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 * Trending Stories
 * National Comp
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 * Workers’ Comp Forum
 * Risk Matrix
 * Risk Central
 * The Profession

 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * Risk Scenarios
   * Risk All Stars
   * Teddy Award
   * Sponsored Content
   * Branded Webinars
 * Magazine
   * Digital Issue
   * Issue Archive
   * Subscribe
 * Conferences
   * National Comp
   * National Ergo & Ergo Expo
 * Advertise
 * Subscribe
 * More
   * Award Applications
   * Newsletters
   * &BrandStudio
   * Privacy Policy
   * About R&I
   * Contact Us
   * Media Kit

NEWSLETTERS

The best of R&I and around the web, handpicked by our editors.

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RISK CENTRAL

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DIGITAL EDITION

Web replica of the print magazine.

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POWER BROKER



POWER BROKER OVERVIEW

Topics: Award Applications | Power Broker Application



What is a Power Broker?
Our goal is to broadly recognize and promote outstanding risk management and
customer service among the brokerage community. Therefore, we don’t select a
single winner but instead recognize four to six winners in different industry
categories.

Who selects the winners?
A Power Broker® is selected based upon the strength of client testimonials. Risk
& Insurance® editors and writers collect and choose the most compelling
testimonials based on the award criteria.

What criteria are used to select winners?
It is very important to note that Power Broker® is focused on recent
accomplishments. Certainly the below criteria could be demonstrated through the
arc of an entire career, but for this program we strive to highlight recent
challenges and solutions. This approach is utilized for the benefit of our
readers who most value learning about challenges and solutions to current
problems. The criteria are:

 * Risk Solution (50%): What specific challenge did a client face and how did
   the applicant/nominee solve that problem?
 * Customer Service (25%): Does the applicant/nominee demonstrate a commitment
   to primarily serve the interests of their clients?
 * Industry Knowledge (25%): Is the applicant/nominee committed to mastering the
   industry category they work in?

The focus is on the individual broker
Creativity and problem solving are critical success factors independent of firm
or account size. Therefore, neither the size of a broker’s firm nor the size of
an account is an important criteria for the Power Broker® program. We strongly
encourage all brokers to apply.

Nomination process
Applications/nominations (referred to below as simply “applications”) are
accepted from any source including a client, insurer, brokerage firm, service
provider or individual broker. In the interest of maintaining a level playing
field, Risk & Insurance® will accept no more than 100 Power Broker® applications
from any one firm or its subsidiaries. Since the client testimonial is most
important for judging, the source of the application does not impact an
applicant’s chance of winning.

We require an application form to be completed in order to capture profile
information, an overview of the problem/solution and client contact information.
Provide enough information to give our editors an overview of you and your
accomplishment but don’t feel compelled to write overly long responses. Think
concise and factual.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process
Judges consisting of Risk & Insurance® editors and/or writers are appointed for
each industry category. All of the applications in a category are first reviewed
by the judges to provide an overview of the field and to ensure that the
applications are complete. Client references listed on the applications are then
contacted and interviewed.

A summary of the interview along with an evaluation form is completed by the
judge performing the interview. Once all interviews are complete, the judging
team meets to review all the interviews and evaluations. The four to six brokers
that received the strongest client referrals based on the award criteria are
named a Power Broker®.

Rising Star Designation



Power Broker® winners and finalists who are 40 years old or younger are
highlighted in the annual “Rising Star” section. Designees are determined based
on the DOB listed on the Power Broker® application. No additional application is
needed to apply for this designation.

Publication
Winners are first announced in the February print issue of Risk & Insurance®.
The information is also posted on the Risk & Insurance® website, eNewsletter,
web digital edition and iPad/iPhone Apps. A profile highlighting each Power
Broker’s accomplishments along with a head-shot is presented by industry
category.

Award Boxes
A few weeks after the winners are announced, each Power Broker® receives a box
with a copy of the print issue, an award plaque and additional information.

Download the 2023 Logo Usage Agreement and PR Statement.

2024 Application Deadline: October 20, 2023
2024 Winner Announcement Date: February 2024

 








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SPONSORED CONTENT BY NATIONWIDE



4 TRAITS OF INSURERS WHO ARE IN IT FOR THE LONG HAUL

Even in a shifting D&O market, looking for these four traits during renewal will
help ensure a carrier’s reliability, experience and expertise in management
liability risk.
By: Nationwide® | October 2, 2023

The commercial D&O market is again in the midst of change. Since the second half
of 2022, it has experienced declining rates, all the while seeing defense and
settlement costs materially creep up. The current environment is due to several
contributing factors, the first being an influx of new market entrants.

“From 2019 through the first half of 2022, the D&O space went through a hard
market cycle,” said Camille Chow, Vice President of Public D&O for Nationwide
Management Liability & Specialty. “That, juxtaposed with declining frequency in
securities class action suits, precipitated an increase in competition, with new
entrants coming in to capitalize on favorable market conditions.”

Ensuing economic conditions and the interest rate environment dampened IPOs and
de-SPACs, which constricted the source of available new business in the market.
This created a skew in the supply and demand for capacity in the D&O space.

“These new entrants still need to earn their premium somewhere, and without the
burden of legacy claims, they have the freedom to compete more aggressively on
the mature D&O programs, further driving down premiums,” Chow said.

However, a potential uptick in claims frequency going forward could impact the
current trajectory of rate reductions.


D&O CLAIMS ON THE HORIZON

Camille Chow, Vice President of Public D&O for Nationwide Management Liability &
Specialty

Plaintiffs’ attorneys have long been homing in on broken promises made to
investors and Wall Street, going after companies that oversold on their
performance, then ultimately fell short on their promises. Other companies have
also been sued for not properly anticipating, or reacting fast enough, to
evolving macroeconomic conditions.

