ACEC Business Insurance Trust Announces Leadership Changes and New Trustee Appointments - Insurance News | InsuranceNewsNet

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August 21, 2018 Newswires
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ACEC Business Insurance Trust Announces Leadership Changes and New Trustee Appointments

PR Newswire

WASHINGTON and SAN FRANCISCO, Aug. 21, 2018 /PRNewswire/ -- The American Council of Engineering Companies Business Insurance Trust (BIT) and Greyling/EPIC Insurance Brokers & Consultants announced today leadership changes within the Trust as well as new Trustee appointments. Current Trustees Robin S. Greenleaf, P.E., LEED AP, Robert A. Overfield, P.E., and Michael D. Klingner, P.E. have assumed new leadership roles for the ACEC BIT. Robin will serve as Chair of the BIT Trustees, Robert as Vice Chair, and Michael as Treasurer. Former Chair Gary Loesch, P.E., DEE, will remain involved with the Trust as Trustee Emeritus.

Additionally, Armando Ramos, P.E., LEED AP and Richard Humann, P.E., have been appointed Trustees for the ACEC BIT. "We are very pleased to welcome new Trustees Armando and Rich. With their extensive experience in managing engineering firms in California and the northeastern US, they bring a balanced perspective to the Trust and a thorough understanding of the risks and challenges facing engineering firms today," said Robin.

Armando Ramos is President of Ramos CS, a multi-service infrastructure consulting firm specializing in engineering, program, and construction management. Mr. Ramos has over 22 years of experience working on large-scale transit and transportation systems, international airport expansions, and federal and municipal facilities. Mr. Ramos started his career as a Structural Engineer, where he was responsible for the design of several federal facilities and structures, including the Metro Gold Line underground tunnels and bridges in the Los Angeles area. Armando has held many ACEC leadership roles, with his most recent being ACEC Los Angeles President (2018-2019).

Mr. Richard Humann is Chairman, President, and CEO of H2M architects + engineers; H2M Associates, Inc.; and H2M Architects & Engineers, Inc., where he first started as an engineering intern in 1987. Rich became the CEO in 2013, and since been responsible for the overall performance of the firm, driving the corporate mission, vision, and values of the firm to create a working environment that promotes growth, engagement, and positive culture. "Building sustainable communities since 1933" is H2M's mission, marshalled by Rich in how he motivates and encourages all employees to make sustainable design the foundation of the firm. Rich sits on several charitable, business, and academic boards, including the Engineering Advisory Boards at Stony Brook University and the New York Institute of Technology, and the Corporate Advisory Board of Cold Spring Harbor Laboratory.

The ACEC BIT is responsible for providing quality business insurance responsive to engineering firms' unique needs, delivering exceptional service to ACEC members, and offering valuable and relevant member benefits. The Trustees strive to meet and exceed member firms' expectations and are committed to helping the Program keep pace with changes in the profession.

For additional information regarding the ACEC BIT Program, please contact Jeff Connelly at Greyling/EPIC (833-223-2248 or [email protected]) or any of the following BIT Trustees:

Robin S. Greenleaf, P.E., LEED AP, F.ACEC
Phone: 617.542.0810
Email: [email protected]

Robert A. Overfield, P.E.
Phone: 307.587.4911
Email: [email protected]

Michael D. Klingner, P.E.
Phone: 217.223.3670
Email: [email protected]

Doris I. Willmer, P.E., LEED AP, F.ACEC
Phone: 770.939.9904
Email: [email protected]

Rachel Hayden, P.E.
Phone: 214.753.8100
Email: [email protected]

Armando Ramos, P.E., LEED AP
Phone: 626.993.6786
Email: [email protected]

Richard Humann, P.E.
Phone: 631.756.8000
Email: [email protected]

Marc Alper, P.E., S.E., F.ACEC
Phone: 314.432.8600
Email: [email protected]

Gary E. Loesch, P.E. DEEPhone: 631.756.8000, ext. 1140
Email: [email protected]

About EPIC:
EPIC is a unique and innovative retail property & casualty and employee benefits insurance brokerage and consulting firm. EPIC has created a values-based, client-focused culture that attracts and retains top talent, fosters employee satisfaction and loyalty, and sustains a high level of customer service excellence.

