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Link to Lloyd's Newsletter
February 2010
SAVE THE DATE! Monday, September 20, 2010
ALB Golf Outing to benefit the Katie School of Insurance
In this issue
Meet the Lloyd’s Illinois binding authority team
Insurance Associates plan exciting networking events for 2010
New automatic Lloyd’s Illinois countersignature
US Motor Truck Cargo insurance filings
Lloyd’s announces strategy for 2010-2012
Lloyd’s Chairman awarded “Insurance Leader of the Year”
Transitions
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Meet the Lloyd’s Illinois binding authority team
L-R Alice LaBrec, Sarah Willard, Kim LaBrec, Christina Georgakopoulos, Katie DuMoulin
The binding authority customer service and compliance team at Lloyd's Illinois assists stakeholders with questions about documentation and Illinois regulatory requirements. They are responsible for reviewing, recording and countersigning all Lloyd's insurance documents with Illinois exposure that are issued under a binding authority.
The team also works to grow relationships with Lloyd's stakeholders, including US coverholders, surplus lines producers, Lloyd's brokers and underwriters. They continue to make strides to streamline their turn-around time. They actively work with stakeholders on submissions to ensure compliance with Illinois and Lloyd's requirements. The team is committed to providing outstanding customer service, and they are always eager to assist and educate anyone with questions, suggestions or concerns about their Illinois binding authority business.
Here's the team!
Katie DuMoulin heads up the binding authority compliance team. She has been employed at Lloyd's for almost four years, starting as a part-timer, then taking on more compliance responsibilities and working directly with many of Lloyd's stakeholders. In that time she has received her graduate degree, gotten married, and begun her path toward a CPCU designation.
Christina Georgakopoulos comes from a proud Greek family and speaks fluent Greek. She has worked for Lloyd's for the past five years – first as Executive Assistant to Maryanne Swaim and then as a Compliance Analyst for binding authority business. Christina works with several high-volume Lloyd’s coverholders, such as Advanced E&S, Atlantic Specialty Lines and Crump Insurance Services.
Since joining Lloyd's, Christina completed her Bachelors of Science degree at DeVry University, got married and had a daughter. She is currently enrolled in various INS courses to further her knowledge of Property and Casualty insurance and plans to take courses in order to receive her CPCU designation.
Alice LaBrec is the Compliance Technician at Lloyd’s Illinois. All electronic documents – nearly 55,000 last year – first come to Alice to be logged into the data system and then transferred to the appropriate Compliance Analyst for review and processing. She also handles US Motor Truck Cargo queries and filings.
Before joining Lloyd’s, Alice worked for 19 years at Aon.
Kim LaBrec has been with Lloyd's for just over four years. She started out as Logistics Adminstrator, logging incoming policies, and has been a Compliance Analyst now for more than three years. Some of the coverholders that she works with are Complete Equity Markets, W. A. Schickedanz, Med James and APS Insurance Agency.
Kim recently became a first-time homeowner, buying an 80 year-old “Sears Modern Home” this past July.
Sarah Willard is proud to call Chicago her home now that she has lived in the city for almost a year and despite the lack of Floridian beaches. She started at Lloyd's as a part-timer two and a half years ago and now works with several high volume coverholders such as Burns & Wilcox and Hiscox, as well as CRC Insurance Services, International Risk Placement and AVRECO. She sees herself as a resource for Lloyd’s stakeholders and is always happy to assist in any way she can to make the Illinois countersignature process as smooth as possible.
Sarah has completed two marathons in the past two years and is a certified open water scuba diver. She is also heading down the path toward a CPCU designation through classes at the Insurance School of Chicago.
Contacts
Katie DuMoulin +1 312 407 6215 kathryn.dumoulin@lloyds.com
Christina Georgakopoulos +1 312 407 6216 christina.georgakopoulos@lloyds.com
Alice LaBrec +1 312 407 6208 alice.labrec@lloyds.com
Kimberly LaBrec +1 312 407 6206 kim.labrec@lloyds.com
Sarah Willard +1 312 407 6207 sarah.willard@lloyds.com
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Insurance Associates plan exciting networking events in 2010
L-R IA members Jody Oster, Alan Lewis and Sue Winger
Insurance Associates kicked off 2010 with their annual Holiday Party, held at Harry Caray's restaurant. More than 80 professionals from the Chicago insurance community attended the party to celebrate IA's outgoing officers and welcome the new ones – Megan Ware of Navigators, John Hoey of Allianz, Katie DuMoulin of Lloyd’s, Matt Britton of Chartis, Jessica Poppie of Crump and Matt Bielaga of Alexander J. Wayne & Associates. The holiday party is a chance for new IA members to meet each other and make new friends.
