With profound gratitude and deep appreciation, AEGIS announced in September William P. Cullen's decision to retire as President and Chief Executive Officer at the end of this year. Bill's retirement will conclude a distinguished 26-year career at AEGIS. Bill will remain on the Board after the transition, which will take place on January 1, 2024.
With Bill at the helm, AEGIS has continually provided a strong financial performance and market leadership for its policyholders, and positioned its London operation as a top-quartile Lloyd's Syndicate that continues to produce strong returns to member surplus. Over the past six years, AEGIS' annual premium has doubled from $1.3 billion to $2.6 billion, surplus has grown from $1.4 billion to $2.3 billion and assets have increased from $6.5 billion to $10 billion.
Bill will be succeeded by William L. Hillman, currently Executive Vice President and Chief Underwriting Officer of AEGIS. Under Bill Hillman's leadership, Property Underwriting will be led by Tom Cain, who will be promoted to Senior Vice President – Head of Property. Casualty Underwriting will be led by Martin Gaffney, who will be promoted to Senior Vice President – Head of Casualty. We are confident that with their demonstrated knowledge and experience in the energy and insurance industries, these leaders will ensure the company's continued success.
We thank Bill Cullen for his unwavering leadership through incredibly challenging periods for both the energy and insurance industries, and we welcome Bill Hillman, Tom Cain and Martin Gaffney to their new roles.
AEGIS to Offer PFAS Aggregated Sublimit
AEGIS will be adding a PFAS (per- and polyfluoroalkyl substances) endorsement to the excess liability policy, providing a $5 million aggregated sublimit, which will provide cover for PFAS liability. This decision was made after careful consideration and consultation with our Risk Management Advisory Committee (RMAC) and core brokers regarding the endorsement, exclusion and plan. The exclusion will only be used in situations where, due to specific account exposure or claim activity, we were not offering the sublimit option, which we don't expect to be very often, if at all. As with all of our products, we will underwrite each risk on its own merit, evaluating the members' exposure and claim history. You can easily access a copy of the PFAS endorsement and exclusion on our website. The AEGIS Underwriting and Loss Control teams look forward to working with you to understand and mitigate the PFAS exposure.
Inspiring Tomorrow's Leaders
Attracting, inspiring and educating our next generation of leaders is critical to fulfilling our mission to serve our members. To that end, AEGIS invited students from St. John's University to spend a day with us, learning about the essential role insurance plays in protecting energy infrastructure through stable risk financing. As the world grapples with increasingly severe weather events, heightened geopolitical tensions and a rising threat of cyberattacks, and works toward transitioning to more sustainable energy sources, there has never been a more vital and exciting time to pursue a career in energy insurance. We welcome the next generation of leaders to spend a day with our professionals, learning about how they use their expertise to support this vital sector of the insurance industry. The future is bright!
Perspectives: Spotlight on Martin Gaffney, Senior Vice President, Head of Casualty
In the upcoming issue of Perspectives, Martin Gaffney and the AEGIS Excess Liability team take center stage. We sat down with Martin, who oversees the underwriting for Excess Liability – AEGIS' oldest and largest premium book – to discuss his career path and how his team is bound by a common goal of serving AEGIS members and the energy industry as a whole. Additionally, you will read how Martin motivates his team – through a mindset of learning more, doing more and being more – to create policies that deliver more.
AEGIS Loss Control is rounding out its 2023 webinar series with two important safety topics.
Risk managers and member company employees who work in safety, engineering and operations roles can attend from the convenience of their home or office. Watch for more information on what's being covered and how to register for these valuable safety training sessions.
Stay tuned for a full list of our 2024 webinar series, which will focus on a wide variety of safety and risk management topics. Click here to be alerted to our upcoming webinars or to access recordings of past webinars posted on our website.
Powering Change for a Better Tomorrow
AEGIS is proud to partner with charitable organizations to give back in a variety of meaningful ways throughout the year. In 2023, our employees gathered to:
Thank you to our employees for coming together outside of work to support these wonderful causes. Together, AEGIS powers change for a better tomorrow!