CONSTRUCTION RISK PARTNERS LLC, A JLT GROUP COMPANY AMERICAN GAS ASSOCIATION JULY, 2017
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1 CONSTRUCTION RISK PARTNERS LLC, A JLT GROUP COMPANY AMERICAN GAS ASSOCIATION JULY, 2017
2 AGENDA Market Review Casualty Market Property Market Emerging Risk Forecast 2
3 Construction Risk Partners Established in 2006, Construction Risk Partners is privately held by 11 partners with a singular focus on serving the insurance and surety needs of the construction & energy industries. We have vast experience with many of our partners having worked together for more than 30 years. Recently ranked one of the top specialty brokers in the North America 3
4 JLT ENERGY & UTILITY BY THE NUMBERS JLT is the largest specialty insurance broker globally, comprised of experienced professionals focusing on the placement and risk consulting for the Energy Industry. The Energy & Utility Industry requires specialization and market knowledge to insure the most efficiently priced risk and insurance program. We seek custom solutions to ensure coverage matches operations. A policy is only as valuable as the claim it pays. $2bn+ $16bn+ 8 50K+ 2MM In claim payments collected by JLT team members in 2015 Annual premium currently placed by JLT Specialty s operations Of the top 10 global oil companies Energy vehicles insured by JLT US Miles of pipeline represented 80%+ 10K+ #1 97% 20+ US year over year revenue growth Employees in 135 countries Fastest growing US energy insurance broker JLT Client Retention Average years of insurance industry experience per Energy Account Executives and Claims Staff JLT Specialty USA CRP EMCOR Presentation February
5 Great Year! COMPANY STOCK PRICE JULY 1, 2015 STOCK PRICE JULY 5, 2016 STOCK PRICE JULY 5, 2017 AGL Resources Alliant Energy Ameren Atmos Energy Corporation Avista Corporation CenterPoint Energy Dominion Duke Energy Corporation EQT Corporation Eversource Energy National Grid New Jersey Resources NiSource Inc
6 Great Year! continued COMPANY STOCK PRICE JULY 1, 2015 STOCK PRICE JULY 5, 2016 STOCK PRICE JULY 5, 2017 Northwest Natural Gas Company ONE Gas, Inc Piedmont Natural Gas Questar Corporation SEMCO Energy Gas Company Sempra Energy South Jersey Industries Southern Southwest Gas Corporation Vectren Corporation Washington Gas Light Company WEC Energy Group Xcel Energy
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13 PROPERTY Most brokers expected 2017 to be a year with slowed reductions in the property market. However, after the Jan.-July 1 renewal season, rate reductions again hit double digits. More capacity continues to enter the market place. Lloyd s and other nontraditional insurance markets continue to increase blind capacity again, was a mild natural catastrophe season. However in the downstream energy sector, many insurers loss ratios exceeded 100% has also seen losses excess of $1M already exceed $1.6bn. 13
14 PROPERTY 14
15 PROPERTY Berkshire Hathaway and other new market entrants continue to compete for property risk in the United States. Zurich, Aspen, Aig, Chubb (Ace), FM Global, Ironshore, XL, Lloyds continue to compete for market share. Aegis remains strong with their capacity of $350M via larger consortium support. With rates decreasing, insurers continue to seek capacity increases to compete for premium dollars Major insurers also look to cut cost and restructure in the US. Global Capacity now easily exceeds $4.2bn 15
16 THE MARKET - PRIMARY CASUALTY Industry Mutuals (Aegis and EIM) remain strong players in the power and utility space. Aegis continues to provide some of the most robust and comprehensive coverage available with an extremely high client retention rate. Surplus exceed $1.2bn for 2015 and with reserves of almost $3bn Aegis continues to maintain rate with mostly flat renewals but is also offering continuity credits to clients 16
17 PRIMARY CASUALTY In general, the market is very competitive and capacity remains aggressively priced for well managed risk. Workers Compensation has finally stabilized and the industry will again become competitive. Pricing has reflected medical cost inflation and now has rebalanced. Still state specific Auto remains a problematic. Increase in commercial auto claims industry wide due to increased vehicle use and lack of skilled drivers is increasing claim activity. Severity driven. 17