IA recently teamed up with the British American Business Council to sponsor a happy hour mixer at “Howl at the Moon” in River North. More than 100 people attended this transatlantic business networking event, including representatives from the British Consulate. It was a great opportunity for IA members to make connections outside the insurance industry.
IA will take part in the St. Baldrick's charity fundraiser for children with cancer on March 12. The team of shavees includes Dan Budny of NBIS, Katie DuMoulin of Lloyd’s, Nick Fane of CRC, Tim Pedersen Jr. of Travis-Pedersen and Associates, Mark Walters of CS Insurance Strategies and Brad Ware of Chubb. Visit the IA St. Baldrick’s Team site to learn more about how you can support this important charity.
There are more networking and charity events on the horizon, including the Master's Golf pub crawl, the 2nd annual IA charity 5K run, a baseball game outing and the Lake Michigan boat cruise.
It looks like it's going to be a good year for networking! You can learn more about IA events and how to join IA here.
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New automatic Lloyd’s Illinois countersignature
Lloyd’s Illinois can now apply an automatic digital stamp to countersign Lloyd’s policies and endorsements. The automatic digital stamp will appear on each page, providing additional security to electronic documents and reducing the time it takes to countersign them, so they can be returned to producers even more quickly.
Last year, Lloyd’s Illinois received more than 55,000 insurance transactions – which averages to 229 a day or two every working minute!
The new automatic digital stamp procedure will only work with original electronic documents – Microsoft Word, PDF or TIFF files – but not scanned copies.
Lloyd's Illinois can receive documents by email to mail.il@lloyds.com, as direct data files to their FTP site and through their Sharepoint collaboration site.
Surplus lines
Please include the Surplus Line Association of Illinois member number when submitting surplus lines documents to Lloyd’s Ilinois. After the documents are countersigned they will be transmitted to SLA for processing. SLA will not process any Lloyd’s document that has not first been countersigned by Lloyd’s Illinois.
Contacts
Kathryn DuMoulin +1 312 407 6215 kathryn.dumoulin@lloyds.com
James Nygaard, AIC, ARM +1 312 407 6213 james.nygaard@lloyds.com
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US Motor Truck Cargo insurance filings
Lloyd’s Illinois has managed Lloyd’s US motor truck cargo filings with the Federal Motor Carrier Safety Administration since July 2007. Lloyd’s underwriters have the option to allow their brokers, coverholders and correspondents to make MTC filings directly as additional users on the Lloyd’s FMCSA online account – or to use the filing services provided by the Central Analysis Bureau and Dewey LeBoeuf.
Filed federal insurance certificates have no expiration date and remain in effect until affirmatively cancelled, which presents a risk to Lloyd’s underwriters should a filing be out of date. The new system for managing filings has resulted in improved service for the market and a dramatic reduction in out of date filings.
Contacts
Mark Rector +1 312 407 6214 mark.rector@lloyds.com
Alice LaBrec +1 312 407 6208 alice.labrec@lloyds.com
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Lloyd’s announces strategy for 2010-2012
Lloyd’s, the world’s leading specialist insurance market, recently released its 2010 – 2012 Strategy after a detailed review of the market’s position which involved over 50 managing agents, brokers and market associations.
Maintaining and developing the attractiveness of the Lloyd’s market is central to the strategy, which includes working to ensure that London remains a competitive financial services centre, continuing work to improve the current operating environment and ensuring that the evolving regulatory landscape does not damage Lloyd’s position.
Lloyd’s CEO, Richard Ward, said the strategy reinforced the strong position the market is in:
“This is about evolution, not revolution. We have stood up well in the face of the worst recession since the great depression, and we don’t see a huge necessity to change direction. The Lloyd’s subscription model backed by a layer of mutual security is serving us and our customers well, as is our location in the heart of the London insurance market.
“While we are in good shape, we cannot afford to be complacent. In 2010 we will be absolutely focused on underwriting and risk management and in preparing for the introduction of Solvency II ” Dr Ward said.
