Acordia Inc. said it has created a Gaming Practice Group to provide customers in the gambling industry with risk management consultation and insurance services.
The unit is designed to protect businesses operating traditional land-based casinos, riverboats, Indian casinos and racinos.
The new group will work in tandem with its parent firm, Wells Fargo & Company, which is one of the few financial institutions actively promoting and developing products and services to the gaming industry.
The new group will provide customers with services and solutions for dealing with management liability, employee benefits, third-party administrative services, aviation, promotion, talent and special events, environmental and large property risks.
In addition, the Gaming Practice Group's customer services will include policy analysis and evaluations, legal reviews and claims advocacy, which is designed to help customers identify their risk exposures and maximize their risk retention.
The new group will be headed by Jared Mitilier, who will serve as managing director of Acordia's Las Vegas office and national gaming practice leader.
Jay Kornmayer, head of Wells Fargo's gaming division, explained that other financial institutions have avoided the gaming industry “because of the details and regulations.”
“We strive to satisfy as many of their financial needs as possible, including risk management, and in keeping with our delivery model, we look to Acordia and their unified resource team to deliver those insurance products and services.”
Another reason Chicago-based Acordia is opening the new unit is that the responsibilities of gaming executives are expanding beyond just hospitality, gaming and entertainment, Mr. Mitilier said.
“The gaming industry is looking for alternatives to manage new risks,” Mr. Mitilier said.
He explained that sponsorship, promotion/event marketing, branded entertainment, and the hosting of trade shows and conferences “are just a few of the expanding revenue sources that casino executives have as additional responsibility.”
Mr. Mitilier said, “With these new opportunities come new and sometimes complex risks,” and “Acordia has the technical expertise to uncover and address these specific problems and the marketing knowledge to provide viable solutions from start to finish in helping identify the wide variety of emerging risks the gaming industry faces.”
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