI Global Specialty from Canadian Aviation Insurance Managers Ltd. His responsibilities include leading the firm’s entry into the Canadian general aviation market, including setting up an aviation underwriting team, with focus on rotary wing aircraft for commercial, industrial aid and private risks, and unmanned aerial vehicles.

Welcoming McEwen, Derek Spafford, Canadian general manager & chief agent at HDI Global Specialty SE said: “I’m delighted to have Mike on board to lead our aviation initiative in Canada.”

“He brings a strong track record in the market with a well-established reputation. As a new player locally, we wanted to bring in a leader who is already well-known and respected. The local aviation insurance market is quite tight-knit so it will be up to Mike to leverage his existing relationships as a means of driving our success.”

Chubb Adds New Chief Operating Officer

Suresh Krishnan COO, accident & health, North America, Chubb

Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance, has announced Suresh Krishnan as its chief operating officer for its accident & health business in North America.

This is a newly created role. Krishnan will report to James Walloga, executive vice president, accident & health, North America. Krishnan will be based in New York and oversee operations in the United States and Canada. He will be responsible for implementing strategies to create growth and profit.

Krishnan is an internal hire, previously serving as head of Europe’s Major Accounts Division. He has over two decades of experience in the insurance industry and was hired by Chubb in 1999.

“Suresh is a strategic leader who has been with Chubb for quite some time and has a deep understanding of our business, our culture and our clients’ needs,” said Walloga.

“That background is a good reflection of our overall leadership team and is key to our consistent approach to bringing innovative products and services to market, while providing superior support to our distribution partners. I look forward to working with Suresh in his new role and further building upon our successes.”

Philadelphia Insurance Companies Announces Four Promotions

Brent Skiles, senior vice president of insurance operations, PHLY

Kimberly Hamilton, senior vice president of underwriting, PHLY

Cory Davis, senior vice president of marketing, Midwest Territory, PHLY

John Doyle, co-chief underwriting officer, PHLY

Philadelphia Insurance Companies (PHLY) announced four new appointments: one co-chief underwriting officer and three vice presidents to senior vice presidents.

John Doyle has been promoted to co-chief underwriting officer alongside president John Glomb.

Doyle has spent nearly 30 years at PHLY, working in claims, product development and underwriting.

He assisted in the development and launch of many products, including most of the company’s sports & recreation products.

In his new role, Doyle will oversee multiple divisions including human service, real estate, and business auto divisions.

Cory Davis has been promoted to senior vice president of marketing, leading the company’s Midwest territory. Davis joined PHLY in 1998. He was named regional vice president in 2009.

Kimberly Hamilton will serve as senior vice president of underwriting. She will serve as division head of the public service and sports & recreation teams. Hamilton joined PHLY in 2003. She was named vice president in 2014.

Brent Skiles is the new senior vice president of insurance operations. He will oversee organizational initiatives that focus on small business in PHLY’s Customer Service division.

He has been at PHLY for 15 years, most recently appointed to vice president of underwriting in 2015.

ClearPath Mutual Customer Experience Specialist Earns CIC Designation

Teri Ralston, customer experience specialist at ClearPath Mutual Insurance Company has earned the designation of Certified Insurance Counselor (CIC).

This accomplishment is affirmed by the President of the Society of CIC, Dr. William T. Hold, PhD, CIC, CPCU, CLU.

“Teri’s drive for continued education and dedication to the program, all while being successful in her career, makes her an asset to ClearPath Mutual,” said Jeff Borkowski, chief executive officer.

“Receiving the CIC designation is a valuable addition to Teri’s understanding of insurance and what customers need from an insurance carrier.”

Ralston completed five CIC courses that focussed on insurance and insurance management.

She was recently promoted as the company’s customer experience specialist and has served 20 years with the company. In those 20 years, she has gained extensive experience and knowledge in past roles as an underwriting assistant, account coordinator and web marketing specialist.

