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The CPCU Society San Diego will be meeting at the Handlery Hotel on June 10, 2009
We will be installing new board members at this meeting.
Tyler Hamilton, CPCU will be installed as the President. The new members of the board will be:
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Susan McFarland, CPCU - President Elect
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Merchanti Mongold, CPCU - Board Member
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John White, CPCU - Board Member
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Eileen O'Neil Jolly, CPCU - Board Member
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Bill Saung, CPCU - Board Member
The meeting will be held at the Handlery in Mission Valley from 11:30am until approximately 1:00pm.
The Handlery is at:
950 Hotel Circle North, San Diego, CA 92108
The cost to members is $25, and the cost to non-members is $30.
Our speaker will be William J. Wetter, CPCU - the CPCU Society Governor, Western Region.
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Diane Caminite Interview with Insurance Journal |
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2009 SCHOLARSHIP PROGRAM
sponsored by
San Diego Chapter of
The CPCU Society
The San Diego Chapter of The CPCU Society is announcing a Scholarship Program for candidates enrolled in the CPCU exam series.
Candidates for the Scholarship will submit an application, an essay and a letter of recommendation to the Chapter Board of Directors. Expenses for CPCU textbooks, CPCU courses and CPCU exam fees will be covered up to $500 during the 2009-2010 Scholarship period.
Applications are available on the San Diego Chapter website, or contact Roni Zinnert, CPCU, ARM (rzinnert@icwgroup.com)
Applications for the 2009-2010 Scholarship period should be submitted by July 1 to Roni Zinnert, CPCU, ARM (rzinnert@icwgroup.com).
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Thanks for visiting our chapter Web site. Our chapter leaders would love to hear from you with feedback and questions about the chapter. There are many different types of volunteer opportunities, so consider sharing some of your time and ideas.
Members, be sure to log in and visit the membership online area where you can update your professional profile information, add your current e-mail address, pay your dues online, and gain access to the Society’s membership directory. If you need help with your membership password, call or e-mail the Member Resource Center at (800) 932-2728.
Visit the CPCU Society’s Web site for the latest information on how to register for educational events.
Go to the very popular Career Center that includes the CPCU Society Job Network. Post your résumé or search the high-level jobs. Check out the latest career development articles to learn how you can advance your career and help your company to be more productive.
Learn more about the CPCU Society’s Ethics Policy and join in the ethics discussion board.
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The 2008 Annual Meeting and Seminars in Philadelphia, was a great meeting. Check out the highlights and photos and plan to attend the 2009 Annual Meeting and Seminars in Denver, Colorado. Mark your calendar for August 29 - September 1, 2009, to attend the industry's premier educational event.
Get more information on vital industry issues by reading the latest articles from the CPCU eJournal, or monthly CPCU e-LINK online. Members can subscribe to the CPCU eJournal and be notified when a new issue has been added to the site.
The CPCU Society’s interest groups can help you make the most of your CPCU membership (and career!). Focus on the area or areas that matter to you most and build professional bonds with other CPCUs who share your area of expertise.
Show your CPCU Pride with great items from the Society Shop. Shop online now.
Be sure to save this site as a favorite so you can participate and learn more about our chapter activities, read the latest headlines about business and insurance, and register for Society events online.
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NICHE WRITING AND THE SOFT MARKET
As the Property Casualty market softens, insurance carriers will strive to figure out new ways to maintain recent levels of profitability. While many carriers are already writing and reaping the rewards of niche programs, other carriers seeking to reinforce their margins are expected to join in.
Studies tell us that niche marketers typically enjoy twice the return on investment than those operating in large markets. While these studies are not based on the insurance industry, their relevancy to insurance is confirmed by the successful partnership of many insurance carriers and general agencies who have built significant portfolios of highly profitable niche programs.
Identifying a niche is a relatively easy task in insurance since many businesses have exposures in unique combinations. Often, it is these combinations that drive the niche program writer and their profits. Since significant resources are dedicated to finding a customer you want to write, it makes sense to package policies to reduce upfront costs to the nicher.
However, niches are not driven exclusively by packaging coverage, at least not from the insurer’s perspective. Agents can package coverages to the extent a given insurance carrier has the appetite, but they can also write each line of business with carriers or general agents who specialize in those lines.
