From the Editor's Desk
Starr’s Greenberg discusses the need to continuously evolve. Lloyd’s of London goes through a self-imposed transformation. And two fraternal insurers join hands to overcome technology challenges.
- Patricia Vowinkel
- March 2020
“We lived on change.”
Maurice R. “Hank” Greenberg has never been one to shy away from a challenge. As the former leader of AIG and current head of C.V. Starr, he's long been one of the driving forces in the insurance industry, challenging the status quo and seeking to expand opportunities.
Best's Review spoke with Greenberg at his office in New York City on a December day just before Christmas. In this conversation, Greenberg discussed the insurance industry's need to evolve and adapt to change. He spoke about his time in the Army and about carrying out orders, both in the military and on the corporate battlefront.
Over the course of his career, he's pioneered new lines of business and transformed the companies he's led.
“AIG had a culture of innovation in the insurance industry unlike anything the industry has ever seen,” said Marsh & McLennan CEO Dan Glaser, who worked at AIG under Greenberg.
Read “Change Is Inevitable,” for more about the discussion with Greenberg.
An ocean away, Lloyd's of London is undertaking a major transformation on several fronts. Its Future at Lloyd's initiative calls for more technology, closing unprofitable business lines and promoting diversity.
“The world around us is changing. The expectations of our own customers, the type and style of their business, the risks they present are very different to the risks that were presented even five and 10 years ago,” Lloyd's CEO John Neal said at the AM Best Insurance Market Briefing-Europe in London.
In “The Choppy Seas of Change,” Best's Review examined the pressures on Lloyd's and how it's responding.
Changes are taking place throughout the insurance industry, not just among the largest organizations.
In “Coming Together,” Best's Review looks at an initiative by two fraternals, Catholic Financial Life and Catholic United Financial.
They launched a joint venture last year that allows them to develop and share state-of-the-art technology and helps them to compete against larger peers.
The ability to move quickly and adapt is a theme that runs throughout this month's issue of Best's Review. March is Programs and Wholesale Business Awareness Month. The wholesale business and specialty markets play a critical role for the insurance industry, helping the industry respond to changing customer needs.
The wholesale and specialty market trade group WSIA will hold its underwriting summit on March 1-4 in Palm Desert, Calif.
The March issue of Best's Review also offers a look at insurance asset management. Anthony Silverman, associate director, analytics, AM Best, spoke at AM Best's Insurance Market Briefing-Europe, held in London and discussed a recent AM Best survey about European insurers and illiquid assets. Go to “Building Assets” to read more.