PETALUMA, Calif., Oct. 14, 2020 /PRNewswire/ — Tangram Insurance Services, Inc. (“Tangram”), a Managing General Agency, and Markel Corporation on behalf of its affiliated insurance companies  (“Markel”) today announces the launch of a program to provide excess liability above Tangram’s current program in propane and fuel distribution niche.

Tangram’s program provides comprehensive insurance solutions for dealers and distributors of fuel oil, propane, diesel and gasoline. The additional excess liability capacity that Markel provides will make Tangram a one stop shop for this niche. With the additional capacity, Tangram’s program now has the ability to provide General Liability, Property, Commercial Auto, Workers’ Compensation, Environmental Liability and Excess Liability cover up to $15 million.

“Our downstream energy program is our fastest growing niche.  Tangram’s focus for the past 5 years has been to provide our specialty brokers with meaningful coverage and services from a single source.  With the addition of Markel’s capacity, commitment and experience in the energy space, our brokers and customers have an even more compelling reason to partner with us for the long term,” said Rekha Skantharaja, Tangram’s President & CEO.

Tracy Bernard, Tangram’s Head of Program Development noted, “We are excited to partner with an industry powerhouse like Markel to provide excess liability to this niche. By providing this additional capacity we continue to demonstrate our commitment to the Fuel Distribution industry, providing a full suite of coverages for our broker partners and insureds operating in these challenging times.”

“Tangram provides an excellent underwriting platform for risk analysis, and they have a long history in this insurance space. We’re looking forward to building a solid partnership with Tangram in this line of business and sharing in mutual success and profitability,” said Tim Pasik, Managing Director, US Excess Casualty at Markel.

About Tangram Insurance Services,

UK personal lines insurers will need to adjust their pricing models in response to the Financial Conduct Authority’s proposed remedies surrounding the pricing of policies for renewing customers, according to a new AM Best commentary.

The Best’s Commentary, “Strong Brands the Likely Winners of UK Insurance Pricing Review,” states that as insurers will need to increase the prices applied to new business to offset the impact of lower renewal premium on earnings, other aspects of their business profile will likely play an increasing role in the decision-making process of potential and established customers.

This suggests that brands currently enjoying high levels of recognition and customer satisfaction will be best positioned to take advantage as policyholders begin to take more notice of a company’s customer service levels, the experiences of other policyholders (expressed via online channels), and metrics such as claims approval ratios.

To access a complimentary copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=302026.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Contacts

William Keen-Tomlinson
Senior Financial Analyst
+44 20 7397 4395
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Catherine Thomas
Senior Director, Analytics
+44 20 7397 0281
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Richard Banks
Director, Industry Research – EMEA
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Edem Kuenyehia
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Executive Summary

Over the past few decades, the financial services industry seems to have moved away from its mission of serving clients and supporting the economy in favor of enriching itself. How can this be fixed? Regulation is a critical piece of the puzzle. But, even within the constraints of existing structures, research indicates that well-intentioned finance professionals can buck the stereotypes and succeed without extracting value from the rest of society.  Virtuous role models serve their customers’ interests faithfully, but not in ways that cause harm to other stakeholders. They treat their colleagues with dignity and promote diversity within their organizations and across the industry. And they use their skill sets and networks to contribute to the world beyond their job.

Illustration by Erre Gálvez

Finance can be a force for good in society but, over the past few decades, structural and behavioral changes have pushed the industry away from its mission of serving clients and supporting the economy in favor of enriching itself. At worst, financial services firms are mired in conflicts of interests, cloaked in opacity and complexity, and skewed by information asymmetry. Many of my students are keen to work in finance but concerned about being corrupted as soon as they walk into their first jobs. What can be done to restore confidence in the industry?

Regulation is a critical piece of the puzzle. But even within the constraints of existing structures, my research indicates that well-intentioned finance professionals can buck the stereotypes and succeed without extracting value from the rest of society. And we can all look to them as role models. In studying dozens of such individuals and firms, I found a few patterns. In simple terms, they serve their customers’ interests faithfully, but not in ways that cause harm to other stakeholders. They

More than 22 million American jobs were lost in the past six months; stock markets have been up and down; and people are generally anxious about what’s in their bank accounts right now.



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If you’re lucky enough to have the funds you need despite all the recent economic turbulence, ask yourself one key question, says Bradley T. Klontz, an associate professor of financial psychology at Creighton University: “Why is it OK for you to have money when other people don’t?”

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Answering this question is not about comparing your finances to anyone else’s, he told The New York Times. It’s about seeing money as a tool, rather than as a measuring stick.

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Having a satisfying answer is crucial, “particularly if you come into money fast,” he says. “If you don’t have a good answer, you’re going to sabotage yourself. You’re going to find ways to get rid of it.” Or, he warns, you could end up feeling disconnected from and less active in your community. Remember that “we’re here to make the world a better place,” and money can help you do that.

Wasting time on comparisons or feeling guilty isn’t helpful as it can lead to impulsive decisions or distract from your long-term financial goals. Instead, it’s important to know how to maintain a budget no matter your net worth, and to understand how you earned your money and what you want to do with it, including how it can help you make good, productive decisions.

Understand what money means to you—and have a plan

A 2019 study from Applied Research in

Global Atlantic Study Highlights Shifting Financial Priorities and the Need for Planning Amid Pandemic

New research from Global Atlantic Financial Group found that more than eight out of ten Americans (83%) say making sure their loved ones are financially protected is important to them right now, yet two in five (43%) have no life insurance and only one third (33%) believe they have enough life insurance or other assets to protect their family in the event of their own death.

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The “Perceptions of Life Insurance During a Pandemic” study was conducted in August by Artemis Strategy Group on behalf of Global Atlantic, among 1,065 American adults to examine their views on life insurance, estate planning and shifting financial priorities.

Aside from contracting Covid-19 personally or having a family member or close friend contract the virus, the top concern among those surveyed was to ensure their family’s financial wellbeing.

A full two thirds (67%) of Americans say the Covid-19 pandemic has made them think about their own mortality, while seven in ten (69%) have reassessed at least one financial aspect of their life during the pandemic. These areas include their emergency savings situation (54% have reassessed), long-term savings and investments (49%), employment situation (39%), and life insurance (28%).

When asked how many years of income they would replace with life insurance in the event of an early death, nearly six out of ten (57%) said at least two years. More than half of those with $150K or more in household income would replace five or more years of income (54%).

Only one third of Americans had a will in place before the pandemic, but nearly three out of ten either made changes to it during the pandemic,