Advisen Ltd.: July 2015

Thursday, July 30, 2015

The Biotech Industry: Sophisticated Buyers in a Challenging Class

A sophisticated buyer is one who understands risk and program structure, is transparent, and can have high-level conversations. This is how biotech industry insurance buyers were described by panelists on Advisen’s quarterly D&O Claims Trends webinar.

While it may sound more like a broker and underwriter dream than reality, it is one of the benefits of working with this challenging class, according to the panelists.

Hacking in the Headlines

With the recent hack of online affair website Ashley Madison, cyber-crime is in the spotlight. However, it’s been an issue plaguing both companies and users for many years and one that shows no signs of halting.

Thanks to the increased fame of ‘hacktivists’ like the group Anonymous, who use hacking as a social justice tool, hacking is sometimes regarded as a method of extracting justice on corporations the public can’t touch.

Such is the case for Ashley Madison, who are now suffering a backlash that hinges on the negative perception of their website. To most, the hack is justified because their site promotes affairs.

Unfortunately, the idea of hacking being pro-public couldn’t be further from the truth. Despite high profile hacks against governments and businesses, the customer and average home user is still the main victim of cyber-crime. This was highlighted in 2014 when eBay was hacked and users had to change their passwords to prevent their accounts from being compromised.

2015 Cyber Risk Awards

http://www.advisenltd.com/events/awards/2015/06/17/2015-cyber-risk-awards/ Advisen’s Cyber Risk Awards are bestowed by “People’s Choice” and leverage Advisen’s vast contact database of over 40,000 P&C professionals who care about Cyber Risk.

Tuesday, July 28, 2015

Settlement Reached in Grand Central Post-It Notes Insider Trading Case

A Brooklyn man has entered into a cooperation agreement to help the SEC mount evidence in an insider trading scheme in which illegal tips were passed via napkins or post-it notes at Grand Central Terminal in New York.

The US Securities and Exchange Commission last year charged a law firm clerk and a stockbroker with insider trading in a scheme that used a mutual friend to pass material, nonpublic information from the law firm’s computer systems about clients’ pending corporate transactions. That middleman was later identified as Frank Tamayo in a complaint filed in federal court in New Jersey, the SEC said July 13.

Friday, July 24, 2015

EEOC Sues UPS for Alleged Religious Discrimination

The EEOC charged United Parcel Service with violating federal law by discriminating against applicants and employees whose religious practices conflicted with its uniform and appearance policy.

UPS, the nation’s largest package delivery company, prohibits male employees who have contact with customers or who are supervisors from wearing beards or growing their hair below collar length, according to a complaint by the US Equal Employment Opportunity Commission.

Wednesday, July 22, 2015

Competing Approaches to Executive Pay Seen in US, Europe: Mercer

While European companies double down on meeting “prescriptive” new regulations for executive compensation in the wake of the financial crisis, those in the US are strengthening clawback provisions and continuing to develop long-term incentive plans as an alternative to bonuses, a Mercer survey showed.

Thursday, July 16, 2015

2015 Property Insights Conference – New York

http://www.advisenltd.com/events/conferences/2015/06/04/2015-property-insights-conference-new-york/ Advisen's 4th annual Property Insights Conference in New York City with a full-day program that last June 4, 2015.

Wednesday, July 15, 2015

Hamilton’s Duperreault Says Progress of Women in Insurance Still Slow

NEW YORK—Brian Duperreault walks the walk. The CEO of Hamilton Insurance Group, and former CEO of Marsh, said it’s only when people like him “get personal” in explaining the importance of gender diversity that middle management responds to the need for promoting women in insurance.

Friday, July 10, 2015

10 Traps in your D&O Insurance

By William G. Passannante and Joshua Gold, Anderson Kill

D&O Insurance Policy Improvements & Claims Strategies

D&O insurance typically provides broad coverage for alleged “wrongful acts.” Despite this breadth of coverage, disputes are not uncommon — especially where the claims are large. When buying or renewing D&O insurance coverage, it is important to work with an experienced risk manager or insurance broker who can focus not only on price, limits and structure, but on the fine print too. Below are 10 areas that can be enhanced in your D&O policies and management of claims to head off improper coverage defenses.

1. Notice Terms

The notice terms of D&O insurance policies can be made specific to a particular set of individuals within a corporation or organization. A notice condition that is tied to any “Insured” can lead to an inappropriate argument from your D&O insurance company given that the term “Insured” means any past, present or future officer or director.