Client Results - Casualty Success
A Fortune 500 Processing Company
Lowered their Fixed Costs by Over 25% with Beecher Carlson’s Environmental Casualty Insurance.
A Fortune 500 processing company turned to Beecher Carlson when the market had inefficiently priced the Company’s excess insurance as a consequence of the end use of their product and nature of their real estate holdings. Additionally, collateral was excessive in part due to an inefficient solution for an environmental casualty insurance issue. A new risk manager was hired and although the insurance was marketed aggressively the prior year, he knew that with the right broker, he could do better.Beecher Carlson developed a strategy to reintroduce the company to the market and correct misconceptions about the nature of the Company’s operations. To do this, we changed market access points and built a rapport between the risk manager and the operational management of several select insurance companies. As part of our marketing campaign, we developed an overarching theme and key messages in addition to quantitative support to bolster anecdotal evidence. Further, we introduced a self-insurance solution, created an environmental casualty insurance product to discharge collateral and utilized a time series collateral analysis to maximize our negotiating leverage.
The results: we helped the risk manager accomplish his objectives by:
- reducing fixed costs by over 25%;
- cutting needed collateral in half;
- reducing retentions on pieces of the primary program and;
- manuscripting coverage to close potential gaps created by anachronistic policy wording.
