continued - Mississippi

AGENT
M I S S I S S I P P I
VOLUME 36 • NUMBER 2
INDEPENDENT
INSURANCE
AGENTS
OF
MISSISSIPPI
SPRING 2016
800-226-3224
www.fcci-group.com
PERSONAL SERVICE.
EXCEPTIONAL PARTNERSHIP.
“FCCI’s culture stands out. We
are a big company, but we don’t
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Trey Stone, CIC
State Director
Gulf Coast Region
Birmingham, Alabama
Now, let’s talk about your business.
General liability • Auto • Property • Crime
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Coverage available in 18 states. © 2016 FCCI
MSA16_Stone_7x10.indd 1
3/28/16 11:13 AM
AGENT
AGENT
OFFICERS
CHAIRMAN
Brian Berry, Centreville
CHAIRMAN-ELECT
Durr Boyles, Ridgeland
VICE CHAIRMAN
Cecil Vaughan, Columbus
TREASURER
Ray Collins, New Albany
N AT I O N A L D I R E C T O R
Shaw Johnson III, Clarksdale
EXECUTIVE COMMITEE
Bill Allen, Clarksdale
Tatum Brown, Oxford
Brandt Galloway, Columbus
Scott Gray, Meridian
Ray Robertson, Ridgeland
Josh Smith, Brookhaven
Seldon Van Cleve, Indianola
Pam Wilson, Ocean Springs
ELECTED DIRECTORS
Tatum Brown, Oxford
Brandt Galloway, Columbus
Susan Loflin Johnston, Vicksburg
Gwen Jolly, Aberdeen
Brad Kent, Laurel
Jon Pointer, Southaven
Seldon Van Cleve, Indianola
Pam Wilson, Pascagoula
Scott Woods, Jackson
AREA PRESIDENTS
Bill Allen (North), Clarksdale
Dane Capley (Gulf Coast), Gulfport
Josh Smith (Southwest), Brookhaven
M I S S I S S I P P I
VOLUME 36 • NUMBER 2
SPRING 2016
DEPARTMENTS
Chairman’s Message..................................................................................5
From the Commissioner............................................................................7
FEATURES
Dock in Destin: IIAM 118th Annual Convention and Trade Show.......12
2016 Agency Management Conference a Success...................................15
2016 Big “I” Legislative Conference........................................................21
How Our New SEO Campaign is Helping You!....................................23
E&O: Buying, Selling, and Merging an Agency.
What Should You Do?......................................................................25
What Does El Niño Mean to You and Your Clients This Spring?..........29
Education Calendar.................................................................................30
News & Noteworthies.............................................................................31
STAFF:
Benefits of MCEF Virtual Simulator Training.......................................34
Clinton Graham, President
Lauren Hawkins, Editor
Kathy Roberts
Stephanie Spahn
IIAM Awards Chairmen’s Scholarships to Nine Students......................35
IIAM Holds Young Agents Baseball Outing..........................................37
Young Agents Conference: August 4-6, 2016.........................................38
ADDRESS ALL CORRESPONDENCE TO:
Independent Insurance Agents of Mississippi
124 Riverview Drive
Flowood, MS 39232-8908
p: 601.939.9909
[email protected]
INDEPENDENT
INSURANCE
AGENTS
OF
MISSISSIPPI
Strong Agencies Made Stronger
For more than 35 years Iroquois has helped
make strong, independent agencies even stronger
and more independent. And it shows.
LEADERSHIP
Iroquois recognizes some of its members who have recently played
key leadership positions within the industry:
Durr Boyles
Chairman-Elect, IIAM
Boyles Moak Insurance Services
Hugh Brown
Past President, North Area Association, IIAM
Brown Insurance Agency
Tatum Brown
Executive Committee, IIAM
Brown Insurance Agency
Debbie Shempert
Past President, IIAM
Renasant Insurance, Inc.
Josh Smith
President, SW Area Assoc. & Executive Committee Member, IIAM
Smith Insurance Agency, Inc.
Cecil Vaughan
Vice-Chairman, IIAM
Galloway-Chandler-McKinney Insurance Agency LLC
Scott Gray
Past Chairman, IIAM
Insurance Solutions of Mississippi, Inc.
Independent agents with premium from $1 million to more than $100 million join
The Iroquois Group® for market optimization and strategies to increase their
revenue, profits and agency value—without giving up their independence.
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visit our website at www.iroquoisgroup.com
CHAIRMAN’S
MESSAGE
by Brian Berry
A
s my year as IIAM Chairman is coming to an end, I want to say thank you to everyone
who makes IIAM such a special organization. Our member agents and agencies represent everything independent agents strive to be, and the support and participation each of
you offer is appreciated. We certainly could not have all the events and programs that IIAM offers
without the support of our associate members and company representatives. Every event we have is
made possible by their generous support, and for that we say a special thank you.
I also want to take a moment to thank the 2015-2016 officers and executive committee members – Durr Boyles, Cecil Vaughan, Ray Collins, Shaw Johnson III, Scott Gray, Bill Allen, Tatum
Brown, Brandt Galloway, Ray Robertson, Josh Smith, Seldon Van Cleve and Pam Wilson. These
agents give much of their time, energy and leadership to this association and I appreciate their
dedication. Last but not least, I want to take a moment to thank our IIAM staff – Clinton Graham,
Stephanie Spahn, Kathy Roberts and Lauren Hawkins. They work day in and day out to keep the
association running and provide the many benefits, services and events we all enjoy.
We recently held our Agency Management Conference at the Country Club of Jackson. Agency
management expert, Jon Persky, presented three hours of continuing education on Increasing the
Size and Profitability of Your Agency and three hours on Business Perpetuation Considerations.
This event was well attended and we especially had a great crowd for our Meet the Companies
Reception that Wednesday night. Thank you to our Agency Management Conference sponsors!
