A.M. BestTV: View from Washington; Lawyers Professional Liability Market in Flux

OLDWICK, N.J.--()--In this episode of A.M. BestTV, David Bell, the president and CEO of ALPS, which specializes in lawyers professional liability coverage, discusses the state of the market, the intricacies of the market and how the company has navigated the economic downturn. For the most part, Bell said that the impact of market conditions is relative to the position of the firm and its area of expertise. For example, Bell said firms with a real estate focus reported more claims, and as a result, saw notable rate increases. Additionally, Bell said that a shrinking pool of policyholders has been a challenge, as baby boomer lawyers retire and jobs for new law school graduates are scarce. Bell said its distribution model – direct selling to lawyers and associations – has been an effective cushion against these trends and has led to high retention rates. Bell also said the company's "attorney match" program has been a good tool to help retiring attorneys find a successor, or aid an associate that is looking to start a solo practice. Click on http://www.ambest.com/v.asp?v=lawyers314 to view the program. Additionally, this episode takes a 60-second look at some regulatory actions that could impact the insurance industry, including an update on the status of the federal flood insurance program.

A.M. BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M. BestTV episodes at www.ambest.tv.

Recent episodes of A.M. BestTV include:

  • AAMGA, Lloyd's Talk Regulation: Bernie Heinze, who heads up the American Association of Managing General Agents, discusses talks with Lloyd’s over avoiding redundant compliance requirements as regulatory shifts occur: http://www.ambest.com/v.asp?v=aamga2314
  • First Monday Review & Preview: Property/Casualty, U.S. & Bermuda Reinsurance: A look at how external forces are reshaping the U.S. property/casualty sector and soft-market conditions for U.S./Bermuda-based reinsurers: http://www.ambest.com/v.asp?v=firstmonday1314
  • First Monday Review & Preview: Life/Annuity, Health: The accelerating U.S. economy is helping to stabilize the life/annuity industry and a look at how U.S. health insurers are reacting to a rapidly changing landscape: http://www.ambest.com/v.asp?v=firstmonday2314

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Sharing

Contacts

A.M. Best Company
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com