A Word From Investors!
As we approach the Thanksgiving season, we would like to express our sincere appreciation for your support over 2006. We are having a successful year in all disciplines and are proud of where we are and where we are headed. Investors celebrated its 10-year Anniversary with Markel on October 31, 2006. For those of you who have consistently supported us over that time, we will take the opportunity to thank you on December 5 and we look forward to that occasion.
We are all experiencing a tough market place. Growing, while maintaining profitability, is getting tougher and tougher to achieve. As we look ahead at the remainder of 2006 and 2007, our focus will remain the same as it has always been - writing profitable business for IUM and Markel. We are however, always open to suggestions to grow and welcome any conversation around this topic. Whether a new product or class of business idea, a creative or different workflow suggestion, geographical expansion potential or an enhancement to a current Markel relationship - please keep us in mind! We are ready to work with you to help increase business opportunities for both of us. Feel free to contact any member of our management team with suggestions or comments.
As you will read below, our Outbreak product has received quite a bit of interest. Please keep it in mind as an additional solution for your customers' risk management needs. It is a unique solution to outbreak exposures that are typically being excluded in other policies. Questions or comments can be directed to Matt Hannay here at IUM.
Thanks again for your support. Have a Happy Thanksgiving!
What's New in the Property Division
The Property Department is enjoying a strong performance in 2006 thanks to your continued support. We continue to focus on growth in the non-catastrophe areas of the country.
Although we write principally Habitational and Real Estate risks, we continue our open-minded approach to various classes and individual risks that may currently fall into the hard-to-place category. In addition, we offer a package product, focusing on premises liability risks. This may be of interest to your customers.
This year we introduced a Difference In Conditions product that fills the coverage void between the ISO Basic form and the ISO Special form. It has been well received by our brokers and we are happy to see increased interest in this product.
As always, any member of the Property department will be glad to hear from you with questions or suggestions. Our team consists of the following underwriters: Jeannette Guercio, Joe Pomara, Jim St. John, Aggie Ferencz, John Asmussen and Carol Biafore.
If you are interested in discussing an appointment or business opportunity, please contact any of the above. In addition, you can contact Ed Marcinkevich or Sarah Gavlick.
Ed Marcinkevich
AVP- Department Manager
Property Division
732-450-8738
emarcinkevich@markelcorp.com
A Picture Paints a Thousand Words….
Or does it? You wouldn’t choose a college for your child just by looking at the pictures in a brochure. You would probably want to consider specialty, history, experience, reputation, expertise, facts and figures…..the more details available to you, the better chance you have to make a the right choice. At IUM, we take “details” very seriously.
We’re concerned with securing our future ability to write business, pay claims, and protect our investors. When looking at the universe of Reinsurers available to partner with us, we go to extraordinary lengths to gather pertinent information to help us make our decisions. We look at and adhere to strict guidelines for ratings from AM Best’s (“A” or better), minimum surplus requirements ($500M in surplus), corporate historical experience with past dealings, and their reputation in the industry. And we’re not limited to dealing with domestic companies. Our corporate philosophy extends the welcome to international entities meeting minimum requirements as well. We further secure our position by entering into Global Funding arrangements with Reinsurers where appropriate. We review all of the details long before entering into a partnership to ensure that we have made the best choice possible. Maybe we should say “the right picture (plus some serious research) can paint a thousand words”.
Please feel free to contact our reinsurance team, who are available to answer any questions that you may have about the guidelines. We coordinate all reinsurance inquiries (including claims, billing and treaty issues), treaty renewals and wordings, claims and underwriting audits, LOC coordination, arbitrations, commutations, liquidations, and many other reinsurance related issues.
Our team consist of:
Rona A. Jones – Senior Reinsurance Analyst
Ava Foster – Reinsurance Claims Coordinator
Sharon Tillman – Administrative Assistant
Rona Jones
Senior Reinsurance Analyst
732-391-8825
rjones@markelcorp.com
Outbreak Extra Expense
As you have all heard, Investors is offering a new product called Outbreak Extra Expense. Coverage is afforded if your business operations are suspended by a public health official due to a covered contagion originating at or emanating from your operational premises – in essence, a “triple trigger” for coverage. As long as these three events occur, we will pay the daily limit regardless of actual economic loss.
Insureds have complete discretion as to the use of funds, with three main applications. They can be used as income replacement if your business is closed for a period of time. This is a solution for those types of companies that depend on a daily revenue stream for their livelihood. The funds can also be used for public relations expenses or clean-up costs. In addition, we offer access to a public relations firm free of charge. Finally, any funds recovered from the policy can be applied to the implementation of business continuity plans for the organization.
Who may be interested in this product? The following are examples of potential exposures:
· A case of bed bugs causes a hotel or resort to be shut down by a public health official, which slows down business.
· Salmonella or E.coli outbreak due to a contaminated food supply at a fast food restaurant results in a public health official shutting down the premises.
· Meningitis outbreak at school or college causes a shutdown by a public health official resulting in potential public relations problems.
Keep in mind that coverage would only be afforded in the above instances IF the triple trigger occurred, subject to other policy terms and conditions.
We offer quick turnaround and many limit options to suit the needs of various insureds. Premium starts at $1,500 per location. If you are interested in this coverage, please contact Matt Hannay at (732) 391-8858 or mhannay@markelcorp.com.
Matt Hannay
Underwriter- Special Programs
732-391-8858
mhannay@markelcorp.com
Thanksgiving Day Recipe
Pumpkin Gooey Butter Cakes
Cake:
1 (18 1/4-ounce) package yellow cake mix
1 egg
8 tablespoons butter, melted
Filling:
1 (8-ounce) package cream cheese, softened
1 (15-ounce) can pumpkin
3 eggs
1 teaspoon vanilla
8 tablespoons butter, melted
1 (16-ounce) box powdered sugar
1 teaspoon cinnamon
1 teaspoon nutmeg
Preheat oven to 350 degrees F.
Combine the cake mix, egg, and butter and mix well with an electric mixer. Pat the mixture into the bottom of a lightly greased 13 by 9-inch baking pan.
To make the filling: In a large bowl, beat the cream cheese and pumpkin until smooth. Add the eggs, vanilla, and butter, and beat together. Next, add the powdered sugar, cinnamon, nutmeg, and mix well. Spread pumpkin mixture over cake batter and bake for 40 to 50 minutes. Make sure not to overbake as the center should be a little gooey.
Serve with fresh whipped cream.