We also had our luncheon that Thursday and recognized our ten IIAM Chairmen’s Scholarship
winners. You will find these recipients listed in this issue of Mississippi Agent.
I hope you have already registered for our 2016 Annual Convention and Trade Show in Destin,
Florida on June 12-15. This is always a great event and we have been working hard to make sure
this year is even better! You will find a schedule and more information for convention in this issue
of our magazine. If you still need to register, go to www.msagent.org. Also, if you are a company
representative and are interested in being a sponsor or exhibiting at convention, contact Stephanie
Spahn at [email protected] or at 601-939-9909.
If you have young agents in your office, don’t forget to sign them up for the Young Agents
Conference, August 4-7 in New Orleans. This year’s conference will feature continuing education
by John Eubank, one of Mississippi’s favorite instructors. This is a great learning and networking
opportunity for your young agents. Numerous company representatives will be in attendance as
well, so this is the perfect time for young agents and company representatives to do business.
Thank you for the opportunity to serve IIAM as chairman this past year. I have enjoyed all the
events I have gotten to attend and members I have gotten to meet. I look forward to staying active
in the association for years to come and hope you will do the same. This is your association, so get
involved and take advantage of everything your membership has to offer.
MISSISSIPPI AGENT • SPRING 2016
5
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FROM THE
COMMISSIONER
A
by Mike Chaney
INSURANCE COMMISSIONER
s of this writing we are nearing the end of an intense 2016 legislative session. While it
has been productive for our agency in many areas, the passage of Senate Bill 2362 on
April 15, 2016, changes the Mississippi Insurance Department from a special funds to
a general funds agency. I hope the passage will not have a negative impact on the department’s
ability to provide vital services to Mississippians, many of which save lives and property.
Examples of key programs and services that could be impacted are:
•
Fire protection rebate funds which provide funding to counties for fire protection and
which result in tangible savings in insurance premiums
•
The provision of legal services to the Department from the Attorney General’s Office
in the areas of litigation support, receiverships and health care reform
•
The elimination of special funds thus impacting the Department’s ability to: provide
fire safety education and training; regulate the l.c. gas industry; inspect elevators; and
fund the rural fire truck program
While the Legislature thinks the bill will provide transparency and accountability, it will
probably do just the opposite. Our agency had no input in the language of the bill or on the
potential cause and effect of the bill on operations of the agency. I hope it will not have a dev-
astating effect on state agencies and the services these agencies provide to Mississippi citizens.
I do want to commend the members of the Mississippi Insurance Department staff who
work with our legislators in drafting and supporting legislation that benefits insurance agents,
providers and consumers. They have done an excellent job during a session that has been at
times both daunting and exasperating.
The results of their efforts thus far are three bills that will directly affect agents. Here is a
brief review of those bills and their current status as of today (4/15/16).
Senate Bill 2192 - Agent Licensing Bill
This bill amends certain insurance producer licensing provisions.
•
One change is that it will allow MID to take the same action against a nonresident insurance producer that the nonresident’s home state has taken against the nonresident
for insurance code violations.
Currently, if a nonresident insurance producer loses his or her license in their
home state, the current statute requires MID to hold a hearing before taking
administrative action against that producer, even though for a nonresident insurance producer to have a license in this state they must hold an insurance producer
license in good standing in their home state.
In order to hold a hearing, the attorney handling the matter must obtain service of process
over the insurance producer, which means they must be served with the Notice of Hearing.
MISSISSIPPI AGENT • SPRING 2016
7
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FROM THE COMMISSIONER
As these persons reside out of state, it has been
nearly impossible to serve these nonresident agents.
As a result, these nonresident agents have a revoked or suspended license in their home state, but
an active license in our state. That is unacceptable.
This bill would allow MID to take the same administrative action against the nonresident as the
nonresident’s home state has taken without the
need for a hearing. For example, if a nonresident’s
home state has suspended their insurance producer
license for six months; their Mississippi nonresident license would automatically be suspended for
six months.
•
Another provision of this bill would provide the commissioner with the authority to enjoin any licensed
person, company, corporation or association who has
engaged in improper or unauthorized activity.
This bill was signed by the governor in early April and takes
effect on July 1, 2016.
(continued)
SB 2189 - Life and Health Risk Based Capital Bill
•
Risk-Based Capital (RBC) is a method of measuring
the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile.
•
RBC limits the amount of risk a company can take.
It requires a company with a higher amount of risk to
hold a higher amount of capital.
•
Capital provides a cushion to a company against insolvency.
•
In an effort to have uniform regulatory laws, all states
have the same RBC requirements.
•
This bill amends the Company Level Action RBC ratio
for a life and/or health insurer from the current ratio of
2.5 to 3.0.
•
All states will be amending their RBC laws to make
this change.
This bill was signed by the governor in early April and takes
effect on July 1, 2016.
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MISSISSIPPI AGENT • SPRING 2016
Elba, Alabama
9
FROM THE COMMISSIONER
(continued)
SB 2664 - Bail Bondsman Bill
•
This bill makes several changes to the current bail bond law to
create increased regulatory authority over the bail bond industry.
The intent of this bill is to create greater regulation and
transparency of the bail bonds that are written in this state.
•
MID will also provide a report by December 1, 2017
to the House and Senate Accountability Efficiency and
Transparency Committees regarding the information
received through the database.
•
This bill has MID approving all pre-licensing and continuing education courses for bail bondsmen.
•
This bill includes creating an Electronic Bondsman
Registry to require all bail bondmen to register with
the department and allow the department to create an
online registry that would allow sheriffs and clerks to
be able to verify that a person holds a bail bond license.
•
This bill creates a Bail Bond Database listing every bail
bond issued in this state. Bail Bondsmen will be required to register the bail bond within a specified time,
and would also have to provide information such as the
amount of the bond, when it was discharged, if it was financed, and if collateral or a security interest was taken
if the bail bond was financed.
