National Underwriter P&C April-27, 2009
Cover Story
Changing Partners Can Be A Risky Proposition For Program Administrators
Despite the best of intentions and efforts of risk capital providers and program administrators, the reality is that change is inevitable.
Opinion
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A View From The Press Box: Mr. & Ms. Cellophane
In "Chicago," Roxie Hart becomes a celebrity after murdering her lover, yet no one notices her protective husband, Amos, who laments his lack of visibility in the classic show tune, "Mr. Cellophane."
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Agency Earnings Alert: Contingent Income At Risk!
During our annual valuation work for agencies and brokerages across the country, one trend we're noticing is most are forecasting significant declines in contingent income this year, even though commission revenues are holding or increasing slightly.
News
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Allstate Op-Ed Sparks N.Y. Inquiry
N.Y. Insurance Superintendent Eric Dinallo has begun an inquiry into whether Allstate Corporation engaged in illegal participation in unregulated insurance markets, after the insurer's CEO wrote an opinion piece calling for federal regulation.
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AIG Speeds Up P-C Unit Spin-Off
American International Group announced last week it was accelerating the spin-off of its major property-casualty insurance units into a separate company so it can sell off a minority share to the public.
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Farmers Benefits From AIG Deal, But Personal Auto Market Remains Unchanged
The sale of AIG's auto unit to Zurich's Farmers Group subsidiary will not alter the personal auto landscape, but will allow Farmers to develop an East Coast presence and become a competitor in the direct writer market, experts and analysts said.
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Tough Times Prompt Spike In Employee Theft, Chubb Warns
Since desperate times often prompt desperate measures, companies should be on the lookout for a spike in criminal acts by employees fearful of losing their jobs in a worsening economy, risk managers were warned here last week.
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Worldwide Insurance Mergers Fell In '08, Except For U.S. P-C Segment
The dollar value of merger and acquisition activity for the U.S. property-casualty sector grew last year by just under $2.7 million, but for all types of insurers worldwide the monetary worth of mergers declined, a consulting firm reported.
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Double-Digit Hikes On Cat Risk Expected
Catastrophe risks can expect to see double-digit insurance premium increases through the rest of this year as underwriting capacity dwindles and the hurricane season approaches, an executive from Marsh said.
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Commercial Rates Flat For Now: Advisen
Despite the economic crisis, insurance buyers can expect flat rates overall into the fourth quarter, according to the latest poll of risk managers.
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Few Job Cuts Foreseen In Farmers Deal
Following the announcement that Farmers Group Inc. had purchased 21st Century Insurance for $1.9 billion earlier this month, Farmers' chief executive suggested that major job cuts are not in the cards for the new acquisition.
Market Report
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Program Carriers Look For Hard Data, Sound Forecasts, Not Empty Promises
In the current economic climate, insurers who look to program business to generate additional premium volume will be conducting more thorough due diligence examinations of potential programs before agreeing to take them on.
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High-Value Homes Need High-Value Coverage With Free Loss Control Features
Wildfires, hurricanes, identity theft and floods. In most cases, these things just happen and can't be predicted. Disasters can strike anyone at any time.
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Competition Still Reigns In Healthy Personal Automobile Insurance Market
The personal auto market remains competitive across the country, even as rates begin to creep upward. Experts in the field said they expect competition to continue throughout the year and into 2010.
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Mini-Cars Fare Poorly In Real Life Crash Tests
Mini-cars, the two-seat vehicles becoming popular with fuel-conscious auto buyers, fared poorly in real life crash situations, according to the Insurance Institute for Highway Safety.
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Homeowners Insurers Could Be Named In Chinese Drywall Suits, Legal Expert Says
Insurers bracing for potential losses from the installation of defective Chinese drywall in homes in the Southeast may find themselves named directly in lawsuits, according to legal experts.
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Chinese Drywall Shows Need For Enhanced Contractor Coverage
Homeowner health complaints related to Chinese drywall products point up a need for contractors to obtain enhanced insurance coverage, but such protection may not be available, according to a brokerage expert.
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Agents Hunkering Down To Survive Economic Threats
Independent agents are getting hit with a double whammy these days--still suffering from commission losses as a result of the persistently soft market, while simultaneously dealing with the fallout of a severe recession.
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Social Networking Offers Opportunities, But Can Also Prove Risky For Agencies
Producers and carriers searching for opportunities to develop new clients may find ample opportunities through social networking over the Internet--but there are challenges as well.
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Agents Must Walk The Walk, Not Just Talk The Talk In Providing Top Service
Over the years, I have spoken with literally hundreds, if not thousands of agency owners, and whenever I ask why someone would want to become their client, almost without exception they say they provided great service.
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NU Agency Of The Year Entries Invited
Independent agencies that do an outstanding job selling insurance and providing risk management services for their clients are urged to enter the 2009 NU "Commercial Insurance Agency Of The Year" award program, with entries due July 13.
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CSR Program Aims To Educate Beginners
While there are plenty of programs available for experienced customer service representatives to receive advanced instructions for specific insurance lines, programs for those new to the field have been in short supply.
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Better Broker Earnings Projected For 2009, Particularly For Big Firms
Larger insurance brokers are expected to see improvements in earnings as the market cycle begins to turn, but middle-market intermediaries may still suffer from the effects of the economic downturn, according to a financial analyst's report.
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Agents Offered Online Real-Time Training
The Real Time/Download campaign has increased the number of its webinar offerings to help bring more participants on board.
