Reinsurance Exchange Event Brings Industry Trends To Spotlight

FMH reinsurance mutuals met virtually with the FMH reinsurance team this past June for its annual networking event called The Exchange. Each year, the group gathers to discusses topics relevant to small mutual businesses, hear updates from FMH, and learn from colleagues and industry experts.

“The Exchange is like a big family reunion. We call this event ‘The Exchange’ because that’s what it is: we want to exchange ideas, lessons, and inspirations to help grow our mutuals’ businesses,” said Rob Martin, Assistant Vice President – Reinsurance. 

Inspiring Keynote
Keynote speaker Chris Norton kicked off the day-long digital event. Norton, whose inspiring story about beating the odds and learning to walk again after a paralyzing injury, set the tone for the day: anyone can stand in the face of adversity and be resilient against the odds.

Derecho Recap
Resiliency in business looks a lot like how FMH and some of its mutuals survived the devastation brought on by the August 2020 derecho that impacted most of the Midwest. Kimberly Roberts, Senior Vice President at Guy Carpenter and meteorologist, spoke to attendees about the causes of derechos and how events like these alter loss profiles in the industry. Representatives from two Iowa mutual companies shared their experience with the 2020 derecho and how they have changed their approach to business to better prepare for major catastrophes in the future.

“Sharing the insight of living through the derecho seemed invaluable to help everyone prepare,” commented attendee Kris Sterler. “I thought the content was very informative and relevant to the mutuals. The event was personal, entertaining, and educational. I loved every minute of it!”

Industry Outlook
Bringing in an overall industry outlook, Ron Rutledge, FMH President and CEO, and Chuck Chamness, National Association of Mutual Insurance Companies (NAMIC) Chairman of the Board, discussed the evolution of NAMIC and what mutuals can expect for the future of this niche industry.

New Product Roll-Out
To wrap up the event, FMH announced a new product to help companies adapt to the increased cost of matching repairs from storm damage. The product, called FMH-2050, is an endorsement mutuals can offer that will help alleviate certain ambiguity regarding the replacement of undamaged siding, roofing, or windows.

An animated video detailing how FMH-2050 works was presented to attendees and featured a character that quickly became the event’s mascot: Ronk. “I never thought in my wildest dreams that we would one day produce a cartoon as an educational script!” added Martin. 

“The reinsurance team put a tremendous amount of time and effort into making each of these event sessions successful,” said Martin. “However, as much as you try, you just can’t replace being together in person. For me, creating memories and making connections are what The Exchange is all about. I can’t wait to see everyone in Austin, Texas, for The Exchange next year!”

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