There was Senate concurrence on this bill in early April and
as of this writing is on its way to the governor for his signature.
Once signed it will also take effect on July 1, 2016.
Each legislative session sees new challenges placed before us,
and I assure you again that the staff of the Mississippi Insurance
Department is dedicated to drafting or supporting bills that are
in the best interests of insurance agents, providers and consumers of this state.
Relax. We’ve got you covered
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MISSISSIPPI AGENT • SPRING 2016
11
IIAM 118th Annual Convention and Trade Show
June 12-15, 2016
I
t’s time for another year of family fun at IIAM’s 118th Annual Convention
and Trade Show June 12-15, 2016! This year’s theme is a “Docking in Destin,”
so get ready to set sail for a fun week!
IIAM Chairman, Brian Berry, invites you to attend this convention where
there will be exhibits, networking opportunities and a lot of fun! This year’s special
guests include former NFL Player Beasley Reece; Insurance Commissioner Mike
Chaney; and incoming IIABA Chairman Spencer Houldin. The convention kicks
off Sunday, June 12, with registration and the trade show starting at 2:00 p.m. On
Monday night, attendees will enjoy a fun-filled evening at the Dinner/Dance, with
music by The Tip Tops.
This convention offers something for everyone and is very family oriented.
From Kids Nite Out to the Dinner/Dance and beach activities, there will be plenty
of action for the whole family. Make plans now to head to Destin this June for
some fun!
Speakers
Beasley Reece
Former NFL Player
Mike Chaney
Insurance
Commissioner
Spencer Houldin
IIABA Chairman-Elect
Entertainment by
The Tip Tops
Convention & Trade Show Schedule
Sunday, June 12
8:30 - 9:30 a.m. 10:00 a.m. 2:00 - 5:00 p.m. 6:00 - 11:00 p.m. 6:30 - 7:30 p.m. Board Meeting
Past Presidents Brunch
Registration
Trade Show Open
Kids Nite Out
Welcoming Cocktail Party
Dinner on your own
Monday, June 13
6:30 - 9:00 a.m. 8:00 - 10:00 a.m. 1:00 p.m. 1:00 - 3:00 p.m. Breakfast Cart
Registration
Trade Show Open
Beach Activities Volleyball and
Sandcastle Building
Ice Cream by the Pool
Monday, June 13 (cont.)
6:00 - 11:00 p.m. Kids Nite Out
7:00 p.m. Cocktail Reception
7:30 p.m. Dinner/Dance
Tuesday, June 14
6:30 - 9:00 a.m. 9:00 a.m. - noon 1:00 - 5:00 p.m.
1:00 - 4:00 p.m. 6:00 - 11:00 p.m. 7:00 p.m. 8:00 p.m. Breakfast Cart
General Session
“Quench your Thirst”
Beach Refreshment Tent
Frozen Drinks by Pool
Kids Nite Out
Cookout Dinner/Pool Party
Charlie’s Crab Chase
Wednesday, June 15
9:00 a.m. - noon Jazz Brunch
MISSISSIPPI AGENT • SPRING 2016
13
2016 AGENCY MANAGEMENT CONFERENCE
A SUCCESS
T
he Independent Insurance Agents of Mississippi recently held its
annual Agency Management Conference at The Country Club of
Jackson. The speaker for this year’s conference was agency management expert Jon Persky who presented three hours of continuing education
on “Increasing the Size and Profitability of Your Agency” on Wednesday afternoon and three hours of continuing education on “Business Perpetuation
Considerations” on Thursday morning. These seminars provided valuable
information for attendees to take back to their agencies.
Another highlight of the conference was the “Meet the Companies”
reception where agents had a chance to visit with company representatives.
IIAM would like to thank all of our sponsors for
helping make this year’s event a huge success:
PLATINUM LEVEL SPONSORS:
AmFed
Beasley General Agency, Inc.
Safeco/Liberty Mutual Ins.
GOLD LEVEL SPONSOR:
Berkley Southeast Ins. Group
Eastern Alliance Ins. Group
Mathison Insurance Partners, Inc.
SILVER LEVEL SPONSORS:
FCCI Insurance Group
BRONZE LEVEL SPONSORS:
Accident Fund Ins. Co. of America
Builders Mutual Insurance Co.
Central Adjustment Company, Inc.
Dixie Specialty Insurance
EMC Insurance
First Insurance Funding
Imperial PFS
Insurance Solutions Group, Inc.
MMA Insurance Services
Progressive Insurance Co.
Risk Placement Services
SCU
Selective Insurance Co. of America
Southern Access Capital
Stonetrust Commercial Insurance Co.
United Fire Group
MISSISSIPPI AGENT • SPRING 2016
15
2016 Agency Management Conference A Success
16
MISSISSIPPI AGENT • SPRING 2016
(continued)
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2015 Agency Management Conference A Success
MISSISSIPPI AGENT • SPRING 2016
(continued)
19
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2016 Big “I”
Legislative Conference
I
n April, a delegation from the Independent Insurance Agents of Mississippi traveled to Washington, D.C., for the 2016 Big “I”
Legislative Conference.
The conference included visits and discussions of crucial issues – such as health care reform, insurance regulation, flood insurance,
crop insurance, and other topics – with Sen. Roger Wicker, Sen. Thad Cochran, Rep. Gregg Harper, Rep. Trent Kelly, and a staff member
from Rep. Steven Palazzo’s office.
The following represented IIAM at this year’s conference: Chairman Brian Berry, Vice Chairman Cecil Vaughan, Treasurer Ray
Collins, National Director Shaw Johnson III, Bill Allen, Scott Gray, Seth Hood and President Clinton Graham.
