Monday, January 26, 2009

Money in the Bank

Standard and Poors (the rating agency) says that it is maintaining a “negative outlook” for the Commercial P&C sector, due to the pricing cycle it has gone through the last 3 years (and the decline in investment income).

Thus... a number of rating downgrades are expected to occur.

I would think that the above should not be a surprise to anyone.

A number of primary carriers are still “buying” business at ridiculous prices, and continue to invade areas like the surplus lines marketplace where they do not belong.

So... if you’re thinking of changing jobs, don’t forget to check out the other carrier’s rating, and if you’re feeling good about where you are, you’d better check out your rating also!

Thursday, January 15, 2009

Money in the bank

Some of the top Fortune 500 managers were recently asked what the best advice they’ve ever received has been. (The following are some excerpts)...

“The basic social responsibility of a business it to maintain employment and meet the obligations to pay taxes.”

“You’ve got to quickly learn the difference between managing and leading.”

“Squeeze costs, improve efficiency while delivering innovation.”

“People will still spend money on what they love, but they’re more choosy in a recession.”

“Listen and then make clear decisions.”

“The task of leaders is to simplify. You should be able to explain where you have to go in two minutes.”

These are all good thoughts for anyone in management regardless of the industry they are in.

Thursday, January 8, 2009

Money in the Bank

It’s kind of interesting...

The number of employees in the insurance industry went up this past year for: P&C insured, Health insureds, Life insureds, TPA’s, Reinsurers.

The number went down for: Title insurers (not a surprise considering the real estate market), Agents & Brokers, Claims Adjusters.

The highest non-supervisory earnings were for P&C insurers, and the lowest (which catches me by surprise), was Reinsurers.

Wages were up in 7 of 8 industry groups an average of 3.5%.