A strategy for Ironshore would be to write business with terms and conditions that are commensurate with the exposure.
As a referral at a large insurance company in New York, the company seems to be “buying business”. It won’t be long until their lack of underwriting discipline hits their financial statements.
Ironshore? Yeah right. The name of the company should be Ironwhore.
Golly “insurance 102,” sounds like you must have lost an account to the new kids, Ironshore! Maybe when you get to be “insurance 202” you will understand how the markets work, and possibly wont have that taste of sour grapes every time you lose an account.
It is fine. As I mentioned before earlybird, Ironshore will “buy” business that does not have premium, terms and conditions that match the exposure. When the losses start to mount up, the business will go to another carrier that will price the exposure accurately.
Then, Ironshore will begin to raise rates across the board as they try to shed the unprofitable business. It is the same strategy that Kevin Kelly followed while he was at Lexington. Lexington first started doing this on their casualty book of business, and now they are taking the same rate increases on their unprofitable book of property business.
I guess he (Kelly) has to try and regain all the money he lost when AIG’s valuation went south. Kelly and other senior executives lost tens of millions of dollars when the money that was set was set aside for them in Starr International never came to fruition.
Please post back when you have passed the CPCU 500, 520 and 540 classes. I doubt right now that you could even pass the INS 21 or 23 exam.
A strategy for Ironshore would be to write business with terms and conditions that are commensurate with the exposure.
As a referral at a large insurance company in New York, the company seems to be “buying business”. It won’t be long until their lack of underwriting discipline hits their financial statements.
Ironshore? Yeah right. The name of the company should be Ironwhore.
oops. It should be referral underwriter.
Golly “insurance 102,” sounds like you must have lost an account to the new kids, Ironshore! Maybe when you get to be “insurance 202” you will understand how the markets work, and possibly wont have that taste of sour grapes every time you lose an account.
It is fine. As I mentioned before earlybird, Ironshore will “buy” business that does not have premium, terms and conditions that match the exposure. When the losses start to mount up, the business will go to another carrier that will price the exposure accurately.
Then, Ironshore will begin to raise rates across the board as they try to shed the unprofitable business. It is the same strategy that Kevin Kelly followed while he was at Lexington. Lexington first started doing this on their casualty book of business, and now they are taking the same rate increases on their unprofitable book of property business.
I guess he (Kelly) has to try and regain all the money he lost when AIG’s valuation went south. Kelly and other senior executives lost tens of millions of dollars when the money that was set was set aside for them in Starr International never came to fruition.
Please post back when you have passed the CPCU 500, 520 and 540 classes. I doubt right now that you could even pass the INS 21 or 23 exam.
Cheers!