Sounds like a terrific idea to this thirty-one year insurance veteran. It CAN work. This is the kind of idea that we need to act upon. We have learned much from our past failings. I support this one hundred percent. My son, a reinsurance executive, fully welcomes this challenge. Let us proceed with vigor.
The interesting matter regarding the proposal is that I don’t see any comments from the insurer side of the industry seeking a new exchange.
The original exchange failed not only because of weak financing and poor oversight, but because the US market does not understand the concept of risk sharing that has been used so succesfully at Lloyds for over 300 years.
The new exchange will be a simplified way for innnocent and overly aggressive, under regulated capital to get into the market and to soften what is already too soft a marketplace.
You are exactly right about the concept of sharing risk. US Companies also fail to understand the concept of market leader. There are few outstanding underwriters who I would follow. Market leadership is now market share. The exchange also failed because it became a reinsurance club. NY caved to admitted markets and protected them from competition. Still does.
Save your vigor for other pursuits Paul. Is there a lack of commercial insurance availability? No. Is there a lack of capacity? No. Game over. I also like the “we’re not copying Lloyd’s” comment. That’s so New York.
New York has done such a steller job with SIT’s the Medical Malpracitce undewriters it will surely bring those Best Practices to this ressurection.
Where is Milos when we need him?
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Sounds like a terrific idea to this thirty-one year insurance veteran. It CAN work. This is the kind of idea that we need to act upon. We have learned much from our past failings. I support this one hundred percent. My son, a reinsurance executive, fully welcomes this challenge. Let us proceed with vigor.
What a great idea.. More capacity in a soft market!
The interesting matter regarding the proposal is that I don’t see any comments from the insurer side of the industry seeking a new exchange.
The original exchange failed not only because of weak financing and poor oversight, but because the US market does not understand the concept of risk sharing that has been used so succesfully at Lloyds for over 300 years.
The new exchange will be a simplified way for innnocent and overly aggressive, under regulated capital to get into the market and to soften what is already too soft a marketplace.
You are exactly right about the concept of sharing risk. US Companies also fail to understand the concept of market leader. There are few outstanding underwriters who I would follow. Market leadership is now market share. The exchange also failed because it became a reinsurance club. NY caved to admitted markets and protected them from competition. Still does.
Save your vigor for other pursuits Paul. Is there a lack of commercial insurance availability? No. Is there a lack of capacity? No. Game over. I also like the “we’re not copying Lloyd’s” comment. That’s so New York.
come on dad. quit bragging on me, put your pants back on and get back in the house!
New York has done such a steller job with SIT’s the Medical Malpracitce undewriters it will surely bring those Best Practices to this ressurection.
Where is Milos when we need him?
Are you the Pauls from Orange County Chopper?
Paul Jr. – I almost fell off my chair I was laughing so hard…thanks for the mid day laugh, I needed one.
Great Idea for Compitition & generate lots of returns for those participating. Hope individuals will be allowed to paticipate in the Funding.