INSURANCE SOCIETY OF PHILADELPHIA 2017–2018 ANNUAL REPORT

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L E T T E R F R O M T H E C H A I R M A NR O G E R F E L L

As the incoming Chair of the Insurance Society of Philadelphia (ISOP) and long-time Board member, I have never been more excited about the current state of our Association and the prospects for its future. We’re in a great position to continue to Connect, Educate and Serve our members and others serving our industry in the Delaware Valley.

I would first like to thank our outgoing Chair, Dianne Salter, for her leadership, energy and hard work over the past three years as ISOP took important steps to become more focused and efficient. She helped to lead our organization to become better able to serve our members and we are profoundly grateful for her dedication and professionalism.

I would also like to thank our recently retired Board members who have dedicated countless hours in serving the Society over many years. Without their support and talent, the Insurance Society of Philadelphia would not be where it is today.

This Annual Report is the first we’ve published in some time and it’s designed to keep you, our members, informed of ISOP’s past and future initiatives. We hope you find it informative and insightful as we welcome your comments and hope you will continue to support and engage in our Association.

The Insurance Society of Philadelphia is over a century young and works to continuously evolve so that we can provide value to our members and be recognized as “THE” insurance-related professional association in the region. We are unique in that our association serves risk professionals, law firms, insurance carriers, retail and wholesale brokerage firms, agents and related support organizations serving the insurance industry. As demographics and online offerings evolved in recent years, we have purposely shifted our focus from predominantly offering classroom training to a broader vision of Connecting, Educating and Serving our industry and our members.

We review many of our events and activities in this report, but we are particularly proud of the local support we provide to our young professionals and college students. Our industry cannot continue to thrive and prosper in this region without attracting and retaining the best and brightest talent. We also welcome the support of our association management partner, AH (Association Headquarters) as we continue to look for opportunities to provide better, more efficient and cost-effective service to our members.

Lastly, I want to thank all Insurance Society of Philadelphia members and member companies for your continued support and engagement. We could not accomplish our mission without all of you.

On behalf of the Board, we look forward to serving you in the years ahead.

Roger Fell

M I S S I O N STATEMENT:To deliver exceptional value to the Risk and Insurance Community by providing a forum for networking, scholarships, career development and charitable support.

V I S I O N STATEMENT: To be the premier organization for networking, career development, and charitable support for the Risk and Insurance Community.

I S O P ’ S C O R E V A L U E S

integr ityWe are honest and ethical in all business dealings, trusted by all with whom we interact, ensuring we continuously protect and enhance the image of the Insurance Society of Philadelphia in the insurance, risk management and community at large.

d iversityWe embrace and promote a culture of inclusion that encourages, supports and celebrates the diverse voices and ethnicities within the Risk and Insurance community, and we strive to create an inclusive culture where all forms of diversity are seen as real value within our community.

teamwork & synergyWe establish an environment where teamwork and synergy exist within the Insurance Society staff, as well as with Member companies to maximize the value of our services through strategic partnerships.

adaptabi l i tyWe strive to meet the ever-changing needs of our Member companies as quickly as possible by providing value-added services in a fiscally responsible manner.

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ADMIRAL INSURANCEAIGAMERISOURCEBERGEN CORPORATIONAMWINS BROKERAGEAONARAMARKARC MIDATLANTIC EXCESS & SURPLUS, LLCARTHUR J. GALLAGHER RMS, INC.ASPLUNDH TREE EXPERT COMPANYAXA XL BB&T-THE ADDIS GROUPBENEFICIAL INSURANCE SERVICESBERKLEY PUBLIC ENTITY MANAGERSBERKLEY RE DIRECTBEYOND INSURANCEBRADLEY & BRADLEY ASSOCIATESCANTRILL CLARK INC.CGM ACCOUNTING ASSOCIATES, INC.CHUBBCNACOMMONWEALTH INSURANCE ADVANTAGECOMMUNITY ASSOCIATION UNDERWRITERS (CAU)CONNER STRONG & BUCKELEWCORPORATE INSURANCE SERVICESDOMENICK & ASSOCIATESECBM INSURANCE BROKERS & CONSULTANTSEINSTEIN HEALTHCARE NETWORKFEDERAL HOME LOAN BANK OF PITTSBURGHFOWLER HIRTZEL MCNULTY & SPAULDING, LLPGEN REGLENN INSURANCE INC.GOLDFEIN & JOSEPH, P.C.GRAHAM COMPANY

