USI in the News

USI Insurance Services (“USI”), a world leader in risk management, employee benefit and retirement consulting, today announced the acquisition of New York-based retirement, benefits and risk management advisory firm, Chernoff Diamond & Co., LLC. Terms of the transaction were not disclosed.

Commenting on the announcement, Michael J. Sicard, USI’s chairman and chief executive officer, stated: “We are thrilled to welcome the clients and experienced professionals from Chernoff Diamond to the USI family. For nearly 45 years, Chernoff Diamond has been serving the needs of businesses and individuals across the country. We look forward to building on their innovation and expertise and continue to focus on long-term client relationships through the USI ONE Advantage®, an interactive knowledge platform that integrates proprietary analytics, networked resources and enterprise planning to deliver truly customized solutions with material financial impact to clients.”

Alex Chernoff, president, Chernoff Diamond, added: “Our goal was to partner with a proven organization that will make us better. We are excited to be joining forces with USI, an established leader in employee benefits and retirement plan consulting, risk management, insurance brokerage and private client insurance services. By becoming one, by combining our experience, expertise and client focus with the dimension and industry leading capabilities of USI, we are positioned to continue delivering sound advice and comprehensive services to clients throughout the country.”

About USI

USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn, Facebook, or Twitter.

USI’s National Risk Advisory Practice Leader, John Meder, was recently quoted in the May Issue of Business Insurance Magazine, where he discusses the impact insurtech is having on the insurance claims process. In the article, “Insurtech Speeds Claims Process, But Security Questions Persist,” Meder shares: “Insurers can use satellite imagery of a property loss to gather data such as measurements to estimate materials needs and costs, which can be bought automatically. You typically have feet on the ground, but it’s getting to the point where you can do a lot more from behind a desk without having to go out.” Read the full article.

USI Insurance Services (“USI”) has been named by Forbes as one of America’s Best Large Employers for 2019, ranking as the only insurance brokerage and consulting firm on this year’s list.

“We are excited to see the extraordinary work of our associates reflected in USI’s culture and resulting recognition as a leading employer of choice for the second consecutive year,” said Michael J. Sicard, USI’s chairman and chief executive officer. “Through our more than 6,000 industry-leading professionals, connecting as ONE to deliver the USI ONE Advantage®, we are delivering on our vision to create a different and better experience for our clients, communities and team members.”

Kim Van Orman, senior vice president and chief human resources officer for USI, added: “Our back-to-back recognition by Forbes as one of America’s Best Large Employers is a strong testament to the rewarding employee culture and work environment we are building. We invest heavily in developing our associates through our USI ONE® platform, and by offering one-of-a-kind employee reward and recognition programs that truly distinguish USI as a leading employer within the risk management and consulting industry and beyond.”

The 2019 Forbes list of America’s Best Employers is developed in partnership with market research firm Statista. America’s Best Employers are chosen based on an independent survey of more than 30,000 Americans working for businesses with at least 1,000 employees. Survey participants were asked to anonymously rate their employers on work-related topics such as working conditions, salary, potential for development, company image and willingness to recommend their employers to friends and family. The full report is available on Forbes.com at: https://www.forbes.com/best-large-employers/#6a8737eafb3e

About USI

USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn, Facebook, or Twitter.

USI Northeast’s Rob Tockarshewsky recently authored a byline article for Security Sales & Integration Magazine entitled, “When a Data Breach Occurs Will You Be Prepared?” In the article, Tockarshewsky explores the realities of cyber breaches and the key steps companies can take to shore up their defenses against a potenital attack. “Typically, cyber incidents at large companies make the headlines, but those events are a small percentage of all successful cyberattacks. More often, the victims are small-to-medium sized businesses that do not have appropriate resources to fully protect employees, customers and the company from a cyberattack,” stated Tockarshewsky. Read the full article.

USI’s National Technical Director of Executive and Professional Solutions, Paul King, recently sat down with Insurance Business America (IBA) to discuss how new technologies, such as blockchain and the internet of things, are impacting understandings of data ownership and shifting the conversation around cyber liability and privacy. In the article, “How the Risk in Blockchain is Challenging Insurance,” King explains: “Insurance traditionally has been a lagging take-up indicator of technological change. Most of the risk surveys you look at will tell you that blockchain distributed ledger technology is most certainly on the minds of boards and leaders, as it should be.” Read the full article. King will continue the discussion at this year’s IBA Emerging Risks & Innovation Summit on May 14 in New York City where he will join a panel of industry experts to discuss, “Data, Privacy and New Demands on Cyber Underwriting.” Learn more.

USI Northeast’s Christine Chipurnoi recently sat down with Insurance Business America (IBA) Magazine to discuss the key trends driving the construction and real estate insurance markets for the publication’s March “Brokerage Insight” feature. In the article, “The Building Blocks of Success,” Chipurnoi explains: “Builders are using drones, laser-guided equipment, robotics and wearable technologies that all have an impact on safety, so we have to make sure our policies are crafted to take all of that into consideration.” Read the full article.

