Top 10 Causes of Most Serious Workplace Injuries

Insurance Journal | April 11, 2019

The annual Liberty Mutual Workplace Safety Index documents the top 10 causes of the most serious workplace injuries – those causing an employee to miss five or more days from work – and ranks them by their direct cost to employers, which consists of medical and lost-wage payments. The insurer’s report also identifies the top causes of serious workplace injuries by key industries. James Merendino, general manager, Risk Control, National Insurance, Liberty Mutual, said the index helps employers understand the root causes of the most serious workplace injuries they face. “Only then can they effectively mitigate and manage these through work design, system controls, technology, training, and strategic risk management. Insurance companies and brokers can be a key ally in these efforts,” he said. The annual Liberty Mutual Workplace Safety Index is based on information from Liberty Mutual, U.S. Bureau of Labor Statistics and the National Academy of Social Insurance. The 2019 index is based on non-fatal 2016 injury data, with more than five days away from work. To allow for cost development, every index has been based on claims data three years prior to publication.

Spotlight

Millions of businesses across the nation are struggling to make ends meet, many facing significantly reduced or eliminated revenue streams. Will Business Interruption insurance fill the gaps created by the shutdowns?

Spotlight

Millions of businesses across the nation are struggling to make ends meet, many facing significantly reduced or eliminated revenue streams. Will Business Interruption insurance fill the gaps created by the shutdowns?

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CLAIMS

Core Specialty Completes Merger with Lancer Insurance Company

Core Specialty Insurance Holdings, Inc. | January 03, 2022

Core Specialty Insurance Holdings, Inc. and its subsidiaries ("Core Specialty" or the "Company") and Lancer Insurance Company ("Lancer"), both specialty property and casualty ("P&C") insurers, announced today the completion of the merger combining the companies in a stock and cash transaction, which was previously announced on April 16, 2021. Lancer brings Core Specialty over 35 years of specialty commercial auto expertise that extends the capabilities of Core Specialty's existing diversified range of specialty P&C insurance products. This combination joins two highly complementary businesses with a shared strategic vision to become the leading specialty P&C insurer. The companies previously partnered in January 2021 to launch a new excess transportation program. The post-merger Core Specialty will be a further diversified company with an attractive business profile, a clean balance sheet and over $1.1 billion in equity capital. This merger with Lancer marks Core Specialty's first merger or acquisition since the recapitalization of StarStone U.S. in November 2020. The combined Lancer and Core Specialty have approximately 600 total employees. Lancer, which has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, will retain its brand, management team and operating locations. Lancer and Core Specialty are working together to ensure all policyholders continue to receive industry-leading products and services, and to align the combined operations in the best interests of customers, agents, brokers, and employees. Core Specialty operates through a business unit philosophy that allows its Divisions local decision-making for underwriting, claims, and policy servicing with a high degree of autonomy and full accountability. Lancer shareholders received a combination of Core Specialty common shares, preferred shares and cash in the merger. The newly issued Core Specialty preferred shares will mandatorily convert into common shares upon a Core Specialty initial public offering or certain other specified events. In addition, Lancer's existing shareholders will retain the financial impact of development on Lancer's existing reserves for losses and loss adjustment expenses over a five-calendar year period within a specified symmetrical range. The transaction is expected to be accretive to Core Specialty's earnings per share and return on equity in 2022. Jeff Consolino will continue to lead the combined company as President and CEO and Ed Noonan will continue as Core Specialty Executive Chairman. Dave Delaney, Lancer's CEO, has joined the Board of Core Specialty and will work closely with Mr. Consolino and senior members of the Lancer and Core Specialty teams in the integration of the businesses. The Core Specialty Board of Directors will comprise the current Board with the addition of Mr. Delaney. Matthew Jenkins, Lancer's President & Chief Operating Officer, will serve as President of Core Specialty's Lancer Division. Dave Delaney, Co-Founder and CEO of Lancer, said, "All of us at Lancer are excited to join forces with Core Specialty. Core Specialty's management team is exceptional, and our friendship with Jeff Consolino, Ed Noonan and members of Core Specialty's Board goes back a very long way. I have no doubt Lancer and Core Specialty's combined operating and financial resources will create tremendous growth opportunities for our shareholders, employees, policyholders and distribution partners." "I have known Dave Delaney for over 30 years. He is an excellent specialty P&C insurance operator, and I am excited that he will be joining the Core Specialty Board. We have assembled a Board for Core Specialty comprised of company founders and business builders which we believe is second to none, and Dave's talents will add meaningfully to our Board. We are also pleased and honored that after decades of building Lancer as an independent, family-controlled enterprise that Dave and his co-shareholders have the confidence in Core Specialty's management, business plan and investors to exchange their Lancer equity for the opportunity to join their future prospects with ours," - Ed Noonan, Executive Chairman of Core Specialty. Core Specialty Update Since the June 30, 2020 agreement by Core Specialty to recapitalize StarStone U.S., the Company has grown from four business units to nine through: forming a new Excess & Surplus Property Division, establishing a Marine and Energy Division from the StarStone London managed business, separating and hiring new leadership for our Errors and Omissions Professional Liability and D&O Management Professional Liability Divisions, initiating an Agriculture Division and completing the Lancer merger. Core Specialty's gross premium written for the twelve-month period ended September 30, 2021 was $1.7 billion and pro forma for the Lancer merger would be $1.9 billion. About Core Specialty Core Specialty offers a diversified range of property and casualty insurance products for small to midsized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. About Lancer Insurance Company Lancer Insurance Company has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, leveraging a network of over 2,000 broker relationships. Lancer specializes in auto liability, physical damage, cargo and general liability coverages. Lancer has consistently received an A- (Excellent) rating for financial strength and stability by AM Best, one of the most recognized rating systems in the insurance industry.

