Why Choose All Risks: Letter from the CEO and President
As we enter 2010 we would like to take a moment and thank you again for your support last year. The past 12 months have been a challenge for all of us. As a wholesale broker, All Risks faced extraordinary challenges from the standard market. Irrationally competitive pricing “won” business for admitted markets- often when the risk itself, pricing, or loss history should have dictated that it stay in the surplus lines arena (at pricing and terms more reflective of the exposures contemplated). This continued throughout the year accompanying a period of economic uncertainty unlike any in our previous experience.
2010 appears to be another year of pronounced economic uncertainty. We anticipate an insurance marketplace that wrestles with diminution of exposure bases as businesses downsize and close; albeit in a marketplace where rates stabilize and increase in certain sectors as the effects of overly competitive pricing and lax underwriting practices become more apparent on carrier balance sheets.
In spite of the challenges, at All Risks, we see great opportunity in 2010. Although 2009 did not measure up to our normal growth rate, we did grow organically (in the single digits). This represents a favorable variance from our competitive peer group. We are forecasting significant growth over the coming 12 months (and as we write this, we have completed January with organic growth once again).
Last year we continued to expand our operations:
- Doubling our staff and revenues in Tampa, Orlando and Charlotte.
- Adding a MGU operation to handle proprietary property programs throughout the country with significant aggregate capability.
- Adding numerous new Programs available exclusively through All Risks.
- Adding established industry veterans to our San Francisco office.
- Our University Program now represents over 30 people in our organization as we continue to recruit the best and brightest in the industry.
- Growing dramatically in Personal Lines doubling submission growth with the addition of our new online system.
- Investing in infrastructure with the release of a new large account brokerage IT system in the first quarter and an aggressive plan to add a new system for binding authority prior to year-end. The new system capabilities will allow our talented team to be faster and more responsive- helping us to get products and pricing to you in record time.
We have 14 offices and 450 employees ready to handle every challenging placement that your office encounters. Our diversity of product (including Large Account Brokerage, Small Account Binding, Proprietary Programs and Personal Lines) makes All Risks your one, essential, wholesale relationship. We will continue to look for opportunities to help you to consolidate your business with us (and we will commit to earning our partnership each and every day). Our focus is deeper, stronger, multi-product relationships with each of our retail partners. Please continue to offer candid feedback as we visit your offices and look for results on surveys to evaluate your experience.
With your support, we expect 2010 to be another successful year. Thank you for the partnership and for trusting us to take care of your specialty lines clients.
Nick Cortezi, CEO
Matt Nichols, President
All Risks, Ltd.
Corporate Headquarters
10150 York Road, Fifth Floor
Hunt Valley, Maryland 21030
