Broadstone Regulatory & Risk Advisory Limited’s Post

While I recently shared PCF's news about acquiring Asset Insurance Agency, I wanted to share this deeper look from Insurance Business. I'm always proud to see PCF as a focus of insurance news, and this spotlight in Insurance Business is no different. Read the full article below for a deeper look into how PCF is doing everything in its power to not only meet but exceed our goals. #PCFInsurnace #Insurance #Acquisition

Insurance brokers have a fiduciary duty to act in the best interests of their clients. Being a fiduciary is a position of trust and requires the broker to put the clients interests ahead of their own. An agent, on the other hand, does not have a fiduciary duty to the insured because they are seen to be an extension of the insurer.   So when an insurer owns a brokerage, in my view, there is a massive conflict.    And today's regulations do not require any disclosure by the brokerage of who owns the business. So the insurance-buying public would have no way of knowing that the broker they are dealing with is essentially an agent, rather than a fiduciary.   Let's take one simple example: One of the greatest value propositions for a broker is advocating for their client in a claim situation - that is where the rubber really hits the road. If the insurer who owns the brokerage denies a claim, what is the likelihood that any employee (who is not an owner) at that brokerage will go to bat for their client and advocate against their 'owner' and 'employer'?   Does anyone else see any issue with insurers continuing to buy up independent brokerages in Canada at a torrid pace?   In my view, independence makes a difference.

Another great article regarding The Mutual Group and the opportunities ahead. It is so rewarding when opportunity for the business and the people come together. Incredibly happy and grateful to be here during this exciting time in our history! #TheMutualGroup, #Opportunity, #Lovewhatyoudo, #growth, #mutualinsurance

The 8 KEY ADVANTAGES of portfolio insurance By Andy Lees and Tony Gimple of Risk Group UK   “All for one, and one for all”, wrote Alexandre Dumas in the Three Musketeers; and the same can be said of opting for one portfolio insurance policy to cover all your properties rather than insuring each individually.   Unlike most other insurers, who typically require a minimum of five properties to qualify for a portfolio policy, Risk Group UK & Landlords Choice offers portfolio cover starting with only two properties.   Moreover, whether you own residential BTLs, commercials, HMOs, previously underpinned, non-standard or a combination of all, Risk Group can seamlessly incorporate them into one single comprehensive policy with a common renewal date.   One portfolio wide policy gives you 8 KEY ADVANTAGES when compared to separate standalone policies. Click the link the read the full article.

The 8 KEY ADVANTAGES of portfolio insurance By Andy Lees and Tony Gimple of Risk Group UK “All for one, and one for all”, wrote Alexandre Dumas in the Three Musketeers; and the same can be said of opting for one portfolio insurance policy to cover all your properties rather than insuring each individually. Unlike most other insurers, who typically require a minimum of five properties to qualify for a portfolio policy, Risk Group UK & Landlords Choice offers portfolio cover starting with only two properties. Moreover, whether you own residential BTLs, commercials, HMOs, previously underpinned, non-standard or a combination of all, Risk Group can seamlessly incorporate them into one single comprehensive policy with a common renewal date. One portfolio wide policy gives you 8 KEY ADVANTAGES when compared to separate standalone policies. Click the link the read the full article.

Today’s Feature Friday is more than just a social media spotlight, but a “welcome to the team!” Felix Morgan, CEO of PCF Insurance Services in Lehi, has joined our editorial board — which helps us select honorees for select issues of the magazine such as 40 Under 40, Q Awards and more. We're thrilled to add his expertise to our decision-making processes. PCF Insurance Services has also made big news! Here’s a snippet from PRNewswire. PCF Insurance Services, a top 20 U.S. insurance brokerage, has closed $400 million in incremental debt financing led by Blue Owl Capital, a global alternative asset manager that acted as lead arranger and administrative agent. "This most recent financing is a testament to the strength of our team and commitment to growth and will enable us to further accelerate our M&A strategy," said Felix Morgan, CEO for PCF Insurance. "As part of PCF's long-term commitment to growth, we seek to identify and acquire businesses that will benefit from strong shareholder value and robust shared services offerings along with access to collaborative, industry-leading professionals." PCF Insurance was recognized on the Inc. 5000 list of the fastest-growing private companies in America for the second consecutive year in 2023. PCF Insurance leverages the industry knowledge and experience of its more than 4,000 employees across 40 states to provide its highly diversified suite of risk management, benefits design, and insurance brokerage services. PCF Insurance strategically slowed M&A efforts in 2023. In 2024, the company has accelerated both M&A and organic strategies to drive growth. Leslie Greve #pcfinsurance #inc5000 #blueowl #insurancebrokerage #mergerandacquisition

