Creativity at Rose and Kiernan
Fast on the heels of our Agency of the Year issue, another of New York’s great agencies,Rose & Kiernan, announced a transaction which demonstrates handsomely why this agency is among the top 50 independent insurance brokerages in the U.S. According to our dear friend of longstanding, David Fazioli. Rose & Kiernan has just announced that it has successfully completed the state’s first private placement of a New York Assumption of Loss Policy (“ALP”), for an individually qualified, New York self-insured, the predecessor firm of one of the region’s largest paper producers. The ALP, which was first approved in New York in December of 2010, allows qualified individuals and group self-insureds to transfer outstanding workers’ compensation liabilities to approved insurance companies or the New York State Insurance Fund. Commenting on the transaction in a press statement, Lloyd Jones, CPA, CFE, – Vice President of Finance for Pruyn & Company, Inc., said “The placement of the ALP has allowed us to completely convey our obligations for claims and future assessments while ensuring our former employees continue to receive the full, uninterrupted statutory benefits to which they’re entitled.” He added, “Rose & Kiernan’ expertise allowed Pruyn & Company, Inc., to bring to a close a very significant matter for our shareholders.” In June 2007, Atlas Holdings, LLC and Blue Wolf Capital Management, LLC formed Finch Paper Holdings LLC to acquire the assets of the former Finch, Pruyn & Co., Inc. Operating today as Finch Paper LLC, the successor firm was not a party to the transaction. Commenting on the matter, Rose & Kiernan’s President & CEO John Murraysaid, “We’re delighted to have been entrusted by Pruyn & Company’s Board with this important work. Many qualified self-insured’s and individual businesses and non-profits that have participated in workers’ compensation group self-insurance (Trusts) in New York are facing an uncertain future because of mounting, and often underfunded obligations and assessments. This solution, approved by New York regulators, provided a mechanism for Pruyn & Company to put to rest a meaningful financial obligation for the company, while providing injured workers their required benefits. This was a terrific outcome and we truly appreciate the confidence Pruyn & Company placed in us.” Consulting and brokerage on the transaction were provided by two of Rose & Kiernan’s senior executives, Senior Vice Presidents, David A Fazioli, CPCU, CIC and Sean L. Hickey, CPCU, RPLU, ARM. Nice work, men…This issue of the Insurance Advocate includes a spirited article by Peter Bickford that looks carefully at the latest developments in the Insurance Department as reported here in our last issue. Peter is an astute veteran observer on the insurance scene whose viewpoints are often controversial, always bright; we publish them precisely for that purpose, i.e. to encourage dialogue and to ensure that those who are making decisions at evert level understand all of their implications. We salute Peter Bickford’s analytical skills and are pleased to present them once more to readers in this issue of Insurance Advocate…The process of publishing a fortnightly magazine, one that is venerated by its readers not only for its age but for the service it renders, is a daunting task in an age of media overload, of twittering, of every form of constant communication. But it is a most rewarding task for us here at CINN and for everyone who contributes to this “institution”, entering its 123rd year in 2012. Your e-mails and words at meetings and conventions include praise for the Insurance Advocate. We plan to put more and more resources in the future into keeping the Insurance Advocate a vital “place to be” in 2012 and beyond.
Holiday blessings to you and your families from our family here at the Insurance Advocate.