Dave – I represented them in the past and then worked for them for 6 years. Was very successful writing their products as an agent and also as an underwriter.
Yes, Hartford can be somewhat bland in their appetite but they do write a ton of business. My last two years were in the Tech Practice Group and we did some unusual stuff there (biotech, pharma, higher hazard property, etc). If you get to know the company better you might find that they have their areas that they do well in.
The other carriers mentioned are worthy in their own way as well but each has their quirks. Travelers/St Paul has confused their agents over the past 5 years with change after change after change. Safeco is no longer it’s own company. Things change, folks, but Hartford has remained fairly the same for the last 30 years or so. That speaks volumes to me.
As for the TARP funds: that’s a legit complaint & is valid. I’ll only say that it was a lifeline that was offered and if it had not been utilized I think the stockholders would be even more pissed off.
Keep sending the missiles, I’ll keep defending Hartford.
We realize that Hartford needed TARP money to pay for losses in life and financial services. So what! Most other carriers with the same problems didn’t depend upon the American public to bail them out. Most other carriers had to keep their rates high from other lines to off set losses in financial services. Hartford’s lack of responsibility by taking the TARP money and depend upon the public to pay for their mistakes has a cost. I have customers show me the quote they got from Hartford – I show them TARP articles about Hartford on my bulletin board – they throw the Hartford quote in the trash can – along with the credibility.
Well said Dave! Couldn’t have said it better myself.
I too will not support any company that was tossed a government lifeline….let alone any company pathetic enough to buy a small bank w/ the sole intention of accessing a government bailout.
Kent – you are using a good sales tactic. The clients who listen to this will be clients you want to keep.
Note that HIG posted a loss of millions this last quarter vs a much larger loss for the same quarter last year. Their combined ratio is beating the industry for their P&C operations. It’s the life wing that sucks & is dragging the company down.
Dave,
Underwriters do not make changes to products like SPECTRUM. You should look up the definition of Insurance Underwriter in the dictionary. Good thing you dont work with the Hartford, sounds like you write some sketchy biz
You have a legit point about HIG accepting TARP funds. That issue might last a year or so and then it will become passe, especially if/when HIG pays back the funds.
Or it might last for an even shorter time if Hartford comes in with a quote with a lower premium. Be honest, agents: we all rail about quality of coverage but when Liberty comes in with a quote 35% less than what we offer we wish we were Liberty agents, even though we know their coverage is not as comprehensive.
Hartford’s stock is back to the mid 20’s, combined is still good, most operations seem to be going forward as normal. I see Hartford as being right back in the same position in 12-18 months.
UW, at my agency we are keeping the customers aware that Hartford took TARP money. Even last week, a customer decided to stay with my agency on his houses and cars rather than go with Hartford’s lower priced quote. I keep the Hartford TARP articles on my bulletin board by the front door. Any company that took TARP money should be required to disclose this fact on their literature. I agree that people’s memories fade with time but, until Hartford pays back all the TARP money I am pushing this issue hard – as a public service to my customers.
If Hartford keeps losing this kind of money each quarter it will either raise rates or ask for more TARP money. I can’t imagine the feds giving Hartford more TARP money.
Signing off!
Allianz to buy Hartford? Oh boy I hope not, look what they did to Fireman’s Fund. That company is a complete mess!! Allianz buys Hartford and we will never know what they want to write.
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Dave – I represented them in the past and then worked for them for 6 years. Was very successful writing their products as an agent and also as an underwriter.
Yes, Hartford can be somewhat bland in their appetite but they do write a ton of business. My last two years were in the Tech Practice Group and we did some unusual stuff there (biotech, pharma, higher hazard property, etc). If you get to know the company better you might find that they have their areas that they do well in.
The other carriers mentioned are worthy in their own way as well but each has their quirks. Travelers/St Paul has confused their agents over the past 5 years with change after change after change. Safeco is no longer it’s own company. Things change, folks, but Hartford has remained fairly the same for the last 30 years or so. That speaks volumes to me.
As for the TARP funds: that’s a legit complaint & is valid. I’ll only say that it was a lifeline that was offered and if it had not been utilized I think the stockholders would be even more pissed off.
Keep sending the missiles, I’ll keep defending Hartford.
Don’t worry – Barack will save you !
We realize that Hartford needed TARP money to pay for losses in life and financial services. So what! Most other carriers with the same problems didn’t depend upon the American public to bail them out. Most other carriers had to keep their rates high from other lines to off set losses in financial services. Hartford’s lack of responsibility by taking the TARP money and depend upon the public to pay for their mistakes has a cost. I have customers show me the quote they got from Hartford – I show them TARP articles about Hartford on my bulletin board – they throw the Hartford quote in the trash can – along with the credibility.
Well said Dave! Couldn’t have said it better myself.
I too will not support any company that was tossed a government lifeline….let alone any company pathetic enough to buy a small bank w/ the sole intention of accessing a government bailout.
Isn’t Allianz about ready to buy Hartford anyway? Why didn’t the Gov’t just let it happen?
Kent – you are using a good sales tactic. The clients who listen to this will be clients you want to keep.
Note that HIG posted a loss of millions this last quarter vs a much larger loss for the same quarter last year. Their combined ratio is beating the industry for their P&C operations. It’s the life wing that sucks & is dragging the company down.
Dave,
Underwriters do not make changes to products like SPECTRUM. You should look up the definition of Insurance Underwriter in the dictionary. Good thing you dont work with the Hartford, sounds like you write some sketchy biz
You have a legit point about HIG accepting TARP funds. That issue might last a year or so and then it will become passe, especially if/when HIG pays back the funds.
Or it might last for an even shorter time if Hartford comes in with a quote with a lower premium. Be honest, agents: we all rail about quality of coverage but when Liberty comes in with a quote 35% less than what we offer we wish we were Liberty agents, even though we know their coverage is not as comprehensive.
Hartford’s stock is back to the mid 20’s, combined is still good, most operations seem to be going forward as normal. I see Hartford as being right back in the same position in 12-18 months.
UW, at my agency we are keeping the customers aware that Hartford took TARP money. Even last week, a customer decided to stay with my agency on his houses and cars rather than go with Hartford’s lower priced quote. I keep the Hartford TARP articles on my bulletin board by the front door. Any company that took TARP money should be required to disclose this fact on their literature. I agree that people’s memories fade with time but, until Hartford pays back all the TARP money I am pushing this issue hard – as a public service to my customers.
If Hartford keeps losing this kind of money each quarter it will either raise rates or ask for more TARP money. I can’t imagine the feds giving Hartford more TARP money.
Signing off!
Allianz to buy Hartford? Oh boy I hope not, look what they did to Fireman’s Fund. That company is a complete mess!! Allianz buys Hartford and we will never know what they want to write.