Contents
- Cover
- Editors Desk: Insurance Asset Management
- Contents: Catastrophe Bonds and Disability Benefits
- Contents Columns Departments and Bests Calendar
- Executive Changes: Chairman President CEO
- Executive Changes and Web Traffic
- Masthead Forestay and Editorial Online Resources
- Risk Adviser: Climate Change Mitigation
- Issues and Answers: Asset Management
- Bank- Failures-and-US-Economy
- Interest Rate Environment and Regulatory Concerns
- Critical Issues and Insurance Asset Management
- Insurance Asset Class Update
- Insurance Asset Managers Advice
- Insurance Asset Management and Rate Volatility
- Rate Volatility: AI Machine Learning Big Data
- Asset Management Alternative Investments
- Alternative Investments and Economic Factors
- Catastrophe Bonds: Cyberrisk Insurance-Linked Securities
- Catastrophe Bonds: Cyber-Linked Transactions
- Catastrophe Bond Market Pricing Returns
- Disability Benefits and COVID-19 Claims
- Bests Rankings and Top US Disability Writers
- Telemedicine App and Student Challenge Competition
- Insurance Enterprise Staffing Strategy
- Insurance Staffing and Wildfire Mitigation
- Wild Horses and California Catastrophic Fire
- Wildfire Mitigation and Social Inflation Europe
- Bests Rankings and Largest European Insurers
- Popular Insurance Events Calendar
- AM Best Briefing and ILS Market Trends
- Underwriting Loss Control and Chocolate-Making
- State Rate Filings: Personal General Liability
- Book Store and App Store
- Trending: Bests News and Bests Research
- Webinars Underwriting and TV Audio Electric Vehicles
- Ratings Actions: Operating Companies and Americas Property Casualty
- Ratings Actions: Europe Asia-Pacific and Holding Companies
- Rating Actions and Preferred Publisher
- Professional Resources and Industry Updates
- Industry Updates and Masthead Backstay
- Last Word: Digital Technology and Wildfire Risk Maps
- Back Cover
8
Mann’s president and
chief executive officer, to
execute the next phase of
the company’s strategy, the
company said.
“We are confident he will
help us map out strategies
to build on our growing
momentum in household
acquisition and support
market share expansion,”
Zuraitis said in a statement.
“To help further cement
our position as the leading
provider of education
market solutions, his initial focus will be on retail market
opportunities.”
McAnena most recently served as president of
personal lines and earlier president of distribution, life and
financial services for Farmers Insurance and previously
was with Liberty Mutual Group for more than 25 years.
In these roles, McAnena and his teams helped drive
sustained, profitable growth through multiple distribution
outlets with a strong passion for people development,
according to a company statement.
MetLife Names Successor to Retiring EVP and
Global Chief Actuary
M
etLife Inc. appointed
Bryan Boudreau to
succeed Andy Rallis as
executive vice president
and global chief actuary.
Rallis retired after a
39-year career at MetLife,
including 11 years as
global chief actuary. In
his new role, Boudreau
will lead a global team
that uses valuations,
experience studies,
pricing, modeling, asset
and liability management
and other actuarial functions to ensure MetLife meets its
obligations to customers and shareholders, according to
a company statement.
Boudreau formerly served as U.S. chief actuary and
head of global asset liability management at MetLife.
His responsibilities included overseeing all actuarial
functions for MetLife in the United States, including
liability valuation and asset liability management.
Boudreau worked at MetLife earlier in his career
and rejoined the company in 2013. Prior to MetLife,
Boudreau held leadership and advisory positions at
New York Life Insurance Co., Mercer Investments,
Stephen McAnena
Bryan Boudreau
BEST’S REVIEW
•
JUNE
Morgan Stanley and Barclays Capital. He began his
career as a pension consultant at Hewitt Associates,
the company said.
Former Aetna CEO Joins Oscar Health as CEO
O
scar Health Inc.
named Mark Bertolini
to succeed co-founder
Mario Schlosser as chief
executive officer.
Schlosser will transition
to president of technology,
reporting to Bertolini, and
will continue as a member
of the board of directors.
The board will be expanded
to include Bertolini,
the company said in a
statement.
Schlosser will now
lead product and engineering, with a focus on building
Oscar’s tech platform for the future and continuing to
set the strategy for the +Oscar road map, the company
said.
Bertolini, former chairman and CEO of Aetna
Inc., led that company’s transition from a traditional
health insurance company to a consumer-oriented
health care company focused on delivering holistic,
integrated care in local communities, Oscar said in
a statement. He has a long history of advocating for
increased consumerism, higher levels of value-based
care, and more digitization in health care, according to
a company statement.
