Agenda 03/26/2019 Item #11D03/26/2019
EXECUTIVE SUMMARY
Recommendation to approve the purchase of Property Insurance effective April 1, 2019 in the
estimated amount of $3,542,310.
OBJECTIVE: To purchase property insurance to protect the County's real and personal property assets
against losses caused by natural and man-made perils and to comply with the Stafford Act.
CONSIDERATIONS: The Board of Commissioners purchases property insurance to protect the
County's real and personal property assets against losses caused by natural and man-made perils and to
comply with the Stafford Act.
Both the property and flood insurance programs are purchased in accordance with Section 311 (42 U.S.C.
5154) of the Stafford Act which requires that an applicant for FEMA assistance "shall comply with
regulations prescribed by the President to assure that, with respect to any property to be replaced,
restored, repaired, or constructed with such assistance, such types and extent of insurance will be
obtained and maintained as may be reasonably available, adequate, and necessary, to protect against
future loss to such property. " Staff submits the program to the Florida Department of Insurance for
approval on an annual basis to assure compliance with the Act.
The current property insurance program expires on April 1, 2019 and contains the following provisions.
Total insured values are $962,469,096. The total limit of coverage purchased (a/k/a the Loss Limit) is
$75,000,000. The named storm wind deductible is 3% per building and contents with a minimum named
storm deductible of $250,000. Retained losses are capped at $5,000,000 per named storm. For all other
perils the deductible is $50,000 per occurrence. Primary flood coverage is purchased through the
National Flood Insurance Program (NFIP) on properties in special flood hazard zones. The property
insurance program provides an additional $75,000,000 of flood coverage in excess of the NFIP coverage
of $500,000 per building maximum.
For FY 19, these major coverage provisions remain unchanged with one exception. The Real Property
Division recommends that insurable replacement values be increased 2.4% to $985,357,465 to reflect
increased construction costs.
Although total insured values are $985,357,465, it is unlikely that the county will suffer a total loss.
Therefore, the county purchases what is known as a "loss limit" that is commensurate with the probable
maximum loss (PML) for a 100 -year wind event. A PML study is completed for the underwriters by Risk
Management Solutions, Inc. to determine the appropriate loss limit to purchase. For FY 19, the PML is
$74,527,037 for a 100 -year wind event. Staff recommends that the County continue to purchase a
$75,000,000 loss limit.
The FY19 renewal was expected to be difficult. In 2017 and 2018, many insurance carriers were
operating at loss ratios of 100% or greater due to catastrophe events that includes Hurricanes Harvey,
Irma, Marie, and Michael as well as Mexican Earthquakes, California Wildfires and wind and hail claims
in North Texas, Oklahoma, and Colorado. Further, due to updated hurricane modeling, underwriters have
tightened underwriting guidelines for accounts in catastrophe exposed areas. Reinsurance treaties are
negotiated primarily in January, April and July each year. Thus, renewals after January 1, 2019 are
reflecting the effects of the recent catastrophes on the reinsurance markets. This was not unexpected as
property insurance pricing is cyclical.
The County's broker, Insurance and Risk Management Services, approached forty-four (44) carriers for
proposals. Thirty-six (36) carriers declined to quote. Eight (8) carriers submitted quotes. Of those that
Packet Pg. 373
11.D
03/26/2019
declined to quote, the most common reasons were 1) they could not offer terms at the requested pricing;
2) they could not support the broad scope of the current manuscript property policy form; and 3) they are
not willing to participate in a program that includes a named storm deductible cap.
Based upon the responses received from the market, the cost to maintain the current program at the updated
replacement values, current loss limit and at the existing terms and conditions is $3,542,310. This represents
an increase of 13.2% in the rate and a gross premium increase of 16.3% or $495,787 over the FY18
renewal. Renewal rates have essentially returned to FY 15 levels after several years of decrease.
In terms of financial stability, each of the carriers possess a minimum Best's rating of A- or higher. Covered
perils are written on an "All Risk of Loss" basis. Loss valuation is on a replacement cost basis. Terrorism
coverage is included in the proposal. There are no other substantial changes to the program.
