determine just how much of Version
11.0 will be accepted in their business
strategies.
But since January, he adds, “more
primary insurance companies and
reinsurers are finally deciding that they do
risk concentrations in Texas and the
Gulf States.
So what took so long? Few believes
it was because Version 11.0 was such a
“dramatic change in science” for many
companies. “A change of that magnitude,
you can’t just accept at face value.”
Few adds: “An increase in the perception
of risk makes it difficult to stay
within your tolerances without
either buying more reinsurance—
which is what we’re seeing from
primary carriers—or reducing your
overall aggregate.”
Aspen Re CEO Brian
Boornazian said during a
conference call in January
that rates at Jan. 1 renewals
rose between 7. 5 percent and
But Hartwig believes that Version 11.0
“was just one of many factors, including
market conditions,” behind those
increases. RMS Version 11.0’s influence on
pricing has probably been overestimated,
at least to date, he adds. NU
We think the vast
majority of [RMS’ analysis]
is very valid, and we believe
the market is about to come
to that conclusion as well.”
want to take on board the new science that
RMS is bringing to the table.”
So the shift that was expected at the
end of last year, Few explains, is just
happening now: A number of companies
are discovering they need to buy more
reinsurance, he adds, which he believes
will accelerate with April, June and
July renewals.
CAREER CENTER
The New York Property Insurance
Underwriting Association
EXECUTIVE LEVEL OFFICER — CLAIMS & OPERATIONS
Property and Casualty is partnering
with Great Insurance Jobs.com —
the 1 insurance career website for both
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All listings are featured online for 60 days
in PropertyCasualty360’s Career Center,
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For pricing contact:
Martha Frechette
Marketplace/Classified Account Manager
213-896-9210 | martha@rwwcompany.com
The New York Property Insurance Underwriting Association (FAIR Plan), seeks an experienced
insurance professional with strong leadership and management skills to direct and oversee the
daily operations of its Claims department along with other executive level operational responsibilities. The Association is a $35 million residual market property insurer located in NYC.
The successful candidate will report to the President with primary responsibilities including claims
management, catastrophe response planning, reinsurance and Enterprise Risk Management.
Required: The successful candidate must possess a minimum of a Bachelor’s degree and have a
proven record of successful claims administration of a multi-unit organization. At least 10 years
of managerial experience is required. Skill and proficiency in oral and written communications
are essential as is knowledge of standard business software applications.
To apply or view listings visit the Career
Center at propertycasualty360.com
For more information, the Association’s website is www.nypiua.com. Interested
candidates should submit their resume in PDF or MS Word format to HR@nypiua.com.
