RiskCellar

RiskCellar

Join Brandon Schuh and Nick Hartmann on RiskCellar where they uncork the latest insurance headlines with a dash of sophistication and a sip of wine. From industry trends to policy updates, we blend insurance insights seamlessly with the nuanced flavors of different wines. Tune in for a captivating podcast that elevates your insurance knowledge while indulging your palate in the world of fine wines. Get ready to unwind, sip, and stay informed in a delightful fusion of insurance and oenophilic exploration.

  1. Jun 30

    North Carolina Bans Litigation Financing

    Hosts Brandon Schuh and Nick Hartmann return for another episode of RiskCellar, and the headline story is North Carolina litigation financing. North Carolina has become the first state in the country to pass an outright ban on third-party litigation financing, with Governor Josh Stein signing House Bill 315 into law in June 2026. Find out what the law prohibits, why insurance trade groups are celebrating it, and what it could mean for other states. Beyond the North Carolina litigation financing news, Brandon and Nick cover a data breach at the National Association of Insurance Commissioners, CFC's move to add affirmative AI coverage across seven product lines, the deadly earthquakes that struck Venezuela and the Caribbean, and how Chubb-led marine war risk facilities are easing capacity strain in the Strait of Hormuz. The episode wraps with a Fourth of July round of Three Truths and a Lie. This episode blends sharp insurance analysis with the hosts' casual banter, making topics like North Carolina litigation financing approachable for brokers and underwriters. Listeners get a fast-moving tour of the week's biggest insurance and legal stories. North Carolina is the first state to enact an outright ban on third-party litigation financing. House Bill 315 makes it unlawful to engage in or furnish litigation investment in a North Carolina civil proceeding. The law took effect July 1, 2026, applying to lawsuits arising on or after that date. The Attorney General can enforce the law with penalties up to $50,000 per violation. At least 11 other states already have some restrictions on litigation funding. NAIC confirmed a breach exposing 3.1 terabytes of data via an Oracle PeopleSoft vulnerability. CFC is embedding affirmative AI coverage across seven core product lines. Chubb-led marine facilities offer up to $400 million in Strait of Hormuz shipping capacity. 00:00 Introduction to Claims Auditing and AI Solutions 01:22 Celebrating Achievements in Brokerage 04:38 Wine Tasting and Personal Updates 05:39 Fourth of July Plans and Celebrations 06:39 Political Commentary on National Events 09:11 Litigation Funding Legislation in North Carolina 11:47 Data Breach at NAIC and Its Implications 15:47 Insurance Industry Responses to AI Risks 19:06 Natural Disasters and Their Impact on Insurance 21:29 Geopolitical Commentary on U.S.-Iran Relations 24:39 Insurance Developments in Maritime Risk 28:07 Trivia and Closing Thoughts Connect with RiskCellar: Website: https://www.riskcellar.com/ Brandon Schuh:Facebook: https://www.facebook.com/profile.php?id=61552710523314 LinkedIn: https://www.linkedin.com/in/brandon-stephen-schuh/ Instagram: https://www.instagram.com/schuhpapa/ Nick Hartmann:LinkedIn: https://www.linkedin.com/in/nickjhartmann/

  2. Jun 17

    What's Your Book Worth? Inside Broker Valuations with Marshberry and AI Disruption with Varada Baht

    If you've ever wondered what your insurance agency is really worth in today's market, and whether now is the right time to sell, this episode cuts straight to the chase. Brandon Schuh and Nick Hartmann sit down with two sharp industry voices: Varada Bhat, Senior Correspondent at the Financial Times' P&C Specialist, and James Graham, Managing Director at MarshBerry, the nation's leading M&A advisory firm for insurance brokerages. Together, they untangle the intersection of AI disruption, carrier strategy, and brokerage valuations in what is shaping up to be one of the most pivotal moments in the history of independent insurance distribution. Varada Bhat opens the conversation with a ground-level view of where the personal lines market stands today, transitioning out of a hard market cycle, into a softer, more competitive landscape where carrier retention has become the new growth strategy. She digs into State Farm's sweeping workforce realignment, the broader shift away from the captive agent model across carriers like Allstate and Nationwide, and how AI is splitting the industry into two camps: those stuck in pilot mode and those already deploying agentic AI across claims and operations. The critical takeaway? Underwriting discipline and customer service still matter more than any algorithm. James Graham follows with the kind of inside-baseball analysis you can only get from someone doing valuation work every single day. He breaks down why private brokerage multiples have held steady even as public broker valuations dropped more than 20% from their March 2025 peak, and why that divergence makes sense. He lays out what buyers are really paying for right now (organic growth, scale, and retention), why the softening market is the real driver of multiple compression, not AI, and why the fundamentals of the insurance brokerage business remain among the strongest of any industry. For agency owners wondering whether to sell now or wait, his perspective is a must-hear. Chapters 00:00 Introduction  04:47 Varada Bhat Interview Begins: P&C Market Overview 06:28 Carrier Retention as the New Growth Strategy 07:24 AI in Insurance: Pilot Phase vs. Deployed Reality 09:48 State Farm, Allstate & the Decline of Captive Agents 11:55 AI Automation: Simple vs. Complex Insurance Products 14:22 Lemonade, Root & the Insuretech Valuation Reality Check 16:55 Geico Hires Goldman Sachs CMO: UX and Millennial Strategy 19:47 AI Regulation in Insurance: NAIC Guidelines & State Laws 21:33 Who's Best Positioned to Win the AI Era? 24:40 Personal Cyber Policies & Consumer Data Privacy 26:23 Insurance Affordability as a Political Issue 32:29 James Graham Interview Begins: MarshBerry Origin Story 34:35 Public vs. Private Broker Valuation Divergence 39:16 What Buyers Are Really Looking For Today: Organic Growth 41:55 Private Equity Activity: Strategic vs. Dry Powder Deals 43:58 EBITDA Multiples: Are 11-12x the New Normal? 46:06 Debt Leverage, Hold Times & PE Exit Bottlenecks 48:02 AI's Role in Brokerage Multiple Compression 50:10 Revenue Per Employee & the AI Productivity Argument 52:58 Regulation as Insurance's AI Moat 55:26 Client Retention Post-Acquisition: What Really Drives It 57:48 2026–2027 Outlook: Will Big Blockbuster Deals Continue? Connect with RiskCellar: Website: https://www.riskcellar.com/ James Graham Website: https://www.marshberry.com/about/our-team/james-graham/ LinkedIn: https://www.linkedin.com/in/james-graham-b91a5214 Varada Bhat LinkedIn: https://www.linkedin.com/in/varada-bhat Brandon Schuh: Facebook: https://www.facebook.com/profile.php?id=61552710523314 LinkedIn: https://www.linkedin.com/in/brandon-stephen-schuh/ Instagram: https://www.instagram.com/schuhpapa/ Nick Hartmann: LinkedIn: https://www.linkedin.com/in/nickjhartmann/