18 THE MARKET - EXCESS LIABILITY EIM maintains a large share of the first layer excess of Aegis on a Follow Form basis. Surplus now exceeds $1bn 98% client retention rate $100m Liability limit to sit excess of Aegis Rating remains generally flat depending on exposure base change. 18
19 THE MARKET - EXCESS LIABILITY Bermuda remains the dominant market supplying capacity in excess of EIM. Capacity available exceeds $800M on a Follow Form basis with limitations and enhancements. Punitive Damages coverage included. Continuing focus on safety programs, pipeline integrity and vegetation management. Underground storage, Product Transportation and Wildfires are of particular interest. High Concentration Areas HCA s continue to require focus. Aggregate management remains a focus particularly for multi client contracts Bermuda markets renewals have typically incur circa 5% premium decreases. 19
20 THE BERMUDA MARKET EXCESS LIABILITY CAPACITY AVAILABLE XL Catlin $75m Oil Casualty - $100m Sompo (Endurance) - $50m Allied World - $75m Markel - $25m Arch -$25m Argo - $75m Iron-Starr - $100m AIG - $150m Chubb - $150m Aspen - $25m Hamilton - $25m 20
21 THE BERMUDA MARKET PUNITIVE DAMAGES WRAP AVAILABILITY AEGIS American Fire & Casualty Berkshire Everest Markel Travellers Zurich AIG ARCH Chubb Great American Navigators Us Specialty Allianz Aspen CAN Ironshore Starr Insurance WR Berkley Allied World AXIS Sompo Liberty XL Catlin 21
22 UTILITIES SECTOR - SOME CASUALTY LARGE LOSSES L Companies engaged in the generation, transmission and distribution of electricity including the transmission or distribution of gas. (Source; Chubb Bermuda) 2007 Water from hydroelectric power plant damaged nearby property - USA $173 million 2007 Wildfire USA - $2.2 billion 2007 Utility company vessel crashed into anchored oil tanker causing oil spill China - $142 million 2007 Wildfire USA - $370 million 2008 Impoundment failure USA - $1.1 billion 2008 Gas line explosion resulted in fatality and injuries USA - $25 million 2009 Explosion at hydroelectric plant with multiple fatalities Russia 3rd Party Unknown 2009 Electrocution caused fatality USA - $109 million 2009 Bushfire resulted in multiple fatalities and property damage Australia - $379 million 2009 Bushfire resulted in property damage Australia - $50 million 2010 Pipeline explosion with multiple fatalities and property damage USA - $650 million 2010 Natural gas pipeline explosion with multiple fatalities USA - $27 million 2012 A natural gas explosion resulting in multiple injuries and property damage 2012 Downed power line caused electrocution resulting in fatality USA - $60 million 2013 Tree collapsed causing a fatality and multiple injuries USA - Pending 2013 Gas explosion resulted in fatality and multiple injuries USA - Pending 2013 Multiple fatalities as a result of electrocution USA - Pending 2013 Alleged negligence during maintenance resulting in serious injuries USA - $22 million 2014 Gas explosion at residential building resulted in multiple fatalities and injuries. USA $153 million 2014 Contamination of drinking water USA - Pending 2014 Home explosion resulted in fatality and multiple injuries USA - Pending 2014 Alleged negligence resulted in apartment explosion USA - Pending 2015 Wildfire USA - $750 million 2015 Gas leak caused explosion at residence resulting in third party property damage and several injuries - USA - Pending 2015 Natural gas leak resulted in alleged illnesses and mandatory evacuation of a few thousand families USA - $717 million 2016 Gas build up in apartment basement lead to explosion and fatalities USA - Pending 2016 Dam/Reservoir spillway release alleged to contribute to the flooding damage of hundreds of homes USA - Pending 22
