Different people come to us for different reasons. Below are examples of the kinds of risks we work with. If you would like to talk about a particular risk or risk issue, or you would just like to learn more about us, please hit the button below or complete the form at the bottom of this page and we will give you a call.
Genuinely new risks are relatively rare. Many so-called new risks emerge as such because carriers (GL carriers most frequently) find an exposure they hadn’t originally considered when designing their coverage becomes problematical and so they exclude the problematic coverage from their standard offering. EPL, SML and cyber are 3 examples of this. So, these risks aren’t so much new risks as risks that need to be addressed in new ways because carriers have changed their position on them. Future really new risks we soon expect to deal with are the intentional disclosure of data (so, not a data breach) that breaches privacy laws or policies or physical damage to infrastructure following a cyber attack, where some coverage is beginning to emerge but ‘standard approaches’ have yet to be set.
Distressed risks are risks where claims have made the coverage hard to find. This is a specialty of ours. It may be that the customer we work with is the entity with the claims or they may just have been drawn into the same (or similar) category of firms that have had claims. In any case, we work with all our different customer types to find homes for distressed risks.
Hard to place risks
Hard to place risks are risks where the insurance market is uncomfortable with giving coverage usually because, not because the applicant is problematic but because of the perception that the risk is challenging; and sometimes the risk is challenging! Whether truly challenging or not, we work with all our different customer types to find coverage for hard to place risks.
Genuinely unique risks are relatively rare; though we have successfully addressed a couple. Most ‘unique’ risks are not actually as unique as they seem; they are just unique in the particular market the insured happens to find themselves. For example, we have often heard that a risk is uninsurable, where the caveat should be that the risk is uninsurable in a local market because there aren’t enough insureds with the same risk in that market to make it worthwhile a local carrier developing an appropriate product. In these cases, the coverage may be relatively easily accessible from another market or we are able to adapt existing coverages to achieve the coverage required.
Complex risks may be complex because multiple coverages are being blended, because captives, insurance and reinsurance are being blended, or because claims made and occurrence are being blended. We have significant experience handling these types of complexity.
Market expansion is work we usually undertake with other insurance operations; few commercial or professional firms can use insurance to expand their market, though it isn’t unheard of. Typical projects involve finding ways to increase GWP without increasing loss ratios; the answers rarely involve just expanding underwriting guidelines or adapting rating guides, though this can be part of the solution. More often, the solution is to attract more applicants, so more business can be written at the existing rates or rates can be increased and greater selectivity introduced. Another solution can be to enhance a core product with additional coverage, not because the carrier wants to sell lots of the additional coverage but because this is a good way to sell more of their core product. In these cases, we find reinsurance – and expertise and partners – who make selling the additional coverage a seamless process, leaving the carrier with no additional risk, non-risk bearing income (from distributing another’s product) and increased GWP.
Fast to market
Despite the advent of technology designed to – and which has genuinely succeeded at – democratizing the web, we constantly hear frustrated clients (sellers and self-insurers generally) tell us that getting to market takes way too long.
We have been amazed to discover that, simply by partnering with dedicated insuretech firms, we can create immense competitive advantage for our clients just because we can execute a web interface in hours, not months.
Since few new programs are designed without some form of web interface, we can help our clients take advantage of opportunities faster than almost any of the much larger firms we have ever worked with.