GREEN TREE PERPETUAL ASSURANCE COMPANYGUY CARPENTERHANOVER FIRE & CASUALTY INSURANCE COMPANYHARTFORD STEAM BOILERHUGGINS ACTUARIAL SERVICES, INC.IMPERIAL AGENCY, INC.INDEPENDENCE BLUE CROSSINSURANCE OFFICE OF AMERICA (DVGIA)INTERCORP, INC.IRONSHORE INSURANCE SERVICESJ.M. PATTON ASSOCIATES, INC.JIMCOR AGENCIESJLT REJOHNSON & JOHNSON, INC., MANAGERS, CMGAJOHNSON MATTHEYJOHNSON, KENDALL & JOHNSON, INC.KIM & WRIGHT P.C.LIBERTY MUTUAL INSURANCE GROUPLUNAR AGENCY, INC.M & T INSURANCE AGENCYMADISON RISK GROUP, LLCMAIDEN REMARGOLIS EDELSTEINMARKS, O’NEILL, O’BRIEN, DOHERTY & KELLY. P.C.MARSH USA, INC.MARTIN & COMPANYMAZARS USA, LLPMCKEE RISK MANAGEMENTMESA UNDERWRITERS SPECIALTY INSURANCE COMPANYMILLIMANMLA CLAIMS, LLCMUNICH REINSURANCE AMERICA

NATIONWIDE

NEW DAY UNDERWRITING MANAGERS LLC

NJM INSURANCE GROUP

ODELL STUDNER GROUP, LLC

PENNSYLVANIA LUMBERMENS MUTUAL INSURANCE COMPANIES

PHILADELPHIA CONTRIBUTIONSHIP

CITY OF PHILADELPHIA

PMA COMPANIES

QUAL-LYNX

RCM&D

REILLY, JANICZEK, MCDEVITT, HENRICH & CHOLDEN, P.C.

RUETER INSURANCE AGENCY INC.

SAINT JOSEPH’S UNIVERSITY

SIGNATURE CONSULTING SOLUTIONS

SIMKISS & BLOCK

SOUTHEASTERN PA TRANSPORTATION AUTH (SEPTA)

STARR COMPANIES

SWETT & CRAWFORD

TEMPLE UNIVERSITY – FOX SCHOOL OF BUSINESS

TIMONEY KNOX, LLP

VANGUARD CLAIMS ADMINISTRATION, INC.

VENTURE PROGRAMS, INC.

W. BRUCE BEATON CO., INC.

WILLIS RE

WILLIS TOWERS WATSON

WORTLEY/POOLE PROFESSIONAL LTD.

ZENITH INSURANCE COMPANY

ZURICH NA

F U L L C O M P A N Y L I S T

13%

13% 13%

58%35%

2%

ANCILLARY

BROKER/AGENCY

INSURANCE CARRIER

LAW FIRM

RISK MANAGEMENT DEPT

UNIVERSITY

I S O P M E M B E R S H I P C O M P O S I T I O N

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EXECUTIVE COMMITTEE

B O A R D C H A I R Roger Fell Marsh USA, Inc.

V I C E C H A I R Edward Hanna RCM&D

S E C R E T A R Y Robert Poliseno Chubb

IMMEDIATE PAST BOARD CHAIR Dianne Salter Corporate Insurance Services

T R E A S U R E R Steven Skowronski KSRS Consulting, LLC

BOARD MEMBERS (as of June 21, 2018)

Frederick Anton, JLT Re

Dave Bennink, Aon Risk Solutions

Butler Buchanan III, Marshall Dennehey Warner Coleman & Goggin

Brian Clouse CPA, Mazars, USA LLP

Tim Conrad, Maiden Re

Jen Corry, The Graham Company

Anita Devan, Zenith Insurance Company

Nicholas Ditomassi, AIG

Jeffrey Dunn, Glenn Insurance Inc.

Roger Fell, Marsh USA, Inc.

Brian Grimm, Willis of Pennsylvania, Inc.

Richard Hall, Pennsylvania Lumbermens Mutual Insurance Company

Edward Hanna, RCM&D

Robert Ivey, McKee Risk Management

P. Drew Jones, PMA Companies

Thomas Kelley, Liberty Mutual Group

Ronald Kuehn, Huggins Actuarial Services, Inc.

Joseph Maher, Starr Companies

Robert Poliseno, Chubb

Joseph Robinson, Beneficial Insurance Services

Steven Rosen, AB&C Creative Intelligence

Dianne Salter, Corporate Insurance Services

Steven Skowronski, KSRS Consulting, LLC

Thomas Trullinger, Zurich North America

Storm Wilkins, Temple University - Fox School of Business

COMMITTEE CHAIRS

Finance Committee Steven Skowronski, KSRS Consulting, LLC

Nominating Committee Ed Hanna, RCM&D

Membership Committee Brian Grimm, Willis Towers Watson

Scholarship Committee Dianne Salter, Corporate Insurance Services

Gala Joe Maher, Starr Companies and Amanda Braz, Chubb

I-Day Rob Poliseno, Chubb and Paul Griffing, NSM Insurance Group

NextGen Denise Hunter, Zurich

B O A R D R E C O G N I T I O N & C O M M I T T E E C H A I R S

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M E M B E R S H I PThe membership committee was formally re-established in the summer of 2017 with Brian Grimm leading as the committee chair. Committee members originally included Fred Anton, Nick Ditomassi and Rich Hall with David Bennik and Jeff Dunn joining mid-year. The committee was given a “clean slate” to determine how they would best serve the membership given the society’s own transformation over the past few years. The committee initially undertook a review of the membership by-laws to ensure they were still in order as well as a creation of the committee’s charter. It was determined that the committee’s focus and purpose will be on the engagement, recruitment, orientation and retention of its membership base. Two other areas of recent focus for the committee have been formalizing our value proposition and getting a better understanding of the composition of our membership. The society as a whole underwent a strategic review in Q1 2018 and the value proposition has been aligned with the outcomes of this review. Our organization brings the entirety of the Risk and Insurance community together and our focus is providing a forum for networking, scholarships, career development and charitable support. One of the main tasks the committee will be focusing on in the near term is reviewing the membership structure and associated dues.

