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V O L . X X X I N O. X X V I I D E C E M B E R 1 , 2 0 2 5 20 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S Focus on employee development and internships Recruiting and developing talent has been a strategic initiative for Cross, United and MMG as the insurance industry is under pressure from an aging workforce. "We began a journey of recruiting and developing talent many years ago," Dill says. "It included programs like our internship and apprenticeship as well as career pathing for new employ- ees. Today over 55% of our workforce is millennial or gen z." e company takes on an average of four interns each summer. Eleven current employees began as interns and now work full-time at MMG. Four apprentices to date have enrolled in a two-year program designed for recent high school graduates. MMG provides on-the-job training and finan- cial support for their school work while they work part-time. Cross has been developing the next generation of leaders, too. "We partnered with an amazing leadership development consultant based in Bangor to develop Cross Insurance-specific content to develop our future leaders." Cross says. At United, Frechette says the com- pany launched a career path program that offers more growth opportunities. "We're dedicated to supporting the development of our people," says Frechette. "Our focus has been on enhancing our team structure and providing additional resources to our frontline teams to better meet our clients' needs." Improving rate environment ahead e rising cost of insurance claims is applying pressure on the industry. "It continues to be a challenge to find affordable insurance policies for property near the coast," Cross says. "In today's evolving insurance land- scape, we are all facing rising premiums, stricter underwriting standards, and emerging risks such as cyberattacks and climate-related disruptions," Cross adds. "ese changes can significantly affect availability and cost." A July 2024 report from the Maine Bureau of Insurance found that while Maine's personal automobile and homeowners' coverage continued to be among the most affordable in the nation overall, rates are climbing in both due, in part, to more severe and frequent storms and natural disasters, as MMG's Dill tells us. For homeowners' insurance, rates are rising along with increases in labor and materials costs. e report states that building material costs have increased 38% since 2020 and labor costs have risen more than 20%. e cost of auto insurance is on the rise, as more expensive cars and trucks that are heavily computerized are more costly to repair and replace. Cross notes, "We are starting to hear several insurance companies talk about adjusting their rates so they can be more competitive. Unfortunately, I don't see rates reducing as quickly as the consumer would like to see, but at least there are signs of an improving rate environment ahead." Tina Fischer, Mainebiz staff writer, can be reached at tfischer @ mainebiz.biz » C O N T I N U E D F RO M P R E V I O U S PA G E We take pride in developing successful operational systems that anticipate our clients' needs, and advance their interests. Whether your operations stop at the state line, or extend around the world, our team has the expertise to handle a broad spectrum of regulatory, transactional, and dispute resolution challenges to help your financial institution thrive. We Know Banking Your Success is Our Legacy. 207.774.2635 | PERKINSTHOMPSON.COM | 200 MIDDLE STREET, SUITE 901, PORTLAND, ME 04101 For many years, cyber liability coverage was a 'nice-to-have' for some businesses and now it's a 'must-have' for all businesses. — Jonathan Cross Cross Insurance P H O T O / C O U R T E S Y O F C RO S S I N S U R A N C E Jonathan Cross leads Bangor- based Cross Insurance.

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