Last year, a fast-growing unicorn Newfront client faced a non-renewal of their D&O insurance program. Their industry had segmented, and they’d faced unexpected management changes. Unfortunately, they were forced to accept an unfavorable replacement program with a significant price increase. Moreover, the underwriter required a retro date inception, forcing the expiring policy into runoff.
Erik Stenson, Senior Vice President at Newfront, knew there had to be a better solution.
Throughout the next several months, Erik and his team worked closely with the client to improve the company’s risk profile. At the same time, the team identified and worked with underwriters mid-term to prepare for the upcoming renewal. Through the client’s diligent efforts and development under Erik’s advisement, and underwriter commitment to the process, the policy was recently renewed with 3x the limit at the expiring policy cost, enabling the client to achieve the cost-effective, benchmarked-appropriate limit level that they had originally desired.
It’s stories like these that explain why Erik, a 30-year insurance and InsurTech veteran, was named a 2023 Financial Services Power Broker by Risk & Insurance.
“Clients appreciate Erik’s refreshing ability to succinctly explain how and why an insurance solution will work for them and the steps required to achieve it,” says Rod Sockolov, EVP of Property & Casualty at Newfront. “Erik values his ability to meet client requests, prioritizing responsiveness, while proactively connecting throughout the year to provide market updates, check on operations, and help them think around corners to avoid surprises.”
Erik has spent his career focusing on venture capital-backed, high-growth, unicorn, and public companies with an emphasis on the FinTech/Crypto/Web3/NFT and Digital Health segments. To always remain an expert in the rapidly changing field, Erik is a quick study comfortable with frame-breaking business models.
“My clients trust Newfront to understand their business, guide them through their program, and create solutions. I have a strict ‘don’t delay, tell it like it is approach,’” Erik says. “I enjoy partnering with and mentoring colleagues to aid in tough risk situations.”
Congratulations to Erik, along with Shantelle Cabir, Cameron Lock, and John McCall, who were all named to the 2023 Power Brokers program. Additionally, we want to congratulate our other team members that were finalists for the Power Broker designation:
- Gay Chung
- Shari Cornaggia
- Adam Gabler
- Jonathan Naranjo
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge. The Power Broker awards program is a way to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.
The information provided is of a general nature and an educational resource. It is not intended to provide advice or address the situation of any particular individual or entity. Any recipient shall be responsible for the use to which it puts this document. Newfront shall have no liability for the information provided. While care has been taken to produce this document, Newfront does not warrant, represent or guarantee the completeness, accuracy, adequacy, or fitness with respect to the information contained in this document. The information provided does not reflect new circumstances, or additional regulatory and legal changes. The issues addressed may have legal, financial, and health implications, and we recommend you speak to your legal, financial, and health advisors before acting on any of the information provided.
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