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International Insurance Interest Group

Dear 3iG Members, Fellow CPCUs, and Insurance Industry Colleagues,

CPCU Society interest groups offer all insurance professionals a tremendous source of knowledge, resources, and networking and the opportunity to expand horizons! The dynamic International Insurance Interest Group, or 3iG, welcomes those who have a keen or passing interest in international insurance, risk management, and cultures.

The 3iG is serious about raising awareness of the international perspectives of risk and insurance. With advances in global trade, more businesses are relying on insurance specialists to address their international needs. Whether taking a Caribbean cruise, using products

International Insurance Interest Group (3iG) Expands Horizons in New Orleans and Across the Globeby Mickey Brown, CPCU, ARM

imported from China, or driving a European car, we are all impacted by international risk and insurance. As online technologies make the world more accessible, we must keep clients and colleagues appraised of international risk issues and insurance markets.

To welcome the CPCU Class of 2013 and contribute to a successful CPCU Society Annual Meeting in New Orleans, 3iG conducted various educational seminars and networking activities last month. Key events are summarized below, with formal seminars in bold:

Fri., Oct. 25—3iG Dinner

Sat., Oct. 26—3iG Annual Meeting

Sat., Oct. 26—3iG Infamous Happy Hour

What’s in This Issue

International Insurance Interest Group (3iG) Expands Horizons in New Orleans and Across the Globe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

A Region of Tremendous Potential and the CPCU Society’s International Ambassadorship . . . . . . .3

Unlocking the Value of RMIS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Ten-Year Gala—Evolution of the Insurance Industry During the Last Ten Years . . . . . . . . . . . . . . .7

The Bermuda Under Forties: London Tour 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

People to People Brazil Delegation to São Paulo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

CPCU Society International Ambassador (CSIA) Program—An Inside Look . . . . . . . . . . . . . . . . .10

Getting to Know the 3iG Members Behind the Scenes! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

International Insurance Fundamentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

Kyrgyz Republic Political Risk: “The East is a Delicate Matter” . . . . . . . . . . . . . . . . . . . . . . . . . .21

Republic of Cuba Political Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

International Perspectives

Mickey Brown, CPCU, ARM, is a senior vice president at Marsh USA Inc. in Atlanta. He has more than twenty years’ experience in international finance, mergers and acquisitions, risk management, and commercial insurance brokerage. Brown is a graduate of Loyola College in Baltimore.

www.CPCUSociety.org | Visit us online.

Volume 27 | Number 2 | November 2013

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CPCU Society International Insurance Interest Group | International Perspectives | November 2013 2

Sun., Oct. 27—Oops…That’s English, But Sounds Foreign to Me (focus on claims negotiations with Claims Interest Group)

Sun., Oct 27—Demystifying the Bermuda Marketplace

Sun., Oct 27—3iG/Agent & Broker Dinner

Mon., Oct 28—3iG Field Trip: Ghost and Vampire Tour

Tues., Oct. 29—Parlez Vous Napoleonic Code

The 3iG encourages you to join our energetic group, which covers a wide range of global business topics and has great opportunities to network with insurance industry centers of influence. Colleagues from all over the world have participated in 3iG events held during the past year, including a Global Risk Management Forum at Lloyds of London, a webinar with AXCO on Russian business opportunities, and seminars on BRIC

Countries; Kidnap, Terrorism & Political Risk; and Cultural Issues on Underwriting.

Whether or not you could travel to New Orleans this October, the 3iG challenges you to brush up on your international insurance knowledge by taking The Institute’s new course, International Insurance Fundamentals. The Institutes tapped subject matter experts at the 3iG to source this course, which is now available on their website! This course is a refresher for experienced professionals and provides great introductory materials for novices, as the treatment of insurance and insurable risks are complex topics when crossing country borders.

International Insurance Fundamentals is a self-study online course that offers solutions to address the insurance transfer of international risks. Participants will learn

tools required to construct an international insurance program, using a case-based approach with real-world examples to illustrate complex concepts. For more information or to register, just go to: http://www.theinstitutes.org/comet/programs/iif/iif.htm.

In closing, if you are interested in being a vibrant part of the CPCU Society and international insurance, 3iG events are not to be missed.

CPCU Society International Insurance Interest Group | International Perspectives | November 2013 3

That was a momentous, almost overwhelming occasion: receiving congratulations from CPCU Society President Steve McElhiney, CPCU, MBA, ARe, AIAF, on being selected as the first CPCU Society international ambassador. The title implied great expectations, and the desire to meet those expectations coursed through my bloodstream.

Traveling to the United States with such a magnificent title filled me with equal parts excitement and nervousness. Thoughts of being in the spotlight among so many industry specialists plagued me, causing feelings of insecurity.

However, all such thoughts of nervousness dissipated soon after meeting with some highly congenial colleagues in Washington, D.C. The atmosphere there was so friendly that, in no time, everything became familiar. While meeting with many insurance industry professionals, I realized for the first time that the CPCU Society and The Institutes have tremendous potential to contribute to the much-needed professional growth of the Middle East in general and of Saudi Arabia in particular.

Many facts about this region would likely prove interesting to the CPCU Society and The Institutes. For example, Saudi Arabia represents the largest insurance market in the Middle East, with a population of about 27 million, and its market has witnessed considerable growth since insurance business was allowed in 1990. So far, medical insurance is the biggest line of insurance in this region.

The Saudi insurance sector’s institutional framework has yet to be truly tested by significant stress. Because of a still-developing professional structure, most of the insurance companies are struggling to maintain their market share while exercising underwriting discipline. Increasingly profound strategies and innovation are needed by these companies to tap into the still largely unexplored insurance market.

According to data released by the Saudi Arabian Monetary Agency (SAMA) in 2011, Saudi Arabia’s insurance market grew by 12.4 percent in 2010. The penetration rate for nonlife and life insurance in Saudi Arabia is at 0.1 percent; it remains among the lowest in the region, with a modest average premium of around $160. However, if the SAMA figures provide any insight into the future, these low insurance-penetration and premium levels will soon improve drastically.

Even though insurance companies have been operating in Saudi Arabia since the 1990s, silently playing a vital role in the growing industry and commerce, indigenous professional insurance qualifications remain scarce. A particular religious mindset views insurance as prohibited and has blocked the development of insurance as a recognized institution. No wonder, then, that pursuing a profession in insurance has hardly been an attractive option. Accordingly, insurance-related concepts have been imported commodities. All definitions, coverage options, policy wordings, clauses, and risk control and transfer mechanisms have been brought in from the outside to create a cookbook whose recipes leave local appetites unfulfilled.

In this scenario, it surely follows that whenever the question of insurance arises, all responding voices and echoes emerge from only foreign corners.

According to my experience after sixteen years in this land, professional-studies packages offered by The Institutes may be the most natural antidote to the population’s glaring educational needs.

I encourage The Institutes to share its educational solutions with Saudi Arabia’s growing population of insurance and risk management professionals!

A Region of Tremendous Potential and the CPCU Society’s International Ambassadorshipby Shahid Nadeem, CPCU, ARM, AMIM, ARe

Shahid Nadeem, CPCU, ARM, AMIM, ARe, is an underwriting manager for Gulf General Cooperative Insurance Company, located in Jeddah, Saudi Arabia. Apart from his routine underwriting activities, he is extensively involved in regular training programs designed for the development of new recruits in customer service and sales units. His other assignments include dealing with international treaty and facultative reinsurers, as well as with local insurance regulatory authorities regarding the insurance products and services offered by his company. He was a 2012 CPCU Society International Ambassador.

• Increasedseverityandfrequencyofcross-border losses

• Insolvencyoflocalcarriers

• Contracts

• Taxliability

• Growingglobalinterdependencyandsupply chain management

• Acquisitionsandmergers

• Performancemetrics

At most firms, technology has become a high-impact component of managing risk effectively. A 2011 Marsh Client Survey of 1,000 multinational clients showed that 94 percent of risk managers considered technology a strategic imperative; this number has only since increased. As the Enterprise Risk Management framework continues to change, many companies are strategically including RMIS technology in their business plan. To support the business plan, organizations are assessing the value of their current applications by analyzing the needs of their existing RMIS product.

Changes in RMISRisk management departments continue to evolve. Many clients are trying to keep pace with other organizational practices in its use of technology, competing for internal IT expenditure. Alternatively, risk managers are seeking traditional funding for their RMIS systems through separate fee negotiations with brokers and software providers or directly with carriers through premium credits and bursary allowances.

RMIS as a product has become more collaborative, knowledge based, automated and data-driven.

CollaborationCompanies are increasingly looking to communicate and share information online with their trading partners and vendors, thus creating a collaborative workspace across groups. Some risk managers have set up virtual teams using collaboration tools embedded within their RMIS platform that engenders real time communication, document sharing, and account/project management.

Content or KnowledgeWith the advances in content and data management, many risk managers have RMIS systems that incorporate external sources such as Real Simple Syndication (RSS) feeds, geospatial data , and benchmarking data that can be related to the company’s own information or related to other industries. Further, RMIS applications can take real time data to notify risk managers of weather events related to their locations, chart a company’s claims performance against its peers, or push out content such as market forecast reports, regulatory alerts, and topical issues written by thought leaders.

Risk Management ContinuumAs organizations become more global and risk management groups become more mobile, clients are upgrading to RMIS platforms that can seamlessly integrate all facets of risk management along a workflow continuum, which improves productivity and efficacy.

A risk management continuum groups business processes that help evaluate, mitigate, and manage a company’s risk.

