Management Insurance

Michael Dailey

Email: *********@********.***

Address: *** ******* ****

City: Holmdel

State: NJ

Zip: 07733

Country: USA

Phone: 732-***-****

Skill Level: Director

Salary Range: $70,000

Primary Skills/Experience:

See Resume

Educational Background:

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Job History / Details:

MICHAEL T. DAILEY, JD

718 Holmdel Road, Holmdel, New Jersey 07733 732-***-**** *********@********.***

CLAIMS & LITIGATION MANAGEMENT / LAWYERS PROFESSIONAL LIABILITY UNDERWRITING / ATTORNEY

Risk Management / Loss Mitigation / Case Management / Underwriting / Professional Liability / Cost Control / International Contracts / Compliance / Negotiations / Arbitration / Settlements / Insurance / Startups / Team Building

Combined legal, business and management expertise to contain costs and mitigate losses for professional and commercial liability claims organizations. Directed risk analysis, claims and litigation management for industry leading insurers, including Zurich-American, Continental, The Home and AIG. Gained detailed knowledge of lawyers professional liability underwriting with Garden State Indemnity. Trial preparation and courtroom experience with insurance defense law firms.

* Led startup and growth of Zurich-Americanworldwide Professional Liability Claims Department.

* Developed and implemented cost-cutting initiative at Garden State, reducing defense costs $4M.

* Managed global high exposure liability cases, aiding AIG efforts to mitigate S&L crisis losses.

* Directed first successful NJ solvent runoff, preserving $3.2M of capital and surplus.

* Played key role in seamless decentralization of 9,000 The Home Insurance liability claims into regional areas.

* Implemented Best Practices learned at exclusive Zurich-American Management Development Program.

* Proactively provided field support for underwriters, landing key AIG account for Zurich-American.

Special Skills: Communicating effectively, both orally and in writing, in litigious and non-litigious settings. Analyzing and developing solutions to complex legal and business challenges. Negotiating broad range of insurance, business and contractual transactions. Making timely, quality decisions in areas of underwriting risks and management of high exposure claims. Demonstrated leadership and team building in start up and transitional organizations. Results oriented approach in identifying and meeting evolving organizational and industry challenges.

SELECTED ACCOMPLISHMENTS

Led startup and growth of Zurich-American worldwide Professional Liability Claims Department. Hired to create, staff and manage new claims department. Implemented claim handling processes for large and small law firms, accountants, broker/dealers, EPLI and other product lines. Developed accurate and timely fiscal information. Established measurable standards for internal and external customer service.

Developed and implemented cost-cutting initiative at Garden State, reducing defense costs $4M. Company was concerned over costs associated with defense and liability payments for lawyers and accountants claims. Instituted cost controls, including stringent review of litigation strategy and outside counsel billings. Focused litigation goal on finding opportunities to make cost effective settlement where possible.

Managed high exposure liability cases, aiding AIG global efforts to mitigate S&L crisis losses. Company had large potential exposures in professional and commercial general liability. Assigned to handle domestic and international high exposure cases. Managed litigation. Reported to senior management on analysis of AIG company-wide exposures. Helped formulate plan to bulk reserve for potential damages as part of successful strategy to mitigate losses.

Directed first successful NJ solvent runoff, preserving $3.2M of capital and surplus. While under State supervision due to controversial audit, Garden State voluntarily withdrew from market and went into runoff, exposing ownership to personal liability if claims exceeded capital and surplus. Led resolution of 1,000 professional liability claims and reinsurance recoveries. Instituted decision tree and probability analysis to determine realistic liability percentages and damage ranges in claim analysis. Established reporting format for reinsurers to facilitate recoverables.

Played key role in seamless decentralization of 9,000 liability claims for The Home Insurance. Company was restructuring due to severe fiscal problems. Selected to review and evaluate nation-wide claim department functions, effectiveness and structure. Researched applicability and recommended use of Best Practices, including TQM, self-directed work teams and benchmarking, for implementation in proposed nationwide reorganization.

