2002 houston marine insurance seminar gil gould senior vice president, underwriting september 24,...
TRANSCRIPT
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2002 Houston Marine Insurance Seminar
Gil GouldSenior Vice President, Underwriting
September 24, 2002
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The Mission of AEGIS is to assure utility and related energy industry Members consistently superior insurance and risk management products and services through a secure and stable market enabling Members to achieve the lowest overall long-term cost of risk.
AEGIS Mission Statement
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Current Membership
5%
7%
9%
17%
17%
38%
3% 4% Water Utility
Telecommunications
Energy Contractors
Other
Gas and Electric
Exploration and Production
Gas
Electric
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AEGIS Program
New Related Energy Members
Year New Members
2000 47
2001 43
2002 (Through July) 20
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Related Energy Members
Primary Program with Liberty Mutual
Accounts
Starting September 2000 12
2001 54
As of September 1, 2002 75
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AEGIS Related Energy Focus
• Exploration and Production Operations (Oil and Gas)
– Lease Operations
– Owner Operators
• Oil and Gas Servicing Contractors
– Contractors whose primary business is services Rigs (Not Part-Time Contractors).
– Contractors whose primary business is Land Based Rigs.
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Director’s and Officer’s Liability
Underwriting Considerations
• Company Operations– Electric/Gas– Nuclear Electric– Related Energy– Merchant Power– Trading Operations– Telecom
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Director’s and Officer’s Liability
Underwriting Considerations
• Business Strategy– Conservative (Traditional Utility)– Moderate (Related Energy)– Aggressive (Energy Trading, Unregulated)
• Financial Condition
• Merger Activity
• Stock Market Fundamentals
• Off Balance Sheet Financing
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Director’s and Officer’s Liability
Underwriting Considerations
• Board of Directors– Inside vs. Outside Directors– Committee Composition– Conflict of Interest
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Financial Products
• Contingent Financing– Provides post loss financing for risks– Combined with risk transfer
• Captive Options– Fronting, stop loss, risk funding– AEGIS Solutions ( SAC )
• Deductible Options– Evidence of Insurance to meet loan provisions, DIC– Risk transfer or funding
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Committees and Task Forces
• Risk Management Advisory Committee
• International Risk Management Advisory Committee
• Claims Services Task Force
• Loss Control Task Force