Letter from the President
It's been a long and hot summer here at IUM! Over the past few months we have been preparing to roll out several new products to you. Our Primary Casualty folks have been hard at work constructing a wrap product which will be available before summer's end. We have also released a new product across all Markel companies that provides coverage for businesses should their operations be suspended by a public health official due to a contagion at their premises. The creation and implementation of these products support Markel's Style of innovation and creativity. We are excited about these new business opportunities. You will be hearing more on each from our Marketing Department. Stay tuned!
With hurricane season upon us once again, let's keep our fingers crossed for a safe and profitable season. Hopefully, with the revisions done to the hurricane reporting systems over the past few months, companies are better prepared to manage their portfolios and sustain potential losses during this season. We have done a tremendous amount of work managing our portfolio here at IUM. As a result, we recently received additional wind capacity in the New York gate. Please contact your property underwriter for specific details.
I hope that everyone is enjoying the summer months. I look forward to seeing many of you at our Metedeconk Golf Outing on August 14th! Again, thank you for your support and business!
Glen E. Curley, CPCU, ARe
President and Chief Operating Officer
Investors Underwriting Managers, Inc.
gcurley@markelcorp.com
732-450-8725
Special Programs – Your Program Market of Choice
Our Special Programs Division has seen a lot of activity over the past few months. We thank you for thinking of us for both traditional and non-traditional program placements.
As we continue the growth and development of this Division, we would like to remind you of the kind of business we seek. In short, we will consider programs across all lines of business and with all types of exposures. Our mission is to provide innovative, responsive, and flexible service to meet the needs of our valued producers.
Unlike some markets, we encourage submissions for new programs, programs that may need re-underwriting, and programs with as little as $1,000,000 in current or projected premium. The key emphasis is upon risk criteria and underwriting profit – these two elements are the most important factors in our decision making process. While program size is a consideration, far more emphasis is placed on the fundamental performance of a book of business. We will look at everything from traditional programs to financial risk to defense cost /ALAE only products.
New product ideas are a continued focus of our organization. We have been able to take product ideas from the most preliminary stages to an integral part of our product offerings. The vast majority of these products come from our producers and their clients. As a bridge to consumers, our producers are a vital touch point for information on new products and emerging insurance needs.
We hope you will consider Investors as your “first call” and “last look” for program placements. If you have a piece of business or a new program idea, don’t hesitate to contact us at the information listed below.
Ken Russo Matt Hannay
Vice President – Special Programs Underwriter - Special Programs
(732) 450-8721 (732)391-8858
krusso@markelcorp.com mhannay@markelcorp.com
Focus on Quality Service to our Brokers…
“The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers’ needs and to provide our customers with quality products and service.” - The Markel Style
How many times do you hear this…”Hi, I’m from the Collections Department and I am here to help!”. This is right up there with a “friendly” call from the IRS to see how that old tax return is going.
This months spotlight is on the IUM Collections Department-and they really are here to help. We are proud of our Collections team here in Red Bank and want you to view them as an extension of underwriting and as a resource to help resolve issues.
One of the main goals set forth for each of the staff members is to forge strong relationships with the key personnel at your office. On a monthly basis, the team works hard to review your statements before they are mailed, apply incoming cash receipts and handle the premium audit function.
The Collections Team is headed up by Joan Osley. Christine Racioppi and Karen Olmstead work with Joan handling all aspects of billing statements and incoming cash receipts. They are each assigned specific brokers to help you have a familiar contact should questions arise. Eileen Wild rounds out the Collections team by providing support on the Premium Audit side and is responsible for ordering physical audits in a timely manner through outside vendors. Together, this team has an accumulated 63 years in the industry!
When the “going gets tough” on a specific account, the quicker we can move on it the better for all of us. We make every attempt to contact you via phone calls and e-mails before sending DNOC’s to the insured. Communication is paramount. To help us contain costs, kindly get Collections involved as soon as possible on potential collections issues.
If you have any questions or suggestions to improve our service, please don’t hesitate to call any member of the team or me.
FAQ’s
Where do I send payments?
We Have a Lock Box cash receipts system. Please remit all payments to:
Investors Underwriting Managers, Inc.
P.O. Box 79019
Baltimore, MD 21279-0019
For overnight mail:
Sun Trust Bank
Wholesale Lockbox Department
1000 Stewart Avenue
P.O. Box 79019
Glen Burnie, MD 21061
When are endorsements and audits due?
Both endorsements and audits are due immediately.
Who should I contact if there is an issue with a premium audit?
Please call your contact in the Collections Department using our Toll Free number (800) 243-6869.
Joan Osley-extension 8810, or e-mail josley@markelcorp.com
Christine Racioppi-extension 8879, or e-mail craciopp@markelcorp.com
Karen Olmstead-extension 8812, or e-mail kolmstead@markelcorp.com
Eileen Wild-extension 8820, or e-mail ewild@markelcorp.com
Ray Steer
VP and Senior Financial Officer
(732) 391-8912
rsteer@markelcorp.com
Markel Recognized as Top Performer
Markel Corporation has earned recognition as a “Ward’s 50” property-casualty company, indicating that it is one of the fifty top performing companies among more than three thousand domiciled in the United States.
Ward Group is an operational consulting firm and leading provider of benchmarking and best practices services to the insurance industry. It conducts an annual analysis of the return on equity, operational efficiency, customer focus and strategic execution of industry members.
Glen Curley, Investors President and COO responded, “This is another indication of how fortunate we are to be affiliated with such an outstanding organization.”
To read Ward Group’s article click here.
A.M. Best Rating
We are pleased to announce that A.M. Best Co. recently affirmed the financial strength rating of A (Excellent) for Markel North America Insurance Group (Markel) and its operating subsidiaries. Ratings for Markel’s debt were also affirmed.
These rating actions recognize Markel’s favorable market position as one of the leading excess and surplus lines organizations in the United States, the sustained profitability reported through the first quarter of 2006 and the group’s solid risk-adjusted capitalization.
Investors President and COO Glen Curley commented, “We’re proud and privileged to be associated with such an outstanding organization. These ratings are a tribute to Markel’s consistent strength and stability.”
Investors Underwriting Managers, Inc. is comprised of seven product line divisions: Primary Casualty, Property, Excess & Umbrella, Environmental, Taxi Liability, Surety Reinsurance, and Special Programs. These divisions provide product solutions to customers through the wholesale brokerage distribution channel, in the surplus lines market Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. In each of these markets, the company strives to provide quality products and excellent customer service.