MISSISSIPPI AGENT • SPRING 2016
21
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GM, Agency Sales
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HOW OUR N EW SEO CAM PA IGN
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IS HELPING YOU!
hile our advertising spend will never outpace Geico,
State Farm and other direct carriers, the independent agency channel does have the power of Search
Engine Optimization.
SEO, as it’s more commonly called, is the strategic digital
game being played on Google every day. The best SEO efforts are
rewarded with a high rank on Google’s search results. The higher
you are on Google, the more consumers flow through your website.
On December 31, 2015, TrustedChoice.com ranked on Page
One of Google for 11,000 keywords and attracted a total of just
over 3 million visitors. Thanks in part to our IIAM-funded campaign to adopt geo-targeted SEO techniques, TrustedChoice.com
anticipates 5 million visitors to the site in 2016. That’s a 64% increase in traffic over 2015, which will lead to even more referrals
to member agencies.
So, what are geo-targeted SEO techniques?
Optimizing for city-linked insurance keyword combinations
allows TrustedChoice.com to rank higher based on an online
shopper’s geographic location.
In other words, these techniques show TrustedChoice.com to
Mississippi consumers who search for insurance online.
TAKE A MOMENT AND TRY GOOGLING THESE
KEYWORDS. YOU’LL SEE WHAT WE MEAN:
• Gulfport business insurance cost
• Jackson business insurance
• Jackson car insurance policy
• Oxford business insurance cost
As your state association, we are financially supporting the development of geo-targeted content for 50 communities throughout Mississippi. We currently rank on Page One of Google for
424 city-linked insurance keywords, like those above.
This campaign is an investment in our member agencies, particularly those with Advantage Plan subscriptions, which are best poised
to benefit from TrustedChoice.com traffic. If you have feedback or
questions about TrustedChoice.com in general — or about this SEO
campaign in particular — don’t hesitate to reach out to us.
“When it happens in the territory-give CAC a call.”
LOCATIONS SERVICING MISSISSIPPI:
•Greenville •McComb •Mobile
•Jackson •Memphis •Tupelo
•Hattiesburg
CLAIMS FAX HOTLINE: 866-455-1777
EMAIL CLAIMS TO: [email protected]
PO Box 25068 • Little Rock, AR 72221 • Ph: 888-227-5506 • Fx: 866-455-1777
MISSISSIPPI AGENT • SPRING 2016
23
E&O
Buying, Selling, and Merging an Agency
What should you do?
By Ronald Kettner, CPCU and Richard F. Lund, J.D., Vice President, Senior Underwriter, Swiss Re*
O
ne of the biggest decisions of your professional insurance
career comes when you decide to either sell the agency
you’ve worked long and hard to create, or to buy another
agency that someone else has worked long and hard to create.
You’ve met with the owners of the agency, you’ve looked at the
book of business, you’ve agreed on a price, hopefully you’ve
contacted your attorney to help you draft the buy/sell agreement,
and you’re a few short days away from closing the deal when
suddenly someone asks: what about the E & O coverage? Who’s
doing what? Are you going to pick up the prior acts or am I? Can
we just transfer the E&O policy to the new owners? What kind
of losses have you had? All of these questions should be asked
at the beginning of the talks regarding the sale/purchase, but
unfortunately they usually aren’t discussed until the last minute
and they can have a big impact on the deal.
Think about this, when you buy a new car or are selling
your current one, one of the first things you should do is
contact your insurance provider. It’s no different when you are
buying or selling an insurance agency. It also applies when you
are only buying or selling a book of business. In most, if not all
cases, your E&O policy states that you must notify your E&O
provider within 90 days of a merger or acquisition (check your
policy for verification of the time limits.) Failure to notify your
carrier in a timely manner could result in a gap in coverage.
So let’s go through the steps you should follow when you are
making a life and business changing decision regarding your agency.
Buying an agency
You’ve been talking with a fellow agent about buying their
agency for some time and now you’ve both decided that the time
is right. There are many details to consider and the first of which
is to do your due diligence to review the other agencies operations,
book of business, finances and E&O Policy. At this point it is
advisable to retain an attorney to help you through the process.
Remember, an attorney can only represent one party, not both. You
and the seller should each seek separate counsel. It is a good idea
to have a confidentiality agreement with the seller so that you can
freely review all of the documents necessary to begin the change of
ownership. After you have completed your due diligence and you
and the seller are comfortable with all aspects of the agency, the
attorney’s will draft the buy/sell agreement.
Included will be such things as the timing of the sale, the
assets to be transferred, the price, and of particular importance
is who is responsible for the liabilities of the selling agency.
The cleanest way to do this is for each party to retain their
own liabilities. In regard to the seller’s E&O policy, they will
purchase tail coverage and the buyer will add the new agency’s
book of business to their current E&O policy.
The reason this is the cleanest way to make the change, is because
the seller will have the peace of mind of knowing that should a claim
arise after the sale for acts while they owned the agency, their E&O
policy will provide coverage for them. For the buyer, they know that
they will not be responsible for any acts that may have occurred prior
to the purchase of the agency. This is true whether or not the selling
agency will continue as a separate entity or location for the buying
agency. In most cases, even if the buyer maintains the new agency as
a separate entity or location, it can be included on their current E&O
policy for errors and omissions that are made after the sale.
Another option, while not the best way to transfer the
ownership, is for the purchasing agency to agree to accept
responsibility for prior acts. This is accomplished by adding the
selling agency to the buying agency’s E&O Policy. However,
please remember that this must be approved by the E&O carrier
before the sale is completed. It is imperative that you contact your
E&O agent as soon as you begin the buy/sell process. You will be
required to provide a loss history of the seller, and the carrier may
MISSISSIPPI AGENT • SPRING 2016
25
E&O: BUYING, SELLING, AND MERGING AN AGENCY
require an application providing information about the mix of
business, gross annual premium, commissions, staff, etc. In some
cases the carrier may not agree to provide prior acts due to claims
history, nature of the book of business, etc. In that case the seller
should purchase tail coverage from their current E&O carrier.
