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Special Section Sponsored by Target Markets Program Administrators Association Fireman’s Fund® Specialty Programs In early 2006, Fireman’s Fund chartered a new unit to underwrite specialty lines affinity programs. The Fireman’s Fund Specialty Programs team experienced immediate success in the program market. Specialty Programs’ business model is propelled by three core differentiators: speed to market; appetite for challenging, low-traffic niches; and the breadth and depth of experience of the team’s underwriting executives. “Speed wins,” says Jack Russell, national leader and executive director of Specialty Programs for Fireman’s Fund. “From day one, Fireman’s Fund Specialty Programs created a paradigm shift: we cut new program development time in half. Everyday, we leverage the expertise of seasoned program underwriting executives to make quick, informed decisions. As a result, new program development has been trimmed to 65-85 days, end-to-end, and we don’t miss any key steps. Along the way, we touch the cornerstones of solid program underwriting—an onsite book review, actuarial study, product customization, an effective two-year marketing plan, etc.,” adds Russell. After 18 months, Fireman’s Fund Specialty Programs has emerged from start-up mode and teamed effectively with Target Markets Program Administrators Association (TMPAA) and others to build brand in the affinity market. “Building something from scratch isn’t easy in a soft market, but we work hard to do the right deals and to do the deals right,” declares Russell. Yet none of the above would be possible without the high caliber excess and surplus lines underwriting team that we have established. Fireman’s Fund Specialty Programs responds to every prospective program with underwriting managers that average 20 years career experience in program business. With a stated appetite for challenging, low-traffic market niches, Specialty Programs often works with tough or small programs that other competitors won’t consider. For example, while other carriers aim at large programs ($10 million to $20 million), the Specialty Programs team welcomes the opportunity to see a mid-sized ($3 million to $5 million) program opportunity with complex underwriting and product needs. “Speed wins, but experience sustains success,” adds Russell. You can’t argue with the numbers or the facts. Since its debut in 2006, Specialty Programs has launched 19 programs. The team’s appetite and bandwidth are broad. New program launches include small trade contractors, demolition contractors, parking garages and auto valet, inflatables rental, arcades, temp staffing agencies, cranes, private security firms and many others. The Specialty Programs team writes mostly nonadmitted casualty product programs. Admitted paper is available for property and inland marine bolt-ons to a program. When asked about future plans for Fireman’s Fund Specialty Programs, Russell responds, “Grow profitably. Our immediate goal is to knock on more doors, meet more program administrators and tell them our story.” → For more information on how we can help you succeed, call Fireman’s Fund Specialty Programs. Jack Russell can be reached at (202) 775-0906 or at JRussell@ffic.com. © 2007 Fireman’s Fund Insurance Company, Novato, CA 94998 |
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