EPIC team members have consistently recognized their company as a "Best Place to Work" in multiple regions and as a "Best Place to Work in the Insurance Industry" nationally.

EPIC now has more than 1,400 team members operating from 50 offices across the U.S., providing Property & Casualty, Employee Benefits, Specialty Programs, and Private Client solutions to more than 20,000 clients.

With run rate revenues greater than $400 million, EPIC ranks among the top 20 retail insurance brokers in the United States. Backed by Oak Hill Capital Partners, the company continues to expand organically and through strategic acquisitions across the country. For additional information, please visit www.epicbrokers.com.

*LOGO Link for media: Send2Press.com/300dpi/16-0308-epic-insurance-300dpi.jpg

This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com

 

Cision View original content:http://www.prnewswire.com/news-releases/acec-business-insurance-trust-announces-leadership-changes-and-new-trustee-appointments-300699926.html

SOURCE EPIC Insurance Brokers and Consultants

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Virginia insurance regulators order rate cuts for several Aflac policies

DAVE RESS Richmond TimesDispatchNews Virginian

One of the nation's biggest health and life insurance firms has been overcharging Virginians for its accident, dread disease and other supplemental health policies, a State Corporation Commission Bureau of Insurance review found.

As a result, Aflac — also known as American Family Life Assurance Co. — is cutting premium rates on 16 different policies by as much as 35%, its filings with the bureau show.

The cuts will save more than 120,000 Virginia policyholders some $12.6 million a year, the filings show.

In addition, Aflac agreed to pay a $64,000 fine to settle the matter.

"This represents exactly the type of oversight work the Bureau of Insurance does every day to protect Virginia consumers," said Scott White, commissioner of the bureau.

"When we discovered these supplemental health products weren't delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them," he said.

It started with one of the regular market analysis reviews that the bureau staff conducts to see how insurers do business.

In the review, bureau staff checked six specific Aflac policies that offered supplement coverage when policyholders suffer injuries from accidents, need cardiac care or need to pay a hospital bill.

They found four of the six policies they reviewed weren't meeting a basic test of fair pricing.

The percentage of premium income Aflac was paying out in claims was low.

That percentage, claims divided by premiums, is called the loss ratio. When it is too low, regulators say it means premiums are too high.

As they asked Aflac about this, bureau staff found a total of 16 supplemental policies had loss ratios well below the minimum required. In addition to the four policies, there were other policies offering similar coverage, as well as policies offering dental, vision and short-term disability benefits. When policies pay less than a minimum loss ratio, it means premiums are too high.

In Virginia, these sorts of policies are supposed to have loss ratios of at least 50%. Less than half of the money Aflac collected from policyholders was used to pay claims.

Most had been running loss ratios averaging between 30% and 35% since 2019, a Richmond Times-Dispatch review of Aflac rate filings found.

In one year, the loss ratio on one so-called dread disease policy, covering organ transplants, heart attacks, strokes and coma, was as low as 14% and averaged 23% from 2019 through 2024. A vision policy's loss ratio was just 18% one year, and a dental policy that more than 3,300 Virginians bought, it ranged from 23% to 24% for three years.

Aflac cut the dread disease premiums by 35%, bringing them down to an average of $159 a year. It cut the dental and vision policies' rates by 20%.

Loss ratios on such supplemental health policies are the lowest set in state law or regulation. Affordable Care Act policies must be priced to produce at least an 80% loss ratio, as is the case for long-term care insurance. Medicare supplement coverage has to have at least a 65% loss ratio.

Aflac Senior Vice President Thomas McDaniel said the company is cutting premium rates and paying the fine "solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law."

In a statement, the company added: "As a leading supplemental insurer in the United States, we are committed to ensuring that our policyholders receive the benefits for which they are entitled. We continue to work with state regulators to ensure all standards are met."

Dave Ress (804) 649-6948 [email protected]

"When we discovered these supplemental health products weren't delivering the value policyholders were paying for, we acted to secure premium rate reductions that resulted in real savings to them."

Scott White, commissioner of the bureau

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