42 The Self-Insurer | www.sipconline.net

London Calling... SIEF Summit Imparts ‘Brilliant’ Lessons from Across the Pond

Written by Bruce Shutan

London is known for Buckingham Palace, Big Ben, the Royal Albert Hall and Harrods, among other historic landmarks. It’s also home to Lloyd’s of London, known for managing unusual risks for 327 years and a driving force behind self-funded markets around the globe.

Just across the street, a group of senior executives representing global self-funding and alternative risk markets assembled for last month’s Self-Insurance Executive Summit. The event was sponsored by the Self-Insurance Educational Foundation (SIEF), the nonprofit educational arm of the Self-Insurance Institute of America (SIIA). It featured attendees and speakers from major corporations across the U.S. and Europe.

Hot topics included captive growth, U.S. health care policy, the Affordable Care Act, global medical trends and the looming implementation of Solvency II, a financial standard governing insurance regulation across the European Union that takes effect in January.

SIEF Chairman Nigel Wallbank, who’s also president of New Horizon Insurance Solutions, references “a fabulous presentation” on Lloyd’s of London by Colin Bird, chairman and CEO of Besso Insurance Group Limited. He says the summit represented a good opportunity for attendees “to learn about the way that special risk is conducted in Europe and in Lloyd’s and how that supports

October 2015 | The Self-Insurer 43

© S

elf-

Insu

rers

’ Pub

lishi

ng C

orp.

All

righ

ts r

eser

ved.

many a North American project or North American writing of projects.”

As for Solvency II, which also had everyone talking, Wallbank says it’s only a matter of time before it arrives in the U.S. because European entities must apply the new standard to their operations around the world.

Freda Bacon, a SIEF board member who administers the Alabama Self-Insured Worker’s Compensation Fund, says London was chosen to host the executive summit “primarily due to the ever-increasing cross-over of self-insurance issues, which affect both sides of the Atlantic.” She describes the market, as well as Lloyds of London, as steering everything from excess and reinsurance coverage to captives around the globe and also notes that most international brokers are headquartered there.

International conferences are critical to the self-insurance industry at a time when the global economy is expanding, according to Wallbank. “The world is shrinking in that regard. A lot of the major players now are involved in global insurance or reinsurance.”

Recalling memorable SIIA trips to China and to Bangkok, Wallbank is hopeful that a conference can now be planned for Cuba now that U.S. diplomatic ties have been restored and there’s an American embassy in place. He believes interest is high, adding: “that would be educational because the law requires education at the moment. You can’t just go there for fanfare.”

While events overseas are an important part of SIIA’s educational mission, Bacon notes that SIEF also hosts a number of sessions in Washington, D.C., to help educate congressional aides and policymakers on the self-funded industry, its goals and concerns.

Colin Bird, chairman and CEO of Besso Insurance Group Limited

Gary Osborne

44 The Self-Insurer | www.sipconline.net

“We can never be complacent in our understanding of the self-funding process,” she says, noting a “trickle-down effect” from London and other key international markets that are ripe for SIEF and SIIA events. “Members of SIIA and the self-funded industry should be on the lookout for future programs and educational opportunities.” ■

Dominic Hagger, Amy Troiano, Erica Massey and Freda Bacon

www.benefitmall.com/Services/Benefits/Stop-Loss 888.248.8952

At BenefitMall, we know that employer groups benefit most from treating their health plan as an investment rather than an expense. Our team of self funded consultants can help you succeed by offering:

• Unbiased Expertise and Review

• Initial Placement, Implementation and Renewal of Coverage

• Claims Audit, Submission, Tracking, and Resolution Services

• Reporting, Compliance Services and Plan Document Review

• Billing and Premium Collection

• Ancillary Products and Services

©2015 BenefitMall. All rights reserved.

INNOVATIVE STOP LOSS AND ANCILLARY SOLUTIONS

Bruce Shutan is a Los Angeles freelance writer who has closely covered the employee benefi ts industry for more than 25 years.

SIEF would like to thank the following

sponsors for their support of the Self-Insurance Executive Summit:

• Oxford Insurance Brokers Ltd.

• Fairmont Specialty, a Div. of Crum & Forster

• Re-Solutions Intermediaries, LLC

• The Taft Companies

• New Horizons Insurance Solutions

• Willis North American Captive & Consulting Practice

• Renalogic - formerly DCC, Inc.