Risk and insurance departments focus primarily on three key risk management objectives:

• Evaluatefourprimaryexposurestypes—People, Assets, Earnings, Liability

• Mitigatethesefourexposuretypesthrough insurance products and loss control strategies

• Manageeventssuchasincidents and claims.

Sets of business processes support these objectives, such as:

• Riskandclaimscollect,exposuremanagement to consolidate and quantify exposures

• Placementandprogrammanagementthathelp transfer and administer the purchase of insurance policies

• Safetyandlosscontrolthatfacilitateriskcontrol

Unlocking the Value of RMISby Eduardo A. Hernandez and Karen Rutledge

Eduardo A. Hernandez is the CS STARS sales director for the Latin America and Caribbean region based in Miami, Florida. He has a BA in Economics from the University of Southern California and an MBA from the University of Miami with a specialization in International Business.

Karen Rutledge is a sales executive for CS STARS. Prior to working at CS STARS, she was the claims and risk manager for a Fortune 500 self-insured company. She has more than fifteen years of experience developing strategies to minimize claims exposure and risk.

Risk management technology is reaching a tipping point that will simplify how companies evaluate, mitigate and monitor risk. The proliferation in cloud computing, collaborative workspace, big data, and predictive modeling are accelerating the development of a new generation of Risk Management Information Systems (RMIS).

RMIS systems have existed for years in the risk and insurance industry as a means to consolidate data such as claims and assets. The consolidated risk management data is then used to create management reports and dashboards that enable companies to manage a portfolio of risk and measure the total cost of risk.

Enterprise-Wide RisksRMIS products are shifting from predominantly serving as claims management systems to becoming essential, broad risk management tools. This shift is attributed to a dynamic risk environment that requires today’s risk managers to take responsibility for a diverse and critical range of enterprise and macro risks, including:

• Regulatorycompliance;

• Increasingenvironmentalandsafetystandards

• Privatizationofworkerscompensation

• Deregulationofreinsurancemarkets

• Tighterunderwritingrequirements

• Portfoliomodeling

4 CPCU Society International Insurance Interest Group | International Perspectives | November 2013

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• Incidentmanagement,claimsmanagement and claims admin that automate the management and administration of events

Business processes contain multiple touch points along the continuum with a variety of actors and 3 principal economic buyers: risk manager, safety manager, and claims manager

Today, these tools have become web-based applications and modules that can automate a standard risk management workflow while being easy to access from anywhere. Emerging strategies such as ERM and capabilities such as predictive analytics have increased the dimensions of the risk management value chain as RMIS providers develop innovative solutions to enable these functions.

DataRegardless of size or level of technology sophistication, most clients today share the same need: how to use and convert the value of data into a strategic output. Be it claims, engineering reports, audits, local policies, or premium payments, the strategic

importance of data is clear. Consolidated data is the basis for benchmarking and evaluating key performance indicators (KPIs), which can assist risk managers in implementing effective risk mitigation strategies, and evaluating carriers/third party administrators and brokers on the basis of results delivered to their organizations.

A robust RMIS solution can improve the quality of information needed for strategic planning and decision-making. It is widely believed that in the next few years, corporations will invest more in managing data and using analytic tools to gain a competitive advantage. Organizations that use RMIS solutions to consolidate data and apply analytics will be capable of harnessing the power of information that flows through their various underlying transactional systems.

Competitive AdvantageRMIS software that is used effectively as an integrated workflow platform to manage a firm’s portfolio of risks can increase confidence amongst stakeholders, lenders, underwriters and regulators. As the need

to communicate across functions and departments increases, information sharing becomes critical to mitigating risks. To derive the most benefit from a RMIS application, a system should interface with other internal systems such as HR, Finance, and Legal systems, as an over-arching integration increases value throughout the enterprise.

Risk managers increasingly indicate that a RMIS system needs to be integrated, intuitive and reliable. As one Marsh Multinational survey respondent remarked in January 2013, “The use of technology needs to integrate as well as bring clarity, speed, and comprehension to the global risk management process.”

A new generation of data driven and integrated workflow applications may unlock the value of a RMIS system. This value may yield measurable benefits such as productivity gains in managing enterprise-wide risks and improved business intelligence to manage risks that will be more critical, diverse and

Exhibit 1

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CPCU Society International Insurance Interest Group | International Perspectives | November 2013

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Unlocking the Value of RMIScontinued from page 5

impactful. Unlocking this value will allow companies to turn risks into opportunities.

Evaluating RMIS Needs—RTISince each client risk profile is unique, evaluating the right RMIS product first involves identifying needs and aligning the appropriate solution.

A Risk Technology Index (RTI) helps clients identify opportunities to manage risk intelligently through technology and analytics by benchmarking a client’s business relative to peers inside and outside your industry.

An RTI is based on a series of needs assessment questions such as:

• Frequencyofclaims?

• Numberofinspections/auditsconducted?

• Numberoflocations?

• Numberofpolicies?

• Howarepremiumsallocated?

• Carriersreviewedforinsolvency?

• Specificreportingneeds?

• Numberofvendors?

• Typeofreportsanddashboardsused?

• Riskmodeled?

• Volumeofcontracts?

A needs assessment should also involve the following activities:

• reviewunderlyingprocesses,procedures,and risk management workflow

• identifygapsorduplicationinsystems;

• developacost/benefitanalysis;

• providealternativesbasedonareview/analysis outcome

• interactionwithotherdepartments

With respect to evaluating a RMIS vendor, selecting the right partner is equally as important as choosing the right system. Vendors for RMIS range from small boutique firms to large institutional risk management firms. Creating a checklist can help when qualifying the right vendor. Some common questions include:

• HowintegratedisyourRMISplatform? Isitmodularorflexible?

• Numberofclientsserviced?

• Volumeofclaimsprocessed?

• Numberofpolicies?

• Describeyourdatasecuritystandards? If you store client data on the cloud, isitpublic?

• Typicalimplementationtimeline?

Exhibit 2

• HowstandardareyourRMISmodules?Does it require a substantial amount of timeforcustomization?

• Howoftenareupgradesreleased?

• WhatpercentageofrevenueisspentonR&D?

• Whattypeofsupportisprovided?

• Whatkindofindustryexperiencedoestheteamhave?Istheteamversedinriskmanagementissues?

• Isyoursystemscalabletosupportgrowth?

• Thoughtleadershipwithintheriskmanagementcommunity?

• Whatarethecorecompetencies?Claims?ERM?Analytics?Accountmanagement?

• WhatkindofcommitmenttotheRMISand claims marketplace has been demonstrated?

• Innovationawardsreceived?

SummaryOnce an organization has assessed the value and needs of a RIMS application, if done correctly, integrating a RMIS into a firm’s risk management and enterprise workflow can generate operational efficiencies and create a competitive advantage. The reusability of data and automation of risk management tasks such as risk identification as well as managing exposures, risk finance, policies, claims and vendor performance can yield measureable efficiency gains which will impact a company’s bottom line. In addition, enhanced underwriting submissions using improved data analytics, modeling, audits and data visualization may result in premium credits, reduce claims and ultimately reduce a firm’s overall total cost of risk.


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On May 10, 2013, to celebrate the tenth anniversary of its creation, the Europe CPCU Society Chapter organized a gala conference at Lloyd’s Old Library in London.

Several invitees discussed the evolution of insurance over the last ten years. A panel consisting of these distinguished speakers gathered: Carl Bach III, head of NavPro Europe, Navigators Insurance; Judith Fumero, liability claims manager, Argo International; Christopher Lajtha, principal, ADAGEO; Suzanne Cocco Midlige, partner, Coughlin Duffy, LLP; Stuart Willoughby, global head of claims and commutations, SCOR; and Clive O’Connell (moderator), partner, Goldberg Segalla, London.

September 11, 2001, was a key event of the decennium, coinciding with the existence of the chapter. The September 11 attack in New York created a shock that hit the whole insurance market. Practically all lines of business have been concerned:

pay for more stringent controls that result in less initiative and less creativity on the part of brokers and underwriters. Indeed, the need to stick to compliance rules can paralyze initiatives from insurance professionals. Capitalism without bankruptcy is like Christianity without hell, said one participant. The fear of potential losses, albeit understandable, should not lead to paralyzing protective rules.

Globalization Another trend is the development of mature insurance markets in emerging countries. BRIC countries and centers like Dubai and Singapore have both money and talents available to offer important capacities. They no longer need, or need to a lesser extent, the assistance of markets like Lloyds and reinsurers that precisely provided such capacity and know-how. This trend, also observable in other industries, is a consequence of globalization. Although obstacles such as corruption and unstable political environments make redistribution of roles in international insurance and reinsurance less effective than one would expect, the trend exists and will develop further in the coming years.

Conclusion This exchange of thoughts certainly does not exhaust the subject, but it suggests interesting insights for understanding the factors influencing the evolution of the insurance world in the next decennium. It reflects the constant commitment of the Europe CPCU Society Chapter to fostering adequate insurance education in line with most recent market developments and needs of insurance buyers.

Ten-Year Gala—Evolution of the Insurance Industry During the Last Ten Yearsby Pierre Fonteyne, CPCU

Pierre Fonteyne, CPCU, studied business administration at Brussels University and started his career in brokerage with Henrijean, which became Marsh Belgium. Later, he worked with Zurich Belgium as a senior liability underwriter specializing in international business. Fonteyne finished his career as a liability manager for Allianz Global Corporate and Specialty (AGCS) Belgium. He teaches commercial liability at the training center of the Federation of Belgian Insurers. Fonteyne is treasurer of the CPCU Society Europe Chapter.

workers compensation, property, aviation. Only business interruption was not so much involved. September 11 had definite consequences for the insurance industry; in addition, other factors influenced the present state of the insurance markets.

