Disruption in the Marketplace

This post utilized content from Property Casualty 360’s Heather Turner & PRNewswire.

On January 4th, 2021 PRNewswire announced Philadelphia Insurance Companies (PHLY) acquisition of the Staffing Insurance Business offered by Worldwide Specialty Programs, Inc. The transaction closed on December 31, 2020 complimenting PHLY’s broad suite of specialty services. PHLY markets and underwrites commercial property/casualty & professional liability insurance products. PHLY has an “A++” (Superior) rating by AM Best Company.

We anticipated the post-acquisition news being focused on PHLY’s delivery of industry-specific services to the temporary staffing space. Similarly, we are committed to a different industry niche, the Professional Employer Organization (PEO). We remain hopeful that PHLY will continue to support PEO, just as World-Wide has done for many years.

Entering the 2nd Quarter of 2021, uncertainty has become part of our new normal. In a recent article, Property Casualty 360 discussed fluctuation within the marketplace (4th Quarter 2020 – 1st Quarter 2021). Pre-COVID validated the firming of the marketplace. The initial impact increased underwriting scrutiny, rate increases, higher retentions, jurisdictional scrutiny and capacity reduction. As a result of COVID-19 related case uncertainty, higher than normal judgements, and developing CAT losses, there has been a continual hardening of the market. We expect rate increases, lowering capacity, limiting or transferring risk, and insurers scrutinization of risk profiles.

In conclusion, industry and marketplace changes or shifts have always been and will continue to be.  As the industry constricts, options, terms and conditions tend to constrict with it.  Your upcoming casualty lines renewal may look different, and we highly recommend staying out in front of it.

With that being said, contact Libertate Insurance Services for all your PEO-related insurance needs by emailing us here.

This entry was posted in Accident and Health, Brokers, COVID-19, Industry News, Insurance, PEO Industry Topics, Specialty Casualty (Cyber/EPLI/Professional), Underwriting, Workers Compensation and tagged , , , , , , . Bookmark the permalink.
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About James Buscarini

- Co-Founder of ZoneCare USA, LLC., a national provider of medical wheelchair, ambulatory and stretcher transportation, translation, & durable medical equipment services for injured workers compensation patients. Acquired by One Call Care Management out of Jacksonville, FL in 2008 - Architected, recruited, hired and lead a nationwide sales team made up of top earning industry producers - Proliferated gross revenue growth and profitability to > 26 million dollars (pre-acquisition of ZC USA by the buyer, Monitor Clipper Capital & MSC/Medical Services Company, Jacksonville, FL) in 2008 - Co-Founder, Managing Member, EVP of National Sales @ Speedy Re-Employment and Medicare Set Asides & selectMRI (a national diagnostics network) also purchased by Monitor Clipper & MSC in 2008 - Organized capital infusion after launching DENTALWORKS USA, a nationwide network provider of dental services to the workers compensation space - Won new and organic business contracts & quickly achieved run rate of >3 million annually securing nationwide, marquee contracts with exclusive provider rights to the likes of BCBS FL, AIG, PMSI & Healthcare Solutions - Captured 35% + market share in the dental space for workers’ compensation dental claims - Written quote from a friend, "James possesses a strong right brain, a strong left brain and an even stronger middle brain. If you're not familiar with the middle brain it's the rare ability to treat all people with respect and make them feel important!" - Sold record breaking deal first 90 days in technology space - Recognized as part of LinkedIn’s "Top 1% most viewed”

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