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RISK MANAGEMENT

Azentio Software wins the InsureTek Core Transformation Leader of the Year Award 2022

Azentio Software | February 17, 2022

Azentio Software ("Azentio"), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that it has won the InsureTek Core Transformation Leader of the Year Award 2022. The award was presented during the InsureTek Middle East 2022 International Conference and Golden Shield Excellence Awards ceremony, at the Address Dubai Marina, UAE, on February 9 &10. InsureTek's Awards recognise leading companies from within the sector that are helping the insurance industry evolve. The InsureTek Core Transformation Leader of the Year category is created to recognise technology innovations, digital solutions, rich product functionality, customer value, lines of business supported, implementation methodology, pricing, and support services. Across all these facets, Azentio Software has been especially deserving. "We are very pleased to see Azentio Software win the InsureTek Core Transformation Leader of the Year award. This incredible industry validation reaffirms the trust our clients have in our software and is therefore a powerful driver to keep on investing in our Insurance platform. Further, this recognition reflects our client-centric approach and commitment to bring the best of emerging technologies which enable our clients to be future-ready," - Vipul Sud, Head – Insurance at Azentio Software. Azentio's Insurance Suite is a fully developed, highly configurable, and multi-line administration suite, with configurable ratings and business rules engines that can help meet the industry's most stringent requirements. It enhances the speed for standard transactions by fast-tracking them with automation and straight-through processing. More than 250 leading insurers across the globe have adopted Azentio Insurance Suite to transform their businesses using innovative technology for improved operating models, better premium growth, customer retention and profits. About Azentio Software Azentio Software provides mission critical, vertical-specific software products for clients in banking, financial services and insurance verticals including key products such as Kastle™ (universal banking platform), iMAL™ (Islamic core banking platform), Amlock™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund Plus™ (asset and wealth management platform). Azentio has over 800 clients in more than 60 countries with a team of over 2,400 employees across offices in 9 countries globally.

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RISK MANAGEMENT

KBRA Assigns Insurance Financial Strength Rating to Tower Hill Insurance Exchange

Kroll Bond Rating Agency, LLC (KBRA) | December 29, 2021

Kroll Bond Rating Agency (KBRA) assigns an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (THIE). THIE was formed as a Florida reciprocal exchange and will begin writing residential property insurance in Florida within its first year of operation and continue to expand in the Florida market over the subsequent two years. The rating reflects its sound initial capitalization, conservative investment portfolio, and reasonable business plan. THIE will benefit from the established market presence, distribution, and risk management of the Tower Hill Insurance Group (Tower Hill) - a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies. Tower Hill is one of Florida’s largest residential property insurers with approximately 6% market share. Balancing these strengths are THIE’s exposure to natural catastrophes, and a lack of geographic and product diversification. THIE’s revenues and earnings are expected to be concentrated in Florida, a state exposed to both natural catastrophes and significant legal challenges for residential property insurance writers. In addition, initial capital is solely funded through surplus notes with annual interest expenses of approximately $16 million. This is somewhat offset by THIE’s low start-up costs versus more typical start-ups. About KBRA Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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