For Professionals

2024
John W. Glomb, Jr.
President and CEO, Philadelphia Insurance Companies and CEO of Tokio Marine North America

2023
Anthony J. Kuczinski
Former President and CEO, Munich RE US Holdings

2022
Michael Angelina, ACAS, MAAA, CERA
Executive in Residence, Maguire Academy of Insurance and Risk Management

2021
Brian Duperreault
Executive Chairman of the Board of Directors, AIG

2020
James J. Maguire, Sr.
Founder and Chairman Emeritus of Philadelphia Consolidated Holding Corporation

2019
Patrick Ryan
CEO, Ryan Specialty Group

2018
Kathleen Savio
CEO, Zurich North America

2017
Robert Schimek
CEO, AIG Americas

2016
Daniel Glaser
CEO, Marsh McLennan Companies

2015
Inga Beale
CEO, Lloyds of London 

2014
Evan Greenberg
CEO, Ace Group

2013
Stephen Johnson
Deputy Insurance Commissioner, PA Dept. of Insurance

Karen M. Hogan, Ph.D., Gerald T. Olson, Ph.D., Jackson D. Mills, & Peter A. Zaleski, Ph.D.

**Voted as Best Paper of the Year by the Journal

Cyber data breaches are an evolving risk facing all firms and threatens their ability to conduct business activity. Due to a lack of available information, very little is known about the frequency and severity of data breaches and the financial markets’ responses to them. This study uses a unique proprietary data set that includes cyber data breach information for 3,992 publicly traded firms during the 1990 to 2019 period. We find cyber breaches vary with time and cyber criminals focus on particular industries, types of information, access sources, and countries. We find significant short run negative abnormal returns around the announcement of cyber events and larger negative returns in industries with higher frequencies of attacks and attacks involving personal financial information. Additionally, we find increasing negative cumulative abnormal returns up to 250 days after the announcement.

The International Journal of the Economics of Business, Volume 30, Issue 1, 2023

Karen Hogan, Ph.D. & Deborah Vesneski

Gender diversity on corporate boards and in other leadership positions is an area of concern for many global companies (Di Biase & Onorato, 2021; Doan & Iskandar-Datta, 2018). This paper updates and enhances an industry study “Women are making steady gains” (2018) that examined the state of gender diversity in the global insurance industry. We analyze trends to see if women have made any significant gains in board leadership, C-suite, and insider positions in insurance over time. Our sample covers 83 insurance companies as of 2021 and compares the gains from those made previously. Our results show a clear trend of improvement in gender representation in the board of directors and insider positions for firms in the insurance industry. However, the gains stop there, and unfortunately, no significant advancement for the percentage of women in the C-suite positions is evident in our dataset at this time. A meager 10% of all CEO and CFO positions in this sample of the insurance industry are held by females. Our research is important as it demonstrates which segments of the industry females are making gains and where we see deficiencies. We also suggest ways we feel future gains can be made.

Risk Governance and Control: Financial Markets & Institutions, Volume 11, Issue 4, 2021

Karen Hogan, Ph.D. & Gerard T. Olson, Ph.D.

This paper provides an overview of business entities in the United States. We analyze current trends in the ownership structures of U.S. firms, diversity and inclusion, mergers and acquisitions, minority shareholder rights protections, and review the literature related to corporate ownership and financial performance. With the shift in the U.S. from defined benefit pension plans to defined contribution plans and a desire for increased corporate governance, we observe a significant increase in the financial assets under management by large institutional investors. It is believed these large institutional investors can have a significant impact on the governance, decision-making, and performance of the U.S. publicly traded firms. We observe an increasing trend in foreign indirect investment in the U.S. from countries in Europe, Asia and the Pacific Rim, North and South America, the Middle East, and Africa. Additionally, increased compensation of publicly traded firms’ top executives is shown, which has resulted in an increased disparity between the compensation of top management teams and the firms’ hourly employees. Lastly, we expect the suggested bias against women and other minorities, as evidenced here, will be lessened in the future and should result in improved financial performance for firms.

