Advisen Web Clippings

Monday 22 June 2009

Advisen in the News

Dave Bradford and Jim Blinn have been speaking at various conferences in the month of June. In general, the topics have surrounded Directors & Officers liability insurance. Some of the press references included:

6/22/2009 - The Royal Gazette
AIG's Island unit may be spared from sell-off says industry expert
http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?articleId=7d8a1b330030022&sectionId=65

6/9/2009 - Bloomberg.com
Bank of America Paying Legal Fees for Countrywide’s Mozilo
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTwT9deWspHo

6/9/2009 - Canadian Underwriter
Primary and excess D&O coverage terms may differ in event of bankruptcy or restructuring
http://www.canadianunderwriter.ca/issues/ISArticle.asp?aid=1000329945

inese.es
Los procesos judiciales elevan los precios de los seguros para directivos de la industria financiera
http://www.inese.es/noticias/detalle_noticia/journal_content/56_INSTANCE_jPUx/129513/1962089
6/23/2009 - Financial Times
Insurers face $6bn bill for D&O claims
http://www.ft.com/cms/s/0/12aab166-5f8c-11de-93d1-00144feabdc0.html?nclick_check=1

6/23/2009 - Financial Times
Directors’ liability insurance
http://www.ft.com/cms/s/b8fe177c-5f07-11de-93d1-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F1%2Fb8fe177c-5f07-11de-93d1-00144feabdc0.html&_i_referer=http%3A%2F%2Fsearch.ft.com%2Fsearch%3FqueryText%3Dadvisen%26x%3D0%26y%3D0

6/23/2009 - Global Reinsurance
US D&O claims to top $6bn
http://www.globalreinsurance.com/story.asp?storycode=379089

6/23/2009 - finmarket.ru
Жертвы кризиса разоряют американских страховщиков
http://www.finmarket.ru/z/nws/news.asp?id=1204650&rid=1

6/22/2009 - Euro2day
Directors' liability insurance
http://www.euro2day.gr/ftcom_en/126/articles/524463/ArticleFTen.aspx

6/23/2009 - Managementtoday.com
Insurers face $6bn bill for claims against US financial bosses
http://www.managementtoday.co.uk/channel/Entrepreneurship/news/915171/insurers-face-6bn-bill-claims-against-us-financial-bosses-/

On June 16, in a press conference attended by Advisen, AIRMIC introduced the results of their D&O benchmarking analysis. Some of the information in the press release was:

AIRMIC and Advisen, the international supplier of benchmarking services, have produced detailed aggregate data of D&O insurance programmes purchased by risk managers. It is the first exercise of its kind ever in the UK, with 277 AIRMIC members taking part.

The survey follows an announcement by the two organisations in April 2008 that they would collaborate to enable insurance buyers to compare themselves with their peer groups. The aim now is to conduct similar exercises with other major lines of business and to repeat the D&O benchmark next year. Advisen are also responsible for the RIMS (Risk and Insurance Management Society) benchmarking survey in the United States.

6/16/2009 - Insurance Times
AIRMIC 09: New D&O data revealed
http://www.insurancetimes.co.uk/story.asp?source=itresinsure&advertcategory=REINSURANCE&storycode=378951

6/16/2009 - Strategic Risk
Airmic 09: New D&O data revealed
http://www.strategicrisk.co.uk/story.asp?storycode=378951

6/23/2009 - National Underwriter
U.K. Firms Buy Big D&O Covers As Lawsuits Increase, RMs Reveal
http://www.property-casualty.com/News/2009/6/Pages/UK-Firms-Buy-Big-DO-Covers-As-Lawsuits-Increase-RMs-Reveal.aspx

6/23/2009 - Business Insurance
Litigation fears push D&O limits higher: AIRMIC survey
http://cbweb.cr.atl.publicus.com/article/20090623/NEWS/906239993

Friday 19 June 2009

2009 RIMS Benchmark Survey

6/19/2009

Economic turmoil and the second worst year on record for insured natural catastrophe losses did not deter falling commercial insurance prices in 2008, according to the 2009 RIMS Benchmark Survey™ book, the annual guide to the cost of risk for commercial insureds in North America. Lower average premiums in almost every line of business contributed to a 9.4 percent drop in average total cost of risk (TCOR) per $1,000 of revenue.
The 2009 RIMS Benchmark Survey™ book enables risk managers to compare their TCOR to similar organizations and benchmark their insurance program limits and retentions based on data collected on more than 1,300 companies in the U.S. and Canada. The book is the annual print summary of the online RIMS Benchmark Survey™ that is updated daily. Data for the book was compiled and analyzed by Advisen Ltd. for the Risk and Insurance Management Society, Inc. (RIMS). The book is available for a fee of $750 and the online program for a fee of $2,500. Purchase orders are available at https://advmail.advisen.com/exchweb/bin/redir.asp?URL=http://www.RIMS.org/book. RIMS members and survey data contributors receive special discounts.

6/19/2009 - National Underwriter, circulation of 30,000
RIMS Says 2008 Cost of Risk Dropped 9.4 percent
http://www.property-casualty.com/News/2009/6/Pages/RIMS-Says-2008-Cost-Of-Risk-Dropped-94-Percent.aspx

AIRMIC
Total cost of risk declines – RIMS Survey
http://www.airmic.com/en/Library/Newsletters/AIRMIC_News/2008/may-2008/total-cost-of-risk-declines--rims-survey.cfm

6/19/2009 - Insurance Journal
Lower Premiums Cut Total Cost of Risk for Commercial Insureds by 9.4%
http://www.insurancejournal.com/news/national/2009/06/19/101557.htm

6/19/2009 - Business Insurance
2008 cost of risk fell 9.4%: RIMS
http://www.businessinsurance.com/article/20090619/NEWS/906199986

6/19/2009 - Strategic Risk
US survey reveals drop in TCOR
http://www.strategicrisk.co.uk/story.asp?sectioncode=23&storycode=379058&c=2

6/23/2009 - Producersweb.com
RIMS: Cost of insurance risk down 9.4 percent
http://www.producersweb.com/r/WIRE/d/contentFocus/?adcID=3464420805fa1f63e6a6a1761006348e

6/24/2009 - Canadian Underwriter
Average cost of risk dropped in 2008, despite economy and catastrophes
http://www.canadianunderwriter.ca/issues/ISArticle.asp?aid=1000332117