The process of considering a Program opportunity follows several stages of review and generally begins with a brief Executive Summary which includes the following;
- Description of Operation
- 5-year Historical Results, including Written Premium, Earned Premium, and Incurred Losses
- Marketing/Growth Plans
Assuming we continue to have interest in the opportunity, we would then ask for all of the available data on the program, and have it modeled through our actuaries to develop a projected loss pick. Typically, we look for programs which produce Ultimate Loss Ratios in the mid-fifties. (50’s)
At this point, we would generally ask for a complete Proposal from the agency which would include;
Forms and Filing Requirements
Resumes on Underwriters and Management
Complete Marketing Plan
Demographics of Segment and Market Potential
Programs which produce the results we require, and meet our expectations with respect to all of the information provided, are then scheduled for onsite Underwriting Audit by our team of Property/Casualty Program Underwriters.
Further reviews also include Claims, Operations and Systems.
Generally, the process of considering and implementing a program can take several months depending upon filing needs, states and program implementation issues.
Questions about possible opportunities should be directed to Rick Weidman @ 215-307-6743.