NAME: Peter Schmitz
NEW JOB TITLE: Ft. Lauderdale, Florida-based senior account executive, aviation, The Loomis Co.
PREVIOUS POSITION: Miramar, Florida-based aviation practice leader, Lockton Cos. LLC
INDUSTRY OUTLOOK: Specifically, regarding the aviation sector, the outlook seems to be that rates will continue to trend upward until underwriters recoup a sizable portion of premium income loss over the past 10+ years tied to the soft market. Overcapacity in the sector contributed to rate declines for an unsustainable period. Now we are seeing a substantial drop in capacity with several underwriters exiting aviation, which is fueling the underwriters ability to get rate increases. Until such time the capacity begins to increase, its unlikely well see a softening of the aviation market.
GOALS FOR NEW POSITION: Joining The Loomis Co. offers me the opportunity to bring my global range of experience and relationships to enhance their aviation offering. Jim Loomis love for aviation as a professional pilot and CEO of an insurance broker has provided me a platform to grow the aviation business and expand into areas they have not traditionally been involved with. My goals are tied to growth and protecting what our clients value most: their people, their assets and their future.
CHALLENGES FACING THE INDUSTRY: For clients, they must remain competitive with their peer group and not surrender coverage limits and policy enhancements to do so. As rates climb and underwriters become more selective, our clients need to be informed as to what influences underwriters risk selection and pricing. For brokers, they need to create innovative solutions for their clients and avoiding talent loss. Underwriters need to return to profitability.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I joined USAIG back in the 1980s as an underwriter in New York without even knowing what an aviation underwriter was. I was flying commercially and decided to exit the cockpit and start a career in aviation but with regular hours and less volatile circumstances. I was fortunate to work for some of the best in the industry who provided me opportunities and experiences that shaped who I am today.
ADVICE: Id venture to guess 85% of the aviation brokers and underwriters today entered this industry without a clue as to what they were getting into. I can remember taking an aviation insurance class at Florida Tech and thinking theres no way Id ever consider a career in insurance. Thirty-five years later, I can look back at an extremely rewarding career filled with great relationships and lots of fun. My advice would be to keep an open mind and consider all options. Aviation insurance has many different areas, and all offer exciting opportunities and satisfying careers.
OUTSIDE THE INDUSTRY, A DREAM JOB: A professional drummer. Ive always enjoyed drumming, and playing for bands like Rush, Santana or Dave Matthews has always been something I have idolized.
COLLEGE MAJOR: B.S. in flight technology. Associate of Science in transportation technology at Florida Institute of Technology.
LOOKING FORWARD TO: Contributing and building a solid book of select clients that seek value in what The Loomis Co. and I have to offer. Aviation insurance is my specialty and having the resources available through my colleagues at Loomis allows us to provide all lines of coverage for our clients.
FAVOURITE MEAL: I really enjoy Chicken or Veal Francaise. One of my passions is cooking, and Im told I make a pretty good Francaise. When I go out, I often order this to compare. It drives my wife crazy that I pick the same dish everywhere.
BOOK: In Harms Way, by Doug Stanton. Its about the sinking of the USS Indianapolis and the survival of the crew.
HOBBIES: Im a garden railroad junkie. Garden railroading is essentially building an outdoor railway with large scale trains that can withstand the elements. I had a 200-yard layout at our home in New Jersey. Now that Im in Florida and have a new grandson, Im considering building a new layout so we can enjoy it together. I also love to play golf, drum and cook.
TV SHOW: The Office
ON A SATURDAY AFTERNOON: Play golf and catch up on the weeks chores and shopping.
