Issue | 

June 25, 2014

A.M. Best upgrades AEGIS rating and affirms AEGIS London rating

Thanks to your strong support of the underwriting measures we've taken over the past five years, we are very happy to announce that A.M. Best has upgraded the financial strength rating for AEGIS to “A (Excellent)” from “A- (Excellent)” and revised the outlook to “stable” from “positive”.

A.M. Best stated: “The rating upgrade recognizes AEGIS’ strong risk-adjusted capitalization, which is appropriate for its current investment and insurance risks, a historically favorable long-term financial performance, as well as an experienced management team and the utilization of comprehensive enterprise risk management processes.” The rating agency also recognized the fact that policyholders' surplus has completely rebounded from 2008 financial crisis levels.

In addition, A.M. Best reaffirmed the "A (Excellent)" financial strength rating with a positive outlook for AEGIS London. Our analysts noted the financial strength of both AEGIS and the Lloyd's market, as well as the Syndicate's diversified book of business and favorable five-year combined ratio of 89%, as factors that supported their reaffirmation. Read the full A.M. Best press releases.

Thank you for your support in helping us achieve these excellent ratings. 

AEGIS CyberResilience coverage enhancements introduced

We are pleased to announce that our CyberResilience Difference in Conditions (DIC) and Difference in Limit (DIL) coverage is now available to AEGIS members through our AEGIS London operations. We combine property damage, bodily injury and business interruption coverage under existing AEGIS property and excess liability programs with back-to-back cyber protection of information technology and operational technology against cyber-attacks, cyber terrorism and security breaches. We currently offer limits of $15 million and are in the process of arranging additional capacity up to $50 million, and perhaps more. As part of our offering, we also provide access to our in-house energy cybersecurity consultants on matters of risk management, loss control and incident response.

We will provide full details at the AEGIS Policyholders Conference in San Diego next month. For more information in the meantime, please contact George Keefe in our East Rutherford office by e-mail or by phone at 201.508.2797, or Rick Welsh, Head of Cyber Insurance at AEGIS London, by e-mail or by phone at 011.44.207.265.2140. 

2014 AEGIS Policyholders' Conference – San Diego – register by July 1

Please register now for PHC 2014, which will be held Monday, July 28 to Thursday, July 31, at the Manchester Grand Hyatt in San Diego, California. The deadline to reserve hotel rooms and request tours and golf is Tuesday, July 1. The hotel room block is close to selling out so please contact Carrie White by e-mail or by phone at 201.508.2840 if you’re not able to reserve your hotel room online.

We're hard at work on the conference agenda, which will include the annual management report, as well as sessions covering cyber risk management, analysis and insurance, wildfires, trends in member company losses, and evolving risks such as solar storms. San Diego is the hometown of Bill Walton, the NBA superstar and television sportscaster, and he will welcome us to his city on Wednesday morning. Bob Hartwig, President of the Insurance Information Institute, will join us again to present his popular overview of current economic and insurance market conditions, which always provides a useful context for other conference presentations and discussions.

Our keynote speaker will be General Keith Alexander, USA (Ret), who served over the past decade as commander of the U.S. Cyber Command (USCYBERCOM), chief of the Central Security Service (CSS) and the longest-serving director of the National Security Agency (NSA). A four-star Army general, Alexander became head of the NSA and CSS in 2005, a pivotal time period for American security that coincided with the conflicts in Afghanistan and Iraq and the increased threat of cyber-attacks. General Alexander is considered by many to be one of the most strategic thinkers in the intelligence arena and he is widely recognized as an influential force in the domain of cyberspace. He will share his insights into the Edward Snowden leaks, discuss cybersecurity in the energy and utility industry, and offer solutions about what we can do to stay ahead of the curve to protect America’s most vulnerable targets.