Before joining Aetna, Bertolini held executive positions
at Cigna, NYLCare Health Plans and SelectCare Inc.,
where he was president and CEO. Most recently, Bertolini
served as Bridgewater’s co-CEO, and previously as
co-chairman of the operating board.
Mark Bertolini
Centene Announces Executive Appointments
C
entene Corp. appointed
Tanya McNally as senior
vice president and chief
people officer of Centene.
The company also named
Anika Gardenhire as chief
customer experience
officer.
McNally will lead the
human resources function
and drive strategies to
optimize employee and
business success. She will
continue to grow talent
Tanya McNally
Executive Changes
management programs
focused on developing and
retaining Centene’s more
than 74,000 employees,
according to a company
statement.
McNally had served as
regional vice president,
human resources, for
Centene since 2022.
Prior to joining Centene
through its acquisition of
WellCare, she served as
vice president of human
resources for WellCare for
nearly a decade.
She also held senior HR roles at companies such as
Citigroup and Lehman Brothers, the company said.
Gardenhire will work collaboratively across the
organization to ensure the voices of Centene’s
customers are heard throughout all enterprise
decision-making processes. She brings a deep
understanding of the company’s key stakeholders,
including members, providers, regulators and
employees, given the multiple vantage points from
which she has viewed the health care system, the
company said in a statement.
Gardenhire joined Centene in 2020. Most recently,
she served as chief digital officer and was responsible
for leading the digital solutions and products
organization.
Previously, she served as Centene’s regional
vice president, digital and clinical systems, where
she partnered with clinical and business leaders to
streamline how the company allocates resources,
achieves goals and operates more efficiently.
Before joining Centene, she served as assistant
vice president of digital transformation for
Intermountain Healthcare; principal with Leidos, a
global leader in the integration and application of
information technology; and senior manager with
Deloitte, according to a company statement.
Anika Gardenhire
MassMutual Appoints Head of Operations
M
assachusetts Mutual Life Insurance Co. hired John
Rugel as head of operations.
Rugel will be responsible for leading
MassMutual’s operations and customer service
functions—including new business, policy
administration and claims—across the company’s
products, distribution channels and customer
segments. Rugel will build on and accelerate
MassMutual’s efforts to provide policyowners,
customers and distribution partners with a seamless
experience, including leveraging MassMutual’s
technical and digital
capabilities to exceed
customer expectations,
according to a company
statement.
Rugel is an insurance
industry veteran with
more than 30 years of
experience. He most
recently served as chief
operations officer at
Global Atlantic Financial
Group, where he led the
John Rugel
operations strategy and
redesign of customer delivery and digital efforts that
transformed the company’s operations.
Prior to that, he held the role of senior vice
president of life operations at Allstate, where he
implemented continuous improvement principles
that increased service levels and cost savings for the
company.
He also has held senior management positions at
MetLife and the American International Group Inc. family
of companies, according to the company.
BR
Web Traffic: Visits to Largest
European Insurers
Prudential plc leads web analytics provider
Semrush's ranking of the top European
insurers based on 2021 gross premiums
written.
Allianz SE
Prudential plc
01,000,0002,000,0003,000,0004,000,000
Munich Reins Co
Zurich Ins Group Ltd
Poste Italiane S.p.A.
Aviva plc
BNP Paribas Cardif S.A.
R+V Versicherung AG
Chubb Ltd
British United Provident Association Ltd
Visits
Source:
www.semrush.com
Reported traffic for April 2023.
Scan for a full listing of Best’s Rankings.
BEST’S REVIEW
•
JUNE
9
AN
INFORMED
FRAME
OF
REFERENCE
AM Best’s diverse team of professionals understands the insurance industry
with a unique level of insight. We combine innovation and experience to bring
the insurance landscape into focus in a way no other credit rating agency,
news publisher and data analytics provider can.
Our Insight, Your Advantage
™
(908) 439-2200
23.MK166A
MASTHEAD
Monthly Insurance Magazine Published by AM Best
FORESTAY
Background illustrations on both mastheads are of HMS Victory. To learn more about The Nelson Collection at Lloyd’s, visit
www.ambest.com/nelson
.
A.M. BEST COMPANY, INC.
Oldwick, NJ
CHAIRMAN, PRESIDENT & CEO
Arthur Snyder III
SENIOR VICE PRESIDENTS
Alessandra L. Czarnecki, Thomas J. Plummer
GROUP VICE PRESIDENT
Lee McDonald
A.M. BEST RATING SERVICES, INC.
