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Link to Lloyd's newsletter
May 2008

In this issue
Lloyd's appoints new President of North America
Focus on ALB member Wells Fargo Special Risks
Lee Brodsky of JMB Insurance joins ALB Board of Directors
James Nygaard celebrates 25 years with Lloyd's Illinois
ALB sponsors Katie School interns at Lloyd’s
Insurance Associates update
Compliance - Using ISO forms for Lloyd's Illinois business

Lloyd's appoints new President of North America

Lloyd's, the world's leading specialist insurance market, recently announced the appointment of LoriAnn Lowery as its new President, North America.

LoriAnn will be responsible for all business operations across the US and Canada including business development and distribution, communications and marketing. She will be based in New York and will report to Director, Market Operations and North America, Sue Langley in London.

LoriAnn has over 20 years experience of the insurance industry, most recently as Managing Director and National Practice Leader for Risk Management and Financial Products for Wells Fargo Insurance Services. She has previously held positions at Marsh & McLennan, Sedgwick and Intercontinental Brokerage.

Sue Langley said, "I am delighted that LoriAnn will be joining Lloyd’s as the new President of North America. She has the unique mix of insurance and business knowledge and skills that we were looking for. She will be instrumental in taking our US platform to the next level. The US and Canada makes up 44% of our business and we remain committed to continuing to service the needs of policyholders by developing our presence and deepening our relationships there."

LoriAnn Lowery said, "The opportunity to join a world renowned brand, such as Lloyd’s, comes once in a lifetime. I am looking forward to working with Sue and the team across North America and Canada to build on the excellent reputation the market has."

Lloyd’s has offices in Chicago, Frankfort KY, Los Angeles, Montreal, New York and the US Virgin Islands and is licenced in Illinois, Kentucky and the USVI. The market is also registered as eligible surplus lines insurers in all US jurisdictions, except Kentucky and the USVI.

Focus on ALB member Wells Fargo Special Risks

Wells Fargo Special Risks, a subsidiary of Wells Fargo Insurance Services, was created in 2007 to develop and host insurance programs, products and services targeted to select niche industry segments and lines of business.

Working with a wide range of global and domestic carrier partners, WFSR performs as a managing general underwriter with delegated underwriting authority, including control over marketing and policy issuance. WFSR also performs as a program administrator for specialty insurances that address the needs of associations and affinity groups.

"Wells Fargo Special Risks desires to be a leader in providing customers with trusted advice, creative and cost-effective risk transfer solutions, and unparalleled service that concentrates our resources and capabilities close to the customer," says Larry Sorensen, WFSR President and CEO.

The administration of the programs is accomplished through program specialists who work daily with the exposures and unique risk management requirements of a particular business class. Risk identification, carrier evaluation and loss mitigation techniques can vary widely from business to business. WFSR differentiates themselves through their products, risk management services, delivery mechanisms, price, or a combination of differentiators to protect an insured’s critical assets - people, property, reputation and shareholder value.

WFSR is committed to seeking out underwriting talent that is seasoned and recognized in the industry for their individual areas of expertise. WFSR looks for the same commitment and expertise from their carrier partners. Strength in carrier alliance allows WFSR to quickly identify and implement industry-responsive coverages that provide tailored risk management solutions for customers with unique insurance requirements.

Patrick Small, Managing Director of Wells Fargo Special Risks and ALB Board member, tells us about their specialty programs.

In a short period of time, WFSR has developed a number of specialty programs that address the needs of a broad number of industry types.

Financial institutions
Flood Compliance and Excess Flood
Motor Sports
Ski Resorts
Skating Rinks
Health Clubs
Venue/Events
Recreation and other Organized Sports
Digital Risks
Umbrella and Excess Casualty

WFSR will continue to add or acquire products and programs that meet the operating philosophy of helping its customers succeed financially. Most of the programs are available on a national basis to independent retail and wholesale agents.

Wells Fargo Insurance Services is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 170 offices and over 5,200 insurance professionals, who place more than $11.5 billion of risk premiums, with experience in property, casualty, benefits, international, personal lines and life products. Wells Fargo acquired Acordia in May of 2001.

Wells Fargo & Company is a diversified financial services company with $575 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet at wellsfargo.com across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the US, and one of only two banks worldwide, to have the highest credit rating from Moody’s Investors Service of Aaa and Standard & Poor’s rating of AAA.

Lee Brodsky of JMB Insurance joins ALB Board of Directors

Lee Brodsky, CPCU, President of JMB Insurance, Mortgage Banking Insurance Group, has been invited to join the Board of Directors of the Association of Lloyd’s Brokers.

Lee has more than thirty years of diverse insurance experience as an insurance broker and underwriting manager and has spent more than twenty years in a CEO role. He has focused on developing and underwriting insurance programs for banks, thrifts and mortgage bankers and brokers for Fidelity, Errors & Omissions, Directors & Officers Liability, Professional Liability, Employment Practices Liability and Surety Bonds.

Before joining JMB Insurance, Lee was with Aon as Managing Director for National Accounts & Association Relationships for Financial & Professional Risk Solutions and he served as President and CEO of Bankers Insurance Service and Scarborough Company.

Lee has the Chartered Property and Casualty Underwriter Designation (CPCU) and is a licensed insurance broker in all 50 states. He has a BA with Honors from Southern Illinois University, with a double major in Political Science and Administration of Justice.

Lee is a member of the CPCU Society, the Mortgage Bankers Association of America, the California Mortgage Bankers Association, and the Illinois Mortgage Bankers Association, of which he is a former Director.

Lee will serve as a panelist on the ALB seminar on Subprime Lending and Insurer Risk on May 13, 2008. He will address obtaining insurance for mortgage bankers and mortgage brokers and new opportunities in the market.

