Premium credits approved for 2024–2025
We are pleased to report the AEGIS Board of Directors has approved the following increased credits:
Total credits declared increased this year to $101 million, up from $86 million last year. The increase in Conventional Property, D&O, Renewable Energy and Cyber Risk credits reflects the premium growth trends for those products. In addition, $1 million in credits were declared for coverage written by AEGIS London.
AEGIS also continues its popular member loyalty credit program for those members who buy four or five of the eight eligible AEGIS products. The level one loyalty credit, for those members who purchase four products, is an additional 20% of the total premium credits. The level two loyalty credit, for those who purchase five products, is an additional 20% of the total premium credits.
About 34% of our members have taken advantage of the loyalty credit program in recent years, up from 26% in 2021. We are happy to recognize the loyalty of our members with these additional credits and look forward to even higher levels of participation in the future.
These credit programs set AEGIS apart from the commercial market because they allow members to share in the positive financial results of the company. We have declared $1.8 billion in premium credits to eligible policyholders since the inception of these programs.
The credit letters for individual products and the member loyalty credits will be e-mailed to members and their brokers from the AEGIScredits@aegislimited.com address in mid-June. Member loyalty credits are paid in mid-August in the form of a wire. Premium credits for individual products are paid in the form of a credit against premiums for future policy renewals. If you have any questions, please contact George Keefe, Senior Vice President – Member Relations, Marketing & Communications, by e-mail or phone at 201.508.2797. Additional details about the AEGIS premium credit program are posted on our website.
George Keefe to retire after 32 years at AEGIS
It is with equal parts joy and gratitude that we bid a fond farewell to our friend and colleague George Keefe, Senior Vice President of Member Relations, Marketing and Communications, who will be retiring at year's end.
George has been with AEGIS for 32 years, since initially joining us from New Jersey Natural Gas Company in 1992. His AEGIS career highlights include building out our communications programs, strengthening our member and broker relationships, assuring the continued success of our AEGIS Conference, and adding a member perspective to the Mutual's management team.
Improving the image and brand of the Mutual was one of George's greatest marketing accomplishments in his time with AEGIS. Under his leadership, our communications became more transparent, robust, and consistent across all stakeholders and through a broad range of channels, including our website, direct e-mail, social media, and good old-fashioned networking, conversations, and meetings.
George raised the bar in all areas, including our PHC. He helped to grow the PHC attendance-wise and to make it more impactful content-wise – and he definitely made it more fun. His truly encyclopedic knowledge of all members, brokers, and competitors is absolutely amazing – second perhaps only to his sports knowledge. I know I speak for all of us when I say that we will miss him as he moves on to his next chapter.
As George prepares for his departure, please join us in welcoming Heidi Gossett, former Director of Risk Management at NiSource, to AEGIS. Heidi will be joining us in June to begin transitioning into her new role as Vice President of Member Relations, Marketing and Communications. George and Heidi will overlap to assure a smooth transition in the coming months.
While Heidi has big shoes to fill, we are confident that she will continue to improve our game when it comes to AEGIS communications and will keep the member perspective as a guide for the Mutual management. She brings experience in local gas distribution, integrated electric utility, and renewable energy development to her new role and is sure to be an asset to our organization.
Coming soon: AEGIS 2023 Annual Review
We are pleased to report that 2023 was another good year for your Mutual. AEGIS achieved strong underwriting performance, record surplus and solid returns on investments. Our financial strength, fueled by a disciplined underwriting approach and deep industry insight, enabled us to deliver responsive, sustainable and consistent coverage at competitive but financially responsible pricing. Record gross premium written for the Mutual affirms that we are delivering to our members the coverage, capacity and services they want. Expanded excess liability limits, broad industry-specific cyber coverage, responsive claims handling on generation outage, market-leading loss control engineering and industry-specific severe convective storm modeling for renewable assets once again set us apart from other carriers.
Our London Syndicate also had an excellent year, leading the London market from an underwriting perspective and continuing to fulfill its mission to provide a diversified income stream to strengthen our financial position.
The full copy of our 2023 Annual Review is expected to be released on our website by the end of the month. We encourage you to read about the ways in which we continue to work collaboratively to manage and meet your emerging risk needs and thank you for entrusting us.
Registration opening next week for the AEGIS 2024 Policyholders' Conference
Registration will open next week for the AEGIS 2024 Policyholders' Conference, taking place July 15 - 18 in beautiful Vancouver, B.C., Canada. We look forward to welcoming our policyholders and their families and guests as we gather to discuss the evolving risk landscape we face as an industry and work together to develop thoughtful solutions to meet these challenges head-on. The 2024 AEGIS Policyholders' Conference promises to be an exciting way to connect with colleagues and AEGIS representatives to catch up on industry trends. This year's conference includes a keynote Q&A between Mike Pompeo – former Secretary of State, Director of the CIA and Member of the House of Representatives – and former Associated Press Chief White House Correspondent, author and communications strategist, Ben Feller. Attendees and their families will also have time to mingle during our receptions and an exciting schedule of tours showcasing the best of the Vancouver area in the summer.
