This Company is an absolute Joke. I thought they turned it around a couple years ago and we were actually placing business with them but they have lost all respect in our office and only get our habitational business because they are the only market that will write it.
Firemens Fund is a subsidiary of Allianz. Allianz made a $2.5 billion capital investment in The Hartford. The Hartford is in deep financial trouble. Now Firemens Fund wants to provide personal insurance products for the average John and Jane Doe. Could this recent decision be a prelude to the Allianz Group purchsing The Hartford?
This is really a coincidence; FFIC has been working on getting into the Gen Mkt for quite some time; this pre-dates the Hartford investment (by Allianz) by a great deal.
That does not mean it could not happen, however, Allianz has steered away from Tarp money, and Hartford is know getting deep into govt money.
Many things do seem to come full circle. I was with the Fund back in the early 80s and at that time we did write general business in addition to niche and specialty (NARMS, entertainment) We even wrote some mainstreet (BOPs…the old ABC program.) Then along came Sandy Weill….and changes began.
I read an article on this website earlier this year Allianz was spending $100,000,000 to do this – apart from Hartford. Its interesting, basically another growth oriented National. I’m sure they won’t buy business…
If you know LaRocco’s background and you know how FFIC was completely out of main street business, this makes perfect sense. I worked at FFIC and their “industry” organization in home office was a huge barrier to getting anything done. Having said that, I’m sure they would love to grab Hartford’s BOP business and the technology that goes with it. Especially when you consider they are $80 million behind plan this year.
It is sad to see how dysfunctional this company has become.
I agree with the most recent comment, they are actually a joke in the industry.
Here’s a suggestion, maybe they should pick a stratgey and stick with it for more than twenty-four months.
This Company is an absolute Joke. I thought they turned it around a couple years ago and we were actually placing business with them but they have lost all respect in our office and only get our habitational business because they are the only market that will write it.
Firemens Fund is a subsidiary of Allianz. Allianz made a $2.5 billion capital investment in The Hartford. The Hartford is in deep financial trouble. Now Firemens Fund wants to provide personal insurance products for the average John and Jane Doe. Could this recent decision be a prelude to the Allianz Group purchsing The Hartford?
This is really a coincidence; FFIC has been working on getting into the Gen Mkt for quite some time; this pre-dates the Hartford investment (by Allianz) by a great deal.
That does not mean it could not happen, however, Allianz has steered away from Tarp money, and Hartford is know getting deep into govt money.
Many things do seem to come full circle. I was with the Fund back in the early 80s and at that time we did write general business in addition to niche and specialty (NARMS, entertainment) We even wrote some mainstreet (BOPs…the old ABC program.) Then along came Sandy Weill….and changes began.
I read an article on this website earlier this year Allianz was spending $100,000,000 to do this – apart from Hartford. Its interesting, basically another growth oriented National. I’m sure they won’t buy business…
If you know LaRocco’s background and you know how FFIC was completely out of main street business, this makes perfect sense. I worked at FFIC and their “industry” organization in home office was a huge barrier to getting anything done. Having said that, I’m sure they would love to grab Hartford’s BOP business and the technology that goes with it. Especially when you consider they are $80 million behind plan this year.
It is sad to see how dysfunctional this company has become.
I agree with the most recent comment, they are actually a joke in the industry.
Here’s a suggestion, maybe they should pick a stratgey and stick with it for more than twenty-four months.
Is this the prelude to Allianz finally closing the Hartford deal?
Insuregeek,
Not sure which state you are in, but Erie is a phenomenal hab writer for me in the Chicago area.