LitigationIntense and voluminous litigation resulted from the catastrophe and is still active today, including subrogation claims by insurers.

Contract CertaintyContract certainty has been influenced by September 11. A huge number of claims demonstrated the incomplete and imprecise description of coverage provided under insurance policies and binding documents. The actors in the chain producing insurance—underwriters, brokers, clients—have been criticized for their sometimes-amateurish way of handling coverages.

Contract Negotiation To improve the quality of insurance services, it has been suggested that the presence of claims managers is a must at meetings preparing coverage to be afforded. Historically, claims handling procedures rarely were defined or spelled out in a satisfactory and clear way.

Legal opinions were practically never asked. The practice of United States insurers of separating claims handling and underwriting was an obstacle to clear and efficient design of insurance coverage, affecting all concerned: client, broker, underwriters, claims people, and risk engineering specialists. The diversity of competence required is often an obstacle to adequate insurance design and implementation.

Additionally, risk managers often insist on getting more readable and understandable insurance contracts.

Compliance The new trend to enforce compliance with sets of compulsory rules like Solvency II might also be somewhat counterproductive. In this case, striving to protect consumers might ultimately cost them money. Consumers


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The Lloyd’s MarketplaceAt first glance, Lloyd’s may look a bit intimidating. With elevators and staircases affixed on the exterior of the building, primarily to maximize internal working space, its look is as unique as its purpose. Lloyd’s, whose origins stem from Edward Lloyd’s infamous coffee shop, is the marketplace where insurance and reinsurance deals come to life. I shadowed a broker from Guy Carpenter who was desperately seeking reinsurance capacity for an oil rig off the coast of Indonesia. We sat at different syndicate boxes while he brokered the deal and watched as the underwriters scratched their offered capacities on a slip. Witnessing the inner workings of another market certainly gave me a greater understanding of where the slips I often review are filled.

Legal Contracts: Understanding and Interpreting ThemI may not be a lawyer, but I’m faced with legal terms on a daily basis, so it’s important I understand the jargon that can make or break a contract. Across several accounts I work on, I find myself reviewing slips depicting the stamps of each syndicate writing some piece of the pie. Our session with two partners at Lawrence Graham was informative as we listened to their views on choices of law and arbitration, the interpretation of silence in a contract, and implications of a broader excess policy. Where one lawyer’s view on a topic may not be that of another, the discussion forced me to rethink a few wording requests and how they might be scrutinized in the jurisdiction in which a contract applies.

Knowledge Across all LinesAlthough my focus is on financial lines, it’s important to understand all lines to maintain a solid foundation of the industry. The management teams at AEGIS and the Lloyd’s Market Association, who made presentations to us, didn’t curtail their summaries to a specific line but instead discussed how the insurance industry as a whole has developed over time because of the ever-changing perils insureds face.

The Bermuda Under FortiesLondon Tour 2012by Jessica Lang, CPCU, ARe, AINS

Jessica Lang, CPCU, ARe, AINS, is a broker within the Financial Services Group of Aon (Bermuda) Ltd. She facilitates the placement of professional and management liability insurance programs including, but not limited to, directors and officers, general partners liability, errors and omissions, and fiduciary and employment practices liability for a myriad of clients, including insurance and reinsurance companies, asset managers, private equity firms, hedge funds, and investment banks across the United States, Europe, and Bermuda. Prior to joining Aon, Lang worked for a small Bermuda law firm with a focus in corporate and insurance law.

Originally from California, Lang graduated cum laude from the University of Arizona with a bachelor of arts in communication and a minor in Spanish. In 2010, she completed the Associate in Reinsurance (ARe) and Associate in General Insurance (AINS) professional designations. She obtained the Chartered Property Casualty Underwriter (CPCU) professional designation in June 2012.

Design your own career path. Never expect someone else to do it for you. Take advantage of career advancing opportunities as they will undoubtedly be beneficial, both personally and professionally.

So, what else did I learn and subsequently gain fromtheBermudaUnder40sLondonTour?

The specialized teams at Exclusive Analysis delivered ninety-second news bits from around the world about events that, although seemingly inconsequential, could have significant effects across a myriad of industries. Interestingly, the same piece of intelligence could be vital to a political risk insurer and an airline at the same time. How will continued violence in Nigeria affect kidnap and ransom insurance or an airline thatfliesthere?

Loss adjusters from Matthews Daniels provided a few examples analyzing real loss occurrences and the suggested root cause. For example, was an on-board chef’s cut finger the ultimate cause of a multimillion dollaroffshoreoilrigloss?

Insurance is Like a...Game of Poker?!No matter which line, the insurance industry can be uniquely likened to a simple hand of Texas Hold’em poker. The broker (dealer) passes the risk to the underwriter (player) who contemplates interest at first glance. The underwriter may choose to pass on the risk (fold) or provide terms (bet). Once the broker has presented all of the information to the underwriter (the flop, the turn, and the river), the underwriter can elect whether to present a binder (stay in the game) or opt out if there is an adverse material change to the risk (fold).

Whether taking on risk in insurance or a hand of poker, large blocks of capacity are being offered, all on the unknown. Will it be a win oraloss?It’scriticaltoanalyzemovesinthe industry and plays of other markets, but success on a specific deal may just come down to a bit of luck.

Does Bermuda Host a Relevant Insurance/Reinsurance Marketplace?Whilst networking with the Lloyd’s Under 30s Group, it was apparent that it wasn’t just a time to socialize with our counterparts in London. We were effectively pitching the Bermuda market to each person.


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Across all coverage types, many deals now contain a substantial amount of Bermuda capacity. We are seeing some global entities headquarter their operations in Bermuda, like Hiscox. Others are acquiring Bermuda businesses to grow and diversify their own operations, such as the acquisition of Ariel Re by Goldman Sachs.

Bermuda has become and will continue to be an unparalleled place to obtain capacity for adverse risks around the world.

Career AdviceIt isn’t often that people get the chance to meet with Tom Bolt, head of the franchise board at Lloyd’s on the exclusive eleventh floor, to hear his career and business advice. His work experience has run the gamut from underwriting at Lloyd’s to leading new ventures with “Warren” during his tenure at Berkshire Hathaway. So, what are some of the thingshehadtosay?

• Don’thesitatetoaskquestions—articulatewhat you want to know

• Keepmovingandavoidcomplacency

• Activelyseekthehighestvelocityofopportunities

Asforsomebusinessadvice?

• Lossesdon’tagewell,somanageandbalance discontinuous risks

• Hedgeyourbets—tradeforthelongterm

• Buildyourbusinessfortherightshareholder(s)

Learned, Gained, and ValuedNot only did I get a new perspective of the insurance industry by experiencing the London market firsthand, but I also formed valuable connections with my peers and influential, well-seasoned industry leaders whose commentary and advice will be undeniably advantageous for a long career ahead.

Executive SummaryHave you ever wondered about how insurance functions in another country at an up-close andpersonallevel?Thearticle“PeopletoPeople Brazil Delegation to São Paulo,” describes the People to People program and my experience not only visiting Brazilian insurance institutions but also making lifelong personal connections along the way.

The article begins by detailing preparations for the trip, including 3IG’s seminar at last year’s convention on the BRIC countries—Brazil, Russia, India, and China. After the People to People delegation arrived in São Paulo, the first visit was with a society of reinsurers called Associação Brasileira das Companhias de Seguros Internacionais. Discussion topics included operations, coverages, and how insurance operates within the litigation system. The next meeting was with Crawford & Company. The hosts presented a snapshot of economic progress and markets in Brazil.

The next day, the delegation heard a lively panel discussion on health systems and visited an actual cancer institute. The delegation then met the rising stars of XL Re Latin America for lunch and discussions. The last meeting that day was the most interesting; the law firm of Antonio Penteado Mendonca reviewed the Brazilian legal system, including its limitations and future.

On the third day, the delegation met with Amil, Brazil’s largest managed care organization. The presentation showed just how advanced the private health system is compared with the public system. The final meeting was with Samy Hazan, head of Investor Relations and Strategic Planning for Porto Seguro.

The group capped off the trip with a visit to Brazil’s famous all-you-can-eat meat restaurants. Most striking was how warm and inviting the Brazilian hosts were, especially in sharing their knowledge of the market. For the particulars of this valuable and enlightening journey, including the insurance topics the group discussed and general information, read the full story at https://www.cpcusociety.org/article/people-people-brazil-delegation.

Marvin Kelly, CPCU, MBA, is executive director of Texas Property and Casualty Insurance Guaranty Association. He has over thirty years of experience in the insurance industry and served in the U.S. Army Reserves, retiring as a major in 1996. Kelly has also been employed as senior casualty underwriter for Transamerica Insurance Company; commercial lines underwriter for Chubb & Son Insurance; and risk manager for the cities of Beaumont and Austin, both in Texas.

Kelly has participated in delegations to Russia, Ukraine, South Africa, Ghana, Jordan, Switzerland, China, and Brazil. He has lectured at the University of Texas at Austin and served on the board of directors and Executive Committee for the National Conference of Insurance Guaranty Associations, as president and chairman of the CPCU Society, and on the Society’s Nominating Committee. Kelly has been awarded numerous industry awards and honors. He earned a bachelor’s degree from University of Hartford in 1979, the CPCU designation in 1991, and a master’s degree from Walden University in 2005.

