Rising Star Courtney Cassidy Sees Many Paths to Success within the Insurance coverage Business : Danger & Insurance coverage

Come see the Stars! As a part of our ongoing protection of one of the best brokers within the business insurance coverage house, Danger & Insurance coverage®, with the sponsorship of Philadelphia Insuranceis increasing its protection of the Rising Stars — these brokers who symbolize the subsequent wave of insurance coverage brokering expertise.

Search for these expanded profiles on the Risk & Insurance web site and in your social media feeds now and persevering with into 2023.

Right here’s our dialog with Courtney Cassidy, assistant vp, Pure Sources, CAC Specialty and 2022 Renewable Energy Power Broker winner,

Danger & Insurance coverage: What led you to pursue a profession in brokerage, after which from there, how did you get into pure assets?

Courtney Cassidy: To be sincere, P&C brokerage wasn’t an apparent profession path. I joined the trade proper out of school on the encouragement of a member of the family who had an extended and profitable profession in brokerage.

As soon as I joined, I noticed how strong the insurance coverage trade was and what number of completely different paths you might take inside it.

I labored for round 4 years at two completely different giant P&C brokers, specializing in business actual property purchasers, after I began to get disillusioned with the trade. I noticed how male-dominated the trade was and felt that my work lacked which means and goal.

This led me to pursue a place in increased schooling fundraising.

Leaving a well-recognized trade and venturing into a brand new one will be fairly daunting, however I assumed it was the precise time to discover different alternatives that might immediately contribute to optimistic change on the planet.

Regardless of my greatest intentions, fundraising didn’t become all that I had hoped for and, whereas I used to be in a position to contribute to essential causes, I felt overwhelmed by the forms and purple tape holding up the essential work we have been doing.

This break from the insurance coverage trade actually opened my eyes to what I loved about brokerage work. I made a decision to discover new alternatives that blended my P&C data with a optimistic surroundings.

R&I: The place did your search take you?

CC: This search led me again to insurance coverage on a female-led energy and renewables group — a really uncommon occasion on this trade.

That, mixed with the flexibility to work with cutting-edge renewable vitality purchasers which might be working day in and day trip to contribute to a extra sustainable future has been very invigorating for me.

I’ve been working with renewable purchasers for 3 years on this function and have discovered a renewed sense of goal. I admire the chance to make use of my insurance coverage data to assist purchasers which might be making a optimistic environmental impression.

In a small method, I’m contributing to a clear future, which is one thing I’m extraordinarily captivated with.

R&I: Are there any developments or improvements in vitality that you simply’re particularly enthusiastic about? What are a pair?

CC: I work with a whole lot of purchasers within the battery vitality storage sector (BESS). Individuals are starting to understand what a crucial function BESS will play in the way forward for renewable vitality.

Since renewable sources, akin to photo voltaic and wind, are extremely depending on climate situations, this causes a era of extra vitality throughout sure time durations and shortfalls throughout others. BESS can actually fill within the hole and assist stability these fluctuations by storing extra vitality when it’s generated and releasing it when it’s wanted.

It’s easy provide/demand economics that lots of people can get behind.

Not solely can these programs handle these fluctuations, additionally they assist combine renewable vitality sources into the grid extra successfully, offering grid stability, higher energy high quality and reliability.

R&I: How is the worldwide transition towards use of low-carbon vitality sources impacting your purchasers’ insurance coverage coverages?

CC: Many of those initiatives will use non-recourse undertaking finance — a sort of business lending that entitles the lender to be repaid solely from the earnings of the undertaking the mortgage is funding, not from some other of the borrower’s property.

On the similar time, insurers have paid many claims within the renewable vitality house, a few of that are for newer applied sciences. We are going to proceed to see a push and pull between what the banks need and what insurers can present.

We see our function as advocating for our purchasers’ greatest pursuits all through these negotiations.

R&I: How is world uncertainty, such because the Ukraine Conflict, impacting your purchasers’ insurance coverage coverages?

CC: Inflation and provide chain points are impacting protection with respect to limitations from a property injury standpoint for substitute components that exceed the worth declared at time of binding.

They’re additionally impacting protection from a enterprise interruption standpoint with extra scrutiny on a spares technique as a option to mitigate lengthy lead instances for substitute components.

R&I: Power firms might be able to entry funding via the Bipartisan Infrastructure Invoice. How do you see that enhance impacting your consumer’s insurance coverage coverages?

CC: It’s nice information, however we anticipate to see a little bit of a provide/demand imbalance between the variety of initiatives needing insurance coverage and the out there capability out there, particularly for newer applied sciences or Nat CAT-exposed places.

R&I: What impression do you see the banking disaster (Silicon Valley Financial institution and others) having on the vitality markets? How are you getting ready purchasers for any potential fall out?

CC: A banking disaster just like the one we’ve seen with Silicon Valley Financial institution and Credit score Suisse can have a big impression on the vitality market. Probably the most quick impression I can consider is that, if a gaggle of banks are experiencing these difficulties, this may result in a discount in credit score which might drastically impression our consumer’s capacity to finance new initiatives, operations, or investments.

We’ve seen a lot funding and financing exercise in renewables because of the Inflation Discount Act of 2022, however we’re involved that buyers will reduce their assist of renewables resulting from their newer expertise and perceived increased danger.

R&I: What are the pillars of your brokerage philosophy? How have they helped you assist your purchasers via financial volatility?

CC: I’d say responsiveness and tenaciousness. As a result of we’re experiencing a tough market, it’s extremely essential to be in keeping with our responsiveness not solely to our purchasers but in addition to our underwriters.

We actually have to get out in entrance of the renewal cycle/new placements and be considerate about our submissions, along with conserving an open dialog on each side so expectations are managed in a optimistic method.

There’s no method however (to go) via on the subject of weathering a tough market, and that requires a degree of tenaciousness and grit that I see our group give day by day and am very proud to be part of it.

R&I: Are there some other points affecting your purchasers and their insurance coverage coverages that you simply’d like to say?

CC: With the rise in undertaking exercise, underwriters are swamped. We see our function as serving to our underwriter companions navigate this second by offering clear, concise submissions and a dedication to long-term partnerships with our purchasers and their carriers. We delight ourselves on our consultative function and skill to assist our purchasers navigate the challenges the market creates. &