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Meadowbrook Insurance Group, Inc. (MIG) |
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CEOCFO Current
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This is a printer friendly page! Restructuring
has enabled Meadowbrook Insurance Group to get back to the basics of their original
business plan of providing specialty risk management products and services to commercial
accounts across fifty states through eighteen branch offices Meadowbrook Insurance Group, Inc. is a leader in the
alternative risk market; a program-based risk management company, Meadowbrook specializes
in alternative risk management solutions for agents, brokers, and insureds of all sizes.
Founded in 1955, Meadowbrook is among the top 25 insurance brokers in the United States
and currently has in excess of $500 million in premiums under management. “We are presently in what most people consider the hard market,
meaning that prices have accelerated over the last few years and it is more difficult to
buy affordable insurance from the perspective of the business owner.” Offers Mr. Robert S. Cubbin, president and CEO of Meadowbrook Insurance
Group, “When that part of the cycle occurs, many people look to
an alternative to simply buying a traditional insurance product, and since we are in the
alternative risk business, we are seeing a great influx of new business opportunities that
are coming to us. The growth opportunities are significant, and our real challenge at this
point is to look at the opportunities being presented, and to be as selective as we can
be, and only write the very best available business. This is very exciting time to be in
the alternative risk business. It is very busy but with that activity, comes the
opportunity to select some new and positive, as well as historically profitable
business.” Asked about changes that have occurred since he became CEO Mr. Cubbin relates, “We have gotten back
to the basics of our original business plan, which is to provide specialty risk management
products and services to commercial accounts across fifty states through our eighteen
branch offices. We have eliminated business that was a deviation from our original model
and refocused our attention on the business that historically proved to be profitable for
us