NAME: Robert Larocca
NEW JOB TITLE: Woodbury, New York-based executive vice president, chief strategic relations officer, SterlingRisk Insurance
PREVIOUS POSITION: Woodbury, New York-based executive vice president, chief strategic relations officer, SterlingRisk Insurance
INDUSTRY OUTLOOK: Were consistently seeing rates harden in most if not all product lines, industries and regions. Its one of the most challenging cycles in decades. Even before COVID-19, businesses were experiencing increased premiums due to higher awards for verdicts and other shifts in society. Im hopeful that premiums will stabilize in the second half of 2021 into the first half of 2022 along with an improved economy.
GOALS FOR NEW POSITION: As chief strategic relations officer, I will further develop and strengthen SterlingRisks relationships within the insurance industry and explore new opportunities that bring value to our clients and enhance SterlingRisks position in the market.
CHALLENGES FACING THE INDUSTRY: SterlingRisk provides professional services to clients nationally. However, we have a significant client base in the Tri-State area. Carriers continue to reduce capacity and are more restrictive here due to coastal flooding, exposure to wind and other key factors.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: I was fortunate to begin my career straight out of college at Marsh & McLennan Cos. Inc. in New York. Working at an international firm with resources and training was a powerful and exciting introduction to the industry. I knew right away that insurance was for me. I quickly began learning the nuances of the business and began developing relationships that I am proud to still have to this day, 30 years later.
ADVICE: I always tell people considering the insurance industry to explore what motivates and challenges them, to find out where their strengths and skills lie. Ultimately, you want to identify a specialization and establish yourself as an expert. People value professionals who are specialists in a specific area of insurance or industry.
OUTSIDE THE INDUSTRY, A DREAM JOB: I would love to own a restaurant. As a teenager, I worked in restaurants and have always been drawn to the whole dining experience, including the importance of excellent customer service.
COLLEGE MAJOR: Business management
LOOKING FORWARD TO: I look forward to broadening strategic relationships both inside and outside our industry and identifying and enhancing what matters most to our clients.
FAVOURITE MEAL: It would definitely be Italian. If I had to go with one meal, Id choose Chicken Scarpariello with hot cherry peppers. On the bone, of course.
BOOK: Philistines at the Hedgerow, by Steven Gaines
HOBBIES: Golf and skiing
TV SHOW: Blue Bloods
ON A SATURDAY AFTERNOON: Spend time with my family and, depending on the season, golf or ski.
