Posted on 01 Dec 10
Last October we spoke with Richard Suter, AVP, Program Development, Captive & Specialty Programs, about The Hartford’s ongoing commitment to program business. Since that time, the insurer has added ten new programs including eight new deals in 2010. The Hartford’s Captive & Specialty Programs division now consists of a total of 56 programs. We spoke to Richard about The Hartford’s commitment and versatility in this market and the newest program additions.
“Our growth in program business since the division was reorganized over five years ago has been intentional with a dedicated team in place whose sole purpose is to identify, underwrite, gain approval for, and on-board new programs,” says Richard. “Our efforts to spread the word about our capabilities, including our premier products, have been cumulative and are reflected in the broad number of opportunities coming our way and the powerful partnerships we’ve been able to establish to develop and deliver program solutions.”
Part of The Hartford’s unique position in the program business space is the fact that it has combined its specialty programs with its alternative market capabilities. “Many companies separate captives and programs, but in combining them we find that we have greater flexibility in how we compensate and partner with program administrators,” says Richard. “Within the same department we can either work on a regular commission basis, a sliding scale, or we can work with someone on a captive basis where our partner has either a full retention or a quota-share position in their book of business.”
The Hartford accommodates every program model: from partnering with an agent who is only interested in the marketing side, with The Hartford providing all other services; working with an agent who may write some program business directly but also partners on a wholesale basis with other agents throughout the country or in a specific territory; to working with Program Administrators or MGAs who are doing the underwriting, may be providing loss control services, and may own a TPA. “We’re proud of that versatility, recognizing that there is more than one way to run a program, and there’s a demand and a need for all of these types of models. We’re good at fitting into any type of program structure,” says Richard.
In 2010, The Hartford has implemented the following eight new programs:
• Public Schools, a Workers’ Compensation program for public schools in NC.
• Charter Schools, a national Workers’ Compensation program focusing on the growing segment of chartered schools.
• Heterogeneous Group Captive, providing General Liability, Workers’ Compensation, and Auto insurance, focused on western states.
• Non-Emergency Medical Transportation, a multi-line paratransit program with a focus on the northeast.
• Heterogeneous Workers’ Compensation, a program focusing on large accounts in tougher classes with a program administrator that provides highly specialized loss control and claims management services.
• Trucking, a program providing Auto Liability and Property Damage, and General Liability for long haul truckers, focused on the southeastern states.
• Auto Dealers, an all-lines program for CA auto dealers.
• Senior Living Facilities, a multi-line program focused on smaller senior living facilities (< 35 beds).
Richard claims that The Hartford’s pipeline of new opportunities is “very active” and hopes that this will result in a strong start for 2011.
The Hartford’s versatility also extends to its distribution. “We make some programs available to all agents while others have limited distribution through agents with expertise in a particular class,” says Richard.
To find out more about The Hartford’s news programs as well as all of its program opportunities, you can contact Richard via email at: Richard.Suter@thehartford.com or call him at: (860) 547-4470.