Insurers challenged by large losses, and limited investment returns have a new resource to use in their battle to remain profitable.
Steven L. Salman, and the law firm of Shugart, Thomson, & Kilroy, P.C. (STK), completed a joint venture that has resulted in the launch of Global Insurance Solutions, LLC. (GIS), an insurance consultancy designed to serve troubled insurers.
Salman, an insurance executive with 30 years experience who will act as the president and CEO, commented that the team is very excited to be launching GIS at a time when the services can have such a profound impact.
According to Salman, the P&C segment of the insurance industry is not alone in facing strong challenges.
All lines of insurance are being challenged today. Insurers across the country took on the challenge of underwriting various unfamiliar lines of insurance as part of their expansion plans. In an environment where it was relatively easy to maintain good investment returns, companies were shielded from the costly learning curve that can accompany the addition of unfamiliar lines.
While GIS specializes in providing interim management and rapid turnaround of insurance operations, the company will provide a range of services including: troubleshooting, operational / regulatory compliance consulting, reinsurance review / negotiation, development of alternative financing options, third party reviews, and even management of business run offs or loss portfolio transfers that may become necessary.
In support of its clients existing teams, GIS plans to call upon STK, a minority equity partner, for legal work as needed on specific projects. According to Bill Fischer of STK, a lawyer with 20 years of insurance experience, this is a combination that makes great sense.
GIS will be interviewing a limited number of targeted clients, including those referred by concerned regulators, throughout the remainder of the year and is not planning a substantial marketing campaign before spring 2002.
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