Best’s Review’s Online Archives October 2022 • Volume 123 • Issue 10 www.bestreview.com ISSUES & ANSWERS: Customer Experience Starting on Page 17 Cuna Mutual CEO On Rebranding Page 22 Top Published, Rated Single-Parent Captives Page 46 Top Caribbean Insurers Page 49 Under Construction Carmakers build new relationships with insurers. Pages 25-45 AM BEST’S MONTHLY INSURANCE MAGAZINELocal expertise with global capabilities. Coverages are underwritten by the following insurance company subsidiaries of Intact Insurance Group USA, LLC: Atlantic Specialty Insurance Company, Homeland Insurance Company of New York, Homeland Insurance Company of Delaware, OBI America Insurance Company, OBI National Insurance Company, located in Plymouth, MN, or The Guarantee Company of North America USA, located in Southfield, MI. With our deep product and industry expertise, we deliver global solutions to address the unique risks you face, wherever you operate. Our experts have a comprehensive understanding of your ocean marine business. Let us tailor a solution for your specialized insurance needs. To learn more, talk to your broker or visit intactspecialty.com1 BEST’S REVIEW • OCTOBER 2022 From the Editor’s Desk Auto Manufacturers Make Inroads in Insurance The October issue includes coverage of auto manufacturers’ initiatives to offer insurance for their automobiles. The issue also includes Best’s Rankings of the top auto insurers, top published, rated single-parent captives, top Caribbean insurers and U.S. life/health asset distribution. What are the biggest challenges facing the property/casualty and life insurance industries in 2023? Email your answer to bestreviewcomment@ambest.com or scan the QR code to submit your response. Responses will be published in What Readers Say in a future issue. The Question: Tesla’s move to offer private passenger auto insurance for its automobiles takes the company in a new direction. Many automakers have finance arms, but they typically limit offerings to coverage for dealer lots and warranties. If Tesla is taking the step of venturing into the business of private passenger auto insurance for its customers, it begs the question about what other auto manufacturers might be doing. October is Transportation Awareness Month and for the October issue, Best’s Review reached out to global carmakers to find out more about their private passenger auto insurance offerings. In “Automakers Build New Insurance Future” Best’s Review delves into the latest developments as carmakers build new and more involved relationships with insurers. In “At A Glance - Auto Insurance Initiatives” Best’s Review provides an in-depth look at auto manufacturers and their insurance offerings. The list provides details about insurance partners and the types of insurance offered. Tesla has been out front with its insurance efforts. During a first-quarter earnings call, executives said they were working to ensure that 80% of Tesla customers had access to the company’s insurance product by the end of the year in the United States, before exploring possibilities for international expansion. In “For Tesla, Telematics Provides a Battery of Information on How Its Customers Drive and How to Insure Them,” Best’s Review examines Tesla’s insurance operation. In “Swiss Re: Technology Will Eliminate Traditional Underwriting Factors,” Best’s Review reports on a risk scoring system, which uses information from car manufacturers’ Advanced Drivers Assistance Systems to help primary insurers understand how to offer more accurate rates. The October issue also includes a ranking of the top auto insurers. Go to “Panel: Captive Insurers Cautiously Venture Into Cyber Coverage” to see a ranking of the top published, rated, single-parent captives. A ranking of the top Caribbean insurers can be found in the story “AM Best: Climate, Reinsurance and Cyber Remain High in the Caribbean Risk Landscape.” This issue also includes a ranking of U.S. life/ health asset distribution based on 2021 total admitted assets. In “Whittling Down: In 2023, Cuna Mutual Prepares to Rebrand and Focus on Middle Market,” Cuna Mutual president and chief executive Robert Trunzo discusses the company’s rebranding and plan to bring nearly a dozen brands into the TruStage portfolio. The October issue also includes a feature that uses data from Best’s State Rate Filings. Check out “Georgia Commissioner Blasts Allstate’s 25% Auto Rate Hike” and the ranking “Top 25 Georgia Private Passenger Auto Filings by Rate