Implemented Best Practices learned at exclusive Zurich-American Management Development Program. One of 40 Zurich managers worldwide who attended select program at Kellogg Graduate School of Management. Participated in interactive lectures, case studies and discussions on strategy, operations, management, creativity and problem solving. Took part in small group projects conducted by professors involved in reengineering and transition of Tiffany & Co. and Caterpillar Inc.

MICHAEL T. DAILEY, JD PAGE 2

Proactively provided field support for underwriters, landing key AIG account for Zurich-American. Company was attempting to obtain important new piece of business, captive agents of Jefferson Pilot, who had been with AIG for six years. Needed to convince them that Zurich would be more responsive to their needs and provide higher quality service. Thoroughly researched Jefferson Pilot to understand business philosophy and concerns. Personally met with producer and General Counsel for Jefferson Pilot. Set up -hot line- for agents to call to insure prompt and professional service.

CAREER HISTORY

Claim Manager. The Plus Companies-Claims Department. August 2010-June 2011. Managed caseload of over 250 professional liability claims for lawyers and title agents underwritten by the Plus Companies as Third Party Administrator for the ACE Companies.

Claim Examiner. North American Risk Services. December 2009-August 2010. Managed caseload of lawyers professional liability, transportation and general liability claims for Third Party Claims Administrator (NARS) underwritten by Delos Insurance Company.

Executive Vice President, Garden State Indemnity Company, June 1997-December 2009. Recruited to head claims department of largest insurer of small law firms in New Jersey. Treated claims handling as business, making fiscal decisions based on factual and legal realities of each claim. Emphasized importance of establishing accurate reserves. Managed staff of nine.

* Completion of only solvent run-off of an insurance company in history of New Jersey Department of Banking and Insurance. Garden State was largest insurer of small law firms in New Jersey with $12M of written premium in lawyers, accountants and surety.

* Achieved expense savings of over $4M by using select defense counsel, value billing and negotiating rates.

* Designed and implemented defense counsel reporting format that required speedy development of essential facts, legal and damage analysis and proposed strategies, seeking to quickly and cost effectively resolve claims.

* Implemented use of decision trees and probability analysis to determine best case, worst case and likely liability percentages and damage ranges in claim analysis. Established -Watch- List - succinct monthly report on high exposure (>100K), complex claims and coverage matters - bordereau format allowing for ease of use.

* Assisted with the underwriting of lawyers professional liability policies, drafted policy language, endorsements and provided coverage interpretations.

* While supervising claim run-off, obtained NJ Producer`s License in 2003 and Commercial Lines Coverage Specialist designation in 2007 and successfully marketed and sold Management Liability, General Liability, Employment Practices, Fiduciary and Excess insurance to private schools in the Princeton, NJ area.

Assistant Vice President/Department Head, Professional Liability Claims Department, Zurich-American Specialties, May 1995- April 1997. Managed worldwide professional liability claims, staff and defense counsel. Responsible for development of professional liability claim examiners. Established accurate and timely claim reserves.

* Hired to create, staff and manage the Zurich-American Professional Liability Claims Department for handling of world-wide professional liability claims.

* Implemented innovative claim handling processes for Large and Small law firms, Accountants, Diversified Financial - Broker/Dealer, Banking, Human Resources (EPLI), Real Estate and Specified Professions product lines with gross written premium of over $145M.

* Developed accurate and timely fiscal information - claim reserve and incurred information using Microsoft Excel - used by actuaries instead of Zurich legacy systems due to their detail, accuracy and timeliness.

* Instrumental in account marketing for all product lines regarding claim handling philosophy and procedures, traveling with underwriters to help in sales process.

* Chosen by senior management to attend Northwestern University`s Kellogg Graduate School of Management with select Zurich managers worldwide.

