Six years ago, Harleysville Group was in need of a big change. The Pennsylvania-based insurer had just come out of the worst performing year in its history. That’s when newly appointed CEO Michael Browne — who declared the company’s performance in 2003 was “totally unacceptable” — stepped in and began his plan to execute a turnaround at the stumbling insurer.
The decisions made by Browne and the rest of the management are paying off. Since Browne’s first full year on the job, Harleysville’s return on equity has exceeded 12 percent annually, among the highest in the property casualty industry. It’s also seen increased premium volume and an upgrade — to “A” — from A.M. Best, an increasingly rare feat in the last two years.
Insurance Journal‘s Kenneth St. Onge interviewed Browne for a firsthand account of the turnaround. Listen to the podcast on www.insurancejournal.com: Six Keys to Harleysville’s Turnaround.
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