The following account details Kelly’s article about the People to People program and his recent related experience in Brazil.

People to People Brazil Delegation to São Pauloby Marvin Kelly, CPCU, MBA


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CPCU Society International Ambassador (CSIA) Program—An Inside Lookby 3iG and Anthony L. Cabot, CPCU, ARM

To demonstrate a commitment to expanding internationally, each year, under its International Ambassador Program, the CPCU Society awards a scholarship to a member residing and working outside North America.

The winning applicant receives a complimentary registration to the upcoming CPCU Society Annual Meeting and will be reimbursed for up to $4,000 for travel, lodging, and other necessary and reasonable expenses. Upon returning from the event, the International Ambassador must conduct three “Connections” visits and write an article for his or her local chapter or interest group highlighting the experience. To be eligible for the scholarship, one must meet this criteria:

• ResideoutsidetheUnitedStatesandCanada

• Beadues-payingmemberoftheCPCUSociety

• Beunsupportedfinanciallybyhisorheremployer for CPCU Society Annual Meeting travel expenses

• Notbeachapterofficer(president,vicepresident, treasurer, or secretary) at the time of completing the application

• Completetheapplicationinitsentirety.

The 3iG recently sat down with Tony Cabot, one of the members of the CPCU Society International Ambassador (CSIA) committee to gain a better understanding of the program.

3iG: We are into our second year of the CSIA initiative. How is it progressing?

Tony: As with any new initiative, how things will progress is a bit of an enigma. When we started last year, we were convinced that there would be a significant turnout for the ambassador initiative. While we did get a number of submissions, it was not what we expected. The great thing about the experiment was that we could learn very quickly from the response or lack thereof. We made only a few changes for this year’s edition and increased the number of submission sixfold. There is still room to refine the process and the promotion of the CSIA, but we are ecstatic about this year’s candidates. It was difficult to find a winner because there were so many quality submissions.

3iG: What does it take to qualify for the program?

Tony: The basic requirements are to be a dues paying member, reside outside North America, not be financially supported by your employer to attend the CPCU Society Annual Meeting, not be a chapter officer (president, vice president, treasurer, or secretary), and to submit the application, but it is also important to remember that the person should be active in his or her local chapter. If there is not a local chapter, then we would expect to see some articles written for the local industry and participation at local or regional conferences where the candidate would have a chance to promote the CPCU designation. Finally, we are looking for people that enjoy being CPCU Society members. This is a subjective qualification, but this year’s group of candidates showed us that they have gone the extra step to support the CPCU designation in their locations.

3iG: Help us understand why you will not consider chapter officers.

Tony: We are not currently considering chapter officers because most chapters provide some financial support to attend the Annual Meeting. We want to help those that do not have the same financial support (chapter or employer). For some of the new international chapters, even supporting the chapter officers would be a great benefit, so we are looking at this opportunity for future editions of the CSIA program. It is about helping the growing number of international chapters and their members become a bigger part of the CPCU Society and helping the CPCU Society embrace and understand the changing world in which its members are living and working.

3iG: What could applicants do better to make sure their applications are considered?

Tony: Believe it or not, they must complete the application to be considered. Incomplete applications are considered invalid. Each applicant should make sure that the application for candidacy is completed in its entirety. Additionally, it is about bringing out the passion for the CPCU designation and what it represents. Each candidate should highlight how the designation has influenced

his or her approach to the insurance industry and his or her position in the industry. This can be a difficult thing to do when the majority of our candidates have English as a second language, but so far we have been immensely impressed with their ability to bring these feelings out. We will do more to help our candidates express their views. Perhaps we can allow for certain questions to be answered in their native languages and English. It will be up to the judges to interview the candidates to get under the surface a little more. We will work to formulate an application that does a better job of accommodating the language and cultural differences of our international CPCU Society members.

3iG: If an applicant was not selected, can they still get more involved in the Society?

Tony: Yes, as with any volunteer organization it is up to the CPCU Society and The Institutes to invite all in. Our candidates are engaged and ready to participate. We need to remember that many of our colleagues are shy, a long way away, and have some reservations about their language skills. It is up to us to find the best way to keep them involved once they have achieved their designations and to make sure that there are roles for them. The CSIA program will help us to learn and understand the ways we must adapt to our international colleagues, their markets, their countries, and their culture. It is a two-way street that the Society and The Institutes must be willing to share.

Additionally, the 3iG is always looking for CPCU representatives around the world. All applicants are invited to visit the 3iG Leadership page http://www.cpcusociety.org/interest-groups/international-insurance/leadership and email the chair or anyone else in the group about getting involved.

3iG. Why is the 3iG involved in this initiative?

TonyWhat’sinaname?3IGortheInternational Insurance Interest Group. As John Lennon said, “I am he as you are he as you are me and we are all together.” 3iG was and is always searching for the ways to build the bridge between the U.S. and the international chapters. Anthony Fienberg, an American in Paris, knows the feeling of being


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continued on page 12

distant from the source and understands what needs to be done to feel more a part of a foreign-based entity. He brought this experience to the table by creating the premise for the CSIA program.

3iG: Who are the judges?

Tony: The judges are a group of insurance industry executives that are focused on international issues or are working outside of the U.S. It is a combination of volunteer leaders and Society staff. We purposely sought out people that had international experience but that also understand U.S. culture. It is an interesting mix, and we were lucky to find these passionate people in the Society. Because the 3iG is heavily involved in the promotion of the program, to avoid a conflict of interest, the 3iG chair is not a judge.

3iG: What can the recipient expect from the Society?

Tony: A warm welcome, inclusion, and an open mind. The recipient will be met at the airport and accompanied throughout the Annual Meeting to get the most out of the experience and, more importantly, to build his or her network. The 3iG members take the responsibility to make certain that the recipient is introduced and hosted. The only real expectation of the candidate is to make friends. The common interest is there, but it can be intimidating to come to another country and be alone among the crowd. The 3iG will help the recipient find his or her way and will support the networking process. From there, we are extremely confident that the recipient will be energized by what the CPCU Society offers as one of the most important professional organizations in the insurance industry.

3iG: What have you learnt by participating in this program?

Tony: For me, the key take away is that we are not alone. Although I have lived outside the U.S. for over twenty-five years now, the CPCU Society has been an important connection for me. The Society is slowly but surely embracing the theme of internationalization or globalization. I have always enjoyed marking my calendar with the dates of the Annual Meeting. I have been one of the lucky ones. My employers have

almost always supported my participation as long as I was participating. That is to say that active membership, showing my employer the benefits of the Society, using the network that has been created over the last twenty years, and sharing what I have learned by participating is a virtuous circle. The CSIA is another element in making these benefits even more evident. I have learned that it is about sharing the passion—the passion to learn, to be the best professional I can be, and to play it forward as much as possible.

For more information on the CSIA program, please visit http://www.cpcusociety.org/international-ambassador-program. Contact information about the 3iG can be found at http://www.CPCUSociety.org/interest-groups/international-insurance/leadership.

This year’s International Ambassador winner is Arun Kumar V from Bangalore, India. Arun is a principal consultant at Infosys Limited. To compliment this article, the 3iG also interviewed Arun. Here is the interview:

3iG: Give us a bit of background about yourself. Did you grow up in India? Did you choose insurance as a career? Who is your role model? Do you have a mentor? Is there someone you would like to acknowledge for supporting your career?

Arun: I was born and brought up in Bangalore, India. After completing my bachelor’s degree in mechanical engineering, I joined the local insurance industry, which had just then witnessed liberalization. I started my career as a risk engineer with Tata AIG General Insurance at Chennai. I then worked as an executive underwriter in their Major Property and Energy Vertical. I later joined IFFCO Tokio General Insurance as an assistant manager in commercial lines at Bangalore.

My knowledge of insurance before I joined the industry was almost nonexistent. The decision to join insurance was born more out of practical necessity than out of passion. For someone who ventured into the world of insurance despite apprehensions about its future prospects, I believe I have made the best use of the opportunity that came my way.

Right from the first day of my first job, everysingle person that I have interacted with has contributed in one way or another to my growth as an insurance professional. I owe most of what I know about insurance to one Mr. K. Kannan, who was my boss and mentor at my first job. Another key contributor to my growth, both personal and professional, is Mr. Rama Warrier, who was my mentor, philosopher, and guide in my role as a strategy consultant. However, I believe I inherited the most important trait for an insurance professional, personal integrity, from my parents, who demonstrated it unconditionally in their respective professions, journalism and healthcare.

3iG: In what ways are you currently involved in the CPCU Society?

Arun: I was a participant during the early stages of the setting up of the India Chapter. While my extensive travel over the past twenty-four months has exposed me to the inner workings of insurance organizations across different continents, it has restricted me from participating as much as I would like to with my local chapter. However, I made a conscious decision after my return to India earlier this year to step up my contribution to the Society activities. The first step I took toward that objective was to register for the International Ambassador initiative. I believe the development over the last few days bodes well for my future contribution to the CPCU Society.

3iG: In what general insurance or risk management (non-CPCU) activities are you currently involved that promote professionalism within the industry?