23 OIL & GAS SECTOR - SOME LARGE LOSSES L Companies engaged in exploration, production, refining, processing, marketing and distribution of natural gas, oil, liquids and derived products, including contract drilling and other oilfield products and services. (Source; Chubb Bermuda) 2006 Broken gas well caused fatalities Indonesia - $100 million 2006 Ship unloaded waste in ocean resulting in fatalities and injuries Ivory Coast - $468 million 2006 Oil spill USA - $245 million 2006 Oil Spill USA - $150 million 2007 Oil spill Mexico - $45 million 2007 Fire/explosion at natural gas procession plant USA - $83 million 2007 Offshore oil spill South Korea - $103 million 2008 Fire/explosion at refinery USA - $150 million Pipeline leak USA - $144 million 2009 Oil spill Australia - $160 million 2010 Gulf of Mexico sub-sea well blowout with multiple fatalities USA - $20 billion 2010 Pipeline leak USA - $1.2 billion 2010 Coal mine explosion with multiple fatalities USA - $210 million 2010 Oil refinery explosion USA - $39 million 2011 Oil Spill Brazil - $42 million 2011 Class action resulted after oil spill USA Pending 2011 Offshore oil leak China - $267 million 2011 Drilling services provider battery pack explosion resulted in fatality USA - $29 million 2012 Gasoline spill due to a ruptured pipeline USA - Pending 2012 Oil spill Canada - Pending 2012 Explosion at oil refinery resulted in multiple fatalities Venezuela - $1.8 billion 2012 Sinkhole resulted in contamination USA - $48 million 2012 Tractor-trailer driveshaft assembly broke off in transit and killed passenger in oncoming truck USA - $282 million 2013 Oil pipeline rupture USA - Pending Well water contamination USA - $816 million 2013 Plant fire and explosion USA - $30 million 2014 Oil rig explosion resulted in multiple fatalities and injuries USA - Pending 2014 Oil rig explosion resulted in a fatality and several injuries USA - Pending 2015 Oil rig explosion resulted in multiple fatalities and injuries Brazil - Pending 2015 Gas leak at storage facility USA - Pending 2015 Oil pipeline rupture and spill USA - $269 million 2015 Oil spill Nigeria - $84 million 23
24 FORECASTS Property - rate decreases in 2017/2018 of 10%-15% will be considered average as long as there is not major natural catastrophe or other large insurable event. Casualty rate stabilization in 2017/2018. This is loss dependent over a 5 year period per risk but aggressive pricing and coverage terms & conditions still exist if marketed. Auto Liability is the problematic line especially with risks with large fleets. Excess Liability rate decreases of 0-5% should be expected due to the competitiveness of this market driven by the new capacity. Large losses still create uncertainty but the overall profitability of the Insurance and reinsurance business will drive these decisions. Markets will look to retain key accounts Further market consolidations similar to XL/Catlin, Chubb/ACE, Liberty/IronShore, Allied World/Fairfax Financial. 24
25 Joseph J Kent, Partner Joe has over 20 years of experience working within the Construction and Energy Industries in various risk management capacities. Starting as a risk manager for Marker, a steel erection company near State College, PA, in the late 1980 s and then moving back to Philadelphia to work for two Insurance Brokers Willis and Aon, Joe s has been responsible for all facets of risk management solutions with a specialty in complex insurance placements. From his early years managing claims, environmental and safety solutions for Marker, Joe was promoted to Risk Manager which gave him the unique experience of designing a risk management program for a contractor in an extremely high hazard industry. From there Joe joined the Insurance Brokerage Community in 1995 working for both Aon and Willis. He held various roles during his years at the two national brokers with the last being Executive Vice President and Managing Director of Construction focusing on large account management. jkent@constructionriskpartners.com (o) (c)
26 Rob Battenfield, Senior Vice President Houston, Texas Rob leads JLT s US downstream energy, power and renewables team. He has a deep knowledge and understanding of the risk profiles industries such as electric utilities, refining, petro-chem, as well as alternative energy sectors. Prior to joining JLT, Rob was a Senior Vice President and Account Executive with Aon in Dallas, TX. He served as a leader in the National Power & Renewables Group. He has been involved in risk coordination and insurance services of some of the top downstream energy & power and utility accounts in the world. He has been named Power Broker by Risk & Insurance Magazine, specifically for Power and Utilities and received the same accolades from Business Insurance and Reactions magazines. Rob began his career with Global Special Risk broking specialty insurance for energy clients. Rob is a graduate of University of Texas at Austin. Robert.battenfield@jltus.com
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