Bermuda’s Ironshore Seeks Syndication Partners
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Mitch Blaser is the COO of global operations and CEO of the Bermuda platform for Ironshore, Inc., a worldwide specialty insurance company. He oversees Ironshore's rapid growth since 2006, opening numerous international offices. In 2009, Ironshore partnered with CV Starr & Co. to form IronStarr Excess for excess liability, financial, and healthcare lines. By 2013, Ironshore had 24 offices worldwide and was looking to expand its Bermuda business through additional syndication arrangements like the one with CV Starr, which Blaser notes the Bermuda market supports well. Syndicating with Ironshore is attractive due to its strong balance sheet as a privately held company able to maintain excess capital for growth conducive to
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Page 95 Journal of the International Academy for Case Stud.docx
Page 95 Journal of the International Academy for Case Stud.docxbunyansaturninaPage 95
Journal of the International Academy for Case Studies, Volume 18, Number 1, 2012
WESTERN NATIONAL INSURANCE
Michael J. Pesch, St. Cloud State University
David L. Eide, Western National Insurance
Subba Moorthy, St. Cloud State University
CASE DESCRIPTION
The primary subject matter of this case concerns the approaches used to methodically
turn a financially struggling insurance company into one of the top regional insurers in the
Midwest. Strategy formulation and execution in the insurance industry, aligning functional
strategies to support the organization’s strategy, and leadership competencies in turnaround
situations are major themes. The case has a difficulty level of 3-5 and is appropriate for junior
and senior-level courses, as well as a first-year graduate course. The case is designed to be
taught in a ninety-minute class period, with two hours of outside preparation by students.
CASE SYNOPSIS
An insurance company is at risk of falling into a financial death spiral and brings in a
new CEO to turn the company around. The CEO and his team take specific measures to bring
the company back to financial health. These include mitigating risk, branding the company,
solidifying agent relationships, ramping up technology, overhauling facilities, diversifying the
business, and becoming an employer of choice. Growth has stalled and the company now is
considering whether to change its business model from selling insurance products solely through
independent agents to also selling directly to consumers via the Internet and an internal sales
force.
INTRODUCTION
In September 2009, Stu Henderson, CEO of Western National Insurance, celebrated with
his employees the announcement that A.M. Best, the premier insurance rating agency, had
upgraded Western to a full A (Excellent). With this upgrade, Western became the only insurance
company in the nation to be upgraded three times in the past eight years on its own merits, i.e.
without external capital injections. This announcement came only two months after Western was
named for the fourth time in five years to the Ward’s 50 Benchmark Group of top performing
property/casualty companies in the United States. (Ward’s is an independent consulting firm.
Each year, based on published financial numbers, they select the top 50 property/casualty
insurance companies among the 3,000 companies that operate in the United States. Return on
Page 96
Journal of the International Academy for Case Studies, Volume 18, Number 1, 2012
surplus, combined loss ratio, and other factors are compiled to determine this prestigious
ranking.) In the crowded cafeteria, Henderson held up his can of diet ginger ale and made a
toast:
At a time when the economic news has many thinking that financial stability is the
exception rather than the rule, we are pleased to have first the Ward Group, and now A.M. Best
recognize Western National’s role as an insuranc.
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38 chhavi sharma american international group
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Page 95 Journal of the International Academy for Case Stud.docx
Page 95 Journal of the International Academy for Case Stud.docxbunyansaturninaPage 95
Journal of the International Academy for Case Studies, Volume 18, Number 1, 2012
WESTERN NATIONAL INSURANCE
Michael J. Pesch, St. Cloud State University
David L. Eide, Western National Insurance
Subba Moorthy, St. Cloud State University
CASE DESCRIPTION
The primary subject matter of this case concerns the approaches used to methodically
turn a financially struggling insurance company into one of the top regional insurers in the
Midwest. Strategy formulation and execution in the insurance industry, aligning functional
strategies to support the organization’s strategy, and leadership competencies in turnaround
situations are major themes. The case has a difficulty level of 3-5 and is appropriate for junior
and senior-level courses, as well as a first-year graduate course. The case is designed to be
taught in a ninety-minute class period, with two hours of outside preparation by students.
CASE SYNOPSIS
An insurance company is at risk of falling into a financial death spiral and brings in a
new CEO to turn the company around. The CEO and his team take specific measures to bring
the company back to financial health. These include mitigating risk, branding the company,
solidifying agent relationships, ramping up technology, overhauling facilities, diversifying the
business, and becoming an employer of choice. Growth has stalled and the company now is
considering whether to change its business model from selling insurance products solely through
independent agents to also selling directly to consumers via the Internet and an internal sales
force.
INTRODUCTION
In September 2009, Stu Henderson, CEO of Western National Insurance, celebrated with
his employees the announcement that A.M. Best, the premier insurance rating agency, had
upgraded Western to a full A (Excellent). With this upgrade, Western became the only insurance
company in the nation to be upgraded three times in the past eight years on its own merits, i.e.
without external capital injections. This announcement came only two months after Western was
named for the fourth time in five years to the Ward’s 50 Benchmark Group of top performing
property/casualty companies in the United States. (Ward’s is an independent consulting firm.
