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Cobbs Allen Launches Health Care Benefits Platform

Posted by Angela Wolfe on May 18, 2017

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Cobbs Allen announced the launch of subsidiary OutFront Health, an insurance platform aimed at offering healthcare and ancillary benefits to multiple-employer groups, including professional employer organizations (PEOs), associations, staffing firms and family offices. The platform enables these businesses to form their own pooled groups through which tailored, comprehensive insurance benefits plans can be distributed.

OutFront Health offers individually underwritten, level-funded or partially self-funded plans that ensure the employer a maximum total annual health insurance cost. In OutFront Health’s model, a self-insured plan can cost 10 to 15 percent less than a fully-insured plan during the first year alone.

“This concept was the result of Cobbs Allen’s dedication to finding solutions to problems where clear answers don’t exist,” said OutFront Health Managing Partner and Cobbs Allen Executive Vice President Matt Weaver. “As we listened more to our clients’ actual challenges, we realized the problem was not solely in their actual healthcare costs, but in what products the insurance industry normally offered to these employers.”

OutFront Health’s web-based platform integrates benefits administration technology, qualitative data collection, and state-of-the-art insurance underwriting tools to break down risk analyses for both the long- and short-term.

  • Using best-in-class actuarial and underwriting models, level-funded and partially self-funded benefit plans are rated by each group’s demographic data and individually underwritten.
  • OutFront Health looks not only at the numbers, but also examines the unique needs of each individual group to recommend the best fit from a suite of benefit plan designs.
  • Built-in technology provides online enrollment and plan administration.
  • OutFront Health utilizes the national CIGNA Network of providers and focuses on serving PEOs, associations, staffing firms and family offices.

 For more information, please see OutFrontHealth.com.


New Partnership Announced

Teneo Holdings, the global CEO advisory firm, today announced that its investment banking division Teneo Capital has entered a strategic partnership with Cobbs Allen, a risk management firm providing structured solutions, commercial insurance, employee benefits, and alternative risk financing services.


The new partnership will provide structured insurance products designed to address a spectrum of the financial, strategic, and operational challenges facing companies and organizations around the world. It will leverage Teneo Capital’s deep strategic advisory and capital markets expertise with Cobb Allen’s over one hundred years of insurance broking knowledge in specialized markets.


“We are pleased to form a strategic partnership with Cobbs Allen. The financial markets are continuing to evolve and the importance of structured solutions insurance as a strategic tool has been dramatically increasing. By combining our firms’ well-established industry expertise and deep institutional relationships, we are best positioned to serve our corporate clients by offering a tailored suite of value-added structured insurance products,” said Jack Leventhal, Senior Managing Director of Teneo Capital.


Bruce Denson, President of Cobbs Allen, further commented, “As Cobbs Allen continues to grow its presence in the structured solutions insurance market, we look forward to focusing our efforts and dramatically expanding the scale and scope of our client access and product capabilities. Our new partnership will provide market-leading advice and innovation in the way insurance is used to solve complex problems.”


The partnership will be strengthened by the addition of Ranjini Pillay, an insurance expert with more than 30 years of experience, who has joined Teneo Capital as a Senior Managing Director to lead the effort. Prior to Teneo, Ms. Pillay worked with AIG across their New York, London, and Paris locations in a variety of divisions and functions. She was most recently the Head of Alternative Risk and the Chief Underwriting Officer for the Multinational and Alternative Risk group, a division that included five businesses: Global Fronting, Alternative Solutions, Captive Management Services, a Breakthrough Innovation practice, and AIG’s Multinational capabilities.


“I am delighted to be leading this exciting new venture. Teneo and Cobbs Allen are in a unique position in the market: no current advisors to CEOs and companies provide an integrated and holistic approach with the ability to provide strategic, capital markets, and insurance expertise to solve a company’s problems along with the ability to execute the transaction. It will be a pleasure to leverage my experience executing these transactions in working with our clients to solve their strategic and financial problems,” Ms. Pillay said.


As part of the launch of the new partnership, Michelle Lam will also be joining the venture as a Senior Advisor. She was most recently with Nomura Securities where she was an Executive Director in their
Financial Institutions Group. She has more than 10 years of investment banking experience, focused primarily on the insurance industry.


Other members of Teneo Capital and Cobbs Allen will play a key role in the new venture which will be based out of Teneo’s New York City office.


ABOUT TENEO CAPITAL:
Teneo Capital is a New York based independent investment bank providing strategic and financial advice on mergers, acquisitions, divestitures, capital raising, financial restructuring, valuation, and capital markets transactions. Its clients include public and private corporations, financial sponsors and portfolio companies, family controlled businesses, and family offices. Teneo Capital’s principals average over 20 years of experience and have advised on $525 billion in transactions involving companies in over 30 countries in their careers to date. Teneo Capital LLC is a subsidiary of Teneo. All securities transactions are performed through and under the supervision of Teneo Securities LLC, member FINRA and SIPC.


