Isnt this the same company that came in to CA with a nonstandard auto program that pulled out? QBE has a nonstandard auto program thru Arrowhead. I wonder what NP has in mind with this purchase? Pull out of the auto sector and do something else?
QBE has their hands in a lot of things, but don’t seem too organized. They’re doing business with brokers, MGA’s, and independent agents, but don’t have much direction. Do they know the meaning of synergy? Look at what they’ve done with General Casualty — down big premium dollars since they bought them and only getting worse. The Aussies need to learn that the market isn’t hard, and everything isn’t priced heavy. (yes, like their condo business – getting hurt big time)
Your shortsighted negative comments about QBE clearly show your minimal knowledge about the group. QBE did write non-standard auto and they still do in several markets, either as a front or as a reinsurer… QBE is one of the most solid insurance groups in the world. Tim Kenny is a very sharp insurance / risk operator. Their continued above average ROE far exceeds most of their sector. Expansion is good when you have solid financial backing and continued higher than average earnings.
Without revealing too much about me, I work in a South Florida agency with a heavy condo book. We don’t represent QBE but many competitors do. They have a nasty reputation for using a “reservation of rights” claim denial process (used after Jean, Frances, Charley, Ivan and in 2005 Wilma). I think their MO is to use US intermediaries to underwriting, rate, adjust claims, etc. so I may be making more out of it than is necessary-and yes, we are Northpointe agents. Northpointe advised us on Friday (01/04/08) that is’ “steady as she goes”….until further notice. Call me cynical (go ahead) but it is almost never steady as she goes.
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This should be interesting…..
Why do you say that?
Yes… I’m also interested in knowing your feelings about this buy?
Perhaps this means they are de-emphasizing their condo/apt business which is taking a beating in today’s soft market.
Could mean tiger was a General Casualty/Unigard cut made by QBE, who said the same thing about GC/U when it purchase the companies.
In the past few weeks, Unitrin sold and now North Pointe. Many more to come in 2008. Who’s next?
Isnt this the same company that came in to CA with a nonstandard auto program that pulled out? QBE has a nonstandard auto program thru Arrowhead. I wonder what NP has in mind with this purchase? Pull out of the auto sector and do something else?
QBE has their hands in a lot of things, but don’t seem too organized. They’re doing business with brokers, MGA’s, and independent agents, but don’t have much direction. Do they know the meaning of synergy? Look at what they’ve done with General Casualty — down big premium dollars since they bought them and only getting worse. The Aussies need to learn that the market isn’t hard, and everything isn’t priced heavy. (yes, like their condo business – getting hurt big time)
Your shortsighted negative comments about QBE clearly show your minimal knowledge about the group. QBE did write non-standard auto and they still do in several markets, either as a front or as a reinsurer… QBE is one of the most solid insurance groups in the world. Tim Kenny is a very sharp insurance / risk operator. Their continued above average ROE far exceeds most of their sector. Expansion is good when you have solid financial backing and continued higher than average earnings.
Without revealing too much about me, I work in a South Florida agency with a heavy condo book. We don’t represent QBE but many competitors do. They have a nasty reputation for using a “reservation of rights” claim denial process (used after Jean, Frances, Charley, Ivan and in 2005 Wilma). I think their MO is to use US intermediaries to underwriting, rate, adjust claims, etc. so I may be making more out of it than is necessary-and yes, we are Northpointe agents. Northpointe advised us on Friday (01/04/08) that is’ “steady as she goes”….until further notice. Call me cynical (go ahead) but it is almost never steady as she goes.