D&O Crime Fiduciary 2017
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1 BENCHMARKING DATA NONPROFIT SECTOR Dear Friends of the Third Sector, D&O Crime Fiduciary 2017 Working with Advisen, a strategic partner whose mission is to transform insurance, we are pleased to have this refreshed, high-level perspective of the nonprofit sector, thanks to our Management Liability team, led by John Ergastolo, who specializes in exposures relating to nonprofits. Using this data, a natural discussion follows about what is right for your organization taking in to account other factors such as size of your institution, geographic location(s) and operating exposures. Peter A. Persuitti Managing Director peter_persuitti@ajg.com Toll-free P.S. We also have produced a 24 page monograph on our perspective of the Nonprofit Sector for 2017 in the Knowledge Center. See
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3 Nonprofit Sector Directors & Officers Liability 2017 Market Update Nonprofit Sector Management Liability Commentary 2017 Perspective (printed from Gallagher s Nonprofit Sector 2017 Perspective) As the U.S. economy continues to recover, so too have many of our nonprofit clients. Nonprofit D&O markets are generally seeing marginal rate changes from -1% to 2%, whereas previously rate increases ranged from to 5% when there was no change in financial condition, exposures or losses. Given the broad entity coverage provided under nonprofit D&O policy forms, insurers often find themselves paying both more and more expensive claims, leading them to be especially concerned with the implications of increasing claim frequency and the long tail associated with these claims. Market pressures, primarily due to significant D&O capacity, have continued to abate these concerns and bring downward pressure on D&O rates. In addition to the softening pricing for D&O, we have seen many coverage enhancements; some carriers are providing zerodollar retentions on D&O Sides B&C for smaller nonprofits. There has also been a higher frequency of automatic renewals and multi-year policy terms in the small to mid-market space for lower risk and financially stable insureds. For larger and more complex insureds, underwriters are more disciplined, remaining committed to fully understand the operations of the organization and the leadership of the organization during the quoting process. More discussions are also being held with clients regarding the implications of security and privacy liability on D&O as the frequency of cyber liability claims has increased. A cyber claim can cross over into D&O when there are allegations that the directors and officers did not put the proper safeguards or coverage into place. In addition, there are more first-time buyers of D&O due to the heightened awareness of this coverage and the fact that smaller organizations are more able to afford it. A number of carriers have begun to add a cyber module to their management liability package to address these concerns about D&O and cyber crossover claims. Some classes of business have become more difficult to place, specifically faith-based organizations or houses of worship. Churches and other religious groups tend to have community outreach programs that perform a variety of services which present a challenge to D&O underwriters. So overall, more markets are entering the nonprofit D&O space. The ACE acquisition of Chubb served to drop the available capacity for primary nonprofit D&O, but other carriers have stepped up and are competing for primary D&O layers. Capacity is not a problem in the current market. The overabundance of capacity has made excess pricing for higher D&O limits quite attractive. Many of our clients are doing analysis of their exposure to determine limits adequacy. We can assist you with this analysis by providing you with proprietary loss modeling and peer data. Barring any unforeseen circumstances or events, we are anticipating that 2017 will bring minimal rate changes (-1% to 2%) with no changes in the entity s exposure and less stringent underwriting guidelines for lower-risk insureds. Coverage will remain strong and should even improve in most cases. Organizations with past or current claims and/or financial distress should get out to market early and provide a comprehensive submission for delivery to alternative D&O carriers. John Ergastolo Area Executive Vice President Nonprofit Management Liability John Ergastolo is a member of Gallagher s Nonprofit Practice Toll-free
4 2017 Advisen Benchmarking Nonprofit Sector D&O Limits of Liability Percent of Peer Size Total Revenues: Up to $1M Total Revenues: >$1M to $10M Total Revenues: >$10M to $25M Total Revenues: >$25M to $50M Total Revenues: >$50M to $100M Total Revenues: >$100M to $250M
5 2017 Advisen Benchmarking Nonprofit Sector Crime Limits of Liability Percent of Peer Size Employee Count: 0 to 50 Employee Count: 51 to Employee Count: 101 to 500 Employee Count: 501 to 1, Employee Count: 1,001 to 5,000 Employee Count: 5,001 to 10,
6 2017 Advisen Benchmarking Nonprofit Sector Fiduciary Limits of Liability Percent of Peer Size *Based on "All Company Types" rather than only Private (not enough data in Advisen for only Private Fiduciary) Plan Assets: Up to $25M Plan Assets: >$25M to $50M Plan Assets: >$50M to $100M Plan Assets: >$100M to $250M Plan Assets: >$250M to $500M Plan Assets:>$500M to $1,000M
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8 Risk Leadership Reclaiming Dollars for Your Mission Our Global Professionals Specialize in: Property & Casualty Benefits & Wellbeing Risk Management Alternative Risk Financing Claims Administration & Advocacy Institutional Investments & Fiduciary Services HR Consulting Governance Enterprise Risk Management (ERM) Marshalling our vast global resources and talent around our nonprofit clients needs differentiates us in the marketplace. We truly maximize the impact of our specialization. Technology Solutions Member Benefit Programs Retirement Plan Consulting & Actuarial Services International Mission & Travel Solutions Mission Continuity Planning Peter A. Persuitti Managing Director Corporate Headquarters 2850 W Golf Rd Rolling Meadows, IL Arthur J. Gallagher & Co. All rights reserved. 17GGB32725A
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