Arun: I am actively involved in promoting professional development in three different ways. First, my primary firm development responsibility is to work with Corporate Finance in effectively managing my organization’s risk portfolio. Given the size and spread of my organization (with a head count over 150,000 and assets spread across multiple geographies), the annual insurance renewal exercise is understandably an elaborate one. I take a break from client assignments during this time of the year to spearhead this activity, which comprises


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CPCU Society International Ambassador (CSIA) Program—An Inside Lookcontinued from page 11

extensive interactions with participating insurers in the Indian market and with other stakeholders. The Indian property-casualty market is still trying to find a foothold in a rapidly evolving, dynamic market place, rendered so following the detariffing in 2007. As a result, this is one of the most professionally enriching times of the year.

Second, as a subject matter expert, I get the opportunity to teach and groom young software engineers, deputed to client sites, on the nuances of insurance. Depending on the geography of the client, I provide the engineers with insurance training and guide them on how to optimize their performance while working for insurance clients.

Last but not least, thanks to my primary role as a management consultant, I get to work closely with insurance companies across the globe. Over the past six years with my current employer, I got the opportunity to work with every department of an insurance company—something I did not have the privilege or the opportunity to experience during my four-and-one-half years as an underwriter in the insurance industry.

3iG: What qualities do you think would make a good International Ambassador for the CPCU Society?

Arun: I firmly believe that the core asset of any professional is credibility. The best way to attain credibility is through consistent demonstration of competence in one’s chosen field. Its significance in insurance increases manifold given insurance’s inherent depth and scope, which quite honestly, no one individual can claim to have mastered in its entirety. It is this aspect of insurance that lends an element of mystery and unpredictability—the prospect of having to unravel, through dialogue, through academic studies, or through simply going out there and experiencing something first hand—and after having done so, to find as much excitement in sharing the experience.

Pursuing credibility in insurance and having faith in its importance for the insurance community and the larger society are attributes that go hand in hand with CPCU

Society’s objective of promoting insurance professionalism beyond barriers. This, in my opinion, would constitute the mental makeup of a good International Ambassador.

3iG: After returning from the meeting in New Orleans, what are your plans to promote the CPCU designation in India?

Arun: I do not believe that I have to make any fundamental changes to my approach to promoting the CPCU designation from what I have been practicing all along. However, the new avenues that will open up to me after my selection as an International Ambassador will bring forth opportunities to expand the reach of the message of the CPCU Society to a much larger audience. The choice of the right tool to spread the message of the CPCU Society will assume utmost importance. Thought leadership and the power of social media will continue to further our cause. However, I would place maximum emphasis on strategic partnerships with the local insurance institute and other institutes involved in insurance education as our primary focus areas for promoting the CPCU designation in India.

3iG: What were some of the obstacles you faced in earning the CPCU designation and how can the active CPCUs in India, including yourself, assist in overcoming some of these barriers?

Arun: There are two aspects to the obstacles that one faces with respect to earning the CPCU designation in India. These two questions aptly summarize the dilemma facing a potential CPCU candidate: “Why shouldIdoit?”and“HowdoIaffordit?”Moreoften than not, the answer to the first question offers a partial resolution to the second, in that candidates who are convinced about the merits of pursuing the CPCU designation help their employers see the potential benefits in investing in it. If that does not succeed, candidates explore options for self funding.

However, it is the first question that begs more investment and innovation on the part of the Society and the active CPCU Society members in India. As mentioned earlier, strategic partnerships with local names synonymous with insurance education hold the key.

3iG: How is the CPCU designation viewed in India?

Arun: A CPCU designation evokes admiration among those who are familiar with it and are convinced about its merits and curiosity among those who are not as well informed about it. Nevertheless, eventually it reinforces itself or creates awareness.

Ironically, the insurance sector seems to be slower in catching up to it as compared to other sectors, such as IT, which by virtue of their presence in the North American market, are more familiar with it.

3iG: Do you think employers in India see the value in getting involved in the CPCU Society after earning the designation?

Arun: Employers think highly about associating themselves with an organization such as the CPCU Society and getting involved in it after earning the designation. It is definitely seen as a key differentiator and something that lends them an edge over competition.

3iG: What skill sets are employers seeking in India and how can the CPCU Society assist with providing these skill sets?

Arun: Competence in insurance, knowledge of the U.S. insurance market and operations, and a strong grounding in insurance professionalism and ethics are desirable attributes that employers look for in their employees or prospective employees. As these values form the core essence and offering of CPCU education, the Society is best placed to fulfill these needs of the employers in India.

3iG: How important are the fundamental values of being involved in the Society—networking opportunities, mentoring (giving back), and developing leadership skills—to professionals in India?

Arun: The world has shrunk remarkably in the last decade, and it would be unfortunate not to take advantage of the opportunities it presents. With the opening up of the market in India, we have witnessed global insurance giants making their presence felt. Each one has brought in its own unique perspective and philosophy, which are seen to be complementing the vision of its local partner. While it may be a little too early to gauge the extent of success of these partnerships


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in the context of the overall growth of the market, one entity that is already a certified success story is the Indian insurance professional. While the fundamental values of being associated with the Society are valuable to insurance professionals in any corner of the world, they present an additional opportunity to Indian insurance professionals to accelerate their growth exponentially.

To quote Winston Churchill: “We make a living by what we do, but we make a life by what we give.”

The 3iG Committee members have truly embraced the concept of giving—they readily give their time, share their knowledge and financial resources, and go above and beyond the call of duty to promote professionalism within the CPCU Society and the overall insurance industry. Consider the following quotes, which were obtained from the 3iG LinkedIn group:

“Everyone does their small part, and we achieve big results. The 3IG has many personalities and a variety of strengths that help us get things done. It is a true team.” —George E. Corde Jr.

“The 3iG has many personalities representing many cultures across the globe. There are members from all corners of the world and all corners of the insurance industry.” —Tony Cabot

“Such variety gives this group the true beauty of nature, where there is diversification yet amazing oneness!” —Shahid Nadeem

“The 3iG’s mission is to ‘increase the awareness of international perspectives on insurance and risk management’ in supporting the strategic CPCU Society goals to provide relevant knowledge, empower professionals to succeed, and engage future leaders. … While 3iG is most serious with this value proposition to the insurance industry, we are also unwavering [in our commitment] to build networks and find merriment along the way.” —Mickey Brown

To give our members a greater understanding of the generous nature and smart individuals behind the 3iG wheel, we will be running a series of committee member profiles over the next few issues of the International Perspective. The members featured in this article were randomly selected and asked the following questions:

Getting to Know the 3iG Members Behind the Scenes!by Marvin Kelly, CPCU, MBA

Q. When did you earn your CPCU designation, and did you get involved with the CPCU Society immediately afterward?

Shannon Totten (ST), CPCU Society Bermuda Chapter, CPCU: 1997, [and] I did not. As far as I can recall, no one reached out to me. As an RMI grad from the University of Georgia (UGA), I already had a couple of exams under my belt when I graduated. Dr. Hoyt at UGA really encouraged it, and I am glad that I listened to him! I was a broker in New York working for Sedgwick Global. Around the time that I finished my last exam, I left Sedgwick to try out the underwriting side at American Home (AIG) in their umbrella/excess department.

Because I changed jobs, I was, unfortunately, unable to attend the Annual Meeting the year I was a new designee, so I didn’t have any face-to-face contact with the CPCU Society. The good news is that having my CPCU definitely assisted my transition, and it made it very easy for AIG to bring me in at the underwriter level. It also assisted me in getting a transfer to Bermuda in 1998 because it was considered a plus to immigration in getting my work permit approved at a time when I didn’t have double-digit years of experience under my belt.

I ended up teaching CPCU classes for the Bermuda Insurance Institute for ten years, from about 2000 to 2010. I had always wanted to try that, and I enjoyed it. But the [CPCU Society] Bermuda Chapter wasn’t really active until Gavin Bishop fired things up in the mid-2000s. Now we have the largest chapter outside of the U.S., with 180-plus active members. Our chapter is made up of multiple nationalities that somehow made their way to this tiny island in the middle of the Atlantic that is a reinsurance capital of the world.

Every day in Bermuda is an I-Day, which makes it a very exciting place to be, not to mention a great platform for the CPCU Society. We hope that more CPCU Society members from all over the world will visit Bermuda for island industry events—especially ones that our chapter sponsors,


Getting to Know the 3iG Members Behind the Scenes! continued from page 13

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such as the Bermuda Insurance Market Conference. Many hot topics were covered at this event, which took place October 17 and 18, such as cyber risks, the latest developments in employment practices, planning for the expiration of the Terrorism Reinsurance Act (TRIPRA), and many more. We are lucky to have the Bermuda Insurance Institute in our backyard that puts on fantastic events such as this on-island.

Amy Trione (AT), CPCU Society Fort Worth Chapter, CPCU, ARM, AIC: I earned my CPCU in 2003 and started attending local chapter meetings that spring. The board appointed me Scholarship Committee chair for the fall after I expressed an interest in volunteering.

Bruce Hicks (BH), CPCU Society Central Indiana Chapter, CPCU, CLU: I received my designation in 1986. I became involved with the CPCU Society Central Indiana Chapter’s I-Day and conferment activities for a few years, and then I dropped out of involvement for more than a decade. I became involved again in 1997 because a CPCU Society contact was instrumental in my getting a new job, and I felt I owed my chapter. I became my chapter’s research chair, creating papers that were published in the CPCU Journal. Later, purely by chance, I made contact with a Society leader that resulted in an appointment to the first Diversity Task Force in 2000. I’ve been very active since that time.