Niche marketers
Although it is agencies that appear to be the sole niche marketers, carriers and general agencies have formed partnerships with these producers to address the specific needs of their niche. Not only are these carriers customizing coverage forms for each targeted market, but underwriting teams have been formed to specialize in these areas. As underwriters become experts in their niche, they become aware of its peculiarities and are able to ask the right questions to select and price their book in a way that can generate above average returns.
In some instances, policyholders are willing to pay premium prices for the level of service and customization of coverage that they are offered. This too results in above average returns for all parties in the supply chain.
The agent, the general agency (if there is one), and the carrier also benefit from above average renewal rates that are typical of niche programs. This further reduces upfront costs for the agent and tends to result in better loss ratios for the carrier.
Relationships developed between the general agency and the insurance carrier also tend to have longer life-spans if they are based upon niche programs. While many carriers and general agencies value heterogeneous programs for their size, these programs often result in undesirable underwriting results because of a lack of personnel expertise and controlled risk selection, especially in soft market conditions. In contrast, the homogenous (niche) program is usually backed by segment-specific underwriting guidelines and expertise that results in better risk selection and pricing.
Building programs in market cycles
Building a niche program from scratch can be difficult without an already well-developed distribution channel, which is why these programs are generally created by wholesale brokerages and general agencies that have widespread retail contacts.
Another source of niche writing comes from industry-specific trade or professional associations such as the Organic Trade Organization or the State Bar of California that offer their members several services including preferred insurance placement.
Successful niche programs involve not only addressing the customer’s particular needs with a custom insurance program or package, but follow-through and value added service such as additional customization based on policyholder feedback.
While creating a niche program is indeed commendable, only the truly marketing savvy understand the need to select a niche that can generate growth and be protected from raiders.
The wise program manager takes yet another step forward and commits their organization to multiple niches. This accomplishes some of the diversification needed to further lighten the effects of a soft market and enables the niche writer to survive should one of its niches be taken by competition or disappear due to changing customer needs or converging markets.
Many general agencies that began as monoline niche writers have gainfully followed this tactic and added other specialty programs not just for growth, but to minimize the effects of the market cycle. Large carriers such as Berkshire Hathaway and The Hartford have proven the lucrative nature of diversified niche writing with countless successful niche programs and custom coverage packages.
This soft market will see an increased utilization of niche writing and customer type specialization. Although it is expected that some niche programs will fail, wholesale brokerages and general agencies have become adept at identifying and building niches since many of them have been doing it for upwards of two decades. Carriers eager to fortify their margins will look to these organizations to lead the way to new niche markets.
Respectfully submitted,
Tyler Hamilton, CPCU, ARe
“Copyright 2008 Insurance Journal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.”
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San Diego CPCU Society by month |
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The CPCU Society of San Diego invites you to our annual Social Event - April 16, 2009
Karl Strauss Brewery
9675 Scranton Road, San Diego, CA 92121
Advance reservations are absolutely necessary. Please RSVP no later than April 9.
Please join us for our annual social event - this year at Karl Strauss in Sorrento Valley. Appetizers will be served and 2 drink tickets provided to each person. This free event is open to all members and those candidates pursuing their designation. Spouses, partners and significant others are also welcome. Minimum age of 21.
The 2009 San Diego Chapter Board nominees will be presented at this time!
Reservations are limited to the first 65 responses, so please reserve today!
