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Paul Hyer

Paul Hyer

 Minneapolis-based rating agency advisory leader, Lockton Re

 Minneapolis-based associate director of rating agency advisory, Aon PLC

 I would have had a much different answer if this was pre-COVID. Working in reinsurance broking with insurers of all classes and sizes, the outlook varies greatly. Overall, the industry remains well-capitalized and by and large insurers have adapted well to the current work-from-home landscape. We see a lot happening today in various sectors: The personal auto industry crediting policyholders for the significant reduction in miles driven and resulting lower claims frequency, reduced workers compensation premiums based on lower payrolls coupled with a reduction in claims as many people work remotely, ongoing disputes regarding business interruption and contingent business interruption claims and policy languages. I view the outlook for the industry based on the potential long-lasting effects of COVID-19. The potential changing dynamic regarding office space and commercial real estate, business travel, and IT infrastructure come to mind.

 I joined Lockton Re in large part due to its unique culture – private ownership structure, strong support from and collaboration with the Lockton family, and varying perspectives from numerous functional areas and from different firms. My goals in this role are to provide excellent and responsive services to our clients regarding rating agency objectives and capital management considerations. Cornerstone to this is helping insurers better understand the rating agency processes and distinctions specific to their class of business while helping foster long-term growth and profitability.

 The tightening reinsurance market is certainly a big challenge in the industry today for primary carriers. June 1 property catastrophe renewals are expected to be up over 20% on a risk-adjusted basis, driven by the Florida market. This puts significant pressure on some companies’ expense ratios. There are a lot of headwinds driving this, including uncertainty around COVID-19 claims, low interest rate environment, capital market volatility, loss creep and higher retro pricing.

 I started my career out of college as an underwriter for Cigna Global Health Benefits, specializing in global medical and ancillary benefit pricing, before transitioning into the reinsurance broking space.

Be willing to take on additional responsibility and be openminded about the opportunities in front of you. Ask a lot of questions. Figure out what motivates you and set goals that align with your motivations.

 Sommelier. I don’t have a refined enough palate, but I wish I did.

 Risk management and insurance at Temple University

 I’m looking forward to working with extremely motivated colleagues in a unique cultural environment. As Lockton Re’s CEO Tim Gardner has said many times before, we are fostering a customer-centric, entrepreneurial and collaborative environment. I’m also looking forward to adding value for our clients by building capabilities and expanding Lockton’s current platform that is tailored to each client’s specific goals and objectives.

 Spaghetti carbonara

 “Moneyball: The Art of Winning an Unfair Game,” by Michael Lewis

 Soccer, disc golf, board games

 “The Office”

 Run around at the dog park with my dog, Valentine

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