Michael A Leinenbach (ML), CPCU Society New York, Europe, and Central Jersey chapters; CPCU, AIS: I received my designation in 2006. I recall being one of the first who had the opportunity to complete the program in a year, as 2005 was the first year there were four testing cycles and all tests could be taken on a computer. So the way I see it, my journey through the CPCU curriculum took twenty-one years: twenty years thinking about it and a year of study and exams! My manager at that time was (the late) Alan Brown, who was president of the CPCU Society New Jersey Chapter. I recall that he made it easy for me to get involved and attend that first Annual Meeting in Nashville, though initially all I did was attend meetings and educational events.

Q. How did you learn about the 3iG Committee?

ST: I attended my first AGM as a representative of the Bermuda chapter in 2010 in Orlando. I attended the 3iG cocktail party and had a blast! Loved the varied backgrounds of everyone there. It was a great niche for me, as well as for the Bermuda chapter.

AT: At the 2008 CPCU Society Annual Meeting in Philadelphia. My responsibility as a chapter president required learning as much about the CPCU Society structure as possible, so I talked to any and every CPCU Society member I came across. 3iG members excelled at promoting their intriguing group.

BH: Since I was quite involved with other interest groups, I had run into different 3iG members at Leadership Summits and Annual Meetings. I also made friends with several CPCU Society members who were active 3iG members. After my responsibilities had ended as an interim newsletter editor for another interest group, an opportunity arose with 3iG!

ML: Back before we were called “interest groups,” I was part of the Underwriting Section at the recommendation of my manager at that time. At that point, I worked with international insurance more on a part-time basis, with U.S. domestic exposures still my primary focus. When I joined my current employer in 2007, I made the jump to underwriting solely non-U.S. exposures and at that point looked into the 3iG (though that label had not quite taken hold yet). Someone at the Society put me in touch with Anthony Fienberg in France, who was then the chair of the 3iG Committee. I sent an email to Anthony, and he was quick to respond.

Q. Why did you volunteer with the 3iG Committee?

ST: Because I liked the people and the energy they brought to the table!

AT: It was hard NOT to join 3iG! Almost a siren call. Their members possess electric energy, varied professional experience, and a strong desire to improve our industry around the globe. And no collection of people in the CPCU Society has more fun than the International

Interest Group. Many of my best memories involve this diverse collection of live wires!

BH: I had admired the energy and talent that seemed to surround the various 3iG members I had met and befriended. I jumped when a current 3iG member and friend asked me to assist the Society’s developing India Chapter by becoming its chapter newsletter editor. I’m currently working on a second newsletter for that group.

ML: When I first spoke with Anthony, it was clear that he did not intend to let me get away with just a phone call. He asked if I was interested in being a part of this group, and I was delighted to accept.

Q. What do you enjoy most about the 3iG?

ST: Interacting with industry professionals from all over the world.

AT: The personalities! Our infamous happy hour at Annual Meetings isn’t popular by accident. A group this eclectic shouldn’t work, but it does.

BH: I love the energy and dynamics of this group, which is filled with wonderful personalities. Its members are quite professional and are heavily involved with all aspects of the CPCU Society. Besides being a major supporter of CPCU Society chapters outside the continental U.S. and of our annual meeting programs, 3iG is also a very fun group that nurtures close friendships.

ML: No hesitation with this response: the best part of being on the 3iG Committee is the ability to interact with others from varied backgrounds and cultures around the world, all who have the same passion for our industry as I do.

Q. What do you gain from volunteering on the 3iG Committee?

ST: I enjoy the collaborative global platform and finding collective ways to accomplish our goals.

AT: Broader and deeper knowledge of international insurance—so many opportunities! 3iG teaches me versatility,



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creative problem solving, and leadership skills I wouldn’t otherwise have. My colleagues regularly inspire me to do more and be more.

BH: Initially, I gave up a lot of years in which I could have benefited from active Society involvement. Now, I want to be certain that my activity counts. Interest groups are a rich resource, and 3iG is tapped into areas that are critical to our health and growth. 3iG aids in promoting diversity on several levels, it broadens the coverage perspectives of U.S. members, and it creates more visibility, helping to strengthen us as a global insurance organization.

3iG membership also helps me with my job. I have developed contacts that will help create content related to international insurance and risk management, such as the articles I wrote about the Society’s first international governor as well as the creation of The Institutes’ International Insurance Fundamentals course.

ML: In addition to getting to know all these great people to whom I eluded earlier, the educational opportunities abound—and not just in formal seminar settings. Just sitting down and chatting with my fellow 3iGers always leads to learning something new.

And now my involvement with CPCUs in India promises to provide a platform for an even broader education on both a technical and cultural level.

Q. On what other CPCU committee(s) or task force(s) do you volunteer?

ST: None, yet! I am still quite active with the Bermuda chapter.

AT: I am a chapter governor and governor leader.

BH: I’m a member of the Society’s Champions, and I participate with a group that provides feedback on the Society’s publications efforts. On the chapter level, I’ve just joined the Annual Meeting Task Force. Central Indiana is the host chapter of the 2015 Annual Meeting. In the past, I was a member of the original Diversity Task Force and Committees. I was also a newsletter editor for the IT and ESSL interest groups.

ML: I am president of the CPCU Society New York Chapter, and I am on the CPCU Society Europe Chapter Board of Directors. I also have been a frequent presenter/moderator at Annual Meetings and have participated in a couple of ad-hoc committees.

Q. Are you involved in any volunteer organization outside of the CPCU Society? If yes, in what role?

ST: St. Baldricks. I have shaved my head twice to raise money ($100k-plus, collectively) for research to cure childhood cancer. It’s a great cause and a wonderful organization. My shavee days are over, but I still assist on the committee where I can.

AT: I’ve recently become involved in homeless outreach.

BH: I’ve scaled back on such activities since my kids have gotten older, but I’m still a member of my church’s collection-counting crew. My wife and I are pretty involved with [baby]sitting for two grandchildren who live with us. My past activities included active involvement with schools, church, and my college’s alumni association board.

ML: A couple of years ago, I searched the Internet for volunteer opportunities in the New York area with an international component, and I discovered the Youth For Understanding

Totten Trione

LeinenbachHicks


(YFU) exchange student program. The YFU program began just after World War II, when an insightful mother decided it would be a good idea to bring German students to live with families in the U.S. and American students to Germany.

I have been involved with YFU for about three years now, and it has been awesome. As an area representative, I am responsible for making sure the students and host families get as much as possible out of the experience. This includes managing activities that are required by the U.S. State Department, making sure the school leadership where these students attend have guidance, and providing a lot of conflict resolution. It can be frustrating, but ultimately it is unparalleled as a rewarding experience. Interacting with students from such a variety of cultures and helping dispel the inaccurate impressions of America is simply awesome.

The bonds that are developed with these exchanges are forever. It is literally like having a new member of the family. My brother and his wife and kids hosted a student from China, and they got so close that now she came back to live with them for four years while she attends Temple University. And we have a built-in host family anytime I want to go to China!

Q. How do you manage your time among the competing interests of family, work, friends, and the CPCU Society?

ST: It’s not easy, but everyone finds time for the things that are important to them. I find my CPCU Society involvement to be a very rewarding broader window of interaction for me in the industry.

AT: When my daughter was younger, I didn’t read for pleasure, attend parties, or see the newest movie releases. I replaced my time-wasting habits with efficiencies that allowed me to meet my responsibilities to her, my employer, and the CPCU Society. Now that she’s an adult, I prioritize my activities based on what I wish to accomplish and focus my time there—and I make sure to indulge in the restorative benefits of recreation and socialization.

BH: I would love to say that I’m a focused and highly organized person. The way I see it, one usually finds a way to make time for what is important to us. So far, I’ve been able to make sure not to neglect any of the important areas of my life

ML: The math here is simple. I just spend half my time committed to my day job as an international casualty product manager, then half my time on CPCU Society activities, and another half keeping up family commitments. I don’tseeanyproblemthere,doyou?

Q. What are your hobbies and interests?

ST: I read a lot—but I read whatever our eight-year-old son is into so we can discuss it and guess what happens next. He is into the 39 Clues series right now, and so am I! Our almost two-year-old daughter also enjoys reading time with her big brother.

AT: I’m a runner who hopes to eventually exceed my current long-race distance of half marathon. Encouragement and development of female leaders is also important to me.

BH: Because we own a couple of homes (with one being a rental), home maintenance and being a landlord take up my time. The fun stuff I do include active reading and music. I’m a drummer and singer in a blues-oriented trio and in a rock/pop/dance band. I also am a published cartoonist.

ML: After high school, I took a little time off, then signed on the dotted line and became a pianist in the U.S. Air Force Band. Even after I started working in the insurance industry, I kept working as a church musician and director of liturgical music part time on weekends, evenings, and holidays. These days, my chops are not what they used to be, but I still play piano/organ and sing on a volunteer basis in church. Those who attended the CPCU Society New York Chapter Conferment 2012 at the B.B. King Blues Club last year claim that I resemble Captain Black and the CPCU Blues Orchestra (that’s one person—long story!), who performed with the French Cookin’ Blues Band during that event.

Of course, I denied it then and continue to deny that I have any relationship whatsoever with that unkempt scoundrel.

Q. Do you have any advice for new CPCUs or CPCUs considering getting involved with the CPCU Society?

ST: Like most things in life, you get out of it what you put into it. It has been rewarding to me both professionally and personally. It’s not about the exams—it’s about drawing upon a powerful network of people and having fun doing it!

AT: Ask questions, develop relationships, have an open mind, and research, research, research. Thoughtful conversations with Society leaders and regular involvement in local and national meetings helped me discover a path to volunteer leadership.

