They seemed like a decent company who did well in weathering the actual storms that hit Florida. They didn’t oversaturate with too many agents and their underwriting gave them clean exposures. It’s very strange that in a time where there were no major storms to hit, that they would have a hard time financially? That being said a lot of the long time people at the top left within the last year. So it would seem this wasn’t as sudden as this looks.
Steve Korducki has been gone about a year and his departure was the beginning of the end. They were overpaying for their reinsurance (good for US Re, bad for SSIC)and they were paying all the profit out of the company and not leaving any in it. I believe US Re is on life support as well.
What’s the deal? No recent hurricanes……..where were they in the market?
Management? Claims? pricing too low?
More to follow?
Thanks
They seemed like a decent company who did well in weathering the actual storms that hit Florida. They didn’t oversaturate with too many agents and their underwriting gave them clean exposures. It’s very strange that in a time where there were no major storms to hit, that they would have a hard time financially? That being said a lot of the long time people at the top left within the last year. So it would seem this wasn’t as sudden as this looks.
Steve Korducki has been gone about a year and his departure was the beginning of the end. They were overpaying for their reinsurance (good for US Re, bad for SSIC)and they were paying all the profit out of the company and not leaving any in it. I believe US Re is on life support as well.