One thing to keep in mind is that the cost of tail coverage
or additional premium expense if the prior acts are provided
by the buyer can, and should, be considered in determining the
sale price of the agency.
Selling an agency
As a seller of an agency, you may feel that it is important to
maintain your agency’s legacy. If this is important to you, be sure
to discuss this with your attorney so that it is properly addressed
in the agreement. If you have valued employees that you wish to
provide for, you should include how they will be taken care of in
the agreement. This may be a source of negotiation as the seller
may not wish to add any permanent staff, so make sure this is
brought up in your discussions with the buyer.
An important aspect that was mentioned previously is
(continued)
protection for you if a claim should arise after the sale. As stated
before, the best way to ensure this is to purchase tail coverage from
your current E&O carrier. While you may not want to add the
expense of tail coverage and you believe you are protected because
of your agreement with the buyer that they will provide coverage
for prior acts and will maintain an E&O policy, you have no
guarantees that it will be done. It is not unheard of after an agency
sale for the buying agency to either go out of business, sell their
agency to another party who will not agree to provide prior acts, or
have their E&O policy terminate either voluntarily or involuntary.
In each of these cases you could be left without coverage.
Another thing to consider should your agency be added as
an additional insured on the buyers’ policy is that any claims,
whether they are for your agency or the buyer’s agency, will be
subject to the policy limit of the buyers’ policy, regardless of
whether there are multiple claims as a result of either agency. In
other words, are you comfortable that the policy limits of the
buyers E&O policy are sufficient to cover both your and their
claims? Also, it should be made clear who will be responsible
for any deductible payment.
E&O: BUYING, SELLING, AND MERGING AN AGENCY
(continued)
Mergers
If you are merging with another
agency to either form a new agency or be
a continuation of one of the two, there are
a couple of different ways to handle this in
regard to your E&O coverage. One way is
to have a new E&O policy for the newly
created entity. This ensures a clean slate for
all involved. If a new policy is created, each
of the former agencies can purchase tail
coverage or they can be added as additional
insureds on the new entity policy. Again,
keep in mind that any claims will be subject
to the limits of the remaining policy and
remember that this must be approved by the
E&O provider prior to the completion of
the agreement to ensure that the carrier can
comply with your wishes. Another way to
handle a merger is to terminate one policy
and have that agency added as an additional
insured to the policy of the “surviving”
agency. The agency that is terminating their
policy can either purchase tail coverage or be
added as an additional insured upon approval
by the E&O provider.
Internal sale
Many times an owner has a key agency
employee who they believe is qualified to
take over the agency. Everything that has
been stated before applies just the same in
these situations. There should due diligence
by both parties, attorneys should be retained,
agreements drafted and entered into, and
all other aspects of the change of ownership
should be carefully contemplated and resolved.
Transfer of
a book of business
Mergers and Acquisitions Checklist
1
YES
NO
Has a careful and thorough due diligence been
completed on the agency, brokerage, or book of
business being acquired?
2
YES
NO
Has there been a thorough investigation and analysis of
why the agency for sale is, in fact, up for sale?
3
YES
NO
Is the selling agency’s retention lower than average?
4
YES
NO
Are the current agency-company relationships in
jeopardy?
5
YES
NO
Does the selling agency have a higher than average
staff turnover?
6
YES
NO
Is there either frequency and/or severity of E&O claims
against the selling agency?
7
YES
NO
Have outside contacts and sources been discretely
tapped to determine relative strengths and weaknesses
of the agency for sale?
8
YES
NO
Have the documentation and file retention practices of
the selling agency been audited?
9
YES
NO
Have you engaged a lawyer experienced in handling the
purchase and sale of insurance agencies?
10
YES
NO
Does the purchase contract include indemnification
language protecting your agency from claims relating
to negligence of the seller committed before the sale
closing?
11
YES
NO
Has your E&O insurer agreed to accept the risk of the
acquired or merged operation?
NO
Has a timeline been defined to fix gaps or nonconcurrencies in coverage, inadequate liability and/
or first-party limits and/or other potential coverage
deficiencies in an acquired agency’s book of business?
12
YES
13
YES
NO
Have the necessary resources been confirmed as
available to service the acquired accounts on a basis
that is consistent with your agency’s current level of
service?
14
YES
NO
Has the selling agency purchased tail coverage for the
protection of the acquiring agency or brokerage and its
own protection?
15
YES
NO
Has a timeline been defined to integrate the acquired
agency into the existing practices and procedures of
your agency?
This is a suggested list of issues to consider during mergers and acquisitions. It
should not be relied upon as the sole source for reviewing and implementing
mergers and acquisitions. Be sure to consult with qualified legal counsel.
Copyright © 2008, Big “I” Advantage, Inc. All rights reserved. No part of
this material may be used or reproduced in any manner without the prior
written permission from Big “I” Advantage.
Remember that even if all you are doing
is transferring a book of business, either as a
buyer or a seller, all of the things mentioned
previously apply. While you might think that a
MISSISSIPPI AGENT • SPRING 2016
27
E&O: BUYING, SELLING, AND MERGING AN AGENCY
transfer of only a small book of business should be uncomplicated,
as soon as a claim is made it can become very complicated.
Key points to remember
• Consult your attorney and have a formal written
agreement outlining the duties and responsibilities of
all of the parties.
• Contact your E&O provider as soon as you can to
ensure that coverage can be provided as you intend
and that there are no gaps in coverage.
• Giving timely notice to your E&O provider is of
utmost importance as many carriers may be unable
to comply with your intent after the transaction has
already been completed.
You spent your professional insurance career building a business
that has provided you with a livelihood and personal fulfillment. If
you are either growing or selling your agency, you want the peace of
mind of knowing that you have adequately protected yourself.