Each year, based on published financial numbers, they select the top 50 property/casualty
insurance companies among the 3,000 companies that operate in the United States. Return on
Page 96
Journal of the International Academy for Case Studies, Volume 18, Number 1, 2012
surplus, combined loss ratio, and other factors are compiled to determine this prestigious
ranking.) In the crowded cafeteria, Henderson held up his can of diet ginger ale and made a
toast:
At a time when the economic news has many thinking that financial stability is the
exception rather than the rule, we are pleased to have first the Ward Group, and now A.M. Best
recognize Western National’s role as an insuranc.
PIU Credentials
PIU CredentialsRobert Clark, DIAThe document summarizes the history and operations of Petersen International Underwriters. It describes how the company was founded by W. Harold Petersen after experiencing financial hardship due to his father's disability. Petersen International Underwriters created the first high limit disability insurance policies and has partnered with Lloyd's of London for over 30 years. The company prides itself on providing high-quality customer service and developing innovative disability insurance products and solutions.
who is marsh
who is marshEvangeline Miller, MBAMarsh & McLennan Companies is a global professional services firm founded in 1871 with over 57,000 employees worldwide. It has four main businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. The company provides risk management, insurance broking, reinsurance services, management consulting, and human resource consulting to clients in over 130 countries. It has a long history of growth through acquisitions and expanding globally to become a leader in its industries.
Max life insurance
Max life insuranceNishant SinghThe document provides an overview of insurance and the operations of insurance companies. It discusses how insurance works by pooling together funds from many individuals to pay for losses, thereby spreading out costs. It describes the key roles of underwriters in assessing risks and ratemakers in setting premium prices. It also discusses how insurance companies invest premium payments to generate revenue and have become major capital suppliers. In summary, the document outlines the basic concepts of insurance, the roles of insurance companies, and how they operate financially.
Mark Adams Sozo
Mark Adams SozoMark Adams SozoMark Adams Sozo - Mark Adams—Co-founder, President, and CEO of SOZO Global, Inc.—owns interest in dozens of small, privately held startups.
World's top 5 insurance companies
World's top 5 insurance companiesAiza AliThe document summarizes the world's top 5 insurance companies by revenue in 3 sentences:
AXA is the largest insurance company globally with over $99 billion in revenue and operations across 56 countries. Zurich Insurance Group has over $60 billion in revenue and operates in over 170 countries. China Life Insurance is one of China's largest state-owned insurance companies and has operations across life insurance, pensions, asset management and more.
Analysis of men's wearhouse
Analysis of men's wearhouseWanqing TangThis document provides an overview of Men's Wearhouse, including its history, management structure, competitors, and external environment. It discusses how Men's Wearhouse was founded in 1973 and has since expanded rapidly through acquisitions. The company recently transitioned to a holding company structure called Tailored Brands. The management team and board of directors are experienced. Key competitors include Brooks Brothers and Burlington Coat Factory. An analysis of demographics, technology, politics/law, and social/cultural trends provides context for Men's Wearhouse's business environment.
Analysis of Men's Wearhouse
Analysis of Men's WearhouseWanqing TangThis is a project analyzing the strategic management of Men's Wearhosue completed by a team of 5 people. The industry analysis consists of internal & external analysis, 3 levels of strategic choices, implementation and recommendation.
38 chhavi sharma american international group
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A project report on joint venture
A project report on joint venture Babasab PatilMax New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company, and Max India Limited. The document provides background information on Max New York Life, including its vision, mission, organizational structure, and the life insurance industry in India. It details Max New York Life's objectives to be a top life insurance provider in India and increase its market share through quality products and services.
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Fortegra Financial Corporation; A Proud History and Promising Future
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Firstar Bank Now Us Bank
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The Allstate Corporation Papertpaterson42Allstate is a large insurance company founded in 1931 that offers auto, property, life, and retirement services. It prioritizes customer satisfaction over profits and has a presence across North America. Allstate believes in diversity and social responsibility. It offers various policies and discounts not provided by competitors to attract customers. The company encourages leadership and innovation among its employees.
Page 95 Journal of the International Academy for Case Stud.docx
Page 95 Journal of the International Academy for Case Stud.docxbunyansaturnina
38 chhavi sharma american international group
38 chhavi sharma american international groupchhavisharma88
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Bermuda’s Ironshore Seeks Syndication Partners
- 2. A 1973 graduate of George Washington University, Mitch Blaser today serves Ironshore, Inc., the worldwide specialty insurance company, as the COO of its global operations and the CEO of its Bermuda platform, where he maintains his offices in the firm’s global headquarters. Mitch Blaser also serves as the CEO of IronServe, a division launched in 2012 to provide all necessary support services for Ironshore’s underwriting operations.
- 3. Ironshore has grown rapidly since its founding in 2006, and revenues from premiums have increased by about 5 times in the last 5 years. During this period, the firm opened offices in numerous locations in the United States, UK, Canada, Ireland, Asia, Latin America and Australia. In 2009, it partnered with a Bermuda company, CV Starr & Co., to form IronStarr Excess, through which it sells excess liability, financial and healthcare lines of business.
- 4. By 2013, Ironshore had opened 24 offices worldwide and was exploring additional avenues of growth. One of these was the expansion of its Bermuda business by replicating the syndication arrangement it had formed with CV Starr. According to Blaser, the nature of the Bermuda market accommodates syndication nicely. Syndication with Ironshore is an attractive proposition because the company, has a very strong balance sheet and since it is privately held it is not subject to the capital management pressures of public companies and can maintain excess capital to support growth which is conducive to syndication.