EAST WINDSOR, N.J., Oct. 24 Palisades Safety and Insurance Management Corporation (Palisades) CEO and President, Ed Fernandez provided the keynote speech at the 40th Annual Conferment of the New Jersey and Central New Jersey Chapters of the Chartered Property Casualty Underwriters Society (CPCU).
The CPCU Society is a community of credentialed property and casualty insurance professionals who promote excellence through ethical behavior and continuing education. The Society's more than 28,000 members hold the CPCU designation, which requires passing rigorous undergraduate- and graduate-level examinations, and agreeing to be bound by a strict code of professional ethics. Founded in 1944, the CPCU Society's mission is to "meet the career development needs of a diverse membership of professionals who have earned the CPCU designation, so that they may serve others in a competent and ethical manner."
The conferment which recognized 28 designees is a prestigious industry event and was attended by approximately 160 insurance industry professionals. It was held at the Holiday Inn Conference Center in East Windsor, NJ.
During his speech to attendees, Mr. Fernandez acknowledged the financial crisis of 2008 and the staggering magnitude of the problem. "The reality is some really smart people and great financial institutions failed to fulfill their obligations to multiple stakeholders," said Fernandez.
Mr. Fernandez spoke about the public's perception of insurance companies being low and that the recent bailout of AIG by the government fostered a public impression that "all insurance companies are in trouble." However, Mr. Fernandez also said, "As long as a property and casualty company is properly reserved and has a prudent portfolio, there is little chance of financial or operational impairment."
He challenged the 28 new designees by saying, "Each of us has the obligation and responsibility to lead during this time of crisis, to educate the public on how the property and casualty industry is and is not affected by current events." Mr. Fernandez said, "This crisis demands strong action and leadership, rising now to the leadership expectations is something every CPCU is obligated to do."
Mr. Fernandez has 32 years of property and casualty insurance industry experience and joined Palisades as CEO in 2006. He received his CPCU designation in 1995.
For more information on the Wall Street Crisis go to Palisades.com, News.
Palisades is the nice New Jersey car insurance company that gives you more. Drivers and agents get more reasons to smile with more value, friendly New Jersey expertise, and service done right. Palisades sells exclusively through over 300 independent agents and is a leader in the fast settlement of claims. Insurance is underwritten by Palisades Safety and Insurance Association, Palisades Insurance Company and Palisades Property and Casualty Insurance Company. Palisades Safety and Insurance Management Corporation is a Plymouth Rock managed company. The Plymouth Rock Companies write and manage more than $1 billion in personal and commercial auto and homeowner's insurance across the Northeast.
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