I was pleased to see so many of you in San Diego at our annual policyholders’ conference. You set a new record with 1,082 attendees and guests in attendance. We were gratified by the many favorable comments on the material we presented, the networking opportunities, and the family-friendly activities. We are also grateful for your constructive criticisms which we will consider carefully. Thank you. During the general sessions, we made three important announcements:
D&O Side A Only coverage has been redesigned and, combined with the benefits of AEGIS claims management, is now a more attractive foundation for your Side A placements.
Fiduciary limits can be restored to $35 million for member companies in good financial condition who’ve taken certain loss control measures.
A new AEGIS Energy Syndicate credit program will begin in 2005. Similar to the member property credit program, the program will reward members who consistently use the capacity offered by AEGIS in London.
We’ve redesigned our Side A Only coverage to make it competitive with the most popular commercial form offered. As indicated by the interactive benchmarking session conducted at the conference, many more of you than we had previously thought are buying this coverage to give added protection to your directors and officers. By using our $15 million capacity as the foundation of your Side A placement you can:
Benefit from the more collaborative AEGIS claims process, should a claim arise.
Leverage the D&O expertise that we honed during the past four years while we successfully covered the utility industry’s most volatile D&O losses.
Participate in the continuity credit program to lower your long-term cost of risk.
Help further strengthen your mutual.
We encourage you to take a fresh look at this improved offering.
AEGIS can now restore the Fiduciary Liability limits to $35 million for member companies in good financial condition who have adopted state-of-the-art loss control measures such as excluding inside directors and officers from serving as fiduciaries and encouraging employees to diversify assets in 401(k) accounts. For companies that have not implemented these kinds of practices we must continue to restrict the fiduciary limits to $25 million or less—depending on underwriting criteria—to prudently manage the risk to AEGIS from “tag along” claims. Please contact your underwriter for more information.
Our new credit program, similar to the member property credit program, will soon be available for those members who consistently use the capacity offered by AEGIS in London. The amount of the premium credit pool will vary from year to year depending on the syndicate’s overall performance. Where permitted, each member will participate proportionally, based on their individual contribution. Early next year we will determine the amount of each participating member’s credit when the syndicate’s books for 2002 are closed. Members will be able to apply this credit to their syndicate purchases in 2005. Additional details will be provided shortly.
Many of the general session and breakout presentations have been posted on our website—including Bob Hartwig’s popular presentation on the condition of the insurance industry and the results of the interactive benchmarking session that many of you participated in during our Thursday morning session. We also posted an animated montage of the photographs we took at the AEGIS reception.
Finally, I’d like to remind you to register now for the 2004 AEGIS Claims Seminar which will be held from October 18 to October 20 at the Hyatt Regency Lake Las Vegas in Henderson, Nevada. The seminar and hotel registration deadline is this Friday, September 17.
This seminar will allow attendees once again to share experiences and learn new skills to assist in the day-to-day management of claims and litigation. You will hear from distinguished litigators in the utility and energy fields who will discuss the latest liability and damage theories of plaintiffs and the most effective methods to overcome them. Please refer to the agenda for specific topics and speakers.
To register for the 2004 AEGIS Claims Seminar, please complete the online seminar registration form and submit it by September 17. Registration for the seminar is complimentary. To reserve your hotel room, you can call the hotel directly at 702.567.1234, print out a copy of the hotel reservation form and fax it to the hotel at 702.567.6067, or make your reservations online . Room reservations must be received at the Hyatt Regency Lake Las Vegas by September 17.
For those interested in playing golf, The AEGIS Structured Settlement Company (TASSC), in conjunction with its alliance partners, EPS Settlements and Cambridge Galaher, will host a tournament at The Falls Golf Club , part of the Lake Las Vegas Resort, on Wednesday afternoon following the conclusion of the program. To reserve your space in the tournament, please check the boxes for golf on the seminar registration form and submit by September 17.
AEGIS will request Continuing Legal Education (CLE) accreditation from all states with mandatory continuing legal education requirements.