My blog entry on Friday morning, offering my own speculation on why Ernie Csiszar so abruptly resigned last week as president of the Property Casualty Insurers Association of America, prompted some buzz from others in the market with personal knowledge of how the split actually went down.
In my earlier entry, I noted that Ernie had stepped down days after PCI defected from ProtectingAmerica.org, shortly after announcing with much fanfare that PCI would join the Allstate-backed group that aims to create a national catastrophe fund. Since the principals have clammed up on what the heck happened here, I suggested that Ernie was probably caught in the crossfire between two big members–Allstate and Liberty Mutual, with the latter adamantly opposed to a cat fund.
However, others in the know suggest that I missed the mark…That it was actually the smaller members (in relative size, but the majority in total numbers at PCI) that pressured Ernie to take a hike because of the way the decision to join ProtectingAmerica.org was made.
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