The renewal comparison over a seven-year period is illustrated below:
Renewal Date
Deductible Terms
Annual
Composite
% Change
$ Change
% Change
Premium
Rate per
in Rate per
in Gross
in Gross
$100
$100
Premium
Premium
FY 13 Renewal
5% Named Storm
$3,552,662
.417
---
---
---
Deductible with
$5,000,000 Cap
FY 14 Renewal
5% Named Storm
$3,309,048
.380
-8.9%
-$243,614
-6.86%
Deductible with
$5,000,000 Cap
FY 15 Renewal
5% Named Storm
$3,027,599
.332
-12.6%
-$281,449
-8.5%
Deductible with
$5,000,000 Cap
FY 16 Renewal
3% Named Storm
$2,407,799
.263
-20.8%
-$619,800
-20.5%
Deductible with
$5,000,000 Cap
FY 17 Renewal
3% Named Storm
$2,330,299
.254
-3.4%
-$77,500
-3.2%
Deductible with
$5,000,000 Cap
FY 18 Renewal
3% Named Storm
$3,046,523
.317
+24.8%
+716,224
+30.7%
Deductible with
$5,000,000 Cap
FY 19 Renewal
3% Named Storm
$3,542,310
.359
+13.2%
+495,787
+16.3%
Deductible with
$5,000,000 Cap
FISCAL IMPACT: The final premium is subject to the Statement of Values submitted to the carriers as
well as additions and deletions of property from the Statement of Values as they occur. Based upon the
current property schedule, the estimated annual cost is $3,542,310. As of the agenda submission date, the
rate per $100 and annual premium are guaranteed not to exceed pricing. The broker and staff will continue
to pursue options to lower the cost of the program prior to the April 1, 2019 effective date. Sufficient funds
have been budgeted within Fund 516, Property and Casualty Insurance for this purchase. The premium is
net of commission.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this
item.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to
Packet Pg. 374
03/26/2019
form and legality, and requires majority vote for approval. -JAK
RECOMMENDATION: To approve the purchase of property insurance as outlined in the Executive
Summary and authorize the County Manager or designee to complete any applications or other documents
necessary to bind coverage and services for a one-year period effective April 1, 2019.
Prepared by: Jeffrey A. Walker, CPCU, ARM, Division Director, Risk Management
ATTACHMENT(S)
1. Collier 2019 Quote Sheet (PDF)
2. Collier Windstorm Modeling 2019 (PDF)
3. Collier Property Summary by Year 2019(PDF)
4. Collier County 2019 Market Responses (PDF)
Packet Pg. 375
11.13
03/26/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.13
Doe ID: 8250
Item Summary: Recommendation to approve the purchase of property insurance effective April
1, 2019 in the estimated amount of $3,542,310. (Jeff Walker, Risk Management Director, Administrative
Services Department)
Meeting Date: 03/26/2019
Prepared by:
Title: Division Director - Risk Management — Risk Management
Name: Jeff Walker
03/05/2019 8:26 AM
Submitted by:
Title: Division Director - Risk Management — Risk Management
Name: Jeff Walker
03/05/2019 8:26 AM
Approved By:
Review:
Administrative Services Department
Administrative Services Department
County Attorney's Office
Office of Management and Budget
Office of Management and Budget
County Manager's Office
Board of County Commissioners
Paula Brethauer
Level 1 Division Reviewer
Len Price
Level 2 Division Administrator Review
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Valerie Fleming
Level 3 OMB Gatekeeper Review
Laura Wells
Additional Reviewer
Nick Casalanguida Level 4 County Manager Review
MaryJo Brock
Meeting Pending
Completed 03/05/2019 3:14 PM
Completed 03/06/2019 8:54 AM
Completed 03/06/2019 9:35 AM
Completed 03/08/2019 2:54 PM
Completed 03/14/2019 11:47 AM
Completed 03/17/2019 6:31 PM
03/26/2019 9:00 AM
Packet Pg. 376
Layer
25,000,000 primary
25,000,000 XS 25,000,000
25,000,000 XS 50,000,000
FY 19 Property Quote Sheet
Quotes
Limits
Carrier
6.67%
Policy Premium
Quoted Layer
10.00%
2,500,000
Landmark American ($75M)
$
344,548
$ 3,445,480
6.66667%
1,666,667
Westchester ($76M)
$
227,984
$ 3,419,763
54.333330%
13,583,333
Lloyds ($50M)
$
1,630,000
$ 3,000,000
20.00%
5,000,000
Arch ($25M)
$
420,000
$ 2,100,000
9.000000%
100 .00%
2,250,000
i00 iii
Lloyds ($25M)
Total
$
207,000
2,829,532
$ 2,300,000
10.00%
2,500,000
Landmark American ($75M)
6.67%
1,666,667
Westchester ($75M)
54.33%
13,583,333
Lloyds ($50M)
4.00%
1,000,000
Lloyds ($50Mx$25) $ 62,000 $ 1,550,000
5.00%
1,250,000
Lloyds ($25x$25) $ 42,500 $ 850,000
20.00%
100 .00%
5,000,000
i00 iii
Lloyds ($25x$25) $ 154,000 $ 770,000
Total 258,500
10.00%
2,500,000
Landmark American ($75M)
6.67%
1,666,667
Westchester ($75M)
4.00%
1,000,000
Lloyds ($50Mx$25)
20.00%
5,000,000
Brit (25 x 50)
$
96,000
$ 480,000
9.00%
2,250,000
Aspen (25 x 50)
$
63,000
$ 700,000
20.3333%
5,083,333
Lloyds ($25 x $50)
$
94,550
$ 465,000
10.0000%
2,500,000
Endurance ($25 x $50)
$
45,000
$ 450,000
20.00%
100.00%
5,000,000
i00 iii
Essex ($25 x $50)
Total
$
$
100,000
398,550
$ 500,000
Total 75,000,000 3,486,582
(Policy Fee) 60
3,486,642
11.D.a
Packet Pg. 377
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Collier County
FY 19 Market Responses
11.D.d
Market
Response
AmRisc Companies
"Our premium on these terms would be much higher than the current structure"
Ategrity Specialty Insurance Company
Declined - cannot do the flood
Allied World Assurance Co (U.S.) Inc.
