Hey, I don’t want to lose my job. Full steam ahead. More policies equal higher bonuses for me…. Please don’t raise the premiums. I need more bonus money to pay for my subprime mortgage that I got when I added the pool, Lexus and 3 kids college tuitions to my home loan. Hard markets only relate to reality, and that is not the American way. While I’m thinking about it, I’ll see if I can get the claims area to lower a few of the reserves. That will justify my recommendation for another rate reduction.
At least Traveler’s DOES have a combined ratio that has been running very profitable. Meanwhile Hartford and AIG take billions from the government, and they lead the charge of aggressive pricing because they have a government-funded foundation. Nice. Thank you Democrats. And meanwhile, these little regional mutuals are so blinded by their own appetite to grow that they completely ignore the trouble they’re in. I lived through the massacre of carriers in the mid-80’s and this is going to come darn close.
Can someone explain the concept of adequate pricing to Travelers?
I have never seen such reckless price cutting in over 20 years of being an insurance intermediary.
Does even one manager there understand that 30%-40% price reductions are irresponsible?
CNA was the first to go? Do you know something that we don’t? CNA has been kicing butt in our neck of the woods – very dependable and great products! They are definitely on the comeback trail!
As for others, people, pay attention to AM Best. You can criticize AM Best and S&P all you want for not acting hard enough or fast enough in their ratings. But understand this: 1) they don’t take actions quickly, and 2) any action that they do take, is serious stuff!
I believe that AM Best has placed several carriers on “negative” watch, including West Bend and Selective? Also, S&P downgraded Liberty Mutual and all markets earlier this year, much to the dismay of LM. (those whores)
My point, is there any coincidence that these downgraded carriers are the same carriers that have been exhibiting gross underwriting negligence over the past few years? And if negligence isn’t strong enough, then let’s call it ignorance. (and yes going from STABLE to NEGATIVE is a downgrade)
I welcome the demise of all the insurance companies out there gutting premiums and driving this market into the ground. In my 27 yrs in this industry, i have never seen such unethical business practices.
CNA was the first to go, who’s next? Lex? Firemans? Endurance? Liberty? (boy would that be a treat) It could be any of them based on the questionable pricing practices I witness on a daily basis.
CNA’s rating is also given a Negative outlook by AM Best. But look at their stock soar in the past 2 months? Selective is the company that seems to be in complete disarray. They have no clue what is going on in the Midwest, and their only answer is very aggressive pricing to the point of stupidity. No discipline. But the one to watch is Lib and all of her Liblings. Indiana, Peerless, Safeco, etc. That monster is “A” and negative by AM Best, and just about every financial analysis firm has them in financial distress. With what they’ve been doing with that book of business, AM Best has to do something more drastic with that rating soon. (?)
That’s what they get for allowing file clerks to run their companies. If they didn’t learn that the stock market is not an alternative for generating revenue in 97 then they get what they deserve! You get what you pay for! Real underwriting is extinct!
If the govt. will allow the demise of AIG, we could compete and have adequate pricing. Whenever the hard market returns, if ever, we are ready!
Tell it to Liberty Mutual who continues to buy WC accounts at a phenomial clip. They are pricing below expected losses.
Hey, I don’t want to lose my job. Full steam ahead. More policies equal higher bonuses for me…. Please don’t raise the premiums. I need more bonus money to pay for my subprime mortgage that I got when I added the pool, Lexus and 3 kids college tuitions to my home loan. Hard markets only relate to reality, and that is not the American way. While I’m thinking about it, I’ll see if I can get the claims area to lower a few of the reserves. That will justify my recommendation for another rate reduction.
And companies like Secura, Indiana, West Bend, keep doing dumb things. They must all have a combined ratio in the 80’s.
At least Traveler’s DOES have a combined ratio that has been running very profitable. Meanwhile Hartford and AIG take billions from the government, and they lead the charge of aggressive pricing because they have a government-funded foundation. Nice. Thank you Democrats. And meanwhile, these little regional mutuals are so blinded by their own appetite to grow that they completely ignore the trouble they’re in. I lived through the massacre of carriers in the mid-80’s and this is going to come darn close.
Can someone explain the concept of adequate pricing to Travelers?
I have never seen such reckless price cutting in over 20 years of being an insurance intermediary.
Does even one manager there understand that 30%-40% price reductions are irresponsible?
that’s a good one production manager!
Hartford is scum. They go out and buy a little S&L in FL so they can qualify for 3.4M in TARP money. Freeloaders.
CNA was the first to go? Do you know something that we don’t? CNA has been kicing butt in our neck of the woods – very dependable and great products! They are definitely on the comeback trail!
As for others, people, pay attention to AM Best. You can criticize AM Best and S&P all you want for not acting hard enough or fast enough in their ratings. But understand this: 1) they don’t take actions quickly, and 2) any action that they do take, is serious stuff!
I believe that AM Best has placed several carriers on “negative” watch, including West Bend and Selective? Also, S&P downgraded Liberty Mutual and all markets earlier this year, much to the dismay of LM. (those whores)
My point, is there any coincidence that these downgraded carriers are the same carriers that have been exhibiting gross underwriting negligence over the past few years? And if negligence isn’t strong enough, then let’s call it ignorance. (and yes going from STABLE to NEGATIVE is a downgrade)
I welcome the demise of all the insurance companies out there gutting premiums and driving this market into the ground. In my 27 yrs in this industry, i have never seen such unethical business practices.
CNA was the first to go, who’s next? Lex? Firemans? Endurance? Liberty? (boy would that be a treat) It could be any of them based on the questionable pricing practices I witness on a daily basis.
CNA’s rating is also given a Negative outlook by AM Best. But look at their stock soar in the past 2 months? Selective is the company that seems to be in complete disarray. They have no clue what is going on in the Midwest, and their only answer is very aggressive pricing to the point of stupidity. No discipline. But the one to watch is Lib and all of her Liblings. Indiana, Peerless, Safeco, etc. That monster is “A” and negative by AM Best, and just about every financial analysis firm has them in financial distress. With what they’ve been doing with that book of business, AM Best has to do something more drastic with that rating soon. (?)
That’s what they get for allowing file clerks to run their companies. If they didn’t learn that the stock market is not an alternative for generating revenue in 97 then they get what they deserve! You get what you pay for! Real underwriting is extinct!