NAME: Coy Rudd
NEW JOB TITLE: Jersey City, New Jersey-based executive vice president, excess and surplus lines, IAT Insurance Group Inc.
PREVIOUS POSITION: Jersey City, New Jersey-based executive vice president, excess and surplus lines, IAT Insurance Group Inc.
INDUSTRY OUTLOOK: The insurance industry outlook is very bright, with significant opportunity as new capital is introduced into the market. Insurers are focused on leveraging technology to improve processes and workflow. That will lead to more efficiencies and an improved customer experience for agents, brokers and clients.
GOALS FOR NEW POSITION: Our near-term goal is to expand IATs footprint in the surplus lines wholesaler distribution space. IAT has strong broker relationships and we want to provide additional tools to our partners to help them grow with our current product offerings of excess casualty, primary casualty, and binding authority for general liability, property and package.
CHALLENGES FACING THE INDUSTRY: Nuclear verdicts and settlements are challenging in terms of pricing our product for these long-tail liability lines of business. Coupled with inflation trends, it makes upfront pricing more difficult. The hardening market appears to be stabilizing, although we are still seeing some double-digit rate increases in certain segments of the market. Excess and umbrella is currently one example. However, for those insureds who focus on minimizing their risks, implementing strong loss control practices, and controlling losses, there is opportunity in the market to see favorable renewal pricing.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: Claims adjuster for auto and homeowners liability with State Farm Insurance Co.
ADVICE: Be open and flexible to change and keep learning the business.
OUTSIDE THE INDUSTRY, A DREAM JOB: General manager for New York Knicks or Brooklyn Nets
COLLEGE MAJOR: Economics
LOOKING FORWARD TO: Looking forward to working with the entire, newly branded excess and surplus lines team and expanding IATs footprint across our three businesses.
FAVOURITE MEAL: Almost anything cooked on a grill.
BOOK: Keep Going No Matter What: The Reginald F. Lewis Legacy: 20 Years Later
HOBBIES:
TV SHOW: Chicago PD
ON A SATURDAY AFTERNOON: Barbequing and attending or watching college football