Impact.” BR Patricia Vowinkel Executive Editor patricia.vowinkel@ambest.com2 BEST’S REVIEW • OCTOBER 2022 CONTENTS AUTO INSURERS Pages 25-45 The October issue includes coverage of auto manufacturers’ initiatives to offer insurance for their automobiles. Also included are Best’s Rankings of the top auto insurers. Page 25 Automakers Build New Insurance Future As data and technology pervade the car manufacturing industry, automakers have made fresh inroads into insurance. Page 29 At A Glance - Auto Insurance Initiatives Best’s Review provides a look at auto manufacturers and steps they have taken to build their new insurance future. Page 31 For Tesla, Telematics Provides a Battery of Information on How Its Customers Drive and How to Insure Them Automaker Tesla has ventured into the world of insurance, a move that CEO Elon Musk believes has become a “quite significant” part of Tesla’s makeup. Page 35 Swiss Re: Technology Will Eliminate Traditional Underwriting Factors The company says its scoring system can eliminate using credit scores, gender and garage addresses to calculate an insurance premium. ISSUES & ANSWERS Page 17 Creating a Cutting-Edge Customer Experience Industry experts discuss how to offer quality customer service and stand out among the competition. LIFE INSURANCE Page 22 Whittling Down: In 2023, Cuna Mutual Prepares to Rebrand and Focus on Middle Market “We have to get this right,” Chief Executive Officer Robert Trunzo says as the carrier, with its origins in the credit union space, plans to bring a diverse set of brands under one roof. CAPTIVES Page 46 Panel: Captive Insurers Cautiously Venture Into Cyber Coverage The use of captives to manage cyberrisk may be a perfect solution for Main Street businesses.3 BEST’S REVIEW • OCTOBER 2022 COLUMNS 12 At Large 14 Risk Adviser DEPARTMENTS 1 From the Editor’s Desk 3 Advertisers Index 4 Best’s Calendar 5 Executive Changes 7 Web Traffic 9 Masthead: Forestay 10 In the News 53 Underwriting & Loss Control 55 What AM Best Says 58 State Rate Filings 60 Book Store 61 App Store 62 Trending: Best’s News 63 Trending: Best’s Research 64 AM Best Webinars 65 AM Best TV & Audio 66 Best’s Credit Rating Actions 74 Corporate Changes 76 Preferred Publisher Program 77 Industry Updates 79 Masthead: Backstay 80 The Last Word ADVERTISERS IFC Intact Insurance Specialty Solutions 11 Best’s News & Research Services 16 AM Best 18 Philadelphia Insurance Companies 20 Capgemini America Inc. 33 BestESP 57 Best’s Capital Adequacy Ratio 73 AM Best’s Ratings Services IBC Saint Joseph’s University BC Applied Underwriters Notice: While AM Best confirms the accuracy of Best’s Ratings of insurers referenced in advertisements published in this magazine, these ratings are subject to change after publication. The current ratings of insurance companies are available free on the web at www.ambest.com/ratings. Further, we can’t warrant the Best’s Ratings claimed by brokers advertising coverages from unrated insurers. In addition, some of the insurance policies, products and services advertised may not be available, licensed or legal in all jurisdictions. Cover design by Andrew Crespo. Cover photo Chen Zhuo/VCG via Getty Images CARIBBEAN INSURERS Page 49 AM Best: Climate, Reinsurance and Cyber Remain High in the Caribbean Risk Landscape The Caribbean insurers rated by AM Best posted favorable earnings in 2021. BEST’S RANKINGS Page 38 Top 25 US Commercial Auto Writers – 2022 Edition Ranked by 2021 direct premiums written. Page 38 Top 25 US Auto Liability Writers – 2022 Edition Ranked by 2021 direct premiums written. Page 39 Top 25 US Auto Physical Damage Writers – 2022 Edition Ranked by 2021 direct premiums written. Page 40 Top 25 US Private Passenger Auto Writers – 2022 Edition Ranked by 2021 direct premiums written. Page 40 Top 25 US Total Auto Writers – 2022 Edition Ranked by 2021 direct premiums written. Page 41 US Total All Auto Lines – Top Writers by State, Canada and US Territories – 2022 Edition Ranked by 2021 direct premiums written. Page 42 US Auto Liability – Top Writers by State, Canada and US Territories – 2022 Edition Ranked by 2021 direct premiums written. Page 43 US Auto Physical Damage – Top Writers by State, Canada and US Territories – 2022 Edition Ranked by 2021 direct premiums written. Page 44 US Private Passenger Auto – Top Writers by State, Canada and US Territories – 2022 Edition Ranked by 2021 direct premiums written. Page 45 US Commercial Auto – Top Writers by State, Canada and US Territories – 2022 Edition