2017 OLYMPUS ROUNDTABLE

Transcription

1 WELCOME TO THE 2017 OLYMPUS ROUNDTABLE SOUTH EAST FLORIDA November 9, 2017 AGENDA 6:00 p.m. - 6:15 p.m. - MEET AND GREET 6:15 p.m. - 6:30 p.m. - BRITTANY ELDRIDGE OPENING REMARKS AND INTRODUCTIONS 6:30 p.m. - 7:15 p.m. - JENNIFER GRAVELLE GENERAL IRMA UPDATE 2017 FINANCIAL UPDATE, 2018 PROJECTIONS 2017 REINSURANCE, 2018 PROJECTIONS 7:15 p.m. - 7:45 p.m. - DINNER 7:45 p.m. - 8:15 p.m. - LORA LEVERAGE Spartan Endorsement Coverages: Protecting Our Insureds in a Virtual World Litigation Trends in Florida: The Assignment of Benefits Battle 8:15 p.m. - 9:00 p.m. - DISCUSSION OPEN FORUM

2 OLYMPUS INSURANCE COMPANY IS REVOLUTIONIZING THE FLORIDA HOMEOWNERS INSURANCE MARKET. With quality homeowner insurance products, financial strength and superior service, you can be confident that Olympus is here to stay.

3 OUR HISTORY Olympus Insurance Company and its affiliates were incorporated in 2007 as a virtual company to fill the Florida residential property market capacity shortage following the 2004/2005 hurricane seasons. No longer a virtual, Olympus performs all operational functions from its Palm Beach Gardens, Florida headquarters. This includes all underwriting, marketing, claims administration, adjusting, litigation, subrogation, actuarial, data analytics, accounting, finance, compliance, reinsurance, and technology, applications and systems development.

4 THE OLYMPUS DIFFERENCE Coverage and How We Handle Claims IS The Product We Sell! Our philosophy is simple: to sell a policy with coverage and a level of service we would want for ourselves. Like Citizens, most Florida property insurers resolve every perceived market crisis with a scalpel, cutting and/or limiting key coverages. Olympus endeavors to resist this approach and maintain a quality product. Liability from a golf cart accident on the course, property damage from an unknown hidden water leak, or damage to another structure when a covered peril strikes are but a few examples of why we buy insurance. We cover these because we would expect nothing less from our own policy.

5 THE OLYMPUS DIFFERENCE Coverage and How We Handle Claims IS The Product We Sell! How does Olympus maintain our coverage and service at an affordable price in a market such as Florida? By targeting specific risks through quality agents, using vigorous underwriting rather than assuming questionable business through Citizens Through recognizing market issues early and adapting immediately We employ only the most dedicated, honest and brightest individuals Understanding that greater coverage and lowest cost don t easily co-exist Olympus seeks out responsible and honest insureds who are motivated to obtain great coverage and have peace of mind

6 BENEFITS TO AN OLYMPUS PARTNER - WHERE WE SHINE THE OLYMPUS DIFFERENCE: COVERAGE WHEN YOU NEED IT Our insureds and agency partners were extremely pleased with our policy language following Hurricane Matthew. Why? Our Insureds had the following coverages: 100% Replacement Cost coverage on pool screen enclosures No sub-limits for water damage on the HO3 Broad hidden water (leakage/seepage) coverage on the HO3

7 BENEFITS TO AN OLYMPUS PARTNER - WHERE WE SHINE Rate Competitiveness: We will write most homes without an age restriction, but our best pricing is offered to newer, higher value homes, and insureds with good credit. Coastal Properties: At this time, with only a handful of zip code exceptions, we are open on the beach, WITH WIND. High Value Homes: Olympus can write up to $5M TIV (A+B+C+D) with UW approval, dwellings are 100% reinsured above $500,000 for fire (shock) losses, giving you and your high net worth clients greater peace of mind. Spartan: Our package endorsement includes increased sub-limits for contents, $500k liability, additional coverages, and "All Risk" contents coverage. Pool Screen Enclosures: Covered at Replacement Cost, included in Coverage A (if attached), without sub-limits or exclusions (HO3 only). Broad Water Coverage: No sub-limits for age or exclusions for hidden water damage. Dwelling Under Construction: Can be written on the DP3 form, including liability coverage with underwriting approval. Masonry Veneer: Hardiboard and stucco over frame receive the masonry veneer rating, which can be a significant discount. FBC Credit for Roofs 2002 & Newer: If a roof was installed post-2002, and we can verify the permit through our Build Fax program, a mitigation form is not needed to add the FBC credit. Class A Opening Protection: Credits given on risks 2012 and newer in the wind borne debris zone. Hip Roof Guideline: If roof area is 75% hip, OIC will allow credit for hip roof.

8 BENEFITS TO AN OLYMPUS PARTNER - WHERE WE SHINE THE OLYMPUS DIFFERENCE: FINANCIAL STRENGTH Prepared to Handle the Storm Olympus has catastrophic reinsurance in place well above most of our peers. Our 2016 year-end statutory surplus was $30.4 million. For catastrophes, our CAT reinsurance effectively increases our surplus to $470 million. To put this in perspective: Our $300 million first event coverage is 50% more than our 100-year modeled $200m modeled loss, well above regulatory and rating agency requirements. Should we experience a 100-year modeled probable maximum loss, we have $145 million remaining coverage, exceeding our 50-year modeled probable maximum loss. Our aggregate reinsurance structure provides multiple event scenarios similar to 2004/ 2005 years. In addition, with a mere $1 million loss retention, even multiple events would have minimal impact on our surplus and ability to pay our everyday attritional losses.