One-Stop Shopping
This article is intended to be used for general informational purposes
only and is not to be relied upon or used for any particular purpose. Swiss
Re shall not be held responsible in any way for, and specifically disclaims any
liability arising out of or in any way connected to, reliance on or use of any
of the information contained or referenced in this article. The information
contained or referenced in this article is not intended to constitute and should
not be considered legal, accounting or professional advice, nor shall it serve as
a substitute for the recipient obtaining such advice. The views expressed in this
article do not necessarily represent the views of the Swiss Re Group (“Swiss
Re”) and/or its subsidiaries and/or management and/or shareholders.
*Ronald S. Kettner, CPCU is a Vice President and Senior Underwriter
of Swiss Re/ Westport underwriting insurance agents errors and omissions
coverage. He has over 30 years experience in the insurance industry, underw
Richard F. Lund, JD, is a Vice President and Senior Underwriter of
Swiss Re/Westport, underwriting insurance agents errors and omissions
coverage. He has also been an insurance agents E&O claims counsel and
has written and presented numerous E&O risk management/ loss control
seminars, mock trials and articles nationwide since 1992.
Copyright 2011 SwissRe
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MISSISSIPPI AGENT • SPRING 2016
(continued)
What Does El Niño Mean to
You and Your Clients This Spring?
Y
ou may associate El Niño with increased precipitation in California and areas in the Southwest; however, you may not realize that
a strong El Niño can cause unpredictable weather across the United States. National Oceanic and Atmospheric Administration
(NOAA) forecasters are warning residents to prepare for flooding now as indicated through historical El Niño patterns. Don’t
wait until hurricane season to have the flood talk with your clients.
Parts of the South and Midwest have already seen their
fair share of flooding this season. In December, areas along
the Mississippi and Arkansas Rivers flooded after heavy rains,
resulting in river levels not seen since the Great Flood of 1993.
Although weather experts hesitate to attribute specific extreme
weather events solely to El Niño, they warn residents along
the Atlantic and Gulf Coasts to expect higher-than-average
precipitation through May.
All it takes is one storm to cause a flood in a client’s home,
and just a few inches of water can cause tens of thousands of
dollars in damage. Without flood insurance, your clients could be
left paying for the damage out of pocket since most homeowners,
renters, and business policies typically don’t cover flood damage.
Help your clients protect what matters by encouraging them to
purchase a flood insurance policy.
TALK TO YOUR CLIENTS ABOUT
FLOOD INSURANCE
Flood insurance may not prevent your clients from a flood,
but it can help them put back the pieces in the event of a flood.
Give them peace of mind knowing that they are covered if the
unexpected happens. Arm them with the right information to
protect their investment and help make their house a home.
If your clients already have flood insurance, be sure to review
their coverage with them to identify any potential gaps, such as
contents coverage. If their policies are up for renewal, stress the
importance of not letting their coverage lapse. If they are located in
a moderate- to low-risk flood area, talk to them about purchasing
a Preferred Risk Policy—a lower-cost option that includes both
building and contents coverage. Remember, more than 20 percent
of National Flood Insurance Program (NFIP) claims and onethird of disaster assistance for flooding come from people outside
of high-risk flood areas.
FloodSmart—the marketing and education campaign of
the NFIP—offers many resources on Agents.FloodSmart.gov to
help you talk to your clients about flood insurance. Visit the new
Outreach Materials page, where you can find and print materials
to share with your clients.
Also, be sure to register for the free FloodSmart Agent
Referral Program at Agents.FloodSmart.gov to grow your
business and receive free qualified leads. All that’s required is 2
hours of flood insurance training valid within the past 2 years.
Need to refresh your training? Take advantage of the new online
flood courses offered by the NFIP.
This spring El Niño brings an increased risk of flooding to
your area. Be sure that your clients have coverage against flood
damage to protect what matters.
MISSISSIPPI AGENT • SPRING 2016
29
IIAM Education
Online and in the Classroom
Need continuing education hours? IIAM has you covered!
Choose from several classroom seminars this fall or
choose from numerous ABEN webcasts available almost daily!
ABEN Webcast Topics
Classroom Seminars
ACSR 4: Agency E&O
Young Agents Conference (6 hours)
ACSR 5: Professional Development
August 5-6 - New Orleans, LA
Certificates of Insurance
Certificates of Insurance & Additional Insureds
Cyber Gaps
Ethics (3 hours)
Recruiting, Motivating and Developing Producers
(3 hours)
Cyber Insurance
September 22 - Flowood, MS
Data Privacy Insurance
E&O Risk Management
Employment Law & the Insurance Agent
Ethics and Business
Ethics in Today’s Changing Times
What to do When the Adjuster Says No (6 hours)
October 13 - Flowood, MS
E&O Risk Management/Ethics (6 hours)
October 31 - Oxford, MS
Insurance & BBQ: The Hidden Connection
November 1 - Flowood, MS
Insurance Claims that Cause Problems
November 2 - Flowood, MS
Liability Issues to Worry About
November 3 - Hattiesburg, MS
National Flood Insurance Program
Personal Lines Problems and Pitfalls
Street Level Ethics
The E-World for Insurance Professionals
The Ultimate Account Manager
Workers Compensation: Beyond the Basics
Go to iiam.aben.tv for more
information or to register.
Go to
www.msagent.org
for more
information or to
register.
NEWS & NOTEWORTHIES
LUBA Workers’ Comp names Brandi Gonzales to
Premium Audit and Billing Manager
LUBA Workers’ Comp has
named Brandi Gonzales as Manager
of their Premium Audit and Billing
department.
Gonzales began her career with
LUBA in 2004 in the Billing and
Audit department working as an
Analyst and then Team Coordinator.