Oldwick, NJ
PRESIDENT & CEO
Matthew C. Mosher
EXECUTIVE VICE PRESIDENT & COO
James Gillard
EXECUTIVE VICE PRESIDENT & CSO
Andrea Keenan
SENIOR MANAGING DIRECTORS
Edward H. Easop, Stefan W. Holzberger, James F. Snee
AMERICAS (NCSA)
WORLD HEADQUARTERS
1 Ambest Road,
Oldwick, NJ 08858
Phone: +1 908 439 2200
MEXICO CITY
Av. Paseo de la Reforma 412 Piso 23,
Col. Juárez, Alcadía Cuauhtémoc, C.P. 06600, México, D.F.
Phone: +52 55 1102 2720
EUROPE, MIDDLE EAST & AFRICA (EMEA)
AMSTERDAM
NOMA House, Gustave Mahlerlaan 1212,
1081 LA Amsterdam, Netherlands
Phone: +31 20 308 5420
ASIA-PACIFIC (AP)
LONDON
12 Arthur Street, 8th Floor,
London, UK EC4R 9AB
Phone: +44 20 7626 6264
DUBAI*
Office 102, Tower 2, Currency House, DIFC,
P.O. Box 506617, Dubai, UAE
Phone: +971 4375 2780
*Regulated by the DFSA as a Representative Office
SINGAPORE
6 Battery Road,
#39-04, Singapore
Phone: +65 6303 5000
HONG KONG
Unit 4004 Central Plaza,
18 Harbour Road, Wanchai, Hong Kong
Phone: +852 2827 3400
ADVERTISING
AMERICAS
SENIOR ACCOUNT MANAGER
Brian McGoldrick: +1 908 894 9552
brian.mcgoldrick@ambest.com
ACCOUNT MANAGER
Suzanne Ruffa: +1 908 399 6275
suzanne.ruffa@ambest.com
EMEA & ASIA-PACIFIC
SENIOR DIRECTOR
Bryan Martyn: +44 207 397 0292
bryan.martyn@ambest.com
SALES INQUIRIES
+1 908 882 1706
advertising_sales@ambest.com
www.ambest.com/advertising
EDITORIAL
EXECUTIVE EDITOR
Patricia Vowinkel, +1 908 882 1771
EDITOR
Tom Davis
COPY AND PRODUCTION EDITOR
Amy Baratta
SENIOR ASSOCIATE EDITORS
Lori Chordas, Timothy Darragh, Terrence Dopp, Renée Kiriluk-Hill, John Weber
ASSOCIATE EDITOR
Anthony Bellano
NEWS EDITOR
David Pilla
GROUP VICE PRESIDENT, PUBLICATION AND NEWS SERVICES
Lee McDonald
CIRCULATION
Linda McEntee
PRODUCTION SERVICES
SENIOR MANAGER
Susan L. Browne
LEAD DESIGNERS
Andrew Crespo, Angel Negrón
DESIGNERS
Amy Herczeg, Barbara Marino, Laura-Ann Russello, Jenica Thomas
ONLINE RESOURCES
BEST’S REVIEW EDITORIAL CALENDAR:
bestsreview.ambest.com/2023editorialcalendar.pdf
CONTRIBUTOR AUTHOR GUIDELINES:
bestsreview.ambest.com/guidelines
REPRINTS AND PERMISSIONS:
www.ambest.com/permissions
BEST’S REVIEW
, Volume 124, Issue 6, June 2023 (ISSN 1527-5914) is published monthly by A.M. Best Company, Inc. Editorial and executive offic
es: 1 Ambest Road, Oldwick, NJ 08858-9988. A
one-year subscription is $80. A two-year subscription is $151. Subscriptions:
bestsreview.ambest.com/subscribe.
Telephone: +1 908 439 2200.
Copyright © 2023 A.M. Best Company, Inc. and/or its affiliates.
ALL RIGHTS RESERVED. No portion of this content may be reproduced, distributed, or stored in a database or retrieval system,
or transmitted in any form or by any means without the prior written permission of AM Best. While the content was obtained from sources believed to be reliable, its accuracy is not guaranteed. For
additional details, refer to our
Terms of Use
available at AM Best website:
www.ambest.com/terms
. Articles from outside contributors do not necessarily reflect the opinions of AM Best.
When presented herein, Best’s Ratings reflect AM Best’s opinion as to the relative financial strength and performance of each insurer in comparison with others, based on analysis of the
information provided to AM Best. However, these ratings are not a warranty of an insurer’s current or future ability to meet it
s contractual obligations.