Declined due to deductible cap and target pricing based on modeling
Axis U.S. Insurance
"I am close to double your targets on all three layers".
Berkshire Hathaway Specialty Insurance
Declined - modeling results too high and uses up too much aggregate capacity
Catalytic Risk Managers & Insurance Agency, LLC
Declined - cannot do the form and the cap on the named storm
CM Vantage Specialty Insurance Company
Declined - too much FL exposure for them
Colony Group
"I was looking at your proposal and you show that you are needing the 25 x 25 layer to go for
$625K. If you are firm on that premium I won't be able to help. My pricing is a lot higher than
what you are looking. The way my wind modeled I will need double what you are asking just fc
the wind".
Ethos Specialty Insurance Services, LLC
Still reviewing
Everest Indemnity Insurance Company
"I have the modeling back on this one and the only layer we might be able to offer a very small
share in is the $25MM xs $50MM and would need close to $1.25MM for a layer premium. Thi
account carries a very large CAT load on our books and because of the risk we would need to
keep our exposure to a minimum on this one".
General Star Management Company
Declined due to the concentration of values
Global Excess Partners, LLC (GEP 11)
Declined - modeling results are too high and can not get anywhere near the pricing
Great American Insurance Company
Declined - needs to be excess of 5,000 year event shown in modeling results
Hallmark E&S
Declined - modeling results use up too much FL aggregate capacity
Hartford, The
Declined - too much FL aggregate capacity for them
HDI Global Insurance Company
Declined due to FL CAT exposure
Hiscox USA Group
Declined - pricing is just too thin based on the modeling results
James River Specialty
Can't get near the pricing requested
Navigators Insurance Company
Needs 1.2M on the 25 x 25 layer
Kemah Capital Holdings, LLC
Twice the target of 2M for the 25M primary layer
Kinsale Insurance Company
Declined due to $5M deductible cap
Maxum Indemnity Company
Looked at the 25M x 50M and needs more than double the target of 425K for the layer
Mitsui Sumitomo Insurance Group (MSIG)
Declined - would need to be well in excess of $75M attachment point
Munich Reinsurance America, Inc.
Declined due to target pricing - prefer higher attachment on this risk
Navigators Insurance Company
Declined - modeling results are too high and can not get anywhere near the pricing
OneBeacon Special Property
Declined - would need to be well in excess of $75M attachment point
Pioneer Special Risk Insurance Services, Inc.
Declined - working on getting capacity renewed before looking at new accounts
Rivington Partners, LLC
Can't do the primary and more than double on the excess layers
Starr Companies
Still reviewing
Swiss Re America Group
Having difficulty getting anywhere near our targets
XL Catlin Group
Modeling back need more than double the targets
Zurich North America (Wholesale Property) - Atlanta
We are double your target pricing on this one so I am going to take a pass. I am coming in at
$4mil vs your target of $2mil.
ACE USA
Quoted
Arch Specialty Insurance Company
Quoted
Aspen Insurance US
Uses up a lot of aggregate capacity. Needs 70K their share for the 25M x 50M; layer price 700K
Brit Global Specialty USA
Quoted
Crum & Forster
10% of the 25M x 50M for 850K
Endurance Specialty Marketing Corp.
Quoted
Ironshore Insurance Services
10% of 25 x 25 at 1.6M layer
Markel Insurance
Quoted
Price Forbes Limited
Quoted
London
Quoted
Beazley USA Services, Inc.
This is actually a renewal of our London team via Price Forbes. We've bene on this since 2005 a
lead the London placement. Our preference for now would be to leave this to our existing
relationships before we can consider additional capacity here Thanks Henry
AIG
Declined - needs more than double the pricing for the 25M or 50M
2
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