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2022 ANNUAL REPORT THE INSTITUTES Melanie Ross, CPCULetter From the Chair 2 Letter From the President and CEO 3 The Institutes’ Board of Trustees 4 Our Vision, Our Values 8 Growth of The Institutes 9 Strategic Framework 10 2022 Accomplishments 12 2023 Strategic Initiatives 15 2022 Development Fund Efforts and Contributors 16 Advisory Boards, Committees and Councils 17 • Black Insurance Industry Collective Leadership Council 18 • Catastrophe Resilience Council Advisory Board 19 • CLM Advisory Board 20 • Insurance Broker Advisory Board 21 • Insurance Information Institute Executive Leadership Committee 22 • Insurance Research Council Advisory Board 23 • International Insurance Society Executive Council 24 • Pacific Insurance Conference Advisory Council 25 • The Institutes CPCU Society Leadership Council 26 • The Institutes Griffith Insurance Education Foundation Advisory Council 27 • The Institutes RiskStream Collaborative Advisory Board 28 1 ContentsIt’s my pleasure to share some insights from 2022, my first year as chair of The Institutes’ Board of Trustees. As the business world continued to recover from the impact of a global pandemic and we faced new geopolitical challenges, climate-related disasters, and cyber incidents, 2022 felt like confirmation that escalating risk will be the theme of this still-young decade. Certain events that occurred and trends that emerged over the last 20 years stand out to me as warnings of the importance of understanding risk. That shocking day of September 11—now 20- plus years ago—was followed by years of global unrest, and later the 2008 global financial crisis. We have seen escalating extreme weather events result in billions of dollars in property damage Letter From the Chair 2 every year, and the emergence of innovative technology that makes our lives easier but presents new avenues for criminal activity and business interruption. Simply put, the world is a risky place and getting riskier. So how do we shift our thinking so that all aspects of the insurance and risk management business are prepared for coming challenges and better equipped to prevent poor outcomes before they happen? This is where the work of The Institutes is of growing importance. The Institutes present unique opportunities to educate not just the risk management and insurance professionals who work directly with consumers and businesses but also legislators, educators, the media, and really anyone curious about how new and unprecedented risks will affect our global economy. With over 83,000 courses completed in 2022, The Institutes continue to help all of us build the skills and knowledge vital to an informed global society. Beyond educating, The Institutes are developing new platforms to elevate issues of importance and encourage meaningful engagement worldwide. After a few years of canceled events and overall in-person uncertainty, in 2022, The Institutes welcomed nearly 10,000 people to in-person meetings and global conferences. While virtual meetings are helpful, we all know nothing beats being face-to-face with others who share our interests and concerns. To supplement these events, The Institutes also elevated critical and emerging topics via podcasts, webinars, membership events, and more than 2,500 media appearances. I am passionate about supporting education and building professionalism in the business I manage and throughout our industry. In 2022, The Institutes made meaningful progress in exciting new efforts to educate, elevate, and connect that will help all of us expand our thinking and prepare for the risks of the future. On behalf of the Board of Trustees, thank you to everyone who supported these efforts. Best regards, John M. Howard Chairman and Chief Executive Officer Truist Insurance Holdings Chair The Institutes’ Board of Trustees3 2022 was a year filled with both promise and challenge for many in risk management and insurance (RMI). Businesses and individuals sought to get back on track after two years of pandemic-related disruption, while climate events, global political unrest, and inflation challenged those who sought to help people manage the risks of daily life and recover from the unexpected. We recognize that RMI is rapidly moving from a business of detecting and repairing damages to one of proactively predicting and preventing losses. This nascent approach focuses on leveraging emerging technology while prioritizing resiliency. Making the broad changes needed to shift our thinking and our actions will be a collective responsibility. Letter From the President and CEO As a global not-for-profit organization serving approximately 1.1 million unique customers across our business units, The Institutes are uniquely positioned to help. In 2022, we sharpened our focus on strategies that can educate, elevate, and connect the RMI community. These efforts were also aligned with our 2022 strategic initiatives—concentrated on innovation and growth, operational excellence, knowing the customer, and culture. We updated several of our popular and traditional designations to online, skills-focused learning; moved to a new exam delivery platform to improve the exam experience; and launched facilitated CPCU ® study groups through the CPCU Society. Our Catastrophe Resiliency Council engaged an active group of insurers, reinsurers, intermediaries, and model providers to explore new ways to improve resilience from natural catastrophes. Our work with the Black Insurance Industry Collective (BIIC) expanded, with 19 organizations joining us as founding sponsors. The BIIC sponsored multiple networking and educational events designed to improve representation of Black insurance industry talent, including its first Executive Leadership Program. I’m also very proud to report that The Institutes received “Top Workplace 2023 USA” recognition, based on 2022 employee feedback from