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FROM THE EDITOR
Compiled by staff from news and wire services.
Our work on the 2017 Risk All Star
issue has got me thinking that risk
managers don’t get paid enough.
When we consider the value
risk managers bring, we sometimes
measure it by such things as
premiums saved, or how quickly
workers are returned to work. Those
are relevant measures, but there is so
much more that risk managers do.
What about the intangible
benefits that companies realize from
the work of risk managers? How
much does it mean to a company
for its workers to know that there
is someone, perhaps more than one
person, who cares about their safety?
How can you place a value on the
courage of one person, who persists
in speaking truth to power, who is
willing to tell the CFO or the CEO
that their ambitions carry risks that
could undo the entire enterprise?
It takes a special person,
sometimes laboring in a risk
management department of one,
to cast their eye toward the entire
business and to try, day after day,
to teach it risk management, rather
than the other disciplines that might
be more immediately attractive, fun
When seeking someone far more
poetic than me to describe this
phenomenon, of the risk manager
toiling to make things right, often
alone, I settled on this quote by
Florence Nightingale; who certainly
had risk management in her blood.
“I am of certain convinced that
the greatest heroes are those who
do their duty in the daily grind of
domestic affairs whilst the world
whirls as a maddening dreidel.”
Congratulations to our 2017
Risk All Stars, who display creativity,
passion and perseverance in their
jobs. I have a feeling many of them
ZENITH AMERICAN LANDS THIRD
Zenith American Solutions Inc.,
acquired Connecticut-based Insurance
Programmers Inc., its third acquisition
in the past 18 months. The goal: To
expand Zenith’s national footprint and
extend its position as a U.S. third-party
administrator and solutions provider.
The acquisition expands Zenith’s
presence in the greater New England
area and comes in on the heels
of data from PrincewaterhouseCoopers
Corporate Finance, which showed deal
value tripled to $10 billion in the first
half of 2017.
Insurance Programmers Inc., is a
third-party administrator specializing
in health, welfare and retirement
The company will remain under
the guidance of Lawrence Bourland,
president and CEO. Bourland will
report to Zenith’s chief executive
officer Art Schultz.
Financial terms were not disclosed.
ST. JOE’S RISK MANAGEMENT
PROGRAM GETS A BOOST
One of the Philadelphia area’s
university-level risk management and
insurance programs got a big boost in
James Maguire, the founder of the
Philadelphia Insurance Company, and
his wife Frances, donated $50 million
to St. Joseph’s University.
The money will be used to
strengthen the school’s endowment,
bolster scholarships and expand
the school’s risk management and
insurance program, in addition to
Maguire attended the school as an
New workplace guidelines from OSHA will
affect many businesses by years’ end.
undergraduate and credits faculty there
with identifying his dyslexia.
He went on to study accounting and
actuarial science and after graduating
founded the company that became the
Philadelphia Insurance Co.
In 2008, Maguire and his family
sold their stake in the company for
$1 billion when it merged with Tokio
To date, the Maguires have donated
$75 million to the University.
DATA SHOWS 16% GROWTH FOR
BERMUDA STOCK EXCHANGE
Artemis, a news, analysis and data
media service, reported that insurance-linked listings of catastrophe bonds,
insurance-linked securities (ILS),
reinsurance sidecar notes and insurance
linked investments on the Bermuda
Stock Exchange grew by 16 percent in
the first half of 2017.
The ILS listings’ value reached a
record of $24.5 billion, up from $21.2
billion at the close of 2016.
There were 61 new ILS listings on
the exchange by the end of last year,
which brought the total ILS listings to
175. Now, 218 ILS listings are on the
exchange, figuring a 25 percent growth
in the first six months of 2017.
Artemis predicts continued growth
for the Bermuda Stock Exchange,
however noting that the global
reinsurance market is under significant
pressure as the market moves further
into the second half of 2017.
OSHA CRACKS DOWN ON
For the second year in a row,
Aluminum Shapes, LLC, received
more than 50 health and workplace
safety violations. The Occupational
Safety and Health Administration
fined the company $1.9 million and
issued a willful citation — its most
The 2017 inspections revealed
numerous code violations, as well as
two employee injuries resulting in
Aluminum Shapes, which describes
itself as a fully-integrated aluminum
services resource, was fined $516,753
The hike in penalty prices is not a
surprise; OSHA implemented several
regulations this year to keep workers
free from harm.
By December 1, the association
expects employers with more than 250
workers to comply with an electronic
submission process that will catalog all
workplace injuries and illnesses.
MARSH RECRUITS RISK MANAGER
FROM GOLDMAN SACHS
Marsh LLC hired Alex deLaricheliere
to head its U.S. banking and capital
markets practice. deLaricheliere enters
this new role after years of service to
Goldman Sachs Group Inc., where he
acted as the global investment banker’s
As the leader of banking and capital
markets, deLaricheliere will report
to Marsh’s U.S. financial institutions
industry leader Eugene Sheehan.
During his tenure at Goldman
Sachs, deLaricheliere worked as vice
president in the corporate insurance
management department. He also
brings experience as an underwriter for
Chubb Ltd. and American International