USI SVP, Mary Jo Jacobs, health and welfare benefits advisor, will speak at the National Diversity Council’s 15th Annual Conference and Exposition, as part of two dynamic panel discussions entitled, “How to Become a Better Leader” and “Leaning in Without Tipping Over: Achieving Work-Life Balance.” The annual Diversity & Leadership Conference features internationally-renowned speakers who share their unique experiences integrating key diversity and inclusion initiatives in both their workplaces and communities. The 2019 conference will take place in Dallas, Texas, April 8-12. Learn more.

Miles Afsharnik, Esq., national claims leader for USI’s Executive and Professional Risk Solutions practice group, will speak at the 2019 EPLI ExecuSummit on April 3 as part of a panel entitled, “Keeping Damages Down,” a presentation and discussion on limiting damages in employment litigation. The annual EPLI ExecuSummit is an educational conference designed for EPL professionals to hear directly from industry experts on the latest trends in underwriting and claims intelligence. The 2019 conference will be held at the Sandpearl Resort in Clearwater Beach, Florida, April 2-3. Learn more.

USI’s Linnae Latessa, CPA, corporate controller and chief accounting officer, was recently interviewed by the Journal of Accountancy, a publication of the Association of International Certified Professional Accountants, for their for a newly-published feature article entitled, “Mastering Accounting for Business Combinations.” The article highlights the many ways mergers and acquisitions can present challenges for finance professionals, in addition to recommending ways finance organizations can overcome them by staying involved with the deal and preparing in advance of the closing. "Being part of due diligence can help finance understand the business being acquired and uncover areas where things can go wrong. Otherwise, you may not know what you don't know," stated Latessa. Read the full article.

In a recently-published article entitled, “Buckle Up: Directors and Officers Insurance Rates for Public Companies Likely to Harden in 2019,” USI’s Kara Altenbaumer-Price, SVP, corporate risk and governance, explores the latest trends and recent court rulings impacting the directors and officers insurance market and implications for public companies in 2019. “The U.S. Supreme Court's March 2018 decision in Cyan v. Beaver County Employees Retirement Fund ushered in a hard D&O insurance market for new initial public offerings,” stated Altenbaumer-Price. “Within weeks, premiums and retention levels rose dramatically for companies seeking to purchase their first public D&O insurance program.” Read the full article.

USI Insurance Services (USI), a world leader in insurance brokerage and risk management, today announced the acquisition of New York-based GFI Insurance Brokerage, Inc. Founded in 2003, the insurance brokerage provides commercial property and casualty, employee benefit and personal risk solutions to clients in the Northeast region. Terms of the transaction were not disclosed.

Commenting on the announcement, James M. Butler, USI Northeast regional CEO, stated: “We are excited to welcome the clients and experienced professionals from GFI Insurance to the USI family. By joining together as one, we look forward to advancing GFI’s innovative culture and focus on long-term client relationships through the USI ONE Advantage®, a unique platform that delivers innovative risk management and employee benefit solutions with bottom line financial impact.”

Brian Gross, president, GFI Insurance Brokerage, added: “We are thrilled to be partnering with an established industry leader known for their innovative risk management, insurance brokerage and consulting expertise. USI’s solutions are best-in-class, and we look forward to delivering an unparalleled client service offering for businesses and individuals throughout the Northeast region.”

About USI

USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects together over 6,000 industry leading professionals across more than 150 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities. For more information, visit usi.com or follow us on LinkedIn, Facebook, or Twitter.

USI’s Sharon Ruth, client advocate, based in Wilmington, DE, recently co-authored an article for the Delaware Medical Journal examining the steps medical professionals can to take to protect their practices from medical waste handling liabilities. In the article, Ruth and co-author, Matt Georgov, Owner and Founder of Choice MedWaste, outline the five key issues that can create significant liability exposures for individual healthcare practices and how to avoid them. Read the full article.

USI’s Gregg Roberts, national environmental risk mitigation practice leader, and Brian Dove, national real estate practice leader, recently co-authored a byline article for National Real Estate Investor entitled, “How to Manage Environmental Risks at Commercial Real Estate Companies.” The article examines some of the most common environmental risk issues faced by commercial real estate owners today, including legionella, mold and vapor intrusion exposures, along with the importance of having a comprehensive environmental risk management plan in place to address potential liabilities and claim drivers. Read the full article.

European Union Regulators recently sent a clear signal about how strictly they will enforce the EU’s General Data Protection Regulation (GDPR) with a $57 million dollar fine against Google. The fine was aimed at violations of the GDPR focusing on transparency of information provided by Google and their ads personalization process. Paul King, USI national technology solutions practice leader, based in Dallas, commented: “In the grand scheme of things, $57 million is a big number. For Google or Alphabet overall, it’s not really that big of a number, but it represents something as far as a fine goes that is a watershed moment.” Read the full article.