9 THE OLYMPUS DIFFERENCE: FINANCIAL STRENGTH Demotech Financial Stability Rating A March 1, 2017 Olympus tangible financial results and early thought leadership has demonstrated a depth of executive management with the knowledge and skill sets to navigate the current Florida environment. Notwithstanding hurricane Matthew, Olympus 4th quarter earnings were positive resulting in year over year surplus growth outperforming the majority of Florida domestic residential property insurers. For 2016, based upon the above articulated Demotech rating attributes considered in the collective, Olympus ranked amongst the highest in its peer group and will no doubt be reaffirmed in our first release of post 2016 affirmations. Joseph Petrelli, President Demotech

10 PORTFOLIO ATTRIBUTES Diversified Geographic Portfolio

11 PORTFOLIO ATTRIBUTES Heavily Weighted to Better Credit-Tier Customers

12 PORTFOLIO ATTRIBUTES Newer & Larger Homes

13 HIGHER LIMITS PROFILE THAN AVERAGE Limit Profile

14 OLYMPUS REINSURANCE PROGRAM

15 2016 YEAR END KEY METRICS 4.3x GROSS PREMIUM TO SURPLUS 1.9x ADJUSTED NET PREMIUM TO SURPLUS $131M GROSS WRITTEN PREMIUM 539 RISK BASED CAPITAL

16 UNPARALLELED SUPPORT OF OUR PARTNERS IS THE FOUNDATION OF MUTUAL SUCCESS At Olympus, we eliminate the red tape, empowering employees at every level to make decisions that help agents and insureds to quickly address their needs. Our partners deserve a common-sense approach and responsiveness to underwriting. This is a key ingredient to our agents success. When you succeed, we succeed.

17 CHIEF STRATEGY OFFICER ANDREW FOX Andrew oversees Olympus marketing, sales and strategic growth initiatives. Andrew holds multiple patents in the insurance technology field and has been instrumental in bringing new technologies and marketing initiatives to Olympus. Andrew is also the co-founder and partner in TrackNet, Alliance Building Services, Startup Health, Wantickets, and twenty one other businesses that generate in excess of $500 million annually and employs over 6500 employees. Andrew was named the New Yorker of the Week by the news channel NY1, one of the 30 Most Influential People in Nightlife, and a member of Crain s 40 under 40. He gives back to the community as a member of Central Park Conservatory, the Young Presidents Organization (YPO) and is the Membership Chair of the Global Diplomacy and Public Policy Network within YPO. Andrew is also on the Board of Directors for the Conrad Foundation, which challenges high school students to solve 21st-century problems using science and technology and was the President of the Chairscholars Foundation from CHIEF FINANCIAL OFFICER JENNIFER GRAVELLE Born and raised in Colchester, Vermont, Jennifer began her career at Marsh, Inc., managing a portfolio of diverse clients in the captive insurance field. Before joining Olympus Insurance Company in September 2008, she served in various accounting functions for AmCOMP, Inc. and was most recently employed as controller for HomeWise Insurance. Jennifer points to flexibility, a sense of humor, and the ability to multi-task as the keys to success. She holds a Bachelor of Science degree in Accounting from Champlain College in Burlington, Vermont.

18 DIRECTOR OF LITIGATION AND LIABILITY LORA LEVERAGE Lora graduated from Florida International University in Miami. She immediately joined State Farm Mutual Automobile Company, gaining experience running multifaceted, disputed bodily injury claims in the highly litigious tri-county area. She later joined State Farm Fire and Casualty Company where, over the course of 15 years, she held a variety of leadership positions including catastrophe claim management throughout the United States and Canada and the direction of complex and/or litigated homeowner and commercial claims. Lora was also a founding manager on State Farm Catastrophe Claims corporate-based Strategic Communications and Process Team. Some of her broad-ranging responsibilities in this role included executive communications strategist and management of the Enterprise Catastrophe Preparedness Plan, which outlined catastrophe response plans for 25-plus corporate departments. In 2013, Lora joined CIS Group, a national provider of underwriting and claim services to the property and casualty insurance market. In addition to the coordination of business development, Lora also managed disputed and/or litigated claim services provided to large carriers including Citizens Property Insurance, Progressive Insurance and AAA. Lora joined Olympus Insurance Company in 2016 in the role of Litigation and Liability Manager. In 2017, she was promoted to Director of Litigation and Liability where she is responsible for the overall strategic direction of litigated and liability claims.

19 ASSISTANT VICE PRESIDENT, SALES AND MARKETING CRYSTAL MCINNIS Crystal has been with Olympus since 2008, but her career in homeowners insurance started in 1997 at a small, independent agency. From there, she went on to work in many facets of the industry including both the standard market and excess and surplus, where she helped grow a high value Lloyds book from the ground-up. She also worked CAT claims for Tower Hill during the 2004 hurricane season. Crystal holds a BS in Marketing from the University of Florida, and is currently working towards her CPCU designation. Her background in insurance and up-to-date knowledge of the latest sales and marketing methods in a multimedia world make her a strong asset to the Olympus team. REGIONAL PRODUCT MANAGER, SOUTHEAST FL BRITTANY ELDRIDGE Brittany establishes, maintains, and manages best in class relationships with agencies from St. Lucie County down through Monroe County. Part of the Olympus team since December of 2013, she was the first Manager for the Southeast with Olympus. Brittany obtained her BA from the University of Central Florida in Public Relations and Advertising, and minored in both Marketing and Sociology. Currently, Brittany is working toward her CRM and CPRM designations. Prior to joining Olympus, Brittany worked as a licensed producer and marketing manager for an independent agency building a book of business of her own, and realized her true passion for relationship building and networking. Actively responsible for growing and managing a profitable book of business through our Southeast agency force, Brittany is dedicated to the insurance business and brings a positive boldness to the ever-changing industy.

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