DB: Where are you?
PG: In Milwaukee. My client, the Milwaukee Bucks, is building a new basketball arena in downtown Milwaukee. It’s almost done, and we’re insuring the new arena, the practice facility, the employee benefits for the players, the management team, and all of the workers. We’re the official insurance adviser to the Milwaukee Bucks.
DB: Do you specialize in insuring arenas?
PG: Yes. We’ve insured other sports and entertainment facilities, both locally and nationally. In Milwaukee, we see a lot of potential for growth, so we’re setting up an office here and we’ll leverage our resources to grow in the market. I’ll be traveling back and forth a lot, and will be in Milwaukee about one week every month (on average).
DB: How do you insure an arena?
PG: First, we conduct extensive research to find the right markets to place these risks in. Insuring an arena isn’t like insuring a home or a commercial building. These are $1 billion assets, and only certain companies will insure these types of multiuse facilities. I just did a site tour, and we’ll do a more complete tour with the carrier as the arena gets closer to opening (in the fall). There are a number of moving parts with the basketball team, there will be more than 100 concerts and other events (a year), and Marquette University will play here.
DB: What other business sectors do you work in?
PG: Logistics, health care, sports, and entertainment, as well as small, medium, and large businesses. We also assist private, high-net-worth clients with their insurance needs in terms of their homes, boats, or planes. It’s a very specialized practice when you’re insuring someone’s most valuable assets.