POWER BROKER: AT LARGE
Bruce Droz, CPCU, ARM
Senior Vice President
Alliant, Fresno, Calif.
Ruiz Foods saw collateral obligations under its workers’ comp
coverage continue to climb and its out-of-pocket costs increase to
“Bruce Droz and his team worked to decrease the amount that
carriers required us to maintain in standby letters of credit by
more than $1 million,” said Bill Wheeler, corporate controller.
“Bruce also helped save us money in fees” for the LOCs, “and increased our credit line
capacity. He also had his firm do some earthquake modeling for us to determine what the
risks were in our particular geographic area to help us make informed and appropriate
“This year Bruce was suspicious that our umbrella carrier might reduce coverage
or even bail, so ahead of time he recruited another carrier and gave them a tour of our
facilities,” said Bob Brown, president and CEO, CALAMCO.
“When our carrier did reduce coverage, we switched carriers, and since we were
prepared, there was no lapse in coverage.”
“Our company has a high experience modification rate which would normally result
in extremely high premiums” for workers’ comp, said the CFO of a company that grows
figs. “Since our company has an improved safety program and reduced recent claims,
Bruce was able to secure coverage at significantly reduced rates — saving us thousands of
Senior Vice President
Aon, New York
The International Expert
A U. S. private equity client, through the European Fund, purchased
the European businesses of a large office supplies company.
David Fraser engaged M&A colleagues to assist him in identifying
any insurance liabilities and negotiating wording in the purchase
agreement to ensure they were addressed.
Fraser created a standalone insurance budget, which proved
challenging; the seller did not collect local claims details. Data collection, therefore, had to be
done in each country in local languages and then converted back into English for the creation
of master policies.
He secured warranties insurance coverage — another challenging task, as the U.S. client
bought a European business with a Dutch purchase and sale agreement.
After the deal closed, Fraser implemented a multi-million-dollar insurance program with
minimal data available on standalone basis, utilizing full global leverage of private equity
relationships at each of the key insurance carriers to obtain support on the challenging
multifaceted risks. He also created a new trade credit platform with new insurers, critical for
the office supply company to continue to receive products from vendors.
“David Fraser is spectacular,” said Curt Deane, real estate professional, Starrett City
“He’s immensely responsive and for us, that’s very important because we have a lot of
obligations in the area of workers’ compensation.”
Senior Vice President
JLT Specialty USA, Philadelphia
Emphasizing Cyber Security
LabCorp benefited from Shannon Groeber’s holistic risk-based
approach to cyber threats.
Prior to her involvement, LabCorp was advised that only a
fraction of the overall cyber market would have interest in insuring
its risk and only in a way that centered around market appetite —
not LabCorp’s actual exposure.
Groeber unified various internal stakeholders to leverage meaningful underwriting
information to attract quotes that increased available capacity by a factor of 10. Then she
provided LabCorp with tangible and forward-looking data to allow it to make an informed
decision on the most efficient structure that matched its goals and priorities.
“We moved our cyber coverage this year to JLT and a big part of that reason is because
Michael Lombardi, ARM, AINS
of Shannon,” said Christina Reisinger, vice president, risk management. “She was able to get
coverage in many more markets than our previous broker.”
“Shannon Groeber has done a fantastic job for us,” said Steven Levine, director of risk
management, Red Robin Gourmet Burgers and Brews. “She’s always responsive, has
strong industry contacts and is an expert in cyber.”
“Shannon has been able to negotiate well for the insured and brings forth a very
successful marketing effort during renewals,” said the director of treasury operations and
risk management for a portfolio of media and digital businesses. “She continues to impress
us with her ability to work under tight deadlines on complex renewals.”
Senior Vice President
Lockton, New York
Staying on Top of International Markets
Michael Lombardi created a centralized global program and
responsive M&A platform for multiple, roll-in acquisitions over a
three-year period for a large manufacturer. It achieved synergies
exceeding $2.5 million, resulting in a material reduction in the
client’s total cost of risk.
The International Practice leader also developed a global
compliance matrix with an exposure-based approach to local policies. The matrix outlined
key decision criteria in issuing local policies, which improves compliance for multinational
clients, especially those that have globalized management liability programs.
“Michael is extremely knowledgeable about the idiosyncrasies of foreign insurance
markets and the regulatory mandates of each jurisdiction,” said the director, risk
management, at a tool manufacturer. “He partners with us to design compliant programs
offering broad coverages that are appropriately priced.”
“Michael Lombardi balances the ability to see the entire picture with the ability to take
care of details,” said the vice president, risk management, at a health care services and
products company. “Every person who has met him has been very impressed with his
ability to think strategically, to problem solve and to be an advocate for his clients.”
“Michael Lombardi and his team have done a great job of understanding our insurance
needs and getting what we need in terms of coverage terms and price,” said the director of
insurance at a company that makes fine quality alcohol beverages.
USI Insurance Services, Houston
Relaying Best Solutions
A property & casualty insurance client approached Tim Losie with
concerns about its D&O policy and professional liability handled
by another broker. Upon review, Losie found holes in the overall
management liability coverage, noting it did not address aspects
of the client’s complex business.
The client allowed Losie to approach additional insurers.
He negotiated a solution tailormade for the client’s needs, while also delivering lower
retentions and premium. The client moved the business to USI.
“We had a lot going on with our company last year and Tim Losie helped us a lot,” said
Jennifer Crane, CFO, Crossroads Systems.
“We’re a public company, but we went through a pre-packaged bankruptcy and had
several questions about our D&O policy. Everything was urgent, but Tim always responded
very quickly. He even got on a Board call with us, and a Board member complimented Tim
on how well he explained the information to us.”
“Tim Losie did a superior job in helping our client analyze their risks and coverage and
identifying best solutions and best practices,” said Charlie Renie, vice president of account
management, KBIC Consulting.
“Tim Losie has been working on a particular D&O and E&O tower for us, and his
knowledge of the marketplace has been very impressive,” said the chief administrative
officer at a company that provides products and services for owners of alternative assets.
Logan Payne, CPCU, ARM
Lockton, Kansas City, Mo.
Ensuring Safe Travels
Logan Payne coordinated a team of Lockton experts for two clients
to resolve a similar problem: inconsistencies in coverage between
the various products they purchased that protected employees
Payne was able to enhance and standardize the level of
coverage offered to the clients’ employees worldwide. This
reduced the clients’ liability under “duty of care legislation” for the countries they operate in.
It also helped each of his clients develop robust and efficient travel risk management plans,
which included improvements in communication with employees while they were traveling.
Payne and his team overhauled and standardized coverage across 20 countries of
operation for the one client. He was also able to do the same in 11 countries for the other
Additionally, Payne and his team secured several renewal options that provided broader,
more inclusive coverage at a savings of up to 40 percent over expiring global premium
“Logan Payne is an incredible service provider. He has in-depth expertise in a wide
range of domestic and international risk management issues and is proactive in helping his
clients find effective solutions to manage their ever-changing risks,” said one client.
“Logan is very client-focused and has been instrumental in shaping our global insurance
program,” said another.