She was promoted to Supervisor
in 2010 and served in that role
until she was named head of the
department this year. Through her years at LUBA, Brandi has
been responsible for premium audits of policyholders, billing
procedures and data reporting and compliance with the National
Council on Compensation Insurance (NCCI). In her new role
as Premium Audit and Billing Manager, Gonzales interfaces
with LUBA agents, policyholders and oversees day-to-day
operations of the department.
“Brandi’s passion for the industry and loyalty to the
company is demonstrated by the nearly 12 years she’s been with
LUBA,” said Mike DePaul, Chief Operating Officer. “Her
experience coupled with her diligent work ethic more than
qualifies her to oversee this crucial department.”
She is a member of the National Society of Insurance
Premium Auditors and sits on the Board of Directors for Cancer
Services of Greater Baton Rouge.
.®
.
There can be no doubt that all our knowledge begins with experience. – Immanuel Kant
www.summitholdings.com
Policies are underwritten by Bridgefield Casualty Insurance Company and Bridgefield Employers Insurance Company, authorized insurers in AL, AR, FL, GA, KY, LA, MS, LA, NC, SC, TN and TX; Retailers
Casualty Insurance Company, authorized in AR, LA, MS and TX. ©2016 Summit Consulting LLC | 2310 Commerce Point Drive, Lakeland, FL 33801
MISSISSIPPI AGENT • SPRING 2016
31
we have
a new
name
along with a new
look, and all the
same great
solutions you’ve
come to expect
Effective January 1st Union Standard Insurance Group in Mississippi is now Berkley Southeast Insurance Group
Berkley Southeast Insurance Group (BSIG) is a member company of W. R. Berkley Corporation, a Fortune 500
Company, whose insurance company subsidiaries are rated A+ (Superior) by A. M. Best Company.
A
M
BEST
Our independent agents and policyholders can expect to continue to receive the same outstanding
products, services and solutions, as our staff remains unchanged.
Jeffrey Carver, Regional Vice President, continues to lead our staff at the local branch office at
4909 Great River Drive, Meridian, MS 39305.
BSIG takes a broad approach to underwriting for ‘best in class’ business primarily in the construction, light
manufacturing, hospitality, real estate, mercantile, wholesale and business service industries. At Berkley Southeast
Insurance Group we have local people finding practical solutions…. for our agents and policyholders.
For additional information please contact:
Jeffrey Carver at [email protected] | 601.581.4134
berkleysig.com
local people finding practical solutions
NEWS & NOTEWORTHIES
Lemon Mohler Insurance Teams up with Home of
Grace for Resident Christmas Party
Lemon Mohler Insurance hosted a Christmas party for residents
of the Home of Grace and their families as well as the Home of
Grace staff. A good time was had by all between taking family
photos, arts and crafts, and singing Christmas carols. The Home of
Grace is a non-profit organization offering faith-based addiction
recovery. Lemon Mohler Insurance was honored to have been able to
volunteer with this organization this past holiday season.
A.M. Best Revises Columbia’s Outlook to Stable
A.M. Best revised the outlooks to stable for Columbia
Insurance Group (Columbia) and its subsidiaries, listed below.
Additionally, the financial strength rating of A- (Excellent) and
issuer credit ratings of “a-” are reaffirmed.
(continued)
According to A.M. Best, the outlook revisions to stable
are “based on Columbia’s recent trend of improved operating
performance and risk-adjusted capitalization.” In recent years,
Columbia has worked hard to implement more sophisticated
underwriting and pricing tools, improved agency management
strategies and withdrawn from unfavorable lines of business,
which have all improved profitability.
“We are grateful for the hard work and dedication of our
agency partners in achieving our recent success,” says Gary
Thompson, President/CEO of Columbia. “It’s their collective
efforts combined with the work of our talented staff which led to
our improved results.”
The financial strength ratings of A- and the issuer credit
ratings of “a-“ have been affirmed for the following subsidiaries,
which collectively make up Columbia Insurance Group:
• Columbia National Insurance Company
• Association Casualty Insurance Company
• Georgia Casualty & Surety Company
• Citizens Mutual Insurance Company
• Columbia Mutual Insurance Company
For 140 years, it’s been Columbia’s mission to build
enduring relationships with their customers by providing value
and exceptional service in fulfilling their promises.
Stepping Forward to Serve Clients
MidSouth Mutual has provided quality Workers’ Compensation insurance and services to agents and
their clients since 1995. Every step of the way, the company has moved
forward to provide exceptional service and expanded coverage
areas across the Southeast.
MidSouth Mutual provides strength, reliability and
value to agents and their clients through
quality products, forward-leaning
loss control and superior
claims services.
Examples of clients we serve include:
HVAC Contractors
Carpenters
Building Suppliers
Framers
Dozing Services
Dry Wallers
Road Contractors
Landscapers
Bricklayers
Masonry
Electricians
Insulation
Plumbers
Cabinetry
Painters
Flooring
Contact Tom Perez at [email protected] or 615-379-8245
www.midsouthmutual.com
MISSISSIPPI AGENT • SPRING 2016
33
Benefits of MCEF
Virtual Simulator Training
F
ounded in 1996 to answer the training needs of
tomorrow’s workforce; Mississippi Construction
Education Foundation (MCEF) is dedicated to
building a resource of well-trained craft professionals for
the construction and manufacturing industries. Constant
innovations in training, competencies and delivery
methods have lead MCEF into the 21st century with the
introduction of virtual simulators for commercial driving
and VRTEX welding.
The commercial driving simulator brings to life hundreds of driving scenarios, vehicles and road conditions to meet the needs of multiple
industries. Companies can use the simulator for new hires, post-accident remediation, and continuing education. MCEF currently
offers simulation training for concrete, dump and long haul driving, but can be expanded to emergency response, power generating
companies, police and fleet applications, CDL training and many more.
