MGA Profile: Bliss & Glennon’s Bob Abramson

Bob Abramson, a managing director at Bliss & Glennon, recalls that his first specialty-insurance program idea—a package of coverages for alarm installers—was the outgrowth of his prior job as a salesman for Security World magazine.

Moving to the insurance industry in 1984, he explored the package-program idea and found there wasn’t a lot of competition. “We went after the class vigorously,” he says, reporting that the program “had a good run,” with the endorsement of an alarm- installer’s association coming along the way.

“We managed to write $5 million at a very good loss ratio—about 50—[until] a competitor decided to take our program over at half the price in 1998. They failed miserably,” he says. “A 50 percent loss ratio at half the price makes 100 percent. It doesn’t take a genius to figure that out.”

Among its current specialty programs, Bliss & Glennon manages a program for transporters of mobile homes in Texas and a nationwide program for mall kiosks.

Does Abramson worry that the kiosk program might suffer the same fate as the alarm program? “The premiums are so low that it would be strange for a carrier say, ‘Oh yeah, I want to go out and write $39 policies,’” he says.

In spite of the low premium dollars collected for each individual risk, the program has the potential to deliver $2 million in overall volume to the current carrier, Diamond State, a unit of United America Indemnity, he said. “It peaked out at about $2 million before the economy went bad [and] probably will be back in the $2 million range again this year,” Abramson says.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Liberty Mutual to acquire Ironshore Inc. in $3B deal

Liberty Mutual Insurance announced Monday morning it will acquire global specialty lines company Ironshore Inc. from Fosun International Ltd. for approximately $3 billion.

Top Story

10 best all-wheel drive cars and SUVs in the snow

If you live in an area where roads are often covered in snow, one of these all-wheel drive vehicles might be a good choice for your insurance clients.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.