PCG quarterly report: PCG is running at 134% combined ratio. That is the result of unbelievably incompetent leadership. The sh*t is starting to hit the fan now. Mass non-renewals of policies and staff reductions are imminent. Shrinking the book to levels once unheard of in this division.
Once the book is cleaned up.......sell, sell, sell if you can find a buyer. Good luck to all the people in this division. Your work life is about to get very unpredictable. PZ is demanding action.
Ops, claims and RMS
Does anyone know which specific division will be targeted with the Rifs? I guess what I am saying is.. which division within P&C is going to get railed the most
There is a large non-renewal list circulating. There is also a rif list circulating that is anticipating the slowdown in business and the need to reduce expenses. Changes are a comin for sure.
PCG has always been a sh-t show. It is NOT profitable.. they manipulate the financials to make it look profitable year after year. We all know PCG is a boat that is sinking and it’s starting to come alive.
Also brokers are fed up that AIG switches up their strategy every year.. terms and limits we were once okay with last year are not okay with this year and BAM.. can no longer compete and we lose accounts. I seriously don’t get it anymore.
PCG greases their favorite brokers with extra commissions to retain the business, but then they non-renew the accounts every few years. Reinsurance isn't going to save PCG any longer. It is too expensive. I cannot understand why a broker would sacrifice their relationship with their best clients just to earn a few extra percentage points of commission knowing that it is the wrong choice for their clients and that PCG will put them in an awkward position when their guidelines change.
I have a made a great career avoiding PCG. There are a lot of options out there if you want to properly protect your clients.