Magazine article Risk Management

Benefitting from Market Flexibility

Magazine article Risk Management

Benefitting from Market Flexibility

Article excerpt

Gloria Brosius, corporate risk manager at Pinnacle Agriculture Holdings LLC, which sells seeds, fertilizer and plant nutrition to farmers in 35 states, said the soft market and greater flexibility from insurers have proved to be beneficial to the company's Jan. 1 renewals. With the company for less than a year and its first risk manager, Brosius has worked hard to avoid price hikes, despite loss histories in some areas.

"From a market standpoint, everything went along as expected and the soft market has really helped," she said. "Unfortunately, Pinnacle's loss history has been bad this year on our casualty lines from an auto, general liability and workers comp perspective." She added, "Because of the type of business we have, we probably see more injuries to workers than a company that has office workers."

While Brosius expected double-digit increases for those lines, "we actually got a decrease on our workers comp and only a 5% increase on our auto," she said. Their property program also renewed with an 18% rate decrease.

She attributed such favorable pricing to market conditions, insurer flexibility and diligence. "I have worked very hard on our property and casualty lines to develop relationships with all of our carriers," she said. …

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