A large commercial material company with a large deductible program decided to market their primary Workers’ Compensation, General Liability, and Automobile Liability policies. This company was very dissatisfied with their incumbent carrier’s collateral position and the carrier’s refusal to satisfactorily explain their collateral calculation to the insured.
Because of the significance of the issue, senior Old Republic Risk Management (ORRM) personnel met with the company’s executives to create a collateral solution that fully disclosed how the collateral was to be determined and how often it would be provided. After reviewing the actuarial work product, ORRM was agreeable to using the company’s own third party actuarial firm to help determine the collateral need as well. While ORRM was competitively priced premium-wise, we offered a collateral solution that provided predictability for future renewals. ORRM was subsequently awarded the company’s business.
ORRM put forth solutions to the company and its broker that helped solve their collateral concerns. ORRM’s easy access to decision makers and transparent approach afforded the company consistent security for the long term.