06/28/2024
Public Entity Insurance, Golf Course Challenges, and More
We know you need the latest buzz in the insurance realm, and as always, we’ve got you covered! From golf course and country club insurance and Paragon’s partnership with Ascot on public entity insurance, here’s your concise roundup of the past month’s Paragon and industry highlights.
Well above par… in a good way
Golf clap and a tip of the cap for Brendan Wright, the program manager for Paragon’s Golf & Country Club Insurance Program. He may be a mid-handicapper out on the course, but no rough is too deep when it comes to facing challenges on the job. Read about how Brendan turned a hot lead for a brutally tight turnaround into a deal with one of the most prestigious golf courses in California.
Oh Snap! The High Court issues social media rulings
Trident Public Risk Solutions, experts in public entity insurance, closely monitor rulings important to their policyholders. The Supreme Court just addressed the implications of government officials using private social media accounts for public communications, ruling those in the public sphere must clearly differentiate personal social media use from their official roles to avoid liability and protect First Amendment rights. The decision underscores the need for public entities to establish clear guidelines, maintain official communication channels and train employees on social media best practices to manage risks effectively. Read more on the ruling from our Trident team’s risk control experts.
Filling those ‘unique coverage needs’
Speaking of public entities, Paragon is still basking in the glow of a deal with Ascot, which will support our Trident Public Risk Solutions public entity insurance program. The partnership combines Paragon’s proficiency in tailored underwriting and specialty insurance with Ascot’s extensive and diverse global portfolio.
“Ascot forms strategic partnerships with discerning MGA/MGUs such as Paragon because we understand the value of their specific underwriting technology and capabilities to fill unique coverage needs in the market. We look forward to beginning our partnership on Trident’s Casualty program as we work together to deliver client solutions,” said Matt Kramer, CEO of Ascot U.S.
Now for some industry news…
Fraud, fraud, more fraud
According to Verisk‘s Kaye Sydenham ACII, an unsettling one out of every 10 claims is flagged for fraud by the company’s image manipulation detection model. That’s a substantial rise from recent levels, she explained, pointing to drivers such as the cost of living crisis, the growth of AI and the increase in automation. “Verisk has been aware that these problems are emerging and evolving,” the anti-fraud product manager explained to Insurance Post in a briefing. “It is out there, it is getting worse, and it is certainly not going to go away.” Read the full story.
What keeps you up at night?
At the end of last year, Aon released a report highlighting the top risks facing the insurance business in the year ahead. The good news: Reported quantified risk dropped from 29% in 2021 to 23% in 2023. The bad: Loss of income related to the top 10 risks increased by 2% from the prior year. Paragon took the temperature of its LinkedIn following to see what risk top their lists and this is what we found:
Trident Public Risk Solutions
In today’s complex risk environment, public entities need a team of experienced and dedicated experts on their side who can design a robust, multi-line solution for their insurance program. Trident Public Risk Solutions is uniquely qualified to meet these challenges head-on, with an average of 30-plus years’ experience in the public entity sector. Trident offers insurance solutions to:
- Cities and Towns
- Water and Sewer Districts
- Townships and Villages
- School Districts
- Counties
What, me worry?
If you’re worried about the state of the economy, Chubb Chairman and CEO Evan Greenberg has a simple and direct message for you: Don’t be. “The U.S. economy overall is very strong. It’s in very good shape. It’s broad based,” he was quoted as saying at an insurance conference this week. “We hang crepe around it every other day, but the reality is we have low unemployment. This country is a jobs machine.”
Read more on his call for inflation to remain above 2%, with interest rates around 4.5% to 5% being the new normal before eventually declining.
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