Other priorities for 2010 include: increasing the adoption and use of The Exchange; transforming the way the Lloyd’s market handles claims; and improving access to business through working with brokers and coverholders.
"Lloyd’s is a broker market; they are central to the market’s ongoing success. We also need to work to improve and streamline how coverholders access the market,” Dr Ward said.
You can see more information on the strategy at lloyds.com.
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Lloyd’s Chairman awarded “Insurance Leader of the Year”
Lloyd’s Chairman, Lord Levene, was named the 2009 Insurance Leader of the Year by the St. John’s University School of Risk Management at its 15th annual award dinner in New York on January 20, 2010.
The award honoured Lord Levene's global perspective and willingness to speak publicly, and bravely, about industry issues and topics. The award also recognised the re-emergence of Lloyd's to a position of strength after difficult times and the example the marketplace provides for the wider financial services industry.
On accepting the award, Lord Levene described the challenges facing the industry today, saying:
“I have spent much of last year reminding regulators and the media that insurance did not create this crisis, and that a one size fits all approach to financial services regulation is neither relevant, nor fair.
“We must demonstrate to regulators that we are capable of the highest levels of risk management. The story of Lloyd’s should reassure governments and regulators that root and branch reform can come from within.”
Lord Levene became Chairman of the Council of Lloyd’s in 2002. He is the first Chairman of Lloyd’s Franchise Board, as well as the first Lloyd’s Chairman from outside the market.
Under his leadership Lloyd’s has expanded and grown, securing licences in China and Brazil, and recorded three of the highest profit years in its history.
He has also played a significant role in bringing Lloyd’s in to line with its competitors through the Lloyd’s Legislative Reform Order, and has been a driving force in improving Lloyd’s brand and reputation around the world.
Lord Levene has enjoyed a diverse career working in business, Government and banking prior to joining Lloyd’s. He is an Alderman of the City of London and served as Sheriff from 1995-96 and Lord Mayor of London for the year 1998-99.
Previous Insurance Leaders of the Year have included Greg Case, President and CEO of Aon, James Schiro, CEO of Zurich Financial Services, and Joe Plumeri, Chairman and CEO of Willis Group Holdings Ltd.
You can see more information, including Lord Levene’s acceptance speech, at lloyds.com
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Transitions
John Dinges, CPCU, Assistant Manager of Compliance at Lloyd's Illinois, has achieved his ARM designation.
Elham Tallackson, Assistant Manager, Broker Relations at Lloyd’s Illinois has left the firm to take an internship with the Environmental Protection Agency. Elham is coordinating EPA groups involved with global climate change.
Katie DuMoulin has taken up Elham’s compliance and broker relations duties at Lloyd’s Illinois. You can contact Katie at +1 312 407 6215 or kathryn.dumoulin@lloyds.com
Hustle up the Hancock
Former ALB Director Frank Strenk of Lockton is climbing the John Hancock building to promote healthy lungs and fight lung disease. He will hustle up 94 flights of stairs to get to the top!
Frank will join thousands of others throughout the Chicagoland area on February 28, 2010, to raise funds for the Respiratory Health Association of Metropolitan Chicago. You can get more information and find out how you can contribute here.
Donald Gaddis Co. hires Robert McMonigle
Donald Gaddis Co. is thrilled to announce that Robert McMonigle has joined to expand their capabilities on E&O/D&O/EPL lines. Robert has spent the last seven years at a national wholesale brokerage selling all lines of professional liability from Minnesota to Alabama, California to New York.
While well versed in D&O, EPL, Misc E&O, Crime and Fiduciary, he has specialized in Insurance Agents, Real Estate Agents and hard to place Lawyers E&O.
Donald Gaddis Co. represents over 70 of the leading specialty and E&S carriers. With their excellent carrier relationships, state of the art paperless technology and a can-do, helpful attitude on the part of every staff member, they provide the tools for Robert to make the most challenging risks a quick, hassle-free pleasure to place.
Contact
Robert McMonigle +1 888 853 0071 rmcmonigle@gaddiscompany.com
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Views expressed in this newsletter do not necessarily reflect the opinion of Lloyd's. While every effort has been made to ensure that the information given is accurate, no responsibility (legal or otherwise) is accepted by Lloyd's for any errors or omissions.
Copyright © 2010 Association of Lloyd's Brokers
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