  3. Jun 9

    Rewriting the Math: How AI, litigation, and capital are redrawing the cost structure of insurance and the industries it orbits.

    RiskCellar is back with a packed episode that feels like the insurance industry itself, equal parts serious and unfiltered. Brandon Schuh and Nick Hartmann sit down to unpack a week that saw some of the biggest AI-driven headlines to hit the P&C space in recent memory. From a massive brokerage laying off 2,300 employees and blaming AI, to a CNN lawsuit targeting an AI search engine, to an InsurTech startup valued at $2.6 billion on just $40 million in revenue, nothing about this week is normal. And that's exactly the point. The episode digs into the Acrisure story, where roughly 2,300 jobs are being cut, the second round of layoffs in a single year, with AI cited as the primary driver. Brandon and Nick do the math. At $300,000 average revenue per employee, that's a $690 million bet on AI's ability to fill the gap. They zoom out to connect this to the broader PE pressure story, exits, soft markets, rising interest rates, and a potential IPO on the horizon. The conversation doesn't stop there. New York State's newly signed auto insurance tort reform law gets a thorough breakdown, including the new $100,000 cap on non-economic damages and tightened comparative negligence thresholds that could finally start moving the needle on affordability. And the CNN vs. Perplexity lawsuit opens a bigger conversation about AI as a derivative product, one that can't function without the journalism it may ultimately be destroying. Rounding out the news block is a closer look at Corgi, the AI-focused MGA that just raised at a $2.6 billion valuation despite generating only $40 million in revenue, a 65x multiple that leaves both hosts scratching their heads. Brandon draws a pointed parallel to boutique consulting firms now competing with McKinsey-sized players thanks to AI tools, a trend with direct implications for insurance brokerages of every size. The episode wraps with a "Three Truths and a Lie" segment on classic TV shows and a round of Simpsons trivia, staying true to the show's blend of sharp industry analysis and genuine conversation between two people who genuinely enjoy talking shop. Takeaways: Acrisure's 2,300-person layoff represents a \(690M\) bet that AI can replace human production capacity.PE-backed brokerages are under compounding pressure from soft markets, rising rates, and IPO timelines.New York's auto tort reform caps non-economic damages at \(100,000\) and tightens comparative negligence rules.AI is a derivative product, it depends on journalism and original content to function.CNN filed suit against Perplexity for alleged copyright infringement in New York federal court.Corgi's \(2.6B\) valuation at \(65\times\) revenue raises serious questions about InsurTech market rationality.Boutique brokerages now have the firepower of Aon or Marsh thanks to accessible AI tools.Alleged class action litigation is brewing against a PE-backed brokerage over unpaid producer compensation. Chapters: 00:00 Welcome to RiskCellar 2:45 Big News Tease + What Are You Drinking? 4:00 Memorial Day Weekend Recaps 7:38 This Week's AI Theme Intro 8:00 Acrisure Layoffs: The \(690M\) AI Bet 17:30 Sponsor Break: IPFS + freeflow.ai 17:4 CNN vs. Perplexity: AI and Journalism's Collision 21:05 Corgi's \(2.6B\) Valuation and the InsurTech Bubble 23:30 Boutique vs. McKinsey: AI Levels the Consulting Playing Field 27:10 SpaceX IPO, Elon Musk, and Market Insanity 29:00 Howden TROs and Industry Legal Wars 30:38 Three Truths and a Lie: Classic TV Edition 32:17 Simpsons Trivia: First 100 Episodes 33:57 Upcoming Guests and Episode Wrap Connect with RiskCellar: Website: https://www.riskcellar.com/ Brandon Schuh: Facebook: https://www.facebook.com/profile.php?id=61552710523314 LinkedIn: https://www.linkedin.com/in/brandon-stephen-schuh/ Instagram: https://www.instagram.com/schuhpapa/ Nick Hartmann: LinkedIn: https://www.linkedin.com/in/nickjhartmann/

Ratings & Reviews

5
out of 5
10 Ratings

About

Join Brandon Schuh and Nick Hartmann on RiskCellar where they uncork the latest insurance headlines with a dash of sophistication and a sip of wine. From industry trends to policy updates, we blend insurance insights seamlessly with the nuanced flavors of different wines. Tune in for a captivating podcast that elevates your insurance knowledge while indulging your palate in the world of fine wines. Get ready to unwind, sip, and stay informed in a delightful fusion of insurance and oenophilic exploration.

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