No news here. The ACE leaders ran off so many members of the Atlantic team and several of the original managers who helped ACE build the new division. They can’t afford to lose many of the Fireman’s team. Most agents know that they need plenty of help from the Fireman’s claim team. They better change their ways at the top of their PL group or they will see another exodus once the Fireman’s team sees how poorly the group is lead.
If you look at the top 5 leaders from the Atlantic Mutual team and the top 5 leaders from the initial leadership team ACE brought in to run the business, you see that all but 2 are no longer part of the ACE PL team. Why is that? Many agents I speak to have had mediocre or inconsistent claims experience from ACE. This will not hold up to the levels of service their competitors have provided.
Word from the ACE team we work with is that the current leadership team lacks true leadership ability and practical experience. Most are yes people who are good at declaring policy and setting budgets. But do they know how to lead people and keep top talent? The true performance of any company ultimately is driven by the quality and consistency of its staff.
Fireman’s Fund floundered for years because of inconsistent and poor leadership. Time will tell if this ACE leadership team is an upgrade or just another chapter in a long story of disappointment.
Sounds too good to be true! Notice the operative word, “most.”
Why is it that in all mergers and acuisitions the “takers over” always make a point of saying “nothing will change” – when we all know that it’s a lie, and that change is a foregone conclusion.
I have seen numerous mergers and acquisitions over the years and I have yet to see one where the staff of the acquired company were left in place. The acquiring company lops off many heads and replaces them with people they want running the show. I would be surprised if 25% of the Fireman’s Fund people remain after the blood letting.
Well, here’s hoping ACE quickly realizes the need to eliminate the recently announced “executive” of FFIC’s Personal Lines from the acquisition, at the least. A non-insurance individual who takes credit for other people’s work, causes turmoil due to a complete lack of understanding and leaves craters of destruction before moving on.
One thing is clear. You don’t want to hire someone from a GEICO or Progressive background to work for an Independent Agency company. They will ruin it in a heartbeat, try to sell direct and screw agents and employees.
I think both ACE senior and field leadership are well aware of the FFIC employees they wish to retain. ACE is already filled with FFIC alum who had worked closely with the existing folks for years.
To avoid tarnishing it’s brand Ace should really get rid of the unethical western region sales leadership to,protect their brand. They are paying big money for this business and need people who,don’t bring bad habits to Ace who could cause it to also fail.
The Personal Lines Management Team within FF is largely comprised of AIG people who moved over about 2 and a half years ago. They have made some significant contributions getting the organization back on the HNW path. Allianz claims in it’s press releases that it “would take too long” to bring the overall organization to acceptable profitability. A disappointing statement considering they had over 20 years to accomplish this. Their hands off management of the organization, revolving door in the CEO suite and a lack of understanding of this segment of the US Market combined with inept investment in the companies infrastructure led to the organizations demise.
Perhaps the Fund had poor actuaries and poor Predictive Modeling schemes by geeks that have no clue what the market demands. All they know is algorithms and not anything about results a company needs to remain viable and successful in the market.
No news here. The ACE leaders ran off so many members of the Atlantic team and several of the original managers who helped ACE build the new division. They can’t afford to lose many of the Fireman’s team. Most agents know that they need plenty of help from the Fireman’s claim team. They better change their ways at the top of their PL group or they will see another exodus once the Fireman’s team sees how poorly the group is lead.
Carol – Can you provide details on your thoughts, obviously without mentioning names?
If you look at the top 5 leaders from the Atlantic Mutual team and the top 5 leaders from the initial leadership team ACE brought in to run the business, you see that all but 2 are no longer part of the ACE PL team. Why is that? Many agents I speak to have had mediocre or inconsistent claims experience from ACE. This will not hold up to the levels of service their competitors have provided.
Word from the ACE team we work with is that the current leadership team lacks true leadership ability and practical experience. Most are yes people who are good at declaring policy and setting budgets. But do they know how to lead people and keep top talent? The true performance of any company ultimately is driven by the quality and consistency of its staff.
Fireman’s Fund floundered for years because of inconsistent and poor leadership. Time will tell if this ACE leadership team is an upgrade or just another chapter in a long story of disappointment.
Sounds too good to be true! Notice the operative word, “most.”
Why is it that in all mergers and acuisitions the “takers over” always make a point of saying “nothing will change” – when we all know that it’s a lie, and that change is a foregone conclusion.
“Liars!”
I have seen numerous mergers and acquisitions over the years and I have yet to see one where the staff of the acquired company were left in place. The acquiring company lops off many heads and replaces them with people they want running the show. I would be surprised if 25% of the Fireman’s Fund people remain after the blood letting.
Well, here’s hoping ACE quickly realizes the need to eliminate the recently announced “executive” of FFIC’s Personal Lines from the acquisition, at the least. A non-insurance individual who takes credit for other people’s work, causes turmoil due to a complete lack of understanding and leaves craters of destruction before moving on.
One thing is clear. You don’t want to hire someone from a GEICO or Progressive background to work for an Independent Agency company. They will ruin it in a heartbeat, try to sell direct and screw agents and employees.
I think both ACE senior and field leadership are well aware of the FFIC employees they wish to retain. ACE is already filled with FFIC alum who had worked closely with the existing folks for years.
To avoid tarnishing it’s brand Ace should really get rid of the unethical western region sales leadership to,protect their brand. They are paying big money for this business and need people who,don’t bring bad habits to Ace who could cause it to also fail.
The Personal Lines Management Team within FF is largely comprised of AIG people who moved over about 2 and a half years ago. They have made some significant contributions getting the organization back on the HNW path. Allianz claims in it’s press releases that it “would take too long” to bring the overall organization to acceptable profitability. A disappointing statement considering they had over 20 years to accomplish this. Their hands off management of the organization, revolving door in the CEO suite and a lack of understanding of this segment of the US Market combined with inept investment in the companies infrastructure led to the organizations demise.
Perhaps the Fund had poor actuaries and poor Predictive Modeling schemes by geeks that have no clue what the market demands. All they know is algorithms and not anything about results a company needs to remain viable and successful in the market.
I’ve been with FF for years, they were pricey but very good.
I just got my new Ace platinum proposal and the premium is up 25%! (no claims from me ever!).
Any one know a more reasonable, HNW insurer?