Marsh Appoints Managing Director in Financial Institutions

Jacqueline Quintal, managing director, U.S. Financial Institutions Practice, Marsh

Marsh, a global insurance broker and risk adviser, announced the hiring of Jacqueline Quintal as managing director to its U.S. Financial Institutions Practice.

She brings 15 years of experience to Marsh and has advised mature financial institutions, as well as young fintech, Insurtech, cryptocurrency and blockchain businesses. She joins from Aon, where she served for 12 years, most recently as Financial Institutions Industry leader.

Quintal will report to Alex deLaricheliere, Marsh’s U.S. financial institutions and professional services industry practice leader. She will be based in New York.

“Financial institutions are experiencing a significant period of change, driven by digital transformation and regulatory scrutiny. With the addition of Jackie’s deep industry knowledge and client service experience, we are well positioned to help our clients manage today’s risks and identify those on the horizon,” said deLaricheliere.

“Marsh’s global team of specialized experts who deeply understand the risks of financial institutions, coupled with Marsh’s powerful analytics platform is outstanding,” said Quintal. “I’m excited to join Marsh and look forward to exceeding our clients’ expectations.”

BriteCore Elects Member to Board of Directors; Adds Two New Executives

BriteCore, a provider of software solutions for property & casualty insurers, has added two new executives to lead its product and services teams.

John Davi joins as chief product officer. He has expertise in product development in order to lead business growth and product development.

Chris Heggelund joins as senior vice president of services. Heggelund’s focus will be creating partnerships through communication, transparency and alignment.

The two new hires follow the election of John Cavoores as the newest member on BriteCore’s Board of Directors.

“We draw on the expertise of our board members to help us strategically expand product offerings, grow the platform, and ultimately, advance digital transformation in the property and casualty insurance industry. John’s insights and experiences will be a key driver in our upcoming success,” said BriteCore co-founder and chief executive officer, Phil Reynolds.

Cavoores brings forty years of experience in property & casualty and private equity industries.

PMA Companies Names Vice President, Northeast Region

Jeanne Consiglio, vice president, Northeast region, PMA Companies

PMA Companies announced the appointment of Jeanne Consiglio to vice president, Northeast region.

She will be responsible for leading strategic growth in Connecticut, New York, Massachusetts, Rhode Island, Vermont and New Hampshire, reporting directly to Ken Stanley, senior vice president, distribution and field operations.

“Jeanne is an accomplished insurance professional and a key member of PMA’s Northeast Region’s Underwriting and Operations Team,” said Stanley.

“Her track record of success in business development and managing distribution partner relationships has contributed significantly to advancing PMA’s book of business. I am confident that under Jeanne’s leadership our Northeast region will continue to thrive.”

Consiglio has 25 years of experience and joined PMA in 2015 as territory marketing manager for New England. &

Emily Spennato is a former staff writer with Risk & Insurance.

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.

12 People on the Move

HDI Global Specialty SE Hires Head of Aviation, Canada

Chubb Adds New Chief Operating Officer

Philadelphia Insurance Companies Announces Four Promotions

ClearPath Mutual Customer Experience Specialist Earns CIC Designation

Marsh Appoints Managing Director in Financial Institutions

BriteCore Elects Member to Board of Directors; Adds Two New Executives

PMA Companies Names Vice President, Northeast Region

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12 People on the Move

HDI Global Specialty SE Hires Head of Aviation, Canada

Chubb Adds New Chief Operating Officer

Philadelphia Insurance Companies Announces Four Promotions

ClearPath Mutual Customer Experience Specialist Earns CIC Designation

Marsh Appoints Managing Director in Financial Institutions

BriteCore Elects Member to Board of Directors; Adds Two New Executives

PMA Companies Names Vice President, Northeast Region

Share this article!

Trending Stories

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Planck’s Leandro DalleMule Discusses the Ethics of AI in Insurance

3 Keys to Combat ‘Big Brother’ Fears with Safety Technology

2024 RIMS President David Arick Shares How COVID and AI Have Changed the Risk Management Space

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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!