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AAMGA Special Section Beyond networking Besides learning from industry veterans and peers, the Under Forty Organization gains valuable insight into international markets and reinsurance By Phil Zinkewicz
The AAMGA’s Under Forty Organization (UFO) has grown considerably since the group’s inception. Initially, “only under forty” relatives of managing general agencies were allowed to join the UFO. But you can’t argue with success. Seeing how the young people leapt to the challenge, making use of the opportunities to network with the older, more seasoned veterans of the business, AAMGA leaders began to realize that they had a good idea worth expanding into a great one. Eventually, the organization was opened up to anyone under 40 years of age who was employed by a partner or owner of an MGA. “But it’s not just a growth in numbers,” says Seth Johnson, senior vice president of Atlantic Specialty, Richmond, Virginia, who is current chair of the Under Forty Organization. Johnson says that UFO has grown in spirit and determination over the years. “Networking is a key theme of the organization, but that doesn’t just mean polite conversations over coffee or lunch. It means attending meetings and speaking with our AAMGA senior members about industry trends, learning how to deal with cyclical changes in the marketplace, and bringing what we’ve learned to our UFO members via educational classes,” he explains. “Remember, the insurance industry today is in an unusual market cycle. Because of Hurricane Katrina and the other natural catastrophes of last year, the current cycle is neither overall hard nor overall soft. There are pockets of hardening and pockets of softening. By networking with other AAMGA members, all of whom operate in various parts of the country, we can get a feel for what’s happening in different markets.” Moreover, in recent years, UFO leaders have studied the workings of international markets to broaden their horizons. For three consecutive years, for example, UFO has sent 15 to 20 members to Lloyd’s of London to develop relationships and learn from their counterparts in the London marketplace. When UFO members visited Lloyd’s, they spent some time sitting in the underwriting boxes at that institution. They followed brokers around the floor of Lloyd’s to get a first-hand feel for how the market works. “In March of 2005, the UFO held an international seminar in Bermuda to find out what’s going on in the offshore arena, particularly with respect to catastrophic reinsurance developments,” says Johnson. “We met with several reinsurers in Bermuda, to get a feel for what they’re writing. We also met with the ‘under 35s’ in Bermuda to network with them. Bermuda is an interesting marketplace. Bermuda insurers and reinsurers are in the process of making themselves more accessible to the U.S. MGA market. I think they want to emulate Lloyd’s of London in the U.S., giving binding authority to managing general agents to acquire new business.” Johnson says that the next international sojourn is once again being set for Lloyd’s of London, although details of the trip were not known at press time. Johnson says also that last year’s UFO annual meeting was held in Stowe, Vermont, where classes were held on program development, pitching programs to carriers and marketing those programs. “We covered all facets of program administration,” he says. “We also did outdoor team building events.… [such as] team fishing and beach Olympics, where we get to know people we might not have otherwise met.” This year’s annual meeting is in September at Lake Tahoe, California. Of course, recruiting is always of paramount importance to the UFO. “We are constantly updating our Web site to make certain our members have easy access to AAMGA contact information,” says Johnson. “In terms of recruitment, the Web site also provides information for those who are not yet members to learn about the organization.” In addition, says Johnson, “We always depend on word of mouth among our AAMGA agency members to promote the UFO.” * |
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