Virtual welding simulators have programs relevant to the beginner as well as the seasoned professional and provide a safer training
environment than live-welding. Applications for the simulator include pre-hire assessments, existing employee evaluations and
fine tuning the long-time welder who may have developed complacency over time. Both of these simulators provide actual, real-world training that results in better prepared employees and improved safety. The
driving simulator has a proven reduction in the number of work place incidents, collisions, and injuries for those trained on virtual
simulators. Users of the commercial driving simulator report a 20% decrease in injuries and an 18% decrease in the number of collisions
which translates to reduced costs and fewer insurance claims.
MCEF is here to answer the ever changing training needs of the construction and manufacturing industries and is the one-stop shop
for producing high-quality, trained professionals. Contact us at 601-605-2989 for information regarding customized training programs and
the benefits these simulators can offer your clients or company.
34
MISSISSIPPI AGENT • SPRING 2016
IIAM Awards Chairmen’s
Scholarships to Nine Students
The Independent Insurance Agents of Mississippi awarded Chairmen’s Scholarships to ten students for the Spring 2016 semester.
IIAM recognized this year’s scholarship recipients at the luncheon of the Agency Management Conference, on February 18, at The
Country Club of Jackson.
IIAM Chairmen’s Scholarship recipients:
• Julie Burke, daughter of Gordon Burke Jr. of Cooke
Insurance Center in Hernando. Julie is a senior at
Mississippi State University.
•
Kristen Miller, daughter of Tanya Miller of Vicksburg
Insurance Agency in Vicksburg. Kristen is a junior at the
University Mississippi.
•
Brad Coleman, son of Diane Coleman of Ross & Yerger
Insurance in Jackson. Brad is a junior at the University of
Mississippi.
•
Sallie Pendley, daughter of Terry Pendley of Old South
Insurance Group in Hazlehurst. Sallie is a senior at
Mississippi State University.
•
Emily Floyd, daughter of John Floyd of Cornerstone
Insurance & Financial in Booneville. Emily is a senior at
the Mississippi University for Women.
•
Wesley Swedenburg, son of Steve Swedenburg of Galloway
Chandler McKinney Insurance Agency in Columbus.
Wesley is a junior at Mississippi State University.
•
Paige Gower, daughter of Patsy Gower of Meyer
& Rosenbaum in Meridian. Paige is a senior at the
University of Southern Mississippi.
•
Lindsey Winborne, daughter of Sandy Winborne of
Insurance & Risk Managers in Brookhaven. Lindsey is a
sophomore at the Mississippi State University.
•
Paige Knapp, daughter of Barbara Knapp of Ross & Yerger
Insurance in Jackson. Paige is a junior at Mississippi State
University.
•
John Wise, son of Deanna Wise of Collins Insurance
Agency in New Albany. John is a junior at Mississippi
State University.
Established in 2003, IIAM awards $1,000 Presidential Scholarship annually. These scholarships are open to any full-time student who
is a sophomore, junior or senior at an accredited Mississippi community college or public or private college or university and a dependent
of a full-time employee of any IIAM member agency. IIAM will begin accepting applications for the spring 2017 semester scholarships in
the fall of 2016.
MISSISSIPPI AGENT • SPRING 2016
35
WE’VE GOT OUR
THINKING CAPS ON.
AmFed has the right people and products in place for you to gain the coverage you
need for your insureds. From Workers’ Comp to General Liability and beyond,
AmFed is always thinking about solid coverage solutions for our agents.
®
A BCAM PROGRAM ENDORSED BY:
601.853.4949 | AmFed.com
©2015 Amfed
36
MISSISSIPPI AGENT • SPRING 2016
IIAM HOLDS YOUNG AGENTS
B ASE BA L L OU T IN G
IIAM recently held the annual Young Agents Baseball Outing to watch
the Governor’s Cup Baseball Game between Mississippi State and Ole
Miss at Trustmark Park in Pearl. Agents and company representatives
gathered at the Holiday Inn Trustmark Park for a pre-game social with
hamburgers and hotdogs before heading to the park to watch the game.
IIAM would like to thank
the following sponsors for helping
make this event a success:
Accident Fund Insurance Company
Beasley General Agency, Inc.
Dixie Specialty Insurance, Inc.
Eastern Alliance Insurance Group
EMC Insurance Companies
Foremost Insurance Group
Imperial PFS
Mathison Insurance Partners, Inc.
Progressive Insurance
SCU
Stonetrust Commercial
Insurance Company
MISSISSIPPI AGENT • SPRING 2016
37
Young Agents Conference
August 4-6, 2016
Mark your calendars for this year’s Young Agents Conference which will be held August 4-6
at the Ritz Carlton in New Orleans, Louisiana. We will again kick off the tournament
on Thursday with a golf outing, and our continuing education speaker will be John Eubank.
You do not want to miss this great event!
“I don’t mess around with subpar
E&O. This is my agency.”
“I co-founded my agency more than 30 years
ago. My experience has taught me to take risk when
appropriate and avoid risk when it is not worth it. I
was an Army medic and saving lives is worth taking
risks. Risking your agency with sub-par E & O is not
worth the risk. I’ve been with the Big ‘I’
program since the beginning and never
looked back .”
Raymond “Skip” Hansen
Sr. Vice President & Co-Founder, Diversi�ied
Insurance Solutions, Inc.
25-year Big “I” Professional Liability Client
For a proposal please contact Kathy Roberts at [email protected] or 601-939-9909.
38
MISSISSIPPI AGENT • SPRING 2016
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Our success is based upon the strength and experience of our employees’ understanding of your business and concerns.
Beasley General Agency is committed to professionalism and reputable service. These qualities ensure that our agents receive
personalized service and uncompromised integrity. Integrity forms the foundation of who we are.
We appreciate your business and the confidence you have shown in BGA. We hope to continue to earn your business with superior
service and competitive products. You, our agents, continue to be the most important piece in the success of our agency!
Our experienced personnel are here to solve your insurance needs.
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