Ranked by 2021 direct premiums written. Page 48 Largest Published, Rated Single-Parent Captive Insurers – 2022 Edition Captives were ranked by 2020 gross premiums written. Page 51 Largest Caribbean Insurers – 2022 Edition Insurers were ranked by 2020 gross premiums written. Page 52 US Life/Health – 2021 Asset Distribution – 2022 Edition Ranked by 2021 total admitted assets. Page 58 Top 25 Georgia Private Passenger Auto Filings by Rate Impact Based on a disposition date of Sept. 1, 2021, to Sept. 1, 2022. Visit news.ambest.com for a full listing of Best’s Rankings.4 BEST’S REVIEW • OCTOBER 2022 Best’s Calendar AM Best to Hold MENA Insurance Briefing in Dubai Oct. 2-4: APCIA Annual Conference, American Property Casualty Insurance Association, Dallas, TX, USA. Oct. 11-13: VIRTUAL. Global Insurance Forum, International Insurance Society. Oct. 16-18: SIR Annual Conference, Society of Insurance Research, Las Vegas, NV, USA. Oct. 18: AM Best’s MENA Insurance Briefing, AM Best, Dubai, United Arab Emirates. Oct. 25: Insurance Society of Philadelphia Independence Gala, Insurance Society of Philadelphia, Philadelphia, PA, USA. Oct. 25: AAIS Pulse, American Association of Insurance Services, Chicago, IL, USA. Oct. 25-27: EBM Mass Insurance Latin America Summit, Executive Business Meetings, Miami, FL, USA. Oct. 28: Insurance Library Association of Boston Insurance Professional of the Year, Insurance Library Association of Boston, Boston, MA, USA. All events subject to change as organizations monitor developments regarding COVID-19. For a full list of conferences and cancellations, visit www.bestreview.com/calendar. Attending Exhibiting Speaking Hosting Sponsoring Video October Is Transportation Awareness Month With the increased use of technology such as telematics, car manufacturers are venturing into the realm of auto insurance. Several have partnered with established carriers but one carmaker, Tesla, has begun offering its own insurance product. Coverage begins on page 25. 22.MK071J Meet AM Best at the APCIA Annual Meeting When: October 2 - 4, 2022 │ Where: Dallas, Texas Stefan Holzberger, chief rating officer, and Greg Williams, senior director, rating analytics, will discuss the 2022 market segment outlooks for the U.S. P/C sectors, and Best’s Performance Assessment for Delegated Underwriting Authority Enterprises (PA for DUAEs) at the session, “AM Best’s Insurance Market Briefing – APCIA,” October 3 at 2 p.m. CT. Note that event details are subject to change. Scan the QR code for the latest conference information. CONNECT WITH US TO GET THE BEST INDUSTRY PERSPECTIVE Our Insight, Your Advantage ™ Learn More: conferenceinformation@ambest.com www.ambest.com • (908) 439-22005 BEST’S REVIEW • OCTOBER 2022 Executive Changes A llstate named Mario Rizzo, the company’s chief financial officer, to succeed Glenn Shapiro as president, property-liability. Jess Merten succeeds Rizzo as CFO. The appointments were effective Sept. 1, according to the company. Shapiro, who joined Allstate as chief claims officer in 2016 and has held his current position since 2018, announced his decision to retire effective Sept. 30, the company said. Rizzo became CFO in 2018 and has held many different roles since joining Allstate in 1989, according to the company. Merten joined Allstate in 2012 as CFO, Allstate Financial, and subsequently held the roles of treasurer, chief risk officer and president, Allstate Financial. “Mario’s leadership capabilities and breadth of experience during his 33 years at Allstate will ensure that this momentum is maintained. Jess is ideally suited to be the chief financial officer, with success in multiple financial roles and most recently leading Allstate Financial and the divestiture of the life and annuity businesses,” said Tom Wilson, chair, president and CEO of Allstate Corp. —Staff Report Allstate Names Successor to Retiring President, Property-Liability Aon COO moves to chief digital officer role, QBE Re appoints a permanent managing director and MetLife welcomes a new EVP-head of corporate development, M&A. Aon Taps COO for New Post of Chief Digital Officer A on plc said Chief Operating Officer James Platt will move into the newly created role of chief digital officer, overseeing digital client solutions, and Mindy Simon will join the firm as chief operating officer leading Aon Business Services. Platt will be responsible for accelerating the digital delivery of Aon United capabilities to small business and consumer segments, the company