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Summer 2022 Marketplace Insights

As part of our commitment to always keep our clients well-informed, we have put together our Summer 2022 Marketplace Insights, entitled: Fractured, Lumpy, and In Transition.

These specialized observations and perspectives of the current market and industry trends reflect on what the first half of 2022 has brought us, and what we forecast coming down the pipeline for the rest of the year and into early 2023.

If you have questions specific to your risk management needs, or would like additional information pertaining to this publication, please reach out to your Iridium Risk advisor.

Click here to view and download the new insights: Summer 2022 Marketplace Insights

Iridium’s energy industry knowledge, technical expertise, and meticulous attention to detail gives us the confidence that our exposures are properly managed. The people at Iridium are true risk management and insurance professionals and I would strongly recommend their services to any firm operating in our industry.

—Scott Kirker
Secretary and General Counsel,
Tourmaline Oil Corp.

The team at Iridium is professional, approachable and knowledgeable. Prior to the sale of our business, insurance was managed by an internal risk management corporate group. Iridium was engaged to establish insurance coverage within a short period of time for the standalone business. Iridium was intimately involved in proposing solutions to mitigate risk and brought significant cost savings to our business. Iridium is a true risk partner for our business; providing education and training, expert contract review and risk assessments, along with a strong understanding of our company’s exposures and insurance coverage.

—Wes Morningstar
Chief Executive Officer and Director,
Canlin Energy Corporation.

We have an expectation at Enerplus for accuracy and timely service. We also require our Broker have legal & policy expertise and the technical resources to enable us to fully manage our portfolio of risk exposures. Iridium has not only delivered and exceeded our expectations in each category, they have also shown a commitment to my team and to our organization that goes far beyond the standard scope of services.

—Marley Drainville
Manager Risk Management,
Enerplus

Over the many years that we have worked with Iridium they have continuously impressed us with their energy industry expertise, broad insurance market penetration and unfailing enthusiasm. We are particularly pleased with Iridium’s inventive attitude and strong relationships within the insurance industry which have resulted in the quick and above expected closure of several complex claims. Iridium has proven to be an important value adding partner to our organization and we look forward to a continued relationship in the future.

—Michael Makinson, CA
VP Finance & CFO,
Strathcona Resources Ltd.

From day one the team at Iridium has shown a commitment to researching and implementing the best possible solution for Pacesetter’s insurance needs which has met both our unique corporate and operational objectives. Iridium has demonstrated their knowledge of the different products and carriers and has demonstrated their commitment to privacy, confidentiality and discretion concerning the corporate information discussed in transacting with Pacesetter. Further, the Iridium team is committed to providing efficient, accurate support and service on all matters concerning our insurance and risk items as they come up.

—Chad Robinson
Chief Financial Officer,
Pacesetter Directional Drilling Ltd.

Through the last two companies I’ve been involved with, I have partnered with Iridium for the last 10+ years. They continue to impress me with their energy industry expertise and unique focus on managing the broad spectrum of enterprise risks that energy companies face. They currently provide Aureus with year-round prompt support and valuable risk advice integral to our fast-paced and geographically spread-out operations. Iridium has been a great advocate for Aureus in the insurance marketplace and has helped us navigate the challenges of our company’s growth, cost-effectively. They also routinely take time to meet and educate members of our team on insurance coverages and industry leading risk management practices. Aureus considers Iridium a valued risk management advisor and have integrated them into our team. We highly recommend them to any company.

—Ron Hozjan, VP Finance & CFO, Aureus Energy Services

The Iridium team is very enthusiastic, knowledgeable and professional, and consistently provides timely and relevant advice regarding insurance and risk management issues that are of importance to Propak. Iridium generated underwriter interest in our account through a strategic marketing exercise that resulted in policy coverage improvements alongside a reduction in premium. Iridium analyzed our insurance program and policies, identifying gaps in coverage and wording improvements and proposing and placing new policies, ultimately optimizing our insurance program. Propak is pleased to be working with such a talented and committed team at Iridium. I wish we had made the change years ago!

—Barry C. Taylor, CA
VP Finance and Administration,
Propak Systems Ltd.

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