Our Independence. Your Advantage.

NYIA Annual Conference: Trust, Ping-pong and The Joy of Regulation

On the heels of a new joint-venture in the reinsurance marketplace, Holborn and Grinnell Mutual Reinsurance Company were proud co-sponsors of this year’s New York Insurance Association (NYIA) Annual Conference at Turning Stone Resort in Verona, NY. As usual, NYIA did an excellent job planning the event and attracted its largest attendance in history. In between a few lost golf balls and ill-fated trips to the blackjack tables, a few themes emerged for the conference-goers:

–          Trust is the New Black: Trust never goes out of style, and the importance of building trust in organizations was a theme throughout the conference. Despite, and perhaps because of, the pace at which life moves these days, speaker Dr. Robert Huxley and NYIA members both affirmed the invaluable importance of trust-based-relationships. Without trust, the speed and quality of our businesses suffers. With an industry-leading average client tenure of 16+ years, Holborn couldn’t agree more.

–          Ping-pong and the Millennial Impact: It seems no agenda is safe from a discussion on the Millennial Generation and its growing impact on our world. According to one panelist, as much as 10-15% of the insurance industry will retire in the next two years, creating a talent void that needs to be filled quickly. Some companies are getting creative in their efforts, with one executive joking that ping-pong tables are now required office furniture if you want young talent. While we haven’t grabbed a paddle (yet?), Holborn is on the forefront of the industry in terms of talent development and planning for the future. “Next Generation” initiatives are in place to ensure bench strength and innovation as we approach our company centennial (2020).

–          The Joy of Regulation: Fresh off of her February nomination by Governor Cuomo, Acting DFS Superintendent Maria Vullo delivered the keynote. While details were understandably sparse, Ms. Vullo offered her vision for smarter, more effective regulation. Her team is growing by the day, which offers some hope for a smoother road ahead. NYIA members weren’t shy during Q&A and voiced frustration with recent DFS dealings. With an uncertain regulatory and legislative environment ahead, proper advocacy remains critical. It’s comforting to know NYIA is alive and well in their efforts on behalf of the New York Insurance Industry, and Holborn and Grinnell are grateful for their support as we continue to advocate on behalf of our clients.

Thanks to Ellen Melchionni and team at NYIA for a great conference – see you next year in Buffalo!

Exclusively through Holborn, Grinnell Mutual offers unparalleled reinsurance coverage and expertise to insurance carriers in New York. For more insight, reach out to Nick Bellmont (nickb@holborn.com).

About Holborn
Holborn Corporation (Holborn) is a privately held independent reinsurance brokerage firm established in 1920. With a commitment to integrity and a focus on long-term client relationships, Holborn’s offerings include advanced analytic tools, global market access and responsive reinsurance services. Through the adoption of an Employee Stock Ownership Plan (ESOP) in 1998, Holborn became exclusively owned by its employees. For additional information, please visit www.holborn.com.

About Grinnell Mutual
Located in Grinnell, Iowa, Grinnell Mutual operates in Illinois, Indiana, Iowa, Minnesota, Missouri, Nebraska, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Montana, and Wisconsin, partnering with and reinsuring 255 FarMutual members. We are the largest, primary reinsurer of farm mutual companies in North America. Grinnell Mutual continues to receive an A rating from A.M. Best, a leading industry rating service, as we have for more than 20 years.

About Holborn News
In addition to Holborn-related industry news, staff and board member updates, highlights of recent and upcoming events, and information on upgrades to analytics, claims and other services, our "News" features up-to-the-minute reinsurance industry posts, trend analysis and opinion pieces, not only from our leadership, but also from experts across the insurance industry.