Joseph C. Peiser

Risk-A-Thon Chicago is in the books! What an incredible day spent learning and growing with the most amazing people. If you haven’t made it to one of these events yet, YOU need to go. #insurance #risk #cpcu #cpcurocks

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Excess and surplus lines insurance rates are flattening or declining for several classes of risk, but rates are still climbing for policyholders with risks in regions with challenging liability environments or that have poor loss experience, a panel of experts said. After years of... 👉https://ow.ly/Ejq250Tvjgl #RiskManagement #RiskManagers #InsuranceRates

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Check out Risk & Insurance’s recent article featuring our state of Private Management Liability report: https://ow.ly/oq7Y50SMgol #PrivateManagementLiability #MunichReSpecialty

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Getting there. I have seen more flexibility and creativity in recruiting talent in last few years.

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Here are some intriguing perspectives from my friend and colleague, Laura Hunt, about the current state and future direction of the Facultative market!

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As climate change accelerates, the demand for agile, scalable reinsurance solutions is growing.

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🔒 Don't overlook Kidnap and Ransom (K&R) insurance! In Priya Cherian Huskins' latest Forbes article, she dives into its importance in risk management for directors and executives, covering personal physical risks during international trips.

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My thanks to Stephen Morton for being my third guest on the Multinational Insights with AIG podcast, and for sharing his insights on the captive market. Don’t hesitate to let me know your thoughts and future topics you would like to hear about! Listen on the Multinational website or search for ‘Multinational Insights with AIG’ and subscribe wherever you get your podcasts. #AIGMultinational #MultinationalInsights #AIGMultinational #MultinationalInsights

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Great overview of natural catastrophe drivers affecting all industry segments. Hyperlinks to more detailed analyses and commentary is included, too. Enjoy the read!

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🌟 Exciting News Alert 🌟 Stephen Harrington-Descoteaux from Agency Performance Partners will be taking the stage at InsureCon2024 on 8/19/24! 🎤 Join him as he shares his expertise on navigating the HARD MARKET with his workshops on Time Management Secrets, Efficiency in Chaos, and becoming a Hard Market Hero. Don't miss out on this opportunity to learn from the best in the industry! 🔥 #InsureCon2024 #BigIOregon #HARDMARKET #TimeManagement #InsuranceIndustry

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There will be significantly more of these systemic cyber attacks and concomitant losses in the weeks, months, and years ahead. Cyber risks are nothing like any other risks the insurance industry has seen and profitably underwritten through the many hundreds of years of the industry’s existence. Nothing, Nada, Zip, Zilch. These systemic cyber attacks should be ‘underwritten’ only by the US Federal Government. #cyber #cyberattacks #systemiccyberattacks #federalgovernmentbackstop

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Lawsuit Serves as Reminder to Employers A recently filed lawsuit targets group health plan fiduciary obliga- tions under ERISA and focuses on the “duty of prudence” when select- ing and monitoring health plan vendors. The lawsuit alleges that the plan participants and beneficiaries were harmed by paying increased plan costs because of these fidu- ciary breaches. Although this case is pending, it is a reminder to employ- ers sponsoring group health plans – especially self-insured health plans – to review their ERISA fiduciary obligations while maintaining robust processes and procedures. In the February 5 complaint, participants alleged that group health plan fiduciaries at Johnson & Johnson breached their fiduciary duties under ERISA by allowing the plan and its participants to pay “extraordinary” costs for prescrip- tion drugs as compared to other market options, resulting in millions of dollars in unnecessary costs to the plan. Specifically, the lawsuit alleges that the health plan fiduciaries mis- managed the plan’s prescription drug benefits. That allegedly cost the plan and its employees “millions of dollars in the form of higher payments for prescription drugs, higher premiums, higher deductibles, higher coinsur- ance, higher copays, and lower wages or limited wage growth.” The participants alleged the plan’s fiduciaries failed to: • Pay the lowest possible costs for the offered drugs; • Obtain competitive bids from other prescription drug service providers; • Monitor plan expenses; • Negotiate the prescription drug contract with its pharmacy ben- efit manager (PBM), especially given its bargaining power as a Fortune 50 employer; • Fully inform participants about the mail-order program, where drug prices were routinely higher than options at retail pharma- cies; or • Protect the health plan’s assets. The complaint gave specific examples of these “extraordinary” costs. For instance, the plaintiffs claimed that the PBM charged the plan over $10,000 for a 90-day sup- ply of a generic drug used to treat multiple sclerosis. This same drug was allegedly available without using insurance at various online and retail pharmacies for well under $100. The plan participants are asking for various remedies while also seek- ing to hold the fiduciaries personally liable under ERISA for their actions and inactions. The Johnson & Johnson lawsuit is one of the first of its kind, stemming from the disclosure and transparency in coverage requirements – but it mirrors the retirement plan excessive fee lawsuits that have come before it. As a fiduciary, it is your duty to act on behalf of the plan. Paying bills without reviewing them is not prudent. US Beacon identifies ineligible charges in 99% of the bills we review. https://lnkd.in/gBNyP_qn

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Directors and Officers Liability for 2023 had the best loss ratio it’s had in nearly a decade, but AM Best is not convinced it will stay that way. Insurers aren't pressed to increase rates because of favorable results, and more insurers have entered the market recently. So, why is AM Best concerned? Lions in the grass… one of which being lawsuits from previous years, some of which are resulting in significantly increased settlements. Full article linked below in the comments. #directorsandofficers #insurance 

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Liberty Mutual Holding said it sustained $550m in estimated pretax losses from Hurricane Helene, which will be reflected in its third-quarter financial report. Estimated losses from Hurricane Milton are still developing but are currently between $250m and $350m, the insurer said. Those losses will be recorded in the fourth quarter. More... https://ow.ly/Ato150TVGYI #HurricaneHelene #HurricaneInsurance #RiskManagement Liberty Mutual Insurance

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The Construction Casualty Storm of 2024 🌪️⚡️ As we move into 2024, contractors face a brutal casualty insurance market driven by social inflation, labor shortages, and emerging liability risks. My firm Newfront's new casualty outlook report dives deep into the perfect storm impacting rates, capacity, and coverage terms for construction firms. Nuclear verdicts remain rampant, with the median award size up 27.5% from 2010-2019 to $24.6M. Skilled labor crunches are heightening worksite injury exposures. And new risks like PFAS/microplastics contamination have insurers on high alert. While some opportunity exists in the middle market, habitational and high hazard construction will likely see further firming ahead. Here are four proactive strategies construction executives must deploy in 2024 to successfully navigate this storm: ✓ Analytical underwriting data ✓ Innovative program restructuring ✓ Rigorous loss control investment ✓ Vertical integration opportunities Read the full analysis and insights from Lauren Pratscher & Frannie Epps by clicking the link below. Let me know your biggest casualty challenges!

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As the economy and workforce continue to evolve, private companies are facing increased management liability risks. Munich Re Specialty’s Nan Murphy shares her insights on the current management liability environment in her recent article 👉 https://ow.ly/3bGH50SXzyQ #MunichReSpecialty #ManagementLiabilityRisks

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