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The 3rd Annual Reactions North America Conference, Risk and Capital Management Issues, New York, September 27th 2011

There were some stimulating panel discussions at this conference, the highlight being the CEO panel, which had a great line up. I particularly enjoyed all the discussion around “when will the market turn.”

One panel member described the market as a “not yet” market, that there have been pockets of change but nothing has as “yet” had enough impact. Another panel member cautioned us about blaming others/other industries for our results.

Of obvious interest to me, as EVP of BMS’ Specialty Casualty team, was when one panel member expanded on the casualty market commenting that the casualty business looks surprising good – in spite of the depressed rate levels.

I also enjoyed the CFO panel where one debate focused on the benefits of reinsurance and whether or not it is felt the capital markets sector will displace the demand for reinsurance. One panel member was quick to comment that reinsurance does more than provide capital for their company, that it helps to de-risk as they build a diversified book and they value the reinsurance partnership with key players in the industry.

The keynote speaker raised some valid discussion points when he pushed thinking around the question; “Are we driving people/companies out of the market?” based upon the increased retentions. Furthermore, he talked about growth opportunities in this challenging market and how the real money is in the “specialties” (Practice Groups by Industry/Product). He concluded with the fact that opportunity lies in differentiated talent, that the focus of companies, needs to be on obtaining the best talent – then lead, motivate and retain them.

The MPL Market – What’s the Prognosis?

Since 2006 the Medical Professional Liability (MPL) market has become increasingly competitive, but it remains both healthy and profitable, particularly when compared to other casualty lines. The key challenge faced by the Physician Insurers Association of America (PIAA) member companies is whether they can reverse the declining trend in profitability before the market hits the unprofitable levels experienced in the early 2000’s.

BMS’s recent analysis looks at the results of PIAA member companies (who make up more than 50% of the MPL market) from 2001 – 2010 to look at where results have been and where they might be heading.

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BMS expands its analytics team with two new senior hires

Independent global broker BMS Group today announces that it is continuing to invest in its analytics business with the appointment of two industry experts:

  • Julie Serakos, Executive Vice President, Catastrophe Modelling
  • Mike Larson, Executive Vice President and Actuary for BMS Intermediaries

Julie will join BMS this week to lead the Catastrophe Modelling department.  She joins from Willis Re where she built up the company’s catastrophe risk modelling and advisory services business becoming the Executive Vice President in their Property Resource Division.

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