Printed and bound by Fry Communications, Inc.
Made in the USA
BEST’S REVIEW
•
JUNE
11
The Heads and Tails
12
of Climate Change
By
Alex Wells
Businesses cannot afford to leave
climate risk to chance; they need to
address both sides of the issue.
C
limate change is perhaps the most
complex risk facing society today. It
is intergenerational, international and
interdependent.
Rising global temperatures have been
blamed for an increase in natural hazards, including
more frequent and more severe storms, historic
flooding events and droughts, longer wildfire seasons
and rising sea levels.
In fact, climate change is adding an
unprecedented level of risk to all kinds of businesses,
from global conglomerates with facilities worldwide
to the local tool-and-die shop.
Preventing global temperatures from rising more
than 1.5 degrees Celsius (2.7 F) above pre-industrial
levels is a collective target we must continue to strive
for; but we also must be prepared in case this target
is not met or doesn’t fully mitigate the severity of the
changes we have already witnessed. That is why it is
important for business leaders to address both sides
of the climate coin.
Mitigation and Adaptation
Climate change mitigation and climate change
adaptation are the heads and tails of the climate
coin.
Mitigation focuses on measures that lessen the
severity of climate change by preventing or reducing
greenhouse gas emissions.
Adaptation focuses on measures that build
physical and operational resilience and prepare
businesses for the current and future impacts of
climate change.
Best’s Review
contributor
Alex Wells
is head of U.S.
Middle Market, Zurich North America. He can be
reached at
alex.wells@zurichna.com
.
BEST’S REVIEW
•
JUNE
Many businesses have set net-zero CO2 emissions
goals. They do this because it’s the right thing to
do for the environment and the communities in
which they operate. But it also is a clear matter of
self-interest. Reducing greenhouse gas emissions is
critical to slowing the rise in global temperatures
and halting the progress of climate change—
thereby reducing their own exposure to insured and
uninsured business risks.
I witnessed firsthand the devastation of severe
storms when I visited customers in Southwest
Florida after Hurricane Ian. The September 2022
storm caused more than 150 fatalities in the U.S.,
and overall damage estimates are well above
$50 billion.
In addition to the physical risks, climate change
has led to greater regulatory demands. Regulators
are raising the bar on environmental, social and
Risk Adviser
governance disclosure requirements, with businesses
increasingly mandated to prepare forward-looking
sustainability reports.
And it’s not just regulators demanding
transparency and action. Customers, employees
and investors increasingly expect organizations to
transition to “clean” business models, which can
have a significant influence on company reputation
and valuation. This should also be seen as an
opportunity, with the financial benefits of taking
climate action expected to be much higher than the
cost of risk.
Finally, the losses experienced by the insurance
industry are putting pressure on many historic
models. Relying on historic data to predict future
weather patterns is becoming more challenging
for the insurance market, partly due to climate
change. Yet as the frequency and severity of weather
events increase, the need for risk transfer grows.
For insurers and distributors to meet these needs,
businesses must demonstrate proactive management
of physical and operational climate risk.
Working Together Against Climate Change
Addressing the existential risk of climate change
is an all-hands-on-deck effort. That’s why risk
managers, insurance providers and distributors
will need to work together to identify and quantify
exposures to natural hazards, highlight critical
business locations most in need of action, provide
forecasts on how exposures to natural hazards may
change over time, implement measures to improve
resilience and reduce emissions at individual site
locations, and help align multiple stakeholders
within an organization to create and execute a long-
term climate resilience strategy.
BEST’S REVIEW
•
JUNE
13
ILLUMINATE THE DETAILS
OF
INSURER
PERFORMANCE
Enhance top-level research and support intelligent decision-making with
Best’s Credit Reports
, for insight into the financial performance of insurers worldwide,
and
Best’s Financial Reports
, for the latest company information.
Our Insight, Your Advantage
™
sales@ambest.com
(908) 439-2200
23.BCFR003A
Special Advertising Section
ISSUES & ANSWERS:
ASSET
MANAGEMENT
Industry experts discuss
the drop in the market
value of their insurance
investment portfolios,
how higher interest
rates have affected the
industry and how they’ve
noticed more intense
migration of deposits out
of smaller banks versus
larger banks.
Interviewed Inside:
Leah Savageau
AAM
View past Issues & Answers sections at
https://bestsreview.ambest.com/issuesanswersarchive.html
Ken Griffin
Barings
