Commercial Material Industry – “Transparent” Collateral
A large commercial material company with a large deductible program decided to market their primary WC/GL/AL policies. This client was very dissatisfied with their incumbent carrier’s collateral position and the carrier’s refusal to satisfactorily explain their collateral calculation to the client.
Because of the significance of the issue, senior Old Republic personnel met with senior executives of the client 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, Old Republic was agreeable to using the client’s own 3rd party actuarial firm to help determine the collateral need as well. While Old Republic was competitively priced premium wise, we offered a collateral solution that provided predictability and consistency for future renewals. Old Republic was subsequently awarded the clients business.
In the end, Old Republic put forth solutions to the client / broker and helped solve the program issue. This is another example of how Old Republic listened to our clients and brought value to the table.
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