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And we're trying to figure out how to navigate new exclusions, new issues, making sure that our clients have the best protection when they get hit with this kind of incident. This is one of the main issues that comes up at the very beginning of an engagement, is whether or not there's any insurance at all. So this is what our clients are dealing with. Jessica spent some time as a senior officer at the SEC. We've been doing securities litigation investigations for a very long time. Michael Stockham: Both Jessica and I, as you know, practice in this area. So as a result, over time, as we saw litigation increase and we saw the cost of litigation increase and the cost of settlements increase, then those carriers kept getting hit over and over and over to a point that that became problematic in the industry. It just really depended on the industry class, but there were just a few carriers. You may have noticed over the last decade or so as your clients placed their insurance that you started to see just four or five carriers that tended to show up over and over and over in the primaries. Part of that is because of the consolidation in primary carriers. And a lot of that has to do with dramatic increases in what you pay for your insurance. Any of you have renewed in the last year or so know that it's become a much more painful process than it even was in the past. Well, we'll take a step back for a second. Want to kick it off just a little bit by talking about some of the recent changes in the market, maybe talking a little bit about consolidation of primary insurers and some of what's going on? D&O Insurance Market Trends: Consolidation, Increasing Costs, Fewer "Bells and Whistles" and More Everybody's coffee is hot, so I guess we can get started. We're happy to have you for an hour for Coffee & Conversation. As we know, a lot of companies, boards and management are currently looking at renewing their D&O in the September-October timeframe. She offices in Dallas, and she's going to join my colleague and I, Jessica Magee, today, from Thompson & Knight to talk about changes in the D&O market, developments in the underwriting process, COVID's impact on the whole market and other situations and maybe get to some considerations for the renewal process. Liability insurance ultimately gets used by the companies. Between her insurance brokerage career and prior legal practice, she has developed a unique expertise in management liability insurance with a keen understanding of how to marry coverage terms without management. Prior to her insurance career, she practiced securities litigation and corporate investigations in the Dallas offices of Hughes & Luce and Andrews Kurth for seven years, where her legal fees were often paid by the D&O policies she now brokers. As team lead, she personally handled many of the group's more challenging clients, such as those with tough balance sheet, claims histories, new IPOs and hard-to-place industry classes.
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Prior to joining McGriff last year, she led the Executive Risk and Professional Services Team for USI Southwest Division. Kara's an executive risk advisor from McGriff, the country's sixth-largest insurance broker, and has been in the management liability industry for more than a decade.
We're very pleased today to have with us Kara Altenbaumer-Price. Michael Stockham: Welcome everybody back to another episode of Coffee & Conversation, another installment. The conversation also covers changes in the underwriting process and insurance companies' expectations as well as offers tips and takeaways as companies prepare for policy renewal. They talk about recent changes in the market, including consolidation, increases in litigation and settlement sizes, and constriction.
In this latest installment of Coffee & Conversation, Partners Jessica Magee and Michael Stockham sit down with Kara Altenbaumer-Price, a senior vice president with McGriff, Seibels & Williams, to talk about current trends in the directors and officers (D&O) insurance market and what companies can expect moving forward.
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