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Target Markets Program Administrators Association Program Administrator NSU/National Specialty Underwriters, Inc. Dusty Rowland has been directly involved with the U.S. hospitality industry since he and co-founder Chris Randall—president/CEO of National Specialty Underwriters, Inc. (NSU)—opened NSU for business in Bellevue, Washington, in 1995. In its early days, NSU sold and serviced hospitality business exclusively. Dusty and Chris did most of the selling themselves, supported by a small, loyal administrative staff. Since then, NSU has grown tenfold in revenue and personnel, added five offices, and diversified to four specialties, applying its successful program formula to medical professional liability (NSU Healthcare), wind-exposed property (NSU Property), and umbrella coverage for selected industries (NSU Casualty). Rowland now manages NSU Hospitality, whose national reputation he helped build through his sales efforts. In 2005, NSU opened a hospitality division branch in Atlanta as part of a strategy to better serve the entire country. “Being in the east coast time zone, and a short trip away from our retail agents, means greater visibility, better service, and stronger relationships. That’s critical in order for us to grow at the pace we expect,” says Rowland. Rowland adds, “It’s part of an overall expansion plan in which we have positioned nine seasoned sales executives and three product development staff members focused exclusively on the hotel industry. Each executive is given a multi-state territory business plan to execute. This allows for a strong personal presence with our independent agents and brokers in those regions, and has the added benefit of developing geographic expertise that our insurance carriers appreciate. It is a level of professionalism, they tell us, that distinguishes NSU from many other program administrators.” Rowland notes that NSU’s original focus, back in 1995, was insuring upscale and luxury hotels, including the resort class. “That continues to be an area of heavy concentration for us,” he says. “But we place strong emphasis on the mid-scale and limited service hotel segments, too. We’ve become a strong resource for hotels with casinos and stand-alone casinos, both tribal and non-tribal.” The industry’s current rebound in business and vacation travel is reflected by the 2006 first-half report of REVPAR (Revenue Per Available Room). Revenues increased 9% over the same 2005 period. “At NSU, our program’s liability cost is based on number of rooms,” explains Rowland. “So there’s no inherent inflation bias because of room rate increases. We compete favorably with other firms whose rating basis is entirely on receipt figures.” The hotel insurance market has softened recently, and expectations for coverage are approaching pre-2001 levels. NSU is responding by working with its carriers to develop stronger property facilities and workers compensation programs, and to strengthen its already popular umbrella products. “We have to adapt and change,” concludes Rowland, “but sometimes stability and reliability are even more important than innovation. We are in our 11th year of business, and our sixth consecutive year as the approved insurance provider for Hilton franchise hotels. We have long-standing relationships with our key carriers: Tokio Marine & Nichido Fire, Zurich North America, and Travelers. And I’m proud to say we have customers who have been with us since 1995. Specializing and perseverance are the keys to our success.” * |
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