Foundation achieves $3 million goal

Shortly after the close of the fiscal year, the Derek Hughes/NAPSLO Educational Foundation reached its goal of raising $3 million by the end of 2002.

At the close of the fiscal year on July 31, 2002, the Foundation had raised $2.978 million and by the end of 2002 had raised an additional $340,000, increasing the Foundation’s assets to $3.32 million

"Directors Marcus Payne and Max Williamson put in a great deal of work in ensuring we achieved our goal," said President Joseph D. Timmons, CPCU, ASLI. "The additional funds have allowed us to fund research projects, additional scholarships and ongoing projects such as the A.M. Best Annual Review of the Excess & Surplus Lines Industry.

"In addition, with the changes in the economy and today’s uncertain future, the additional funds are very important."

In another project, Director Kurt Bingeman worked with several publications in a project to assist the Foundation in promoting the Associate in Surplus Lines Insurance (ASLI) designation. Ads promoting the ASLI designation were run in 2001 in the Insurance Journal and the Insurance Journal of Texas and in 2002 the ads ran in American Agent & Broker, National Underwriter and Rough Notes magazines.

A number of firms made significant pledges or contributions in 2002, including: American Wholesale Insurance Group and Royal Specialty Underwriting - $50,000; General Star Indemnity Company - $40,000; Burns & Wilcox Euclid Managers/PMI and Pacific Insurance Company - $25,000, International E&S, -$11,000; DVUA, the Surplus Lines Association of Arizona, and the Surplus Lines Association of California - $10,000. In addition, an anonymous donor pledged $60,000.

Since it was founded, the Foundation has worked on four major areas: studying the solvency of the excess and surplus lines market; creating a professional designation program specific to the Excess and Surplus Lines industry; establishing a scholarship program; and funding research projects.