I hear that retail/wholesale UW’s will experience massive layoffs soon. What’s the issue? Thought our combined ratio was good enough…
Anyone have any more details on this?
13 replies (most recent on top)
I worked for Fund when they were sold to ACE. We were all called in to a mandatory meeting. Some employees went to one room, some to another. The employees that ACE could use were offered a job. The rest were told thanks for your service and shown the door.
KZ was at Fund back then. It was an eerily similar situation to PCG today. Good luck, you’ll probably need it soon.
PCG for sale will never be spoken until the deal is closed and you are being rebadged.
The concept is that PCG is shedding millions of $ of premium. PCG needs to show a profit before anyone would even consider buying. Management is willing to shrink the book to any level and cut expenses to try and show a profit.
Think about what is happening. Wealthy people live in CAT prone areas. PCG is essentially exiting CAT prone areas in California and Florida. Two of the biggest states for wealthy people excluding NY. What that tells you is PCG is either going to be like a State Farm or Allstate or they will try to sell their book as soon as it shows a profit.
PCG's CEO is celebrating losing millions and millions of dollars of premium and is destroying their reputation in the market. Does that sound like a plan for success or future growth to you? If it does, then bury your head and keep working hard to non-renew those policies. AIG needs you!
Prior post: "Today's Townhall confirms: PCG is on track for sale in 2023. Congratulations, thanks for all of your hard work!"
I must have missed that part of the call unless it was during a breakout session? Not sure where you heard that. Not saying your wrong even if it wasn't stated but if you heard that during the call please enlighten me
Buy, buy, buy, buy, sell, sell, sell
How well you learn to not discern
Who's foe and who is friend
We'll own them all in the end
Today's Townhall confirms: PCG is on track for sale in 2023. Congratulations, thanks for all of your hard work!
Claims at PCG is an absolute disaster. Most talent departed a long time ago, either went to better companies or retired. The few in-house adjusters that are left basically manage claims that are outsourced to tpas. As an insured of PCG you are supposed to get superior claims service. What you really get is an outsourced adjuster handling claims outside of their ability. Hence, PCG pays enormous claims. It is a trainwreck, but as the op says, no one cares.
I had cases against PCG insureds and for PCG insureds seen it inside and out been around a while too never saw so many millions thrown frivolously without investigation at claims (except once at CNA) even watched while PCG funded lawsuits for its celebrities against other AIG insureds nobody cared because it was more business for both sides known nonstop money source shocking to anyone with a conscience at was discussed at the time I thought they transferred these accounts to Chubb
That is hilarious. I have never heard that story before. I do remember her calls during the pandemic when she explained how hard it was for her to work from her mansion in Connecticut. She would put on a hat to try to act like she was an everyday person just struggling to get by. Everyone felt really bad for her I'm sure.
She comes up with some hairbrained stuff, but most of her inner circle was imported from Fireman's Fund or QBE. They are all scared to challenge her in any way so they tell her those things are a great idea.
Most underwriters and the brokers I know understand she is a phony. They use PCG when they can because they make higher commission, but most brokers are realizing the baggage that comes with that commission is not worth it.
If PCG is sold or run off, does that mean the brokers have to return all of the free pairs of running shoes KZ sent to them during Covid? Yes that really happened.
You only need look at the past to realize the future. PZ brought KZ to PCG for a reason. She joined Fireman's Fund in 2011 when it was struggling, by 2015 it was downsized and sold to ACE. She has done this before. We are going into her 4th year at PCG. 2023 is the year.
Have you ever heard senior management so happy about non-renewing such large swaths of business? Of course not, that would only make sense if you were preparing your book to be sold. Ding, ding, ding. When you hear the deleveraging plan is going great it means you are one day closer to being sold.
This is the relative calm before the storm. 2023 is the year of reconning. From the plans I have seen AIG will be a shell of its prior self by 2024. PCG is top of the list for sale or runoff. Sale if they can show a profit in a relatively quick timeframe, runoff otherwise.
The fire sale happening now at PCG is the beginning of the end.
Quite possible scenario. Hence one reason why attrition in tech is at historic levels. Not replacing any people with new hires, dumping work on the remaining minions. Think anything might go wrong?
PCG is not profitable. They’re looking to either send everyone to Accenture or break apart this company within months.
Look at pattern. Life and Retirement is gone, WC is gone, claims is in the process.. you think PCG will keep this company afloat? They’re the reason why AIG can’t be profitable. Open your eyes and see that executives are getting ready to jump ship before AIG splits apart and is sold off