ABOUT TENEO:
Teneo is a global advisory firm that works exclusively with the CEOs and leaders of the world’s largest and most complex companies providing strategic counsel across their full panoply of key objectives and issues. Comprised of the most senior talent, we work collaboratively to solve the most complex issues. Our teams integrate the disciplines of strategic communications, investment banking, management consulting, business intelligence, talent development, digital analytics, corporate governance, government affairs and corporate restructuring to solve for the most complex business and reputational challenges and opportunities. The Firm was founded in June 2011 by Declan Kelly, Doug Band and Paul Keary and now has more than 570 employees located in 14 offices around the world. For more information on Teneo, please see www.teneoholdings.com.


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Cobbs Allen Benefits Compliance Consultant Tracy Leeth was recently selected to serve as president of the International Society of Certified Employee Benefit Specialists’ (ISCEBS) Birmingham chapter.

ISCEBS is an organization focused on supporting CEBS graduates and students in their ongoing education needs. The Birmingham chapter brings together the best and brightest benefits professionals to learn from and connect with each other.  

Yesterday the chapter hosted its first educational event of the year focused on deferred compensation and welfare plan compliance. Guest speakers from Maynard Cooper, Brian Robbins and Matthew Cannova, presented updates on the American Health Care Act, Form 5500 corrections, new disability claim rules and 409A.


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Cobbs Allen’s own Liz Patton cowrote with Jamie Hawkins, president and CEO of Benefit Technology Resources, LLC, this informative white paper. The paper discusses the various steps that are important to consider when choosing a benefits administration system. Being informed and asking the right questions can help your organization avoid the costly mistake of choosing the wrong solution.  

  
 
Liz Patton, Vice President of Employee Benefits at Cobbs Allen. Patton has 15 years of experience working with employee benefit technologies. She presently manages the employee benefits service teams of Cobbs Allen and serves as a consultant on consumerism and wellness-related programming.

Download white paper here.

 

Cobbs Allen is an Assurex Global Partner, backed by an exclusive partnership of the world's premier independent insurance, risk management and benefits brokers.

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Cobbs Allen also partners with Jamie Hawkins and Benefit Technology Resources, LLC to assist clients with selecting the right HR technology for payroll, time keeping, HRIS, benefits administration, performance management, recruitment/applicant tracking, and onboarding.

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2018 HSA Limits

Posted by Tracy Leeth on May 9, 2017

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The IRS released inflation adjusted limits related to Health Savings Accounts (HSA) for calendar year 2018.

  • Annual Contribution Maximum: $3,450 single / $6,900 family
  • High Deductible Health Plan
    • Annual Deductible Minimum: $1,350 single / $2,700 family
    • Annual Out of Pocket Maximum: $6,650 single / $13,300 family

View Summary of the Changes

View IRS Notice 2017-37


ACA Repeal Moves Through the House

Posted by Tracy Leeth on May 8, 2017

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Following an unsuccessful attempt to repeal the Affordable Care Act (ACA) in March, the House of Representatives refocused on the healthcare law and passed the American Health Care Act (AHCA) on Thursday, May 4. The AHCA was amended from its original draft in order to gain ample support from lawmakers.

While much of the ACA would remain in place—like dependent coverage to age 26, certain preventive care services at no cost, and Exchanges/Marketplace plans—the amended bill includes the following key changes for employers and employees:

  • Employer and Individual Mandate $0 penalty retroactive to January 1, 2016
  • Health plan cost and monthly eligibility reported on W-2
  • States set essential health benefit requirements (individual and small group)
  • Health Flexible Savings Account (FSA) annual contribution limit removed
  • Health Savings Account (HSA) annual contribution increased with additional flexibility
  • Health Insurance Tax repealed in 2017
  • Cadillac Tax delayed until 2026
  • 0.9% Medicare surcharge tax on high income earners repealed in 2023
  • Refundable premium tax credits based on age and income replace current subsidies by 2020
  • 30% premium surcharge (or medical underwriting) on individuals with a two-month or longer gap in coverage

Wedding Insurance: You Won't Find That on Pinterest

Posted by Caitlin Miley on May 3, 2017

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Search my Pinterest account and you will find that my most populated boards are filled with pins of recipes, DIYs and, of course, wedding inspiration.

I’ve collected tips and tricks on how to plan the perfect wedding. From ideas on how to ask my besties to be bridesmaids to more beautiful white dresses than I can count to the top 100 photos I simply must have taken at my reception—my Pinterest wedding board is truly a dream.

Spoiler alert: I’m not even engaged yet. But I bet you know plenty of twenty-somethings who, like me, have had their dream wedding planned in their head and on their Pinterest boards for years—regardless of their relationship status.