Operating & Financial Review
Clients – understanding their needs
Managing risk in remote partnerships
Interstate Motor Carriers Agency (IMCA) has been doing business with the Lloyd’s market for nearly 50 years. This contract, placed via their wholly-owned subsidiary, Parke Stethem Limited, is the oldest US trucking facility in existence and since the 1960s it has been led by Amlin and its predecessor syndicates.
IMCA was formed in 1936 to help truckers find
insurance coverage that was specifically
designed for their businesses and remains an
independent agency to this day. Lloyd’s is their
primary source for physical damage, cargo and
excess, general liability and property
coverages. Amlin’s Matthew Maxwell and
Graham Desborough both have more than
twenty years’ experience on this account,
dealing with the same principal throughout.
Amlin’s Overseas Auto team underwrote 51% of their 2006 income in North America and long-standing accounts such as IMCA form an important part of our portfolio. As our relationshiphas developed over the years into one of mutual respect and confidence, we have awarded increasing discretion to IMCA, making them effectively a local extension of Amlin’s underwriting in London. As our agents, IMCA now have authority within certain guidelines to underwrite, quote and bind coverage, issue policy documents and handle claims, thereby negating potential delays for a US broker dealing with a UK based insurer.
Unsurprisingly, since Amlin’s profitability and reputation rest on our ability to work with high quality agents, we are both selective and rigorousin managing these partnerships. We review comprehensively IMCA’s monthly underwriting reports and meet face-to-face several times each year, together with Lloyd’s brokers HSBC, to ensure that our underwriting philosophy is clearly understood and being adhered to.
IMCA places great emphasis on safety, providing qualified experts, training and resources to help their customers implement proven safety techniques. In return, their renewal rates are excellent at around 95% and income to the contract has increased ten fold over the last decade. Further, Amlin and IMCA have togetherdeveloped a new enhanced commercial auto package including premises coverage, specificallyfor their clients.
For IMCA/Parke Stethem, the ability to provide tailored policies backed by the financial strengthof Amlin’s Syndicate 2001 at Lloyd’s has helped develop a profitable and expanding book of business.
“Amlin’s knowledge of the
marketplace, cooperative
spirit and creative underwriting
has helped us grow over
the years. They have been
consistent and dependable during all
insurance cycles and we look forward to
continuing this relationship in generations
to come.”
Gary Weindorf
Executive Vice President and Owner