United States: Plews Shadley Racher & Braun Announces Formation of Insurance and Risk Management Services, LLC
Last Updated: August 13 2003

Plews Shadley Racher & Braun is pleased to announce the formation of Insurance and Risk Management Services, LLC (IRMS), a new consulting firm. This new firm, headed by Kevin Thompson, of counsel to Plews Shadley Racher & Braun, will provide risk management consulting services to clients.

IRMS will conduct "risk assessment" services for property and casualty clientele and make specific recommendations to improve or otherwise enhance the property and casualty insurance coverages for its clients.

Prior to joining Plews Shadley Racher & Braun, Kevin served as Director of Corporate Risk Management for Eli Lilly and Company at its corporate headquarters. Kevin’s experience prior to Lilly included risk-management responsibilities for Mayflower Group, Inc., a global transportation company; Chief Financial Officer and Treasurer for Monroe Guaranty Insurance Company; and financial and budget analyst responsibilities for Chrysler Corporation. Kevin’s diverse background and experience provides the foundation for a unique perspective concerning complex property/casualty insurance matters. This experience translates into a comprehensive and thorough review of insurance issues resulting in significant benefits to the client.

The timing is opportune for this new venture. Current insurance market conditions reflect tightening of coverage terms, higher deductibles and increasing premiums. The longest "soft" insurance market in recent history began to turn "hard" in the latter part of 1998. Since then, the September 11, 2001, terrorist attacks, corporate scandals, and expectations for higher returns on investment in the commercial insurance industry have continued to drive rates higher while coverage terms have constricted. The need for sound risk management advice has never been greater.

A principal product of this service will be an audit report, including findings and recommendations, that will serve as a vehicle to facilitate additional dialogue between the policyholder’s management team and its commercial insurance broker.

Insurance and Risk Management Services recently completed a risk assessment for Hamilton Exhibits, an exhibit and trade show manufacturer on Indianapolis’ east side. Paula Tinkey, CFO, had the following to say regarding Insurance and Risk Management Services’ risk assessment:

"Because I have not been with Hamilton very long, the IRMS risk assessment was a good investment from the standpoint of getting an outsider’s perspective on our coverage and where we might be lacking or over insured. While I have had responsibility for overseeing the risk management function, I have not had direct responsibility for deciding coverages. Kevin’s report gave me a degree of confidence that, for the most part, there were no large ‘gaps’ in coverage. The report also contained several suggestions for ways we could potentially reduce costs (via future analysis of customer contracts and coverages). Kevin’s willingness to sit down with our agent to discuss findings was also helpful, and our agent was open to addressing the issues raised as well."

Paula’s experience is fairly typical, since most CFO’s and other financial professionals devote only part of their time to the risk management function. The risk assessment provides the tools for the financial professional to engage in the risk management process in a more proactive fashion, and evens the playing field in negotiating pricing and terms for the clients range of insurance products and services.

The comprehensive insurance services provided by IRMS include:

  • Insurance Policy Review,
  • Coverage Overlap and/or Gaps
  • Renewal Oversight and Assistance
  • Review of Insurance Program Structure
  • Analysis of Coverage Terms and Conditions
  • Retention Analysis
  • Negotiation of Third-Party and Other Service Agreements
  • Loss Run Analysis
  • Claims Review and Training
  • Catastrophic Claims Management
  • Third-Party Referrals, As Needed
  • Properties/Casualty Agency Selection
  • On-Going Commercial Insurance Agency Interface

According to George Plews, a Plews Shadley Racher & Braun partner, "We are very excited Kevin has joined us and about the new services IRMS can offer. It is a perfect fit with our long service in assisting policyholders. The interests of the policyholder are first and foremost. IRMS owes no allegiance nor has any financial interest in, or relationship with, the insurance markets. Kevin also is of counsel to our firm and we anticipate his expertise will be a great benefit to our firm."

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