said in a statement. Platt initially joined Aon to lead data and analytics across the firm’s commercial risk business, having previously built the big data consulting practice at Boston Consulting Group and consulted with organizations on the role digital strategy plays in growth. Platt is based in London. Simon will join the firm Oct. 10 from Conagra Brands, where she most recently served as chief information officer and oversaw global business services, information technology and cyber security. Previously, Simon held a variety of roles in finance and information technology with Conagra Brands since joining the company in 2000, according to Aon. Simon is based in Omaha, Nebraska, and will join the Aon executive committee. In addition, Aon named Becky Allison as chief operating officer of the strategy and technology group in reinsurance solutions. She will join the reinsurance solutions’ COO leadership team. In her newly created role, Allison will be responsible for the day-to-day business operations of the strategy and technology group, including implementing its strategy to bring Aon’s solutions to clients, allowing them to optimize value through more resilient enterprise structures. She will be based in London, according to a company statement. Allison joins from WTW, where she was chief operating officer of its Europe, Middle East and Africa insurance consulting and technology business. Previously, Allison held roles as senior project leader at M&G Prudential and actuarial consulting manager at Deloitte, the company said. James Platt Becky Allison Mario Rizzo6 BEST’S REVIEW • OCTOBER 2022 Executive Changes QBE Re Hires Permanent Managing Director Q BE appointed Chris Killourhy to succeed Peter Wilkins, interim managing director, as permanent managing director QBE Re, subject to regulatory approval. Killourhy, formerly chief financial officer, QBE International, transitioned to his new role on Sept. 1. Wilkins held the role on an interim basis. He was named chief underwriting officer of QBE Re in May 2022, according to a company statement. Killourhy has worked for international (re)insurance and consulting companies across the globe. He also spent time with the Bermuda Monetary Authority, where his responsibilities included the supervision of reinsurer capital and catastrophe models. He joined QBE in June 2015 and has held a number of roles, including chief actuarial officer and CFO for QBE’s Australia Pacific division, before returning to the United Kingdom in 2020 to take up the role of CFO for QBE International, the company said. MetLife Appoints EVP-Head of Corporate Development, M&A M etLife Inc. named Adora Whitaker to succeed John Hall as executive vice president and head of corporate development, mergers & acquisitions, effective Oct. 17. Hall, head of investor relations and treasury, had filled the role on an interim basis. Whitaker will lead a team focused on identifying strategic transactions that will be accretive to MetLife’s businesses and financial performance, the company said in a statement. Whitaker joins MetLife from PJT Partners, where she was a partner in the firm’s strategic advisory group. In this role, Whitaker provided solutions to insurance companies across M&A and capital structure advisory. Previously, Whitaker was a managing director in the investment banking division of Deutsche Bank. She also served on the board of directors of Deutsche Bank Securities Inc. Peak Re Names Chief Underwriting Officer P eak Reinsurance Co. Ltd., a Hong Kong- based global reinsurer, named Piotr Nowakowski as chief underwriting officer. In his new role, Nowakowski, formerly director, head of product underwriting for the property/casualty business, will continue to be based in Hong Kong. He will lead the property/casualty business team with a focus on underwriting expertise, portfolio management and solution development, according to a company statement. Nowakowski joined Peak Re in January from Echo Re Switzerland, where he served as chief underwriting officer for almost 10 years, the company said. Aviva Names Managing Director of Wealth and Advice A viva named Michele Golunska to succeed Rob Barker as managing director of wealth and advice, subject to regulatory approval. Barker left the company to pursue other opportunities. Golunska will have responsibility for Aviva’s intermediary platform business, the workplace business, heritage customer solutions and Aviva’s advice operations comprising of succession wealth, Aviva