BestWeek: Grinnell Mutual CEO Has Knack for Hiring Execs Who End Up Leaders
OLDWICK, N.J.-(Business Wire)-September 25, 2009 - If hiring people who went on to success in the insurance industry was an Olympic event, Dan Agnew would be working on his fourth or fifth gold medal, according to this week’s issue of BestWeek U.S./Canada.
In the 1970s and 1980s, Agnew, now president and chief executive officer of Grinnell Mutual Reinsurance Co., hired or worked with a dozen or so young insurance executives who went on to take key leadership positions in insurance companies of their own. Many have formed a tight-knit group that still stays in touch, BestWeek said.
And in BestWeek Europe, pointing to “continuing underwriting discipline and a relatively low level of catastrophe claims,” Lloyd’s reported a pretax profit of 1.32 billion pounds (1.42 billion euros) for the first half of 2009, up 39% from 949 million pounds in the same period last year.
In BestWeek U.S./Canada, an administrative hearing to discuss how State Farm Florida will leave Florida has been moved to mid-November and in the meantime, it appears the state’s insurance commissioner has decided homeowners rates may need to go up after denying such requests for several years.
At the start of the year, State Farm Florida asked to leave the state’s property insurance market after getting a request for a 47% rate increase denied. At the time, it said it was losing money hand over fist and now, out of Insurance Commissioner Kevin McCarty’s mouth, is a report that State Farm is certainly not alone.
BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, please visit www.ambest.com/sales/BestWeek, or e-mail your request to customer_service@ambest.com.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
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