EPIC introduces national farm & ranch practice

EPIC | January 30, 2020

EPIC Insurance Brokers & Consultants is launching a new national farm & ranch practice, to be led by Chris Moore, who serves as president of EPIC Farm & Ranch. A release said that EPIC’s farm & ranch practice is the combination of the brokerage’s specialists in Indiana and Florida, who will serve clients across a national footprint. Moore joined EPIC from ONI Risk Partners, where he most recently led the company’s farm & agribusiness practice. ONI Risk Partners was part of the acquisition of Prime Risk Partners by EPIC back in November 2019. Presently, Moore works with more than 100 farm clients across 12 states. A company release stated that he has co-created specialty insurance products outside of typical P&C coverage, such as the first health insurance product for hog producers that protects against the PRRS and PEDv viruses. Moore was also credited for co-creating the first Foreign Animal Disease (FAD) insurance program in the US.

Spotlight

In a simpler time, this patchwork was passable. But change is coming. New regulations will bring greater complexity to the accounting process for insurers, which will make semi-manual, legacy processes look like a house of cards and raise doubts about the validity of the final numbers on the P&L sheet. That looming change, of course, is IFRS 17, the new International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) in May 2017. It defines how accounting will be done by insurers in the more than 100 countries that adopted IFRS. IFRS 17 will replace IFRS 4 Phase II, which isn’t a comprehensive international standard but rather a structure for grandfathering in the use of countries’ national standards

Spotlight

In a simpler time, this patchwork was passable. But change is coming. New regulations will bring greater complexity to the accounting process for insurers, which will make semi-manual, legacy processes look like a house of cards and raise doubts about the validity of the final numbers on the P&L sheet. That looming change, of course, is IFRS 17, the new International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) in May 2017. It defines how accounting will be done by insurers in the more than 100 countries that adopted IFRS. IFRS 17 will replace IFRS 4 Phase II, which isn’t a comprehensive international standard but rather a structure for grandfathering in the use of countries’ national standards

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