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Special Section Sponsored by Target Markets Program Administrators Association U.S. Risk/Lighthouse Underwriters When Art Seifert, former president of Lighthouse Underwriters, took over as the president of the newly merged Lighthouse and U.S. Risk Underwriters in early 2006, he stressed that focusing on new program opportunities and additional mergers and acquisitions were top priorities for the new organization. Almost immediately, success in those areas was achieved. And it continues. “After we finished integrating Lighthouse with the U.S. Risk family last year, we soon acquired the Morrow Agency, an MGA-style agency in Oakland, California, and Boston Insurance Brokerage in Boston, Massachusetts. Right now, looking primarily at program managers and wholesalers, we have another six or seven prospects in the pipeline,” says Art Seifert. “They’re in several geographical regions, including New England, Arizona, California and Florida.” U.S. Risk is headquartered in Dallas, Texas. Its major offices are located in Scottsdale, Arizona; Trenton, New Jersey; Orange County, California; and Texas in Dallas, Houston, and Austin. The Lighthouse division remains at Annandale, Virginia, where, technically, U.S. Risk of Virginia is now officially doing business as Lighthouse Underwriters. U.S. Risk’s Dallas, Houston and Annandale facilities are in charge of healthcare and senior care business, two of the company’s major areas of program administration. The Healthcare Division has underwriting authority for nursing homes and assisted living facilities, and miscellaneous healthcare liability, including home health and homes for the developmentally disabled. Seifert says, “We’ve just announced an arrangement with PMA [Insurance Group] to write workers comp [compensation], auto, and property with nursing homes on a national basis. And in addition to writing the inland marine coverage for the equipment that supports the entertainment and presentation industries, we are now looking to write the people who put the equipment in place.” Eight prominent categories—staffing, elder care, oil and gas, professional liability, entertainment, private prisons, miscellaneous professional liability (MPL), and American Indian tribes—continue to be among the company’s largest national programs. Where U.S. Risk has established expertise already in place with existing programs, it concentrates on “widening the box” to cover sister programs in those categories. A good example, should it officially be added soon, would be the “midwife area.” Growth of a similar nature is occurring in staffing where Fireman’s Fund has been added to the mix on a nonadmitted basis. That development can enable further growth through acquisition. Seifert reports that an increase of roughly 20% annually, in terms of acquisitions and the broadening of business within current program activity, is a realistic goal. He also noted that finding new businesses in the three to four million dollar range could form especially solid bases for launching new programs that enhance overall books of business. U.S. Risk is also expanding overseas and will announce planting its corporate flag in Australia shortly. Australian markets will be supported by NCG, a Lloyd’s broker owned by U.S. Risk. Seifert is keenly aware of the marketplace characteristics (both at his own firm and elsewhere) that must be constantly monitored by program administrators. He had direct dealings with program administrators for two years as president of the Target Markets Program Administrators Association (TMPAA) midway through the Association’s first half dozen years. As he pointed out during his presidency, “There is nowhere else, other than our two annual TMPAA meetings, that insurance firms interested in program business can go to gain access to program business leaders. Whether they be program administrators, carriers, or vendors whose business is of special value to the industry, an increasing number of association members are actively engaged in helping to grapple with program issues involving current trends and with the acquiring and maintaining of markets.” Seifert proudly cites the 40% attendance increase over 2006 at the Association’s annual mid-year meeting in May. He also salutes TMPAA for recently creating a foundation to raise funds for worthy entrepreneurial-based groups via a non-profit 501C3 authorization for education and social services. → |
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