I N D E P E N D E N C E G A L A The 2017 Independence Gala hosted over 500 attendees and generated over $40,000 in donations for the Philadelphia Fire Department Foundation. Former Mayor of Philadelphia, Michael Nutter, was honored with the Distinguished Leader Award.

2017 PLATINUM SPONSORSWillis Towers WatsonZurich NAConner Strong & BuckelewGraham CompanyNorman Spencer McKernan, Inc. (NSM)PMA CompaniesPennsylvania Lumbermens Mutual Insurance CompaniesChubbMaiden Re

UPDATE: Our 2018 Independence Gala took place in November. We hosted over 730 guests at the prestigious Kimmel Center for the Performing Arts. Additionally, we exceeded last year’s donations and revenue by over $100,000.

updates

P H I L L Y I - D A Y 2 0 1 8 The 2018 Philly I-Day hosted over 600 attendees including 84 students. Harvey Johnson, Executive President of Disaster Services for the American Red Cross gave a keynote address during lunch; ISOP Disaster Relief efforts collected a total of $15,475 and presented the check to Harvey Johnson to accept on the American Red Cross’ behalf. Following Mr. Johnson, Dr. M. Moshe Porat, former Dean of the Fox School of Business and School of Sport, Tourism and Hospitality at Temple University was honored with the Franklin Award. ISOP Scholarship Committee received 14 applicants and awarded $30,000 in scholarships to 7 students.

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TUESDAY, APRIL 9, 2019 PENNSYLVANIA CONVENTION CENTER

2 0 1 9

N E X T G E NIn 2017, Insurance Society NextGen (ISNG) generated $16,500 in sponsorships, which promoted the ISOP and ISNG mission to develop and empower the future leaders of our local insurance community. NextGen hosted 10 well-attended events throughout the year and plans to continue their successful participation at future events.

N O M I N A T I N GDuring the 2017-2018 year, the nominating committee was able to enlist four new Board members to serve in the upcoming year. Those elected were: Sherry Ardito, Brian Clouse of Mazars, USA, LLP, Jennifer Corry of The Graham Company, and Joe Robinson of Beneficial Insurance Services.

S C H O L A R S H I P The Insurance Society of Philadelphia awards scholarships annually to students in the Delaware Valley who are engaged in the study of Insurance, Risk Management and Actuarial Science. This program was created to support the studies and professional development of current students and young professionals in the industry. In 2017, seven scholarships were awarded, $30,000 in total. Proceeds from the Independence Gala and Philly I-Day support these scholarships, allowing ISOP to continue it’s mission to further education.

RECOGNITION OF 2018 WINNERS

Ashley Myers St. Joseph’s University

Matthew Manzo Temple University

Adam Stoudt Temple University

Brian Fritz Temple University

Daniel Tan St. Joseph’s University

Samantha String St. Joseph’s University

Lauren Morell LaSalle University

P A R T N E R S H I P O V E R V I E W

In January, 2018, ISOP transitioned to a new management firm.

The firm, Association Headquarters (AH), specializes in non-profit and association management, currently overseeing 40+ associations and membership organizations worldwide. With a team of 165 industry professionals on staff, we now have access to all the resources we need to lead ISOP into the future.

ISOP has three dedicated team members that will be working directly with the ISOP Board of Directors and Committees to help make your ISOP experience a positive and memorable experience.

M E E T T H E T E A M :

Gabrielle Copperwheat E X E C U T I V E D I R E C T O R

Leah McGonigle M E M B E R S H I P & M E E T I N G S C O O R D I N A T O R

Jenna Even M E E T I N G M A N A G E R

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F I N A N C I A L S N A P S H O T

STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 12 months ended June 30, 2018

Total Revenue $528,120

Total Expenses $449,132

Change in Net Assets $78,988

STATEMENT OF FINANCIAL POSITION As of June 30, 2018

Total Assets $1,595,011

Total Liabilities $156,333

Net Assets without donor restrictions $1,438,678

Total Liabilities and Net Assets $1,595,011

CHARITABLE SUPPORT

ISOP Supported the following organizations in the 2017-2018 business year:

• American Red Cross ($15,475)

• Marine Toys for Tots Foundation (NextGen Initiative)

• Philadelphia Fire Department and Citizens for Fire Prevention ($53,000)

• St. Baldrick’s Foundations ($14,043 in conjunction with Philly I-Day 2018)

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