James Nygaard celebrates 25 years with Lloyd's Illinois

James Nygaard, ARM, AIC - and IT Analyst extraordinaire - celebrated his 25th anniversary at Lloyd's Illinois on May 8 at a gala luncheon attended by the entire Lloyd's Illinois staff, and Lee Ann Ali, Meg Waldron and former attorneys-in-fact John Gurley and Dean Conlin of Locke Lord Bissell & Liddell LLP.

In his career with Lloyd's in Illinois, Jim has worked in many areas, including IT, claims and processing. As IT Analyst, he provides detailed data on claims and processing metrics for Lloyd's Illinois. He has also spearheaded several of the new tech initiatives, including the Premium Report - which brokers use to clear premium in London - FTP access for direct data file submission to Lloyd’s Illinois, and the recent rollout of the LIFT data system to Lloyd's Kentucky.

Maryanne Swaim, President of Lloyd's Illinois, said, "We are so proud of Jim and his achievements and professionalism. He came here at the dawn of the IT revolution, and has seen the office go from punch-cards to where we are now - robust data systems and 100% electronic processing. Jim is a key member of our team."

Jim is a second generation Lloyd's Illinois employee. His father, Martin Nygaard, was a claims analyst for the former Attorney-in-Fact office for more than 30 years.

ALB sponsors Katie School interns at Lloyd’s

Each summer, the Illinois State University Katie School of Insurance sends two interns to soak up the Lloyd’s experience for a month, and a generous contribution from ALB helps sponsor them. Link to Lloyd’s caught up with one of last summer’s interns, Lauren Leggett, from Aurora, Illinois, at the recent NAPSLO/Olivet College symposium in Chicago.

“It was amazing! The best time of my life," Lauren said. “I learned so much about the London market – how different it was from how we do things here. It’s remarkably efficient. I loved the face-to-face aspect of the business and the relationships between the underwriters and brokers. I can’t wait to go back!"

Lauren had the opportunity to spend time with six syndicates – Amlin, Aspen Re, Beazley, Brit, Kiln and Liberty – and two brokers – BMS and Gallagher. "The box was cool," she said. "I don’t think people here realize it’s a real box! Underwriters have a lot of power, and it’s up to the brokers to come to them. It was fascinating to learn how the business was handled from the underwriter’s perspective."

In addition to providing her with an immersion in the London market, Lauren’s internship also allowed her to experience the great city of London and meet people from all over the world. She said, "I made some great contacts and I’m keeping in touch with lots of the people I met." She and her fellow intern, Emily Deters, even managed to dash off for two nights in Paris. "But I really loved London, and I can’t wait to go back."

Lauren is on the executive board of Gamma Iota Sigma at the University of Illinois and graduates this month. Next up for her is a move to Naperville to begin her professional career as an underwriter in the commercial middle market for St. Paul Travelers.

You can learn more about the Katie School International Internship Program here.

Insurance Associates update

The IA team raised $5,000 this year for the St. Baldrick’s charity fundraiser in March and sponsored a Master’s Golf Tournament pub crawl in April.

The spring Cubs game outing is scheduled for May 12, and 80 lucky IA members and colleagues will meet in the friendly confines of Wrigley Field to cheer on the team from the bleachers.

Upcoming events

The annual Lake Michigan cruise, aboard the yacht Valera, will be on July 18 - keep an eye on the IA events site for more details. And IA is planning a Happy Hour networking event in early June to introduce the mob of new members that have joined this spring.

Benefits of membership

IA brings together young professionals from all insurance industry disciplines to establish peer networks for increased business opportunities and educational advancement.

IA members may attend ALB seminars free of charge, and are eligible for the Illinois Division of Insurance continuing education credit offered.

Compliance - Using ISO forms for Lloyd's Illinois business

Lloyd’s underwriters using ISO forms in whole or in part should ensure that ISO copyright information appears at the bottom of the form. Also, be sure that any ISO form shows the most current edition date.

If an ISO form is used in its entirety, the ISO reference must appear on the form.

Please remember that ISO forms are modular, and Lloyd’s underwriters and brokers must verify that all components of the ISO modular policy are included in the final document.

Filing amended forms for Illinois licensed business

If Lloyd’s underwriters have chosen to amend an ISO form, the form must be filed with the Illinois Division of Insurance for use on licensed business. Lloyd’s Illinois performs this service for the market and assigns form references.

ISO also files Illinois Changes or other amendatory endorsements for ISO forms to be used on Illinois licensed business.

Lloyd’s underwriters wanting to use ISO forms which have been withdrawn by ISO can do so if the forms are re-filed with the Illinois Division of Insurance. The original ISO reference can remain on the form.

Please contact Lloyd’s Illinois if you are uncertain about what amendatory forms are required for Illinois licensed business.

Accessing and using ISO forms

The Lloyd’s Wordings Repository is a useful resource for ISO forms. However, please be aware that not all ISO forms in the repository are filed in Illinois.

ISO forms filed for use on Illinois licensed business may also be obtained from Lloyd’s Illinois.

Lloyd’s brokers should incorporate all referenced forms in the binding authority agreement or line slip to ensure that all parties are aware of Lloyd’s underwriters’ agreement to use Illinois licensed ISO forms.

Resources and contacts

For further information on the use of ISO forms in Illinois, please see the Binding Authority Guide for Illinois Licensed Property & Casualty Business or contact a Lloyd’s Illinois compliance specialist.

Lloyd's Illinois compliance team

Doug Heitzman email 312 407 6211

John Dinges email 312 407 6210

Tom Oberwetter email 312 407 6204

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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.