BH: ANY involvement is always far more important than no involvement. CPCU Society participation is pretty addictive. It is also quite beneficial. The contacts you make will help you personally and professionally. Go to a chapter meeting! Attend an Annual Meeting and network, join CPCU Society social media groups via websites, Facebook and LinkedIn pages!

ML: I know many obtain their designation simply to be able to put the letters on a business card or to achieve an educational goal. However, the real value with the designation lies in the ability to interact with other risk management professionals from diverse cultural and professional backgrounds. By participating in local chapter activities as well as global events such as the Annual Meeting, you will grow as a professional and make a lot of friends. I understand that employers are less apt to pay Society dues on your behalf than they have been in the past, but if you invest in those dues yourself and then take advantage of what the Society has to offer, you will find it is one of the best career investments you can possibly make. Conversely, if you slap the letters on your business card and ignore the opportunities for growth inherent in the membership, you will miss out on the best parts of being a CPCU Society member.

Getting to Know the 3iG Members Behind the Scenes! continued from page 15

16 CPCU Society International Insurance Interest Group | International Perspectives | November 2013


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sections, each followed by a quiz:

• OverviewofInternationalInsurance

• IdentifyingInternationalLossExposures

• RegulatoryCompliance

• InsurerandBrokerNetworks

• ReverseFlowBusiness

• InternationalInsuranceSolutions

• SelectingInternationalInsuranceSolutions

One fact that immediately became clear was that I overestimated my learning abilities. The overview quiz, yes the overview, was humbling and made it obvious that I needed to take more care when going through the material. The course includes a tutorial of The Institutes’ exam process. After I finished the course, I then went through the tutorial. It was obvious that it would have been quite helpful to look at it first. I highly recommend this, especially if, like me the time I took the course, you are not familiar with The Institutes’ online program.

The overview does an excellent job of discussing international insurance and the various elements that need to be considered when faced with having to identify and address non-U.S. loss exposures. Many of us have no significant experience with areas outside of the U.S.. Therefore, it is easy to overlook customs, cultural influences, and laws. These can have as large an impact on meeting exposure mitigation goals, as do pure coverage (policy form) considerations.

For instance, some countries are quite averse to using litigation to solve disputes. We in the U.S. do recognize that personal interactions are important, but our acknowledgement pales in comparison to how other parts of the world highly value relationships. Another important area is how other countries have far different priorities in enforcing various laws. Privacy issues are considered much more important in other countries, and their laws (as well as legal consequences) reflect that higher concern. The way we do business in such countries must adhere to those different legal concerns.

International Insurance Fundamentalsby Bruce Hicks, CPCU, CLU

Bruce Hicks, CPCU, CLU, is a senior editor, Technical and Educational Products Division for the Rough Notes Company, Inc. His chief duty is editing and writing PF&M, a comprehensive property-casualty forms-analysis reference guide. Hicks has been in the insurance industry since 1981, serving as a personal lines underwriter for several regional and national companies. He has also worked in corporate underwriting, with experience in product research and development, auditing, product filings, and compliance. Currently serving on the International Insurance Interest Group Committee, Hicks has been the research committee chair and public relations chair for the CPCU Society Central Indiana Chapter; has served on the CPCU Society Information Technology Interest Group Committee, the Excess/Surplus/Specialty Lines Interest Group Committee, and the Diversity Committee; and is a past member of the CPCU Society Board of Directors, which is today referred to as the CPCU Society Leadership Council. He received his CPCU designation in 1986 and his CLU designation in 1989.

Insurance professionals, whatever their home country, generally have access to substantial amounts of education and training in all phases of the insurance business—loss exposures, causes of loss, claims, premiums, taxes, and so forth. However, the training is all provided within the cultural framework of the country in which they are working. In the United States and other countries there are distinct customs and practices that might not apply elsewhere in the world.

In my own insurance training in the U.S., I accepted information on many products related to liability insurance. I did so without questioning the legal framework or case precedents that shaped the coverages that the industry provides. With this in mind, I was quite pleased when I learned of The Institutes’ online course called International Insurance Fundamentals (IIF). The Institutes developed the IIF with a great deal of assistance from the CPCU Society’s International Insurance Interest Group (3IG).

I wanted to learn the nuts and bolts of addressing operations that have significant loss exposures located outside of the U.S., so I enrolled in the course. In my case, it was not connected with having to handle clients with international loss exposures. Rather, it had everything to do with developing a better perspective on managing risks, which, increasingly, involve exposures that fall outside of America’s borders. Also, the various audiences I write for (primarily insurance agents and consumers) are in the same position, in need of a broader coverage perspective.

For each section of the course, the core information is presented, with additional notes, definitions, and expanded information in different and interesting formats that were quite rich in detail. The material is also “on point.” There is no drifting off topic. Every element presented is relevant, directly and expertly supporting the subject being covered. The IIF course consists of the following


International Insurance Fundamentals continued from page 17

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“We recommend the course for even the most experienced broker or insurance buyer who does not already consider international insurance programs to be in their comfort zone.”

—Michael Leinenbach, CPCU, AIS, Board member

Europe Chapter of the CPCU Society

The course includes practical examples as well as realistic, detailed cases. This facilitated my understanding of how to read how circumstances at a specified business changed and how those changes triggered new exposures. I also found it helpful that the information was in phases, introducing more complexity in both the information presented and the scope of non-U.S. loss exposures. A minor note is that France was mentioned a lot and maybe a future revision might mix in some other countries.

Ihad the most difficulty with the regulatory compliance section. Insurance-related laws, regardless of their country of origin, are complex. Every country or region that a business enters has its own legal considerations that intimately impact how business is transacted in those locations. There is no option other than becoming familiar with such laws in order to properly handle a given operation’s insurance program needs. The course’s Insurer and Broker Section laid out the importance of either acquiring the necessary knowledge or securing local experts to assist in meeting legal requirements.

Other parts of the course provide valuable information on handling business for foreign operations with U.S. loss exposures (reverse flow business) as well as discussing and actually making choices on the methods for handling expanding international loss exposures.

Arthur L. Flitner, CPCU, senior director of knowledge resources for The Institutes, says, “We are optimistic that International Insurance Fundamentals will become a popular solution for insurance professionals who don’t work full-time in international insurance but need to learn the basics of this challenging and

often intimidating field. For example, an agency that is finding that more and more of its customers are taking on international exposures might want all of its agents to get a better understanding of how those exposures can be insured. IIF might be just what this agency needs.”

As mentioned earlier, 3IG provided important assistance in the development of IIF. We asked Michael Leinenbach, CPCU, AIS, one of the key individuals at 3IG providing assistance, for his perspective. Michael currently works as an underwriter on an international product management team for Zurich North America. He also is president of the New York chapter of the CPCU Society, a member of the Board of Directors of the CPCU Society Europe Chapter, and is on the governing committee of the International Insurance Interest Group (3IG) of the CPCU Society.

RN: Why did you assist in creating the course?

Leinenbach: When it comes to technical knowledge of the international insurance market, there is a clear knowledge gap with brokers and agents who have traditionally focused on U.S.-based domestic portfolios, especially when working with their customers who are newly expanding outside the U.S. and do not have savvy risk management staff outside their U.S. headquarters. This course is the first step in filling that gap, and we recommend it for even the most experienced broker or insurance buyer who does not already consider international insurance programs to be in their comfort zone.

RN: How much are cultural considerations reflected in the materials?

Leinenbach: As a result of the intent to limit the scope of this particular module to a U.S. perspective, we did not spend a great deal of space discussing the cultural issues that an agency or insurance buyer in the international segment would come across on a daily basis. There was an effort to provide a broad overview of some of the most common cultural differences between, for example, a U.S.-based insurance professional and their non-U.S. counterparts. It was also a matter of keeping this online course at a level where

the investment of time is reasonable since, to address the subject of cultural differences properly, we could have easily doubled or even tripled the overall course length.

RN: Is any particular area more challenging when dealing with international risks?

Leinenbach: In my experience, the most challenging aspect of dealing with international risks is the apparent tendency of individuals to maintain a home-based perspective rather than operating on a truly international basis. Even though I work with international insurance exposures, policies, and professionals from a very wide network of countries on a daily basis, I still find myself failing to ignore assumptions that result from spending my entire career here in the U.S. The fact is that such singleperspective mindsets will substantially impair the ability of a broker or underwriter to work in a global marketplace. I continuously work to avoid falling into that single-perspective trap. Even the most technically competent broker or insurance buyer can be ineffective when dealing with international insurance unless he or she can bring a global attitude to their work.

RN: Does handling international exposures affect how one understands and handles pure home-country exposures?

Leinenbach: Absolutely. Whether or not an insurance professional deals with cross-border exposures on a daily basis, having a geographically broader understanding of risk management principles cannot help but create a new, broader knowledge base of the products you are offering, the relationships you nurture, and ultimately the way you analyze and handle the risks which are part of the routine activities of any insurance industry professional.

RN: How well do businesses tend to estimate their vulnerability to insurable risks inherent in international operations?

Leinenbach: While larger global enterprises appropriately manage their global risks, I believe on the whole that U.S.-based businesses tend to underestimate their non-U.S. exposures while many non-U.S. enterprises tend to miscalculate the risks specific to the U.S. I suppose this means that overall there is a tendency to underestimate risks inherent in international


operations except for the most savvy of risk management expertise, which seems to reside in the larger global enterprises based in developed countries. Having said that, so long as a broker or agent recognizes his/her limitations and seeks out appropriate expertise, it is clearly possible to take a basic understanding of international insurance principles a long way.