Those of you who attended the PHC in 2004 will remember that the Manchester Grand Hyatt overlooks San Diego Bay and Seaport Village, as well as the hotel's easy access to the city’s many attractions, including the Gaslamp Quarter, San Diego Zoo, SeaWorld and Balboa Park. In addition, the hotel’s guest rooms have just been refurbished, and the floor-to-ceiling windows open to let in the fresh sea breezes. Our reception on Wednesday night this year will be on the beach at the iconic and historic Hotel del Coronado overlooking the Pacific Ocean.

We look forward to seeing you, your families and guests in San Diego at PHC 2014!

AEGIS senior staff announcements

Bruce Roznowski has announced that he is retiring from his position as Senior Vice President of the AEGIS Claims Division, effective July 31. Bruce joined AEGIS in 1992 and he has led the Claims Division since 1994. We thank Bruce for his many years of superior claims management, his continuous efforts to advance the technological capabilities of the Division, and his dedicated service to AEGIS and our members. We wish Bruce all the best in retirement.

Jeff Schupack has been promoted to Senior Vice President, and he will assume Bruce Roznowski’s responsibilities as the Claims Division Head. Jeff joined AEGIS in 1988 as a Claims attorney. Since 1996, he has served as Vice President/Senior Counsel, and in 2009 he took on the additional role of overseeing our Human Resources function. Please join us in congratulating Jeff on his new position.

Many of you will recall that Tony Calega retired from his role as Senior Vice President of the AEGIS Loss Control Division in May. Tony joined AEGIS in 1995, and he served as the Loss Control Division Head since 2009. During his tenure, the number of Loss Control services, educational events and publications grew significantly, and now more than 220 AEGIS member companies work with AEGIS Loss Control to help reduce the cost of risk for their own companies and the membership as a whole, while maintaining safe and reliable operating systems. We thank Tony for his many years of dedicated service to AEGIS and our members, and we wish him all the best in retirement.

Howard Somers, a Senior Utility Consultant in the AEGIS Loss Control Division, has been promoted to Vice President, and he will assume the Loss Control Division Head responsibilities of Tony Calega. Prior to joining AEGIS, Howard served in a number of capacities with ConEd in New York, including General Manager of Electric Construction and General Manager of Facilities. Please join us in congratulating Howard on his new position.

Bill Hillman has joined AEGIS as Senior Vice President – Underwriting. Bill comes to us from Guy Carpenter & Company where he served as Managing Director responsible for a portfolio of major property and casualty reinsurance clients. He has been the reinsurance broker for AEGIS for the past 15 years and knows the company very well. In his new position, Bill will be leading a number of strategic functions and initiatives, including reinsurance and enterprise risk management, and working with Bill Cullen on various underwriting matters. Please join us in welcoming Bill to AEGIS.

Save the date – 2014 AEGIS Claims Seminar – October 20 to 22 in Miami Beach

The 2014 AEGIS Claims Seminar will be held Monday, October 20 through Wednesday, October 22, at the Fontainebleau Miami Beach in Miami Beach, Florida.
 
 In 2012, the AEGIS Claims Seminar drew an audience of more than 150 claims and litigation professionals from around the country who gathered to learn and share their experiences. Once again, we will focus on the important issues facing AEGIS members in the defense of their claims. The preliminary agenda includes the always popular gas and electric case studies, as well as other topics of interest to claims professionals and litigators for the utility industry. The seminar will be eligible for Continuing Legal Education (CLE) credits.
 
 AEGIS will sponsor a reception for all attendees on Tuesday evening at the Fontainebleau, and The AEGIS Structured Settlements Company (TASSC), in conjunction with its partners at EPS Settlements and Mesirow Financial, will sponsor a golf outing on Wednesday afternoon.
 
 A landmark since its debut in 1954, the Fontainebleau is conveniently located just 12 miles from Miami International Airport and 28 miles from Fort Lauderdale International Airport.
 
 Please do not contact the hotel to make room reservations. We are holding a block of rooms for all seminar attendees and they can be reserved as part of the seminar registration process that will begin in early August.
 
 The registration fee for the 2014 AEGIS Claims Seminar is $250. For more information, please contact Mark Bluestein by e-mail or by phone at 201.508.2635.