Scott Sink

RIMS 2020 Advocacy Week and Legislative Summit

The senior executive vice president for McGriff Insurance Services in Birmingham, Alabama, Scott Sink has over twenty-five years of experience in the risk management industry. In addition, Scott Sink of Birmingham regularly goes to the annual meeting of the Risk Management Society (RIMS). RIMS recently held an Advocacy Week and Legislative Summit focused on advocating on behalf of those working in the industry to legislators in Washington as well as lawmakers at the state and local level.

The Risk Management Society provides professionals within the industry an avenue for continuing education, and a path towards engaging with the community about industry issues. The annual Advocacy Week and Legislative Summit event is one such opportunity. Focusing on communicating with members of Congress about industry issues and concerns, the most recent summit was held September 14th through the 17th.

Entirely virtual, the summit touched on topics such as state and federal advocacy, pandemic insurance, and networking. In addition, it featured Florida Insurance Commissioner David Altmaier as a keynote speaker.

Three Major Tournaments Hosted at Shoal Creek Golf Club

Based in Birmingham, Alabama, Scott Sink is an energy executive who provides risk management and insurance brokerage services to some of the largest utility companies in the US as senior executive vice president at McGriff, Seibels & Williams, Inc. Scott Sink enjoys playing golf in his free time, and is a member of the Shoal Creek Golf Club in Birmingham.

Designed by Bob Cupp, Shoal Creek has hosted several prominent tournaments since it opened in 1977. Below are three of those tournaments:

1. 1984 PGA Championship – It took Shoal Creek only seven years to host a major championship. The course was the site of the 1984 PGA Championship, which was won by Lee Trevino with a four-round score of 273. Gary Player and Lanny Wadkins finished second and third, respectively.

2. 1990 PGA Championship – The PGA Championship returned to Shoal Creek in 1990 for the 84th edition of the prestigious tournament. Wayne Grady of Australia won the event with a score of 282, while Fred Couples was runner-up.

3. 2018 US Women’s Open – The 2018 US Women’s Open was the most recent major tournament to be held at Shoal Creek. The 73rd annual tournament was won by Thailand’s Ariya Jutanugarn, who had squandered a seven-stroke lead to Hyo-Joo Kim before winning in a two-hole aggregate playoff.

Best Time to Visit Zurich

Scott Sink, a resident of Birmingham, Alabama, provides risk management and insurance brokerage services to gas and electric utility companies through his role as the senior executive vice president at McGriff, Seibels & Williams, Inc. In his free time, Scott Sink enjoys traveling away from Birmingham to places such as Zurich, Switzerland.

Choosing the best time to visit Zurich largely depends on the experience you want during your trip. If good weather is your preferred traveling goal, Zurich is best in the summer months. Between June and August, the average temperatures stay around 68 to 73 degrees Fahrenheit. These temperatures are perfect for outdoor activities, such as sailing in Lake Zurich. However, the hospitable weather does draw in large crowds, so accommodations are more expensive.

High accommodation prices are also seen during winter. Winter is technically Zurich’s low season since average temperatures usually drop into the 20s in December. The reason accommodations stay pricey between December and February is due to Zurich’s proximity to the Swiss Alps. As winter sports enthusiasts flock to the mountains, they often stop in Zurich, so the demand for hotels stays high.

For cheap accommodations and few crowds, consider visiting during one of Zurich’s shoulder seasons between September and November or March and May. During these seasons, tourist activity in the city is low. The weather is not ideal during the fall and spring seasons in Zurich, though. Average temperatures in both seasons range from the 30s to 40s and spring brings a good amount of rain.

Lloyd’s of London – A Focal Point of Insurance Industry History

Since 1994, Scott Sink has served as senior executive vice president in charge of marine and energy insurance and risk management with McGriff, Seibels, and Williams in Birmingham, Alabama. His scope of responsibility includes working with North American and overseas insurance providers and networks. Among the best-known organizations with which Birmingham-based Scott Sink coordinates is Lloyd’s of London (formally called Society of Lloyd’s), the British insurance market that is close to three and a half centuries old.

In the 1680s, Edward Lloyd established a marine insurance provider out of his coffee house on Tower Street. His premises had already become a popular site for seamen, bankers, merchants, and underwriters to gather to conduct informal business agreements.

Formally incorporated in 1871, Lloyd’s gained in 1911 the right to expand the scope of its insurance to cover property far beyond maritime assets.

From its current headquarters on Lime Street, Lloyd’s facilitates transactions for numerous prominent individuals and organizations, still maintaining one of its best-known concentrations in higher-risk transportation industries.

In contrast to the majority of other entities that facilitate insurance buying and selling, Lloyd’s is not itself an insurance firm, but rather a true marketplace, where brokers, buyers, syndicates, agents, and cover-holders can come together to transact business.

Effectiveness of External Audits Reevaluated

Scott Sink of Birmingham, Alabama is a senior executive and Energy Division practice leader at McGriff, Seibels & Williams, Inc. Active with the Risk & Insurance Management Society (RIMS), Birmingham professional Scott Sink attends the organization’s annual conference.

A recent RIMS’ Risk Management article brought focus to the role that the external audit plays in providing checks and balances as well as in ensuring that stakeholders and regulators have accurate information about companies’ risk profiles and finances.

A legal requirement among large companies, external audits provide clean bills of health to those companies with sound fundamentals, as well as “qualified statements” and “adverse opinions” when issues arise. A “disclaimer of opinion” report reflects a situation in which management or conflicts of interest have prevented auditors from doing their job in the proper manner.

Accounting errors, objectivity issues, and quality of reporting have increasingly become an issue, with Big Four audit firms drawing particular attention for high-profile defective audits. According to the RIMS article, there are many proposed ways of boosting audit quality, from regulatory action to better board and industry policing. One issue is that, with proprietary technologies and intellectual property in play, it is no longer simply enough to look at balance sheet performance to get an accurate assessment of where a company stands financially.

What Is an Insurance Broker?

Cropped image of businessman checking messages in smartphone and taking notes in planner

Scott Sink has worked for Birmingham, Alabama-based McGriff Seibels & Williams since May 1994. As one of the Birmingham company’s leaders, Scott Sink is in charge of providing insurance brokerage for electric and gas utility companies.

Insurance brokers specialize in risk management and insurance. They help their clients, both individuals and companies, buy insurance from providers. They also furnish advice during the process and help their clients choose the appropriate policy or policies for their needs. Insurance brokers work with all types of insurances, including property, casualty, auto, life, and others.

Typically, an insurance broker is compensated via commissions from successfully closed deals or an agreed upon fee from the client. On commission deals, the percentage amounts range from five percent to ten percent, though the exact percentage depends on state laws and regulations. Rules under which insurance brokers work depend on state laws and regulations. Typically, they need to have a broker license. To obtain it, they have to pass exams and take courses.