Nikole Maus, Assistant VP BMS Specialty Casualty Team, discusses the themes that dominated the PLUS Medical Professional Liability Symposium 2012:
The resounding theme at the 2012 PLUS Medical Professional Liability Symposium was that change is coming and how do we prepare for it? The conference kicked off with rather a ‘doomsday’ forecast by Cyber Security Expert, Juval Aviv (former Israeli Secret Service and a leading authority on terrorist networks, and their inner workings). He surely incited many attendees to create their disaster plans on their flights home! However, more seriously, whether it is through ACO’s, Technology, Changing Regulation/Litigation, Claim Trends or ERM, there are changes set in motion that even a strike down of the PPACA will not prevent.
It is critical for all of us in the Healthcare space to closely watch the changing demographics of Healthcare Providers and the impact (and exposure) the new technologies of the age will have on this business. The panelists gave many examples of how these changes will drive the frequency, severity and types of MPL claims brought forth in the coming years. Furthermore, the insertion of ACO’s and the coming together of Hospitals and Physician Groups may gray the lines of the insurance and reinsurance coverages currently in place. The reinsurance industry needs to ensure we are responsive to the integrated healthcare system – at all spectrums.
Fundamentally, as an industry, we must be ahead of the curve to ensure our clients have the coverages in place to help navigate them through the changes to come.
BMS announced the launch of its global construction initiative, responding to the needs of its clients around the world.
Gavin Madell, previously Director of Price Forbes’ Power and Construction business, joins the BMS Wholesale, Risk Solutions Team to lead the new initiative.
Click here to view the BMS Wholesale, Risk Solution Team Home Page
Media Links to this story:
Business Insurance Feature, click here to access the Business Insurance website
Inside Fac Feature, click here to access the Inside Fac website
Insurance Day Feature, click here to access the Insurance Day website
Global Reinsurance Feature, click here to access the Global Reinsurance website
Insurance Journal Feature, click here to access the Insurance Journal website
Mike Larson, BMS EVP and Head of Actuarial Services featured the Physician Insurer Magazine discussing the role of various asset classes in the portfolio of an MPL insurer.
Reprinted from the first Quarter 2012 issue of Physician Insurer Magazine, Physician Insurers Association of America. Copyright, 2012.
Stefano Nicolini, SVP, featured in a news piece in Intelligent Insurer Magazine commenting on how reinsurers who previously bought Industry Loss Warranties (ILWs) appear to now be turning into sellers as a response to the current market.
To read the Full article please click here
News of the BMS Manhattan office opening was widely covered in the press – acknowledging its significance in the continued growth of the BMS offering in the US.
Here is a selection of stories covering the opening:
Business Insurance – Broker BMS Group opens New York office
Global Reinsurance – BMS opens New York office
Reactions: BMS New York Office plans
Insurance insider – BMS targets US growth with New York office and CEO relocation
Insurance day – BMS CEO’s New York move signals strategic focus on US growth
Post Online – BMS opens in New York
Insurance Journal – U.K.-based Broker BMS Group Opens New York Office
Chris Ritchie, Director BMS Wholesale – Risk Solutions, featured in a profile piece in Insurance Day on 20th January. The profile covered his career in insurance, his love of rugby, future plans at BMS, industry heroes and on a lighter note, his favourite food and holiday destination.
To read the full article please click here
For more about the BMS Risk Solutions team – please click here
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This article appeared in Insurance Day on January 20, 2012. For more information visit: www.insuranceday.com
Dave Spiegler, EVP & Chief Actuary and Mike Larson, EVP, featured in the Foresight feature in the Physician Insurer – debating the interplay between the financial markets, medical professional liability (MPL) insurance companies’ rates and reserves and how MLP companies should be preparing for the next stage of the insurance cycle.
Reprinted from the fourth Quarter 2011 issue of Physician Insurer Magazine, Physician Insurers Association of America. Copyright, 2011.
Insider Fac Magazine reviewed BMS’ expansion plans, prompted by the appointment of Steve Galleger as EVP. Formerly of Aon Benfield, Galleger’s responsibilities will include building BMS’ US reinsurance platform and developing customised reinsurance and risk management solutions for property, casualty and specialty insurers. Steve will start at BMS in December and will be based in the BMS US hub office in Minneapolis.
CEO Carl Beardmore is quoted saying: “This marks another important step in the development and extension of our US operations and is further evidence of our ability to attract key producers to join BMS.”
The article reviews how BMS continues to demonstrate its commitment to building its US platform and service offering to clients, with a number of new hires over the last few months, including two new senior hires joining the Analytics Team; Julie Serakos and Mike Larson.
BMS’ newest hire featured in Insurance Insider today.
Steve Galleger, EVP, joins BMS to help drive the build out of its US reinsurance platform and to develop and deliver customised reinsurance and risk management solutions for Property, Casualty and Speciality insurers. He will be based in the Minneapolis office.
The article also highlights the expansion of the BMS Analytics team with recent recruited Julie Serakos as executive vice president of catastrophe modelling and Mike Larson as executive vice president and actuary for BMS Intermediaries.
For the full article go The Insurance Insider website