Due to various factors continuing to negatively impact loss trends and underwriting profitability, the commercial liability marketplace remains hard. COVID-19 added a level of uncertainty because we have yet to understand the pandemic’s ultimate impact on the economy, financial markets, or insurance losses.
So, where do we go from here? What should we anticipate from the Umbrella Market as we look toward the coming year?
Join our panel as they weigh in.
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Elizabeth Babington
Senior Vice President and Program Executive at Distinguished Programs
Distinguished Programs, a privately owned program administrator established in 1995, is headquartered in New York City with a national footprint and over 4000 wholesale distribution partners through the 50 US states. Distinguished Programs works exclusively through a wholesale distribution model to deliver niche primary products and excess liability program solutions to selected market segments. Distinguished offers proprietary products in commercial and habitational real estate, hospitality, as well as multi-line products designed specifically for community associations.
Elizabeth began her career over 30 years ago and has spent time in all areas of the marketplace in underwriting and broking, both as a retailer and a wholesaler. Starting her career on the carrier side and trained as a multiline underwriter, she spent 6 years working for insurance carriers in underwriting, predominantly working on large casualty and risk management accounts. She went on to work for Willis Group for 12 years taking on progressive roles in their risk management unit and regional marketing. She joined Distinguished Programs 3 years ago. Elizabeth is currently responsible for Distinguished Purchasing Group Umbrella programs as well as complimentary excess liability brokerage solutions. She is responsible for carrier relations for umbrella products and leads a team of over 30 underwriters who support the largest Purchasing Group umbrella program in the country ran by an independent program administrator. Elizabeth lives in a suburb outside Seattle Washington with her husband and two sons, working out of Distinguished’s Bellevue, WA office.
Lance Becker
ELANY Immediate Past Chair and Vice Chairman of the Northeast Region at Arthur J. Gallagher
Lance Becker is a 30-year insurance industry professional who currently serves as the Vice Chairman, Northeast Region, of Arthur J. Gallagher & Co. in New York City. He is responsible for the management and development of the New York City’s Risk Management Group. He also serves as the Co-Director of the Global Risk Management Practice, leading large account companies in the design, marketing, management, and administration of their risk management programs. Mr. Becker specializes in large retention programs and alternative risk financing transactions which utilize insurance and reinsurance vehicles.
Prior to joining Gallagher over 15 years ago, Mr. Becker spent 10 years with Willis Risk & Insurance Services of New York serving as Executive Vice President of Client Advocate Team Leader for their large account practices. Prior to Willis, he spent four years with Alexander & Alexander as a Senior Casualty Broker. Mr. Becker is Immediate Past Chairman of the Excess Line Association of New York (ELANY) and has served on several industry boards, including the Council on Litigation Management (CLM) and multiple carrier advisory boards.
Elizabeth Heck
Chairman, President and Chief Executive Officer of Greater New York Mutual Insurance Company
Liz is currently Chairman, President and CEO of Greater New York Mutual Insurance Company, an A+ rated property and casualty insurance company specializing in commercial real estate. She joined the company in 2001, first as Controller, then serving as its Chief Financial Officer until she was named President and Chief Operating officer in August 2010. She assumed the role of Chief Executive Officer beginning in 2015 and was named Chairman of the Board effective March 2020. She is a certified public accountant with more than 34 years of property and casualty insurance experience. She commenced her career at Ernst & Young working in the financial services division and went on to work for two publicly traded insurance companies prior to joining GNY.
She is active in many insurance-related trade organizations holding board seats and officer positions, including the American Society of Workers' Compensation Professionals, the New York Compensation Insurance Rating Board, the New York Insurance Association and the National Association of Mutual Insurance Companies. Her philanthropic activities include board membership on the Crohn's and Colitis Foundation of America.
MODERATOR
Julia Reitz
Senior Vice President – US Excess Casualty at Marsh
Julia Reitz joined Marsh in July 2019 as a senior member of Marsh’s Excess Casualty Practice. In this role, Julia is responsible for the design, coordination and placement of excess liability insurance programs for Marsh’s largest and most complex accounts. She also advises clients across various industry segments on marketing strategy, program design and coverage analysis. From her background in large account underwriting, Julia brings a highly technical skill set to bear on behalf of her clients.
Julia joined Marsh from Allianz Global Corporate & Specialty where she was a senior liability underwriter. Over the course of nine years at Allianz, Julia was responsible for new and renewal business development, underwriting primary casualty, umbrella, and excess liability accounts. While at Allianz, Julia relocated from Chicago to New York City in order to pursue working more regularly with Risk Management sized accounts. Additional responsibilities included assisting the Head of Liability with Business Analysis for the United States, Canada, and Mexico. Julia also helped to establish, develop and build Allianz’s International Liability Department.
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