Assistant Vice President/Claims Director, Continental Insurance Company, October 1993- May 1995.

* Claim management responsibilities on a national basis for lawyers and accountants professional liability claims, hiring and development of claim professionals.

MICHAEL T. DAILEY, JD PAGE 3

* Drafted policy forms and endorsements; reviewed and evaluated reinsurance contracts; established relationships with underwriting and finance to allow for unified and flexible transfer and flow of information.

* Key contributor in the review, revision and improvement of information technology to allow legacy systems to capture claim data essential for professional liability purposes.

* Selected by Continental senior management as member of Continental Insurance and CNA merger/transition team.

* Helped to develop strategic and operational plans for lawyers professional liability over five month period for Continental / CNA merger that were approved and implemented throughout the country.

* Based upon demonstrated expertise and results was selected by CNA to manage CNA Lawyers Professional Liability Program and locate it in New York instead of the Chicago headquarters of CNA

Claims Counsel, The Home Insurance Company, 1992-1993.

* Managed over 300 LPL claims (CA, NY) maintaining a 100% closing ratio. One of 5 professionals selected to review and evaluate nationwide claim department functions, effectiveness and structure.

* Personally conducted extensive research on the applicability of best practices, total quality management, self-directed work teams, and benchmarking for implementation in proposed nationwide reorganization The Home.

* Key contributor in creation of logistical plan for redistribution of over 9,000 claims into regional service areas which was adopted and implemented by The Home.

Structured Settlement Broker, CalHutt & Associates, 1990-1992. Achieved cost effective resolution of high exposure litigation through the use of structured settlements.

American International Group - AIG

* Claim Supervisor, 1989-1990. Supervision and management of five claim examiners and 1,500 professional liability and complex claims (including securities) in New York/New England, Washington, D.C. and Maryland.

* Claim Examiner, Professional Liability Specialty Unit, 1988-1989. Selected by upper management to handle national and international high exposure cases arising out of the financial institution crisis of the late 1980`s. Reported to senior management on analysis of AIG company wide exposures. Formulated plan to bulk reserve for potential losses which was implemented as part of overall AIG strategy. Handled lawyers and accountants specialty programs - ALAS, Minet Line Slip (London & Montreal) and Canadian Bar programs as well.

District Agent and Registered Representative, The Prudential Insurance Company of America, 1987-1988. Licensed for life, property and casualty and health insurance. Held a Series 6 (investment life, annuities) and 63 (limited partnerships) licenses from the NASD.

Associate, Benedict & Altman, Esqs., 1984-1987. Preparation and trial of civil and criminal litigation. Defense of municipal and county officials and police officers. Asst. Municipal Attorney in the Boroughs of Jamesburg, Spotswood and the Township of South Brunswick, NJ as well as Asst. Municipal Prosecutor in the Borough of Spotswood.

Associate, Hoagland, Longo, Moran, Dunst & Doukas, Esqs., 1983-1984. Preparation and defense of civil litigation on behalf of major insurance carriers including Aetna, CNA and National Indemnity. Conducted over 100 depositions ranging from slip and fall to complex product liability claims. Worked on recovery from reinsurers for insurer involved with Johnson & Johnson Tylenol recall.

Legislative Aide, New Jersey Senate, Trenton, New Jersey, 1982-1983. Served as Legislative Aide in the New Jersey Senate for District 17 (Middlesex / Somerset).

EDUCATION, PROFESSIONAL

JD, Rutgers University School of Law at Newark. Admitted, New Jersey Bar.

BA, Rutgers University.

Commercial Lines Coverage Specialist (CLCS) designation. Successful completion of coursework and examinations. Awarded by The Hartford School of Insurance and The National Underwriter Company - April 2007.

New Jersey Insurance Producer`s License - December 2003.

Zurich Management Development Program -Northwestern University - Kellogg Graduate School of Management. Certificate awarded - July 1996.

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