As the world becomes increasingly precarious, new risks have either not been addressed or have been excluded by the industry, says insurance industry legend Patrick G. Ryan.
The month of August saw one major insurance-brokerage firm purchase the P&C brokerage operations of a bank as USI Insurance Services announced its acquisition of TD Insurance Inc.
Two of the three insurance-brokerage firms reporting second quarter financial results this week showed increases in revenues and organic growth as the economy improves and insurers push for premium increases.
Smaller agencies selling employee-benefit services face increased compliance demands and lower commissions now that the health-care-reform law has been upheld by the Supreme Court, but agents arent throwing in the towel just yet.
A recent court case illustrates why wholesale brokers should carefully review the contractual language before signing with a surplus-lines carrier an agreement that obligates the producer to ensure that risks being submitted comply with the insurers underwriting criteria.
After decades working in the business on which he has left such a monumental mark, Pat Ryan still loves what he doesand excels at it because he is ever mindful of the impact his efforts, in insurance or otherwise, will have on others.
The contributions of the figures selected as the industrys Top 25 Living Legends to P&C insurance have been epic, monumental, and are sure to be discussed and studied for decades to come. Each profiled visionary has fundamentally changed the way insurance is done, likely forever.