Is the use of certain rating variables highly regulated in life insurance?
When standard carriers pulled in their horns amid a sea of red ink, many commercial insureds turned to the specialty market for the coverages they needed to continue operating.
There they found not only protection but flexibility, creativity, and innovation—all of which was sadly lacking in the world of standard insurance. Inevitably, as insurers once again loosened their rigid underwriting rules, some customers returned to take advantage of newly attractive rates.
Others, who valued the expertise of specialty providers above the lure of low premiums, chose to remain with them.
Although standard carriers continue to compete aggressively, specialty MGAs and MGUs are thriving, especially in the market for sophisticated and complex accounts.
Headed by a team of seasoned professionals, Ethos brings skill, savvy, and a laser-like strategic focus to the rapidly changing specialty insurance and reinsurance environment. Starting from scratch What appealed to Meizlik about the opportunity to join Ethos Specialty? Chief among these, he says, is customer service.
How will Ethos seek to distinguish itself from competitors in this challenging environment? Our approach is to design insurance products around market needs first and then leverage our platform to build a profitable book of business by delivering best-in-class service.
He joined the new venture at its inception in and previously was president of Ascot Underwriting, US.
The first such class is merger and acquisition transactions, for which Ethos has designed a suite of products that offers representations and warranties, tax liability, tax credit, and contingent liability coverage.
Ethos has a broad risk appetite and can provide coverage to a wide range of classes and transaction sizes. An example of this is our New York contractors liability program under Adam Schnell.
Reinsurers will be a big part of our picture as we go forward in certain classes of business. We tell our potential capital providers that this is a chance to partner with us at the start and create a meaningful and enduring relationship.
I spend a lot of time searching for clues as to how competitors may have priced similar products in the past. Serving as senior vice president and head of strategic underwriting is John Casella, a year veteran of Chubb who in retired as chief underwriting officer of surplus lines insurer Chubb Custom Insurance Company.
When I got the call from Ethos, I was ready to sign on.
I liked the idea of joining a clean company with no legacy issues, no balance sheet issues—and strong backing from the capital provider. I liked the challenge of building something from scratch that could address some of the weaknesses in legacy carrier underwriting platforms.
In my unit we help develop underwriting guidelines, design systems that enable underwriters to make more informed decisions, and leverage both internal and external data to create smart underwriting platforms.
Our goal is to build platforms that allow underwriters to be free from the traditional routines of reading every word of every application and searching the web for additional information.
Rather than exiting a market segment entirely, insurers are making adjustments to pricing, underwriting, availability, and capacity. Like other key executives, she welcomed the challenge and opportunity to be involved in building a new platform from the ground up.
After holding high-level positions with major carriers, why did Gilde decide to leave that world and join a startup MGU platform? Throughout my career I worked for entities where all those functions were combined into one.
I think the industry has been moving toward segregating those functions, so that the pure underwriting piece is separate from the pure risk-taking piece. In previous positions I worked with catastrophe bonds, which in some ways are similar to the MGU model in which third-party capital is acquired to support insurance risk.
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