Speciality
Case Study
Restoration To Profitability
This five year, very worthwhile effort not only restored a troubled northeastern regional specialty lines carrier to profitability, but in addition, John’s actions also resulted in enhanced market penetration into new state territories. John led the company expand to the product line and use renewal rights agreements to acquire immediate premium and leverage a large network of retail agency distributors. As a result, this company grew in size from $40M annual GWP to over $200M in annual GWP in five years and returned healthy profits to its third party capital investors.
Consulting Area: During this five year project, John was hired as the Executive Sponsor and Project Lead.
In order to reverse this company’s dangerous and unprofitable situation, John created additional US Specialty Lines in the voluntary market for this small, northeastern regional Property & Casualty Insurance Company.
John was the executive sponsor and project leader responsible for expanding this small, financially troubled insurer to other states using special contractual agreements with other insurers (i.e. Renewal Rights Agreements). These agreements were made with several insurers. During this new process, they agreed to offload portions of their portfolios in exchange for a small commission.
These agreements benefited all parties as they allowed the larger carriers to reduce their property exposure while providing the company client with immediate premium growth and access to all the larger carriers’ distributors.
As a result, these arrangements allowed the client to expand into larger insurance markets such as New York and New Jersey. The company grew from $40M USD GWP to over $200M USD during John’s 2008-2013 tenure.
