President’s Message

As 2022 draws to a close it is a time to reflect on the work and achievements of the IRUA this past year:

Educational Events – Near-monthly webinars were held, all virtually, and the first cycle of the two-year Reinsurance Basic Syllabus Program is almost complete. The webinars have been highly popular and well over 500 attendees were recorded for the year. There are a number of individuals participating in our novel “Reinsurance Basic Syllabus” program which leads to a certificate of achievement following the completion of 10 out of 12 events. Early in 2023, we expect the first group of attendees to be awarded their certificates – quite an achievement! In addition to the basic courses, our ever-popular Wall Street View webinar was back and Demotech presented an update on the Florida market as a warm-up to the Conference. In 2023, we are looking at several new topical events and hope to resume limited and hybrid in-person events later in the year.

Conference – The Conference was back again in 2022 and held jointly with Demotech, Inc. over April 25-27 in Fort Lauderdale, Florida where it was great to resume an in-person event.  The link-up with Demotech was very successful and one of the highlights was a “Current State of the Florida Marketplace” panel led by Joseph Petrelli, Demotech’s President & Co-Founder. You couldn’t get more relevant and topical than that!   All sessions were excellent and the program evaluations scored at the highest possible level in all categories.

Planning is also well under way for the 2023 Conference that will be held on April 17-19 again at the Marriott Harbor Beach Hotel in Fort Lauderdale, Florida.  A similar format to 2022 will be offered with multiple general and breakout sessions and with our trademark Executive and Market Panels and another Florida specific session.

Scholars Program – This program was back in full-force in 2022 and four winners, as selected by the all-member representative Scholars Committee, received a total of $17,500 in disbursements.   For the first time, one of the winners was a new hire in the industry following the expansion of the program to include full-time employees at member companies.  The importance of bringing young professionals into our industry cannot be overstated as well as to encourage the interest and training of new and recent hires at member companies. In 2022 a new Scholars LinkedIn group was set up specifically for scholar participants, past and future, and has attracted a good number of individuals who will be able to network and keep in touch. Our mentoring initiatives that begun in 2021 will continue to make attendees of several well -known college campuses, primarily with risk and insurance programs, aware of what a great future career awaits in the (re)insurance industry.

Knowledge Dissemination and Social-Media – Our ever popular Newsletter is sent out twice a month and continues to be produced by board member, John West, of Guy Carpenter.  The long-running Journal of Reinsurance is being reviewed for change as the current format no longer reflects the reality of a modern world where information is freely abundant.  During 2022, another LinkedIn page was created for IRUA in general.  If you have not yet joined, we encourage you to do so and, to find it, you can search LinkedIn by typing in “IRUA55” in the LinkedIn search bar.

Historically, the IRUA has focused its initiatives on the Reinsurance Intermediary and Reinsurer segments of our industry. By expanding the IRUA membership to other segments within the insurance/reinsurance segment to include Insurance Carriers, Managing General Agents/Underwriters, and Third-Party Administrators, we can increase the educational knowledge and networking offerings our member partners will ultimately benefit from. Attendees at the 2022 Conference more closely reflected that goal and we hope that will continue in 2023.

The Membership Fee Structure Will Continue Unchanged for 2023 – Several member partners have taken advantage of this new approach that provides flexibility for member companies as well as, at your option, allow multiple employees to attend events at no extra cost. This has worked well and we will continue to offer great value in 2023. The Scholars Program fund was totally disbursed in 2022 so, with the 2023 invoices, we are reinstating the request for the customary $750 annual contribution.

In closing, we would like to thank our current member partners for their continued support of the IRUA.  For prospective members, we hope that you will consider a membership and help drive the creation of quality educational programs and networking opportunities the IRUA is known for.

My two-year term as IRUA President is rapidly coming to a close as I will relinquish the title at the Annual Meeting in April 2023 but intend to remain very involved in this great organization that does such good work in training, educating, and providing networking opportunities that is such a valuable resource and benefit to our industry!

Laura Herubin
IRUA President
and
Vice President Underwriting – North America
MAPFRE Re
Email: lherubin@mapfre.com