an annual workplace survey. This is the first time The Institutes have earned this national award. In addition, The Institutes saw continued positive employee engagement, garnering an 83 percent engagement score. As we look toward our future, we are both confident and excited. We are confident in our focused and purpose-driven efforts to educate, elevate, and connect our customers and members. We are excited about the tremendous opportunities continuing to emerge within RMI. These opportunities further allow us to serve and provide value. Thank you to The Institutes’ generous contributors, our engaged Board of Trustees, and our dedicated and talented employees for helping us succeed in 2022. Best regards, Peter L. Miller, CPCU President and Chief Executive Officer The Institutes Chair, Board of Directors International Insurance Society Pacific Insurance Conference The Institutes CPCU Society The Institutes Griffith Insurance Education Foundation The Institutes RiskStream CollaborativeThe Institutes’ Board of Trustees* Board members are listed with their organizational affiliations and titles as of December 31, 2022. 4 John M. Howard Chairman and Chief Executive Officer Truist Insurance Holdings Chair W. Robert Berkley Jr. President and Chief Executive Officer W. R. Berkley Corporation Vice Chair Janice M. Abraham President and CEO United Educators Insurance Thomas B. Ahart, CPCU, AAI Chief Executive Officer and Chairman Ahart, Frinzi & Smith Kaj Ahlmann, MSc Director RLI Juan C. Andrade President and Chief Executive Officer Everest Re Group, Ltd. Jeffrey T. Bowman, FCCA Non-Executive Chair Global Risk Solutions, Inc. J. Powell Brown, CPCU President and Chief Executive Officer Brown & Brown Insurance Albert R. (Skip) Counselman, CPCU Chairman RCM&D, Inc.–a Unison Risk Advisors Company Doreen DeLaney Crawley Executive Vice President and Chief Operations Officer Grange Insurance Richard P. Creedon Chairman and Chief Executive Officer Utica National Insurance Group Jeffrey Dailey Chief Executive Officer Farmers Group, Inc. Melissa Burt DeVriese, JD President and Secretary Security First Insurance Company J. Patrick Gallagher Jr. Chairman, President, and Chief Executive Officer GallagherDaniel S. Glaser President and Chief Executive Officer Marsh McLennan Chris Hampshire, CPCU, CIC, ARM Vice President – Carrier Practice Sales Gallagher Bassett Carl Hess Chief Executive Officer Willis Towers Watson Robert V. James Transformation Director Lloyd’s Scott R. Jean, FCAS, MAAA President and Chief Executive Officer EMC Insurance Companies Todd J. Jones Chief Executive Officer of North America QBE Insurance Group, Ltd. Janet S. Katz, FCAS, MAAA, CPCU, ARe Executive Vice President and Chief Executive Officer American Agricultural Insurance Company Patrick F. Keegan Jr., ARM Chief Underwriting Officer Travelers Paul J. Krump Vice Chairman, Global Underwriting and Claims Chubb Group Anthony J. Kuczinski, CPCU, CPA President and Chief Executive Officer Munich Re US Holdings Joan Lamm-Tennant, PhD Chair, Board of Directors Equitable Holdings, Inc. Chair, Board of Directors AllianceBernstein Edward J. Largent III President, Chief Executive Officer, and Board Chair Westfield Anthony G. Martella Jr., FCAS, MAAA Executive Vice President, Chief Actuary, Enterprise Operations Liberty Mutual Insurance John J. Marchioni, CPCU Chairman, President, and Chief Executive Officer Selective Insurance Group, Inc. Markham R. McKnight President and Chief Executive Officer Cadence Insurance Thomas P. Nerney, CPCU Chairman, President, and Chief Executive Officer USLI David A. North Executive Chairman Sedgwick Thomas J. (TJ) Obrokta Jr. President and Chief Executive Officer Encova Mutual Insurance Group 5Kevin J. O’Donnell President and Chief Executive Officer RenaissanceRe Holdings, Ltd. Sandra G. Parrillo, CPCU Director The Providence Mutual Fire Insurance Company Wayne Peacock President and Chief Executive Officer USAA Kara Raiguel, FCAS Chairman and Chief Executive Officer General Re Corporation Leonid Rasin, FCAS, MAAA Chief Actuary Liberty Mutual Insurance Susan Rivera, FCAS Chief Executive Officer Tokio Marine HCC Dino E. Robusto Chairman and Chief Executive Officer CNA Financial Corporation John C. (Jack) Roche President and Chief Executive Officer The Hanover Insurance Group Mark C. Russell, CPCU, ARM, CCLA President and Chief Executive Officer Ohio Mutual Insurance Group Chris Schell, CLU, ChFC Senior Vice President, Property & Casualty State Farm Mutual Automobile Insurance Company John K. Smith, CPCU, CIC, CRM, ARe President and Chief Executive Officer Pennsylvania Lumbermens Mutual Insurance Company George A. (Shad) Steadman III, CPCU Vice Chairman, Mid-Atlantic Marsh & McLennan Agency Jeffrey Tagsold, CPCU Chairman and Chief Executive Officer Auto-Owners Insurance Kristof Terryn Chief Executive Officer North America Zurich North America Thomas M. Troy, CPCU President and Chief Executive Officer CSAA Insurance Group Therese M. (Terri) Vaughan, PhD, CPCU, ASA, ACAS Professional Director of the Emmett Vaughan Institute of Risk Management and Insurance University of Iowa Kirt A. Walker Chief Executive Officer Nationwide John P. Welch, FCAS Chief Executive, Domestic Markets AXA XL Reinsurance 67 Life Member Ex Officio Member Norman A. Baglini, PhD, CPCU, CLU, AU, ARe President Emeritus The Institutes Peter L. Miller, CPCU President and Chief Executive Officer The Institutes Chair, Board of Directors International Insurance Society Pacific Insurance Conference The Institutes CPCU Society The Institutes Griffith Insurance Education Foundation The Institutes RiskStream Collaborative *As of December 2022. Keith Wolfe, MBA, CPCU President US P&C Swiss Re America Holding Corporation Greig Woodring, FSA Former President and Chief Executive Officer Reinsurance Group of America, Inc. Marita Zuraitis President and Chief Executive Officer Horace Mann Educators CorporationNext >