Corporate Law & Governance Review, Volume 3, Issue 2, 2021

Karen Hogan, Ph.D.

The growing threat of cyber breach has become one of the most feared risks corporations around the world are currently dealing with. This paper uses a methodology similar to Hogan, Olson, and Angelina (2020) to analyze global shareholder value effects of cyber breaches from 1990 to 2019 for five major non-US countries. Cumulative Average Returns (CARs) are calculated using the first notice date to periods of up to 90 days post-announcement to compare short-term and long-term effects of cyber breaches on the stock price. Results for this data set show significant negative returns for US corporations in all windows. Unlike its US counterparts, short-term results for non-US countries show no significant changes to price as a result of cyber breach announcements. Long-term results for the aggregate non-US sample show significance only at the (0,30) window. Individual country long-term analysis shows some significance depending on the event windows, but no common patterns are seen among countries. These results point to differences in how news of a cyber breach, by country, is perceived in the market. The results help explain some of the patterns insurance companies have seen in the reticent buying habits of global companies with respect to cyber insurance.

Journal of Governance and Regulation Article / Volume 9, Issue 2, 2020- A Global Comparison of Corporate Value Adjustments to News of Cyber-Attacks

Storm Wilkins, J.D., CPCU

In late 2019, the World Health Organization noted that "Wuhan Municipal Health Commission, China, reported a cluster of cases of pneumonia in Wuhan, Hubei Province" (World Health Organization 2020). Since that time, researchers identified a novel coronavirus. The highly contagious virus has spread around the globe. As of this writing, the over 15 million cases have resulted in over $600,000 deaths globally (John Hopkins 2020). In order to slow the transmission of the virus, national state and municipal governments have resorted to "Social Distancing." Non-essential businesses have closed in compliance with various civil orders. The impact to businesses has been billions of dollars of lost revenue. As a result, many companies have sought coverage under various insurance policies. This paper will: review some of the early COVID-19 Business Interruption Coverage and Commercial Property coverage lawsuits; discuss some common policy language in these policies; and suggest how insurance coverage for property and business pandemic risk may evolve.         

Michael E. Angelina, ACAS, MAAA, CERA
Rajneesh Sharma, Ph.D.

The Maguire Academy of Insurance and Risk Management has released the “Saint Joseph’s University Study on Insurance Industry Demographics”.  This presentation highlights the results from publicly available information of 100 US insurance companies.   The statistics presented include result of public information on gender, age, and tenure of directors, executives, and company insiders.  Additionally, the discussions from senior executives within both the life and property casualty insurance industry are included to provide further insight on the current demographics.  The key findings suggest that:

1. There is a lack of gender diversity at both the executive and board of director levels of the insurance industry;
2. The results vary based upon type of executive role and segment of the market; and
3. Many executive leaders are interested in helping to provide a solution.

Study on Insurance Industry Demographics 2015

Carrier Management Article - 2013

Presented by the Maguire Academy of Insurance & Risk Management in the Haub School of Business at Saint Joseph’s University

Wednesday, June 22, 2022
1:30 pm - 5:30 pm

The program is located at the graciously donated office space of our friends:
Stradley Ronon Stevens & Young, LLP, 2005 Market Street, Suite 2600
Philadelphia, PA 1910

Join us for another “Thought Leadership” program focusing on the current issues within Insurance Technology made possible a generous grant from the Spencer Educational Foundation. Featured speaker will be Shannen Logue, Deputy Insurance Commissioner, Office of Insurance Product Regulation of the Pennsylvania Insurance Department and the Keynote speaker is Kelly Smith, Chief Digital Officer, Hagerty, Inc. Other key sessions include:

• Insurtech Landscape
• Thoughts from a Rating Agency
• Thoughts from the Distribution Business Broker Tech Ventures
• Broker Tech Ventures, Panel Discussion

This event has been approved for 4 CE credits. $99.00 per person.