Watch your e-mail for your invitation to register. Please contact George Keefe by e-mail or phone at 201.508.2797 with any questions. We look forward to seeing you in Vancouver!
Mark your calendar for upcoming AEGIS Loss Control webinars
There are still plenty of opportunities to join one of our upcoming AEGIS Loss Control webinars. These one-hour webcast sessions cover a wide variety of safety and risk management topics of interest to electric, natural gas, and water utilities. Risk managers, as well as safety, engineering and operations personnel are encouraged to attend. Mark your calendars for these upcoming important safety programs and watch for information on how to register.
Upcoming Claims Events
AEGIS has two upcoming claims-related educational programs that members won't want to miss:
Claims Roundtable: The Importance of Risk Transfer and Enforcing Your Indemnity Rights
Our 2024 Claims Roundtable webinar series concludes with The Importance of Risk Transfer and Enforcing Your Indemnity Rights on Thursday, June 6, from 10:30 am – 3:30 pm. Limiting exposure through the use of contractual indemnity arrangements is a critical component of a successful risk mitigation strategy. However, having an indemnification provision does not necessarily guarantee the ability to enforce it. We invite you to join us for a discussion on strategies to maximize the effectiveness of indemnity agreements led by recognized industry faculty, highly experienced in the management and direction of complex claims and litigation issues. You won't want to miss this one-of-a-kind program focused exclusively on educating and preparing attorneys, claims and loss control professionals, and risk managers in the energy industry. Click here to register today.
2024 Claims Seminar
AEGIS members and their dedicated outside counsel and brokers will gather to discuss important issues in the management and defense of their claims during our AEGIS 2024 Claims Seminar, being held Monday, September 30, through Wednesday, October 2, in Scottsdale, Arizona.
The three-day seminar is an excellent opportunity for claims, risk, and litigation professionals to join an impressive group of industry litigators and experts as they share their insights on nuclear verdicts and mega settlements, preparing utility cases for today's jurors, and a variety of other relevant topics to our industry.
Click here for more information on the AEGIS 2024 Claims Seminar.
Hot off the presses – AEGIS Loss Control Natural Gas Industry Sample Emergency Exercises
AEGIS Loss Control has released its latest whitepaper: Natural Gas Industry Sample Emergency Exercises. In the event of a natural gas emergency, preparation is essential. Having a clear delineation of responsibilities and an effective, rehearsed plan of action for all employees called to respond to an emergency is crucial. AEGIS Loss Control's Natural Gas Industry Sample Emergency Exercises are designed to provide members with a customizable structure for training and preparing for various natural gas emergency scenarios. Click here to download your copy of this valuable safety training resource.
Registration is now open for the AEGIS Loss Control Fire Protection Training Class
Registration is now open for the popular Loss Control Fire Protection Training Class, which will be held Tuesday, October 15, through Thursday, October 17, at Oklahoma State University (OSU) in Stillwater, OK. Held in conjunction with OSU, this three-day fire protection training class is geared toward AEGIS member company employees responsible for inspection, testing or maintenance of fire protection systems. Participants will receive both classroom and hands-on instruction on the various types of fire protection systems associated with power generation and natural gas midstream operations.
Space for this very popular class is limited so we encourage you to make plans early. Click here for more information and to register today!
Remembering Christopher M. Crane
We were deeply saddened by the loss of Christopher M. Crane, who passed away on April 13, 2024. Chris was the former CEO of Exelon, and served as the Vice Chairman of our Board of Directors and a member of our London Board. During his long career, Chris steered Exelon through several transformations to become an industry leader in grid reliability, operational safety, customer service and clean energy. Chris gave generously of his time, holding several key industry roles throughout his career, including chair of the Edison Electric Institute, the Institute of Nuclear Power Operations and the Nuclear Energy Institute.
Chris joined the AEGIS Board in 2015 and served on our Executive, Audit & Finance and Compensation & Benefits Committees. He was a member of the AEGIS London Board as well, serving on its Audit, Remuneration & Nominations and Risk Committees. Chris was a long-term believer in the mission of AEGIS and a mentor and advocate for its people, both here and in the U.K. Chris will be greatly missed by all who had the privilege to work with him, and his loss will be felt by everyone at AEGIS and at so many other organizations.