Financial Advisers and Sesame Bankhall Group, according to a company statement. Golunska was formerly chief executive officer of Sesame Bankhall Group, according to the company. She previously was operations director, workplace savings and retirement for Aviva. Golunska joined the company in 2015 from Friends of Life UK, where she was operations director, retirement services and direct to customer channel director. She has also worked for JLT Employee Benefits, Paternoster and Prudential Assurance according to her LinkedIn profile. Following her appointment, Ross Liston, Sesame Bankhall Group managing director, distribution, will take Chris Killourhy Adora Whitaker Piotr Nowakowski Michele Golunska7 BEST’S REVIEW • OCTOBER 2022 over as interim CEO of Sesame Bankhall Group, subject to regulatory approval, the company said. Aviva is also appointing a managing director of direct wealth, to build on its existing direct operations, which comprise its direct-to-customer platform business and Wealthify. This will reinforce Aviva’s ability to offer solutions to customers whether they wish to take financial advice or deal directly. Sarah Layden, interim direct wealth director, will lead the team on an interim basis, according to a company statement. Commercial Insurtech Coalition Appoints First CFO C ommercial insurtech Coalition named Jim Young as chief financial officer, John Littzi as general counsel and Julie Richardson as a board member. Young is Coalition’s first CFO and he will have a critical role in scaling the firm’s business and financial operations, the company said in a statement. Young has over 20 years of experience leading global finance companies and public and private technology companies. He served as CFO at Broadridge. Prior to that, Young served in senior finance roles at Visa Inc., including senior vice president of finance, and played a lead role in Visa’s $19 billion initial public offering. Most recently, he served as CFO of ag-tech company Indigo Ag, according to a company statement. In his new role, Littzi will be responsible for the firm’s global legal affairs and serves as principal counsel to Joshua Motta, the company’s founder and chief executive officer, as well as its senior management team and board of directors. Littzi joins Coalition after serving as sole deputy GC of W. R. Berkley Corp. Littzi began his career as an associate in the mergers and acquisitions and financial institutions groups at Skadden, Arps, Slate, Meagher and Flom LLP in New York, the company said. Richardson has over 25 years of experience on Wall Street in investment banking and private equity roles. She currently serves on the boards of UBS, Datadog and YEXT. She also recently served on the board of Hartford Financial from 2014 to 2020 and chaired the company’s audit committee for three years, according to a company statement. Jim Young 05,000,00015,000,00025,000,00035,000,000 Amer Family Ins Group Hartford Ins Group Travelers Group Farmers Ins Group Nationwide Group Liberty Mutual Ins Co Allstate Ins Group Berkshire Hathaway Ins State Farm Group Progressive Ins Group Web Traffic: Visits to US Private Passenger Auto Writers Visits Source: www.semrush.com Reported traffic for August 2022. Note: Auto Club Enterprises Insurance Group does not appear in this ranking. Visit news.ambest.com for a full listing of Best’s Rankings. Progressive leads web analytic provider Semrush's ranking of the top 10 U.S. Private Passenger Auto Writers based on direct premiums written. HDI Global Specialty SE Names Head of Global Distribution and Business Development for Global Operations H DI Global Specialty SE appointed John Button to succeed Alan Waters as head of global distribution and business development for its global operations, effective immediately. Waters, who held the position for more than three years, left the company by mutual agreement in June. Button previously reported to Waters and now will report to Richard Taylor, a member of the executive board and chief marketing officer, according to the company. Button has been with HDI Global SE for eight years and has held the position of strategic relationship manager at HDI Global Specialty for the past three years. The role will work alongside parent company HDI Global SE to align its distribution strategy as one face to HDI’s broker partners, according to a company statement. Button joined the company from Arthur J. Gallagher, where he worked for more than seven years as a financial John ButtonNext >