Brittany D. Stoudt has joined the staff at Burns and Wilcox as the marketing and office coordinator. Stoudt has over 11 years’ experience in the insurance industry, most recently as the general manager for Emergency Restoration. She holds a bachelor’s degree in public relations with a minor in business administration and history. In addition, Stoudt has her CPIA designation. She is a past president of The Insurance Professionals of Greater New Orleans and the Professional Insurance Agents of New Orleans. She also served on the board of directors of YIPs and the New Orleans Claims Association. Stoudt can be reached at BDStoudt@burns-wilcox.com.
Representing Louisiana, Shasta Bertrand, AssuredPartners, is among the 2021 Outstanding CSR of the Year state winners chosen by The National Alliance for Insurance Education and Research to compete for the National Outstanding CSR of the Year award. To be eligible for the award, candidates must be an insurance customer service representative or have primary responsibility for insurance customer service duties. Celebrating the 30th anniversary of the Outstanding CSR of the Year Award, the competition started in 1991 to honor customer service representatives and account managers who have made significant contributions to the insurance and risk management industry.
The Louisiana Association of Self Insured Employers is holding its 30th Annual LASIE Conference Nov. 3-5 at the Hyatt Regency Hotel in New Orleans. The theme for the 30th Annual Conference is LASIE – The Right Stuff. The conference agenda includes the opportunity for attendees to get 12 hours of continuing education in industry-related fields, such as agents, attorneys and adjusters. The agenda will provide the latest information regarding all lines of self-insurance, including workers’ compensation and other insurance programs on a national level and topics that are specific to Louisiana. The presentations are designed to provide practical solutions adaptable to the workplace. The program will benefit self-insured employers, chief executives, financial and operating officers, human resource personnel, risk managers, loss prevention and safety personnel, attorneys, insurance consultants, healthcare providers, vocational rehabilitation professionals, case managers, third-party administrators, group fund administrators, group fund trustees, claims administrators, analysts and handlers, state and local government representatives, legislators and regulators. In addition to educational opportunities, networking events include a welcome reception, 30th Anniversary Celebration at Fulton Alley and Thursday night reception, including the chance to play LASIE Countdown. There will be gifts, door prizes, games and sponsor drawings and the opportunity to interact with exhibitors. Online registration is available at www.lasie.org. Early bird registration is available until Aug. 31 and is $425 for members and $525 for non-members. Prices vary for single-day attendance and for two presentations not included in the registration package. For more information contact Gary Patureau at firstname.lastname@example.org or 225-338-0705.
The Bayou CPCU Society Chapter will host its annual golf tournament on Oct. 20 at the Pelican Point Golf Course in Gonzales. The day starts with an 11 a.m. registration and lunch, a shotgun start at noon, and an awards dinner immediately following the completion of golf. The event benefits the Bayou CPCU Society Chapter’s scholarship program. Platinum sponsorships are available for $2,500 that include team entry, prime billing on all brochures, pin placement sheets, tee-box/hole sign, and special recognition at the awards ceremony; Gold sponsorships are available for $500 that include company logo on all brochures, hole sign, name recognition at the awards ceremony and two tickets to the awards dinner. Individual players can participate for $125, which includes green fees, cart, beverages, and the awards dinner. For more information contact Derrick Klingman at email@example.com or (504) 453-5457.
Brookfield Asset Management Reinsurance Partners Ltd. is acquiring American National Group Inc. in an all-cash deal valued at $5.1 billion, The Wall Street Journal reported Aug. 9. Under the agreement, American National shareholders would receive $190 in cash for each share they own at the closing of the transaction, a roughly 10 percent premium over the company’s closing price on Aug. 6. American National’s board of directors unanimously approved the merger, it said. Brookfield intends to maintain American National’s headquarters in Galveston and League City, Texas, and operational hubs in Springfield, Missouri, and Albany, New York, the company said. The deal, which is expected to close later this year, is subject to regulatory approval, including antitrust clearance, it said. Brookfield Asset Management announced the establishment of its reinsurance operation in June, according to AM Best. Brookfield Asset Management Inc. is a global alternative asset manager with more than $600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit, according to its web site. American National Insurance Co. last year announced a reorganization plan under which it would become a direct, wholly owned subsidiary of newly formed holding company American National Group Inc.
