Is there a theme here? Foreign Companies (Zurich, QBE) trying to figure out how to make money in NA. Not sure about Farmers, its been 30 years since I was with them but QBE sure has not managed the General Casualty purchase well. They use to be a great company for commercial and personal lines. They are a shell of their former self.
Absolutely shameful the manner in which QBE gobbled up companies then failed miserably to consolidate them into a cohesive unit, destroying profitable operations in the process. Case in point, QBE acquired Sterling National, an extremely profitable company, then merged the same with Balboa Insurance, an extremely dysfunctional,expense heavy, and UN-profitable company. The resulting QBE First, lost multiple accounts to Assurant and watched claims customer service plummet. A great lesson in leadership, those who can leave, and those who can’t lead.
Is there a theme here? Foreign Companies (Zurich, QBE) trying to figure out how to make money in NA. Not sure about Farmers, its been 30 years since I was with them but QBE sure has not managed the General Casualty purchase well. They use to be a great company for commercial and personal lines. They are a shell of their former self.
Absolutely shameful the manner in which QBE gobbled up companies then failed miserably to consolidate them into a cohesive unit, destroying profitable operations in the process. Case in point, QBE acquired Sterling National, an extremely profitable company, then merged the same with Balboa Insurance, an extremely dysfunctional,expense heavy, and UN-profitable company. The resulting QBE First, lost multiple accounts to Assurant and watched claims customer service plummet. A great lesson in leadership, those who can leave, and those who can’t lead.
Their service was abominable. It’s no wonder they’re doing so poorly. We’ve moved an entire program from them because of it.