RSVP to:
David Fitzgibbons
Wawanesa Insurance
DFitzgibbons@wawanesa.com
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CHAPTER MEETING—WEDNESDAY, FEBRUARY 11th
SPEAKER: Dean Calbreath
San Diego Union Tribune Reporter
Author of “The Wrong Stuff: The Extraordinary Saga of Randy “Duke” Cunningham, the Most Corrupt Congressman Ever Caught”
LOCATION &RESERVATIONS
The Handlery Hotel and Resort
950 Hotel Circle North, San Diego, CA 92108
RSVP TO (include your lunch choice with your reservation):
Bill Saung. CPCU
Wawanesa Insurance
9050 Friars Road, Suite 300, San Diego, CA 92108
E-Mail: BSaung@wawanesa.com
Phone: (858) 874-5443
Fax: 858-715-5933
TIME:
Networking: 11:30-12:00
Luncheon: 12:00 noon
COST:
Members $25.00
Non-Members $30.00
MENU:
Oriental Chicken Salad - Marinated Breast of Chicken on top of Napa Cabbage, Field Greens, Rice Noodles, Snow Peas, Corn and Sesame Peanut Dressing
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Sliced London Broil—Tender Marinated Flank Steak served with Cabernet Mushroom Sauce and Garlic Mashed Potatoes
Vegetarian Lunch also available
All Options Include:
Seasonal Fruit Cup
Rolls & Butter
Apple and Berry Crisp
Coffee and Iced Tea
About Our Speaker:
In 2005 and 2006, Dean Calbreath was part of a Pulitzer Prize winning team that uncovered the biggest bribery scandal in U.S. history, involving then-Rep. Randy “Duke” Cunningham, who pleaded guilty and is now serving eight years in jail. Calbreath linked the scandal to defense contractor Brent Wilkes, who has since been sentenced to twelve years in jail, and former CIA executive director Dusty Foggo, currently awaiting trial. With the other members of his team, he wrote a book about the scandal: “The Wrong Stuff: The Extraordinary Saga of Randy “Duke” Cunningham, the Most Corrupt Congressman Ever Caught.” Calbreath has been a reporter for The San Diego Union-Tribune for ten years, focusing largely on the economy, finance, international trade and the nexus between politics and business.
Since 2003, when he first warned that the economy could be facing a real estate bubble, much of his writing has focused on the financial crisis facing the country. Immediately prior to joining the Union-Tribune, Calbreath was a special correspondent covering the Czech Republic and Slovakia for The Wall Street Journal and Business Central Europe, a publication of London’s Economist magazine. During his 30-year career in journalism, he has covered the fall of the Berlin Wall, the restructuring of the former Soviet Union, ethnic strife in the former Yugoslavia and the emergence of the European Union, among other stories.
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The San Diego CPCU Society Chapter is pleased to announce the CPCU Society of San Diego all Industry Day on November 5, 2008 at the Handlery Hotel and Resort, located at 950 Hotel Circle North, San Diego, CA 92108. This event will feature a seminar entitled The Exposures of E-Business and Emering Insurance Coverage, which is filed for 4 continuing education credits. The day will also include a keynote presentation by Sam Sorich, President of the Association of California Insurance Comapnies. Lastly, the event, which is sponsored by key insurers in the San Diego area, provides an excellent opportunity for networking with professionals in your field!
The Exposures of E-Business and Emering Insurance Coverage
What’s It About?
This workshop will offer a basic overview of e-business exposures; will point out why "traditional" insurance policies cannot be relied upon to effectively cover these exposures; and will present a sampling of new insurance products that have been developed over the past several years to specifically address these exposures.
What’ You'll Learn
At the conclusion of this workshop, the attentive learner will be able to:
- Exhibit a basic understanding of the primary exposures of an e-business operation.
- List specific reasons why traditional insurance cannot be relied upon to effectively address these exposures.
- State how certain traditional insurance policies may contain some valuable coverage aspects.
- Distinguish between e-business and technology errors and omissions.
- Understand why crime exposures are difficult to insure.
- Identify insurers offering "new" products to address these exposures, and some basic features of these insurance products.
- Understand the importance of combining effective security/risk management with appropriate insurance coverages to effectively address the exposures faced by many organizations.
Proposition 103 – Twenty Years of Political Repercussions
Our keynote address will be delivered by Sam Sorich, President of the Association of California Insurance Comapnies. Sam Sorich became president of ACIC in November 2002. In addition to ACIC president, he serves as vice president and western regional manager of the PCI. He has also represented PCI members before various committees of the National Association of Insurance Commissioners, including committees with responsibility for personal lines, insurance scoring, market conduct exams, privacy and workers compensation. Prior to joining the PCI staff, he was an assistant attorney general in the Illinois Attorney General's Office. He is a graduate of the University of Illinois College of Law and is a member of both the Illinois Bar and the Hawaii Bar.
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San Diego Chapter Resources |
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