Ryan Specialty Group has raised $1.34 billion in its initial public offering debut July 21, Bloomberg reported. Shares of the wholesale broker and managing underwriter sold for $23.50 in the IPO. They rose to $25.60 the following morning before hitting $28 in the afternoon, giving the company a market value of $7.15 billion. According to Bloomberg, RSG sold nearly 57 million shares on July 21. Bloomberg also reported that Chairman and CEO Patrick G. Ryan, who founded RSG in 2010 after founding Aon and serving the firm as chairman and chief executive for 41 years, will retain control of 67 percent of shareholder voting power following the listing. In a press release announcing the IPO, the Chicago-based company said it intends to use the net proceeds received from the offering to acquire newly issued LLC units of Ryan Specialty Group, the equity of an entity through which an affiliate of Onex Corporation holds its preferred unit interest in Ryan Specialty Group and outstanding LLC units of Ryan Specialty Group from certain existing holders of LLC units.
AM Best announced Aug. 10 that it has placed under review with developing implications the financial strength rating of A (Excellent) of American National Property and Casualty Company (Springfield, Missouri), and its subsidiaries, American National General Insurance Company (Springfield, Missouri); ANPAC Louisiana Insurance Company (Baton Rouge, Louisiana); American National Lloyds Insurance Company; Pacific Property and Casualty Company (San Jose, California); and its affiliates, American National County Mutual Insurance Company, Farm Family Casualty Insurance Company and United Farm Family Insurance Company (both domiciled in Glenmont, New York). These companies are property/casualty subsidiaries of ANICO, which is a subsidiary of American National Group Inc. All of the companies are headquartered in Galveston, Texas, unless otherwise noted. The rating actions follow the announcement that American National has entered into a definitive merger agreement for its sale to Brookfield Asset Management Reinsurance Partners Ltd. in an all-cash transaction of approximately $5.1 billion. The sale is expected to be completed by the first half of 2022. The merger will be funded by Brookfield Reinsurance through a combination of debt and equity financing, including committed debt financing of $1.5 billion and an equity commitment of up to the aggregate transaction amount from Brookfield Asset Management Inc.
Attorneys general from Tennessee, North Carolina, Pennsylvania, New York, Louisiana, Delaware, and Connecticut jointly announced an historic $26 billion settlement with three drug distributors — McKesson Corp., AmerisourceBergen Corp., and Cardinal Health Inc. — and drug-maker Johnson and Johnson to resolve thousands of opioid-crisis lawsuits, The Wall Street Journal reported July 21. An opioid crisis that claimed half a million lives in the United States has triggered more than 3,000 lawsuits filed by states, local governments, Native American tribes, hospital groups, and others. The three distributors would pay up to $21 billion collectively over a period of 18 years, and Johnson and Johnson would contribute $5 billion over nine years. States cannot use the funds to plug general budget holes and must spend the money on social services to address opioid addiction, education on how to dispose of pills and needles, and improving first responders programs. Individuals and families who have been affected by opioid abuse won’t receive any money directly.
A Mississippi pharmacist has pled guilty in federal court for his role in a scheme that defrauded private insurers and the federal Tricare program of more than $180 million, BestWire reported July 23. David “Jason” Rutland pled guilty in the Southern District of Mississippi to paying kickbacks to distributors for the referral of medically unnecessary compounded prescription medications that were ultimately dispensed by his pharmacies. More than $50 million in fraudulent billings were paid by the federal government, according to a statement from the U.S. Department of Justice. Rutland, a pharmacist and co-owner of compounding pharmacies, admitted he participated in a scheme to defraud Tricare and other health care benefit programs by distributing medically unnecessary compounded medications, the news release said. According to the justice department, Rutland and his associates adjusted prescription formulas to ensure the highest reimbursement without regard to efficacy and solicited recruiters to procure prescriptions for high-margin compounded medications and paid them commissions. Rutland pled guilty to conspiracy to defraud the United States and solicit, receive, offer and pay illegal kickbacks, and faces a maximum of five years in prison. Sentencing is scheduled for Nov. 30.