One other area of concern is the SEC’s impending guidelines regarding
environmental, social and governance (ESG) disclosures, whereby companies would
be held to a more in-depth and laborious process in disclosing their ESG
practices.

“These updated disclosure requirements could be more costly and burdensome for
public companies to adhere to, and leaves the door open for shareholders to go
after them,” Chow said. “It wouldn’t come as a surprise to see an uptick in
future D&O claims stemming from this.”

And lastly, rising defense costs and increased settlement values continue to
drive up overall claims severity.

Given these looming risk factors, Chow anticipates that rate declines will begin
to moderate at some point.

“It’s just a matter of timing. We still anticipate declining rates going into
next year, but there ultimately needs to be inflection point,” she said.


THE VALUE OF CONSISTENCY THROUGH MARKET CYCLES

What does this mean for buyers of D&O insurance? In any market, rate volatility
can unveil players who are committed to the space, while those who come and go
with market cycles only capitalize on periods of profitability. These
opportunistic carriers often lack the experience that’s ultimately necessary to
truly understand the sector they’ve entered. To ensure not only adequate
coverage but also excellent service and market insight, risk managers need a
carrier with longevity and demonstrated commitment to the commercial D&O space.

“At Nationwide, we are consistent in our underwriting appetite. When we enter a
partnership, we make sure that we want to be in it for the long term so there
are no surprises, either on our trading partners’ end or on our insured clients’
end,” Chow said.

That consistency is enabled by four key factors:

1. Disciplined Underwriting

Disciplined underwriting and risk selection provide a buffer against market
shifts. Especially in today’s economic environment, thorough analysis of a
company’s D&O exposures is critical to ensuring appropriate coverage for the
insured, without threatening the long-term financial health of the carrier.

“We make sure to ask the right questions. What are the financial, operational,
and governance-related risks that we need to be looking out for with any
individual insured?” Chow said.

Underwriters also scrutinize a company’s financial metrics from multiple angles.
Insureds are compared against industry peers to determine if their projections
are reasonable.

“If a company’s projections are significantly out of line in comparison to
industry peers, it begs taking a closer look at the numbers,” Chow said. “A lot
of it is reading between the lines and maintaining a nuanced approach with each
risk.”

2. Portfolio Diversification

Portfolio diversification ensures that Nationwide can stay committed to even
complicated risks over the long term. A mix of risk levels and industry classes
is designed to ensure that no single adverse event will force an exit from the
market.

“Within the portfolio, you have large, well-established blue-chip companies that
are competitively priced but subject to high severity exposure. To balance this
out, we also look for opportunistic attachment plays on other diverse risks that
are more richly priced,” Chow said.

“As an underwriting team, we always look at potential losses several years down
the road and assess overall premium adequacy of the portfolio as a whole, so we
can withstand volatility and maintain the same financial standing and strength
in this market.”

3. Collaboration with the Claims Team

Underwriting decisions involve input from the claims team as well.

“When undergoing the underwriting process, we confer with claims on any
outstanding suits and developing trends. If a claim already exists, how is it
progressing to-date? Conversely, claims adjusters also confer with underwriting
for context on the breadth and history of our relationship with a client,” Chow
said.

“We make sure to keep the lines of communication open between claims and
underwriting. The accessibility of real-time updates is crucial in facilitating
informed decision-making for both underwriters and claims adjusters.”

4. Seasoned Leadership

A seasoned and consistent leadership team also enables Nationwide to make
informed, forward-thinking decisions. Deep knowledge of D&O market dynamics,
industry trends and long-standing client relationships only come from commitment
to the space. Many of Nationwide’s management & professional lines executives
have been with the company for more than a decade.

“There is value in understanding the historical context behind portfolio
decisions and the customer and broker relationships we’ve maintained over the
years. We can really lean in and leverage the goodwill and trust we’ve built up
during our tenure at Nationwide,” Chow said.

Regardless of what the coming months and years will bring, prudent and
experienced carriers like Nationwide are in the management liability market to
stay.

To learn more, visit
https://www.nationwide.com/business/insurance/management-liability-specialty/.

ABOUT NATIONWIDE
AM BEST RATED A+ XV | S&P A+ | FORTUNE 100 COMPANY
PRODUCTS UNDERWRITTEN BY NATIONWIDE MUTUAL INSURANCE COMPANY AND AFFILIATED
COMPANIES. NOT ALL NATIONWIDE AFFILIATED COMPANIES ARE MUTUAL COMPANIES, AND NOT
ALL NATIONWIDE MEMBERS ARE INSURED BY A MUTUAL COMPANY. HOME OFFICE: ONE
NATIONWIDE PLAZA, COLUMBUS, OH. NATIONWIDE, THE NATIONWIDE N AND EAGLE, AND
OTHER MARKS DISPLAYED ON THIS PAGE ARE SERVICE MARKS OF NATIONWIDE MUTUAL
INSURANCE COMPANY, UNLESS OTHERWISE DISCLOSED. © 2023 NATIONWIDE MUTUAL
INSURANCE COMPANY.






This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with Nationwide. The editorial
staff of Risk & Insurance had no role in its preparation.

Nationwide, a Fortune 100 company, is one of the largest and strongest
diversified insurance and financial services organizations in the U.S. and is
rated A+ by both A.M. Best and Standard & Poor’s.







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4 TRAITS OF INSURERS WHO ARE IN IT FOR THE LONG HAUL

October 2, 2023