Weekly Newsletter - 12.11.2024

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EVENT OF THE WEEK 📅

EDITOR’S PICK 🎯

How Your Confidence Crisis is Costing You Sales – And How to Stop It

Practical Tips by Kate Philpot from Getty Images

Ever felt like a fraud in a client meeting, worrying that you'll be exposed? You're not alone. Imposter syndrome can impact anyone, especially in sales, where confidence is key.

Kate Philpot, VP of Global Sales Enablement at Getty Images, and Camille Kempell, Business Development Director at Hive Perform, recently had an eye-opening conversation about overcoming self-doubt and building lasting confidence. They shared actionable strategies that go beyond managing imposter syndrome and help you build your career and maintain consistent performance.

Kate and Camille discuss:

• How imposter syndrome impacts your sales confidence and performance.

• Practical tips to speak up and combat self-doubt.

• The power of preparation to build lasting confidence.

• Why tracking your wins is essential to shifting your mindset.

• How mentorship and sponsorship can fuel your growth in sales.

Want to hear more? Get all their insights now and watch the recording now.

INDUSTRY INSIGHTS 📰

Gallagher Historic Acquisition of AssuredPartners: A Strategic Industry Milestone

Arthur J. Gallagher & Co. has announced a landmark acquisition of AssuredPartners, a prominent US insurance broker, for $13.45 billion. This transaction, the largest of its kind in the industry, is set to close in early 2025, pending regulatory approvals. Gallagher plans to finance the acquisition through a mix of debt, cash, and equity, ensuring it hinder their ongoing acquisition strategy or credit rating. The merger is projected to yield significant cost savings of $160 million, despite integration costs of $500 million over three years. This strategic move is expected to enhance Gallagher earnings per share by 10 to 12 within a year.

The acquisition aligns with Gallagher growth strategy, expanding its footprint in the US middle-market for property-casualty and employee benefits. By leveraging Gallagher expertise in data analytics and specialty products, the merger promises to unlock new business opportunities. The deal also strengthens Gallagher presence in niche sectors such as Transportation, Energy, and Healthcare, while bolstering its operations in the UK and Ireland. The integration of AssuredPartners entrepreneurial spirit and local ties with Gallagher resources is anticipated to drive growth and client service excellence.

E&S Insurance Gains Traction Amid Emerging Risks and Regulatory Challenges

The rising popularity of excess and surplus (E&S) insurance in the U.S. market marks a significant shift in how businesses and individuals approach risk management. Traditionally reserved for niche products addressing complex and unconventional risks, E&S insurance is now becoming a mainstream solution. This trend reflects broader changes in the insurance landscape, driven by increasing natural disasters, emerging risks, and evolving regulatory challenges. Insurers and managing general agents (MGAs) are adapting to these changes, offering more flexible and tailored solutions to meet diverse needs.

E&S insurance provides a crucial alternative to traditional, admitted lines of business, especially in an era where standard policies may not adequately cover unique or high-risk scenarios. The flexibility of E&S lines allows for customized coverage, addressing specific risks that conventional insurance might overlook. This adaptability is particularly valuable as businesses face new challenges, such as cyber threats and climate-related risks, which require innovative insurance solutions.

The growth of E&S insurance also underscores the importance of understanding and navigating regulatory environments. As insurers and MGAs expand their offerings, they must remain vigilant about compliance and the implications of non-admitted status. This requires a deep understanding of both state and federal regulations, ensuring that policies meet legal standards while providing comprehensive coverage.

INDUSTRY NEWS 🌐

Insly FormFlow AI Revolutionizes Broker Quote Speed and Efficiency

Aviva Launches Program for Rising Stars of the Broking World

Aviva has initiated a program to nurture young talent in insurance broking, known as Rising Stars. Launched in October, the program selected 16 participants from 80 applicants through a thorough screening. It targets brokers with roughly five years of experience, fostering industry diversity and growth.

Liberty Mutual Names Marc Orloff President, GRS North America

Marc Orloff has been appointed President of Liberty Mutual's Global Risk Solutions (GRS) North America, effective January 1, 2025. He will replace Kevin Smith, who is retiring but will remain an advisor. Orloff aims to continue the underwriting-led culture and capitalize on opportunities in North America.