RN: Do you think that more businesses might attempt expanding beyond their borders if they had a better understanding of the availability of coverage?

Leinenbach: Availability of insurance coverage (or alternative risk management methods) is just one of the many factors that go into a business decision whether or not to undergo a geographic expansion of operations. At the same time, it seems logical that cognizance of the myriad of international insurance solutions available to address much of that risk, and how to avoid additional risk by compliantly structuring such solutions, would eliminate one of the major impediments to such economic expansion. Working with a broker who has at least the fundamental technical skills as are provided in the IIF course is one way to smooth the way when moving into a “foreign” insurance purchase for the first time.

RN: Are there any plans for intermediate, advanced, or supplemental courses?

Leinenbach: The 3IG has no intention of resting on our laurels—either in developing education initiatives for the international segment of the insurance and risk management industry or finding other ways of helping agents, brokers, and underwriters to develop a truly global perspective. Our hope is that ongoing educational initiatives will follow in the tradition of the IIF course, but we continue to seek other ways to help our colleagues broaden their understanding of international issues inherent in our profession. It is important to note that the IIF course deals with international insurance fundamentals, but the 3IG membership has the expertise and experience to develop resources for a broader scope of risk management programs including captive fronting and services, complex CMP (Controlled Master Program) structuring, and reinsurance. We also can provide technical

expertise on what goes on behind the scenes when implementing an international insurance program. It just would not be right for us to keep this passion for international insurance to ourselves!

RN: What should agents be wary of when approaching their clients’ possible international loss exposures?

Leinenbach: In my experience, even relatively small enterprises are adept at identifying their international exposures. The problems arise when an insurance agent, even one who has the best intentions, provides guidance that may not be based on an appropriate level of expertise with international insurance. One such scenario might be advising an insured that has only a sales office in Mexico that their U.S. property/liability package policy provides cover for losses occurring in Mexico because the coverage territory in the policy is “global.” It is only when a loss occurs in Mexico that they realize a U.S.-issued policy is essentially prohibited by Mexican insurance regulation to provide cover for Mexico exposures. So even though the defined coverage territory is appropriately broad and the U.S. policy may even be able to provide some coverage in the U.S. if the suit is accepted by a U.S. court, that Mexican legal entity and the Mexico employees are in essence uninsured from a local Mexican perspective. As any broker or agent will tell you, finding that out after a loss puts everyone involved in a very difficult situation.

The CPCU Society’s International Ambassador

The CPCU Society, which worked in conjunction with The Institutes to develop the IIF course, recently appointed Shahid Nadeem, CPCU, its first international ambassador. Nadeem, the underwriting manager for Gulf Cooperation Insurance Company (GCIC), is from Pakistan but is currently working in Saudi Arabia. We asked him about the insurance market in Saudi Arabia, and for his views on insurance education.

RN: How does insurance regulation in Saudi Arabia compare with the U.S., where regulation is primarily under each state government?

Nadeem: There is a striking difference. In the U.S., insurance regulation is tremendously mature and deep-rooted. Despite being primarily under state regulation, it enjoys all necessary features of federally administered regulation. In Saudi Arabia, the insurance market is quite limited, and insurance regulation is in its infancy, effectively just introduced in 2010. Politically and administratively, there is no question that the two regulatory systems are vastly different.

RN: Are lines of business separated into property/casualty and life/health?

Nadeem: Yes, however, most of the property/casualty insurance companies sell health insurance, too. Life insurance on the other hand is yet to establish its roots in the Arab indigenous society.

RN: What is the profile of insurer ownership?

Nadeem: It is 40 percent public ownership and 60 percent private ownership.

RN: Is pursuing a CPCU designation more difficult for international students? Are classes offered online? Self-study?

Nadeem: For students pursuing a CPCU designation outside of the U.S., it is surely more difficult due to lack of guidance, language, limited resources, and insubstantial incentives from employers. According to my own experience, self-study is the only practical, affordable way for international students.

RN: What lines of business are most prominent in Saudi Arabia?

Nadeem: The most prominent lines of business here are commercial property, commercial casualty, personal auto, and commercial auto. It is quite uncommon for people to seek to insure personal property.

RN: What is the most common sales/distribution method?

Nadeem: Traditionally the most common sales/distribution method is through an inhouse sales team. However, in our new regulatory

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environment, external brokers have captured a significant portion of the most desired insurable business. Online selling, for all intents, has yet to be introduced in this market.

RN: What perils are difficult to insure in Saudi Arabia?

Nadeem: Historically, the region has been immune from catastrophic natural disasters, so at least all significant natural perils are insured comfortably. However, some perils of political nature such as terrorism, strikes, riots or civil commotion beyond certain limits have become slightly difficult to insure.

RN: Can you tell us about your insurance career, such as your introduction to insurance, past work, current employer, and duties?

Nadeem: After completing my graduation, I moved to Saudi Arabia, just to evaluate some career options, without any clear agenda. A friend introduced me to Gulf Cooperation Insurance Company and I began work for them as a clerical assistant.

My introduction to the insurance industry was purely an accident, but my introduction to Professional CPCU Qualification was a long process of starts and stops. Mr. Ishaque Khan, former managing director of GCIC, founder of so many institutions in the subcontinent and one of the oldest members of CPCU Society, inspired me to do something really worthwhile.

During my first five years in GCIC, I resisted his calls to pursue professional qualification. I had deep reservations about doing something that was almost impossible for me to achieve. After a long inner struggle, I understood the importance of having a professional designation. Everything became orderly as I embraced a strict discipline toward my studies. Nothing was more important for me as my whole perspective concerning a designation and the arc of my career changed.

RN: What other activities and positions have you been involved with in the CPCU Society?

Nadeem: Many times I, along with a couple of other CPCUs (mostly from the subcontinent), tried to launch a formal CPCU Chapter in the Middle East. Unfortunately, in our canvassing of the MENA (Middle East and North Africa) region we never found enough CPCUs to make one viable. Further, we have noticed that there is not a single indigenous CPCU in Saudi Arabia. So while living in a region where a genuine professional qualification is a rarity, we are committed to prove ourselves as role models. We are ready to guide and promote the CPCU designation whenever opportunities arise.

RN: Are there any cultural challenges for the growth of insurance in Saudi Arabia?

Nadeem: Oh yes! Cultural challenges are indeed deep-rooted. A significant segment of society seems to have certain inhibitions against insurance, rooted in a particular religious temperament. Gradually, all such inhibitions are weakening and will perish, sooner or later.

International Insurance Fundamentals continued from page 19


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Editor’s note: Ted Donnelly is a Eurasian Foreign Area Officer in the United States Army. He has had frequent assignments in Central Asia since 2004 and most recently served in the Kyrgyz Republic from 2009–11. Any views expressed in this article are those of the authors and do not necessarily represent the official position of the United States government, the Department of Defense, or the United States Army.

Kyrgyz Republic Political Risk“The East is a Delicate Matter”1

by Ted Donnelly and John L. Linantud, PhD

Executive Summary: Nowadays, we are hearing about events that happen in countries far away that we have never heard of before—often for the wrong reasons. As Central Asia’s freest state, and host to military bases of both Russia and the United States, the Kyrgyz Republic sparks interest. In his article, “Kyrgyz Republic Political Risk,” former army officer Ted Donnelly and Dr. John L. Linantud discuss the political risk in this complex part of the world that you may think doesn’t affect you but probably will someday. The authors introduce us to the different culture and defining events which made this country so mysterious. They

then detail the “Tulip Revolution” and Kyrgyz’s emergence as a free country and its prospects for the future in our cynical world. Read the full article here: https://www.CPCUSociety.org/article/kyrgyz-republic-political-risk.

Endnote1. A popular quote taken from the classic

1970 Soviet film “White Sun of the Desert,” a comedy/satire set in Soviet Central Asia immediately following the Russian Civil War. In the film, a Red Army soldier encounters various characters and complex situations as he tries to make his way home.

Republic of Cuba Political Riskby John L. Linantud, PhD

Executive Summary: The one-party communist regime built by Fidel and Raul Castro has not adequately adapted to the end of the Cold War. The eventual passing of the Castros will test political stability in Havana but is necessary for democratic reform and a solution to the United States embargo. After the Castros, in the best-case scenario, Cuba would resemble Venezuela or Nicaragua, with a political culture defined by quasi-democracy, concerns over rule of law, and anti-American platitudes. In the worst case, it would become a failed state and the source of a refugee crisis that could require outside intervention.

Visit the International Insurance Interest Group website to read the full article: https://www.CPCUSociety.org/article/republic-cuba-political-risk.


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The International Insurance Interest Group newsletter is published by the CPCU Society International Insurance Interest Group.

International Insurance Interest Grouphttp://international.CPCUSociety.org

ChairmanMickey Brown, CPCU, ARM Marsh USA Inc.Email: [email protected]

EditorDonald M. George, CPCU, MBA, ARM, AU Royal & SunAlliance Insurance Agency Email: [email protected]

Co-EditorAmy Trione, CPCU Email: [email protected]

Co-EditorRamya Sunad, CPCU Email: [email protected]

CPCU Society720 Providence Road, Suite 100Malvern, PA 19355-3433(800) 932-CPCU (2728) www.CPCUSociety.org

Statements of fact and opinion are the responsibility of the authors alone and do not imply an opinion on the part of officers, individual members, or staff of the CPCU Society.

© 2013, The Society of Chartered Property and Casualty Underwriters

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