NU Online News Service, Feb. 26, 10:11 a.m. EST
NAPLES, FLA.—What keeps E&S insurance executives up at night?
That was the question posed yesterday to a three-member panel at the National Association of Professional Surplus Lines Offices (NAPSLO) Mid-Year Leadership Forum. The annual event focuses on the leadership challenges of excess and surplus lines industry as well as that of the association.
The discussion was moderated by Stephen Harvill, president of Creative Ventures, and included the following panelists:
- Joel Cavaness, Risk Placement Services
- Tony Markel, Markel Corporation
- Kevin Westrope, Westrope
PropertyCasualty360.com was on site covering the show yesterday, and while a full report is forthcoming, here are some of the panelists’ responses to what has them worried about the future of excess and surplus lines.
MODERATOR: What keeps you up at night?
Joel Cavaness: “The next unknown event.”
Kevin Westrope: “Erosion of distribution system”
Tony Markel: “My 68-year-old bladder.”
Below are additional panelist comments made during the discussion:
Tony Markel:
“As industry, we have to look for coverages and approaches that answer societal needs.”
“Retailer consolidation means wholesalers and companies must learn to serve more sophisticated, leveraged partners.”
“We guard wholesale relationship zealously.”
“Wholesalers are eyes and ears on the ground for companies when it comes to product innovation.”
“Movement to admitted side should be done grudgingly.”
Kevin Westrope:
“Wholesale, E&S has become big business, creating a move away from the entrepreneurial spirit.”
“Business pressures are creating a move away from distribution system to direct-to-retail sources. I’m not sure if that’s a good thing.”
Joel Cavaness:
“Increased regulatiosn and new rules are made for those who break them, but they are a burden for everyone.”
“Wholesalers must continue to innovate and develop new products to prosper.”
On innovation: “If I own an idea or a product, I’ll get my fair share.”
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