Why use an Insurance Broker? – What is Advisor Risk? Organisations are increasingly turning to insurance brokers for the advocacy they provide with insurers. In today's busy world, buying commercial insurance has become complex, and insureds are seeking guidance from trusted experts. It is crucial to ensure your broker is independent, impartial, and unbiased of all insurers to avoid facing substantial Advisor Risk. Without this, achieving the best covers at the most economical cost for your business becomes difficult. If your current intermediary's Financial Services Guide includes language indicating lack of independence, it's time to consider a high-level, independent governance review. This can enhance your organisation's covers, reduce deductibles and excesses, and significantly lower your annual insurance costs.                                                                                                                            If your current intermediary’s Financial Services Guide includes words like the following: Please Note: Not Independent XXXXXX is not independent, impartial or unbiased because: • we or our representatives or associates may receive remuneration or other gifts or benefit from:                   ─ the issuer of the product you buy (e.g. commission that we retain); ─ administrative service fees or expense reimbursements for some services we provide to the issuer of the product; or ─ other third parties for related services provided in connection with the advice service (e.g. premium funding, or reinsurance services), which may reasonably be expected to influence the advice provided to you. • we or our representatives may be subject to direct or indirect restrictions relating to the financial products in respect of which advice is provided; and • we or our representatives or associates have associations or relationships with issuers of financial products and others that might reasonably be expected to influence the advice provided to you…” Have you encountered advisor risk in your insurance dealings? Share your story. #Insurancebroking #advisorrisk #commercialinsurance #riskmanagement ken@resilientriskconsulting.com

NEWS UPDATE - Signate Acquires New Personal Insurance Capability   Those who have worked in the financial advice space for any length of time will agree that protecting our clients’ wealth is foundational to everything we do.    It is with this in mind that Signate Private Wealth has acquired Burling Consulting, Craig Burling’s highly regarded Risk Insurance consulting and advice practice.    With limited Risk Advisors in Australia, advising on risk is becoming ever more complex and difficult, due to regulatory changes and rising premiums.    So, making Craig’s depth of knowledge and expertise available to Signate Private Wealth’s clients makes perfect sense. The process of transitioning Burling Consulting clients into Signate’s systems is already underway.   We see this not only as a perfect extension of the services Signate Private Wealth offers our clients and our referral partners. In addition, by adding Craig into the team this will continue to expand the learning and career opportunities for our team members.   Welcome Craig Burling and the Burling Team.   #SignatePrivateWealth #BurlingConsulting #Riskadvice

Insurance companies can exit Florida entirely, but it involves complexity and significant consequences. Key points include: Feasibility of Exit 1. Regulatory Approval: Requires state regulator approval and detailed plans for managing or transferring existing policies. 2. Policyholder Impact: Companies must notify policyholders and assist in finding alternative coverage. 3. Market Conditions: Decisions are based on financial risks, regulatory challenges, and the competitive landscape. Potential Consequences 1. Consumer Impact: Reduced insurer presence could lead to higher premiums and fewer choices. 2. Availability of Coverage: Obtaining insurance may become difficult, especially in high-risk areas. 3. State Intervention: Regulators might expand state-backed insurance programs to ensure coverage availability. Historical Context - Precedents: Insurers have reduced operations in high-risk states like Florida due to financial risks from hurricanes. - Regulatory Responses: States may implement changes to stabilize the market, such as altering rate approval processes or providing reinsurance support. Alternatives to Complete Exit 1. Selective Underwriting: Offering policies only in lower-risk areas. 2. Rate Adjustments: Adjusting premiums to reflect risks, subject to regulatory approval. 3. Reinsurance Strategies: Using reinsurance to manage risk, though costly. Conclusion Exiting Florida is feasible but requires regulatory approval and careful management of policyholder transitions. Consequences include higher premiums, reduced coverage availability, and potential state intervention. Historically, insurers have opted for scaling back operations or adjusting underwriting criteria rather than complete withdrawal.

Within the vast landscape of insurance service providers, consumers may interact with insurance companies, agents, brokers, underwriters, wholesalers, and third-party administrators, to name a few. While all are important to the insurance industry, consumers should be aware of the differences and clearly understand the implications of working with each. Failure to do so could result in a misalignment of priorities and a risk management program that favors the insurance service provider at the expense of the consumer.  In the new article by Jason Odgers, “Know The Role of Your Insurance Provider,” he defines the role of each, so there is no confusion, as well as offering a list of essential questions buyers should ask when defining the relationship with their risk management partner. Click here for the article, and let us know your thoughts! https://lnkd.in/grc4fyuC