Company owners plead guilty to defrauding Berkshire Hathaway and Progressive

Berkshire Hathaway and Progressive | January 27, 2020

The owners of a California-based solar power company have pleaded guilty in connection to a scheme that defrauded nearly a billion dollars from companies such as Berkshire Hathaway and Progressive Insurance. Jeff Carpoff – owner of DC Solar – pleaded guilty to conspiracy to commit wire fraud and money laundering in a California federal court. His wife and co-owner of the company, Paulette, pleaded guilty to charges of money laundering and conspiracy to commit an offense against the US. DC Solar is a manufacturer of mobile solar power generators, which could be used for the outdoors such as concerts, sporting events, and even construction sites. The company sold generators in packages to investment funds, which passed alternative energy tax credits on to investors such as Berkshire Hathaway, Progressive and East West Bancorp.

Spotlight

Some types of auto insurance coverage are required, others are optional, but you’ll want to understand them all because they provide protection against several types of risk.

Spotlight

Some types of auto insurance coverage are required, others are optional, but you’ll want to understand them all because they provide protection against several types of risk.

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CORE INSURANCE

Westfield Expands Into International Specialty Insurance Business With Purchase of Lloyd’s of London Syndicate 1200 From Argo Group

Westfield | September 09, 2022

Successfully executing on its Specialty Insurance expansion strategy, Westfield today announced its entrance into the international specialty market via the purchase of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings, Ltd. As a leading property and casualty (P&C) insurance company in the United States, this acquisition accelerates Westfield Specialty’sSM rapid growth after a strong first year in the U.S. market. Subject to regulatory approval, the acquisition is expected to close in the first half of 2023 for a purchase price of approximately $125 million. “This acquisition is our first step in establishing a global franchise for Westfield, The international specialty market fits well with our growth ambitions and the opportunity with Lloyd’s Syndicate 1200 jump-starts our entry into this market.” -Ed Largent, Westfield President, CEO and Board Chair Syndicate 1200 has an estimated $650 million book of business, which is focused on various lines of specialty insurance. Lloyd’s holds licenses around the globe to underwrite property and casualty business with an “A+” S&P financial strength rating. Westfield brings deep expertise and experience to the international specialty market. Westfield Specialty President and industry veteran Jack Kuhn has a proven track record of success leading global, multi-billion-dollar specialty businesses and emphasized Westfield’s commitment to international expansion. We’ve had our sights set on the international specialty market since launching our specialty business a year ago, so this is Westfield executing on our original strategy, We considered multiple pathways but acquiring Syndicate 1200 emerged as a unique opportunity because it gets us into the international specialty market quickly with an established platform while capitalizing on current market dynamics,said Kuhn. Kuhn recently announced Graham Evans to the Westfield Specialty executive management team as Executive Vice President, Head of International Insurance. Like Kuhn, Evans has deep international specialty expertise from leadership roles at Chubb, CNA, AXIS and his most recent role leading Endurance/Sompo’s European operations. Evans will develop Westfield Specialty’s international strategy and will lead the integration of Lloyd’s Syndicate 1200. Jack and Graham have enjoyed a long professional relationship spanning more than 20 years in the international specialty market, Together, they will shape the business and build an even stronger portfolio of international business,continued Largent. The international operation will reside within Westfield Specialty, which currently writes specialty business in the U.S. Under Kuhn’s leadership, the team is targeted to write $250 million of premium in 2022 during its first full year of operation. Largent echoes the long-term international commitment adding, This is Westfield acting on a timely, strategic opportunity; investing in our business and deploying capital to create value for our customers. Like Lloyd’s, Westfield has a long history approaching 175 years in business and we couldn’t be more excited about this new chapter and working with the Syndicate 1200 team. Sidley Austin LLP served as legal counsel and Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Westfield on this transaction. Westfield is an $8.8 billion (GAAP assets) property-casualty insurance company underwriting commercial, personal, surety and specialty lines of insurance in the U.S. About Westfield Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as a leading property and casualty (P&C) insurance company in the United States, we remain true to their vision and are dedicated to making a positive difference in our customers’ lives.

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CORE INSURANCE

Riskonnect Named in Business Insurance’s Best Places to Work in Insurance Program for Second Consecutive Year

Riskonnect | September 17, 2022

Riskonnect, the leader in integrated risk management (IRM) solutions, today announced it has been named in Business Insurance’s annual Best Places to Work in Insurance program, which recognizes employers for their outstanding performance in establishing workplaces where employees can thrive, enjoy their work, and help their companies grow. “It’s a huge honor to be recognized once again as one of the Best Places to Work in Insurance. The accolade is a testament to our team’s dedication to creating an incredible and empowering work environment at Riskonnect, Every day we aim to foster a positive culture where our team is inspired, encouraged, and poised to deliver the best service to customers and help them manage risk under one roof.” -Kevin Crow, chief human resources officer at Riskonnect Best Places to Work in Insurance is an annual program that highlights the agents, brokers, insurance companies, and other providers with the highest levels of employee engagement and satisfaction. The leading employers in the insurance industry are identified through a two-part assessment of each company. The first part is a questionnaire completed by the employer about company policies, practices, and demographics. The second part is a confidential employee survey on engagement and satisfaction. This achievement follows several others for Riskonnect, including being named one of the UK’s Best Workplaces™ for Women and certified as a Great Place to Work® in the United Kingdom by Great Place to Work®. The Company was also named a Best and Brightest Company to Work For® by the U.S. National Association for Business Resources in Atlanta and Chicago for the fourth consecutive year. About Riskonnect Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,000 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 800 risk management experts in the Americas, Europe, and Asia.

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INSURANCE TECHNOLOGY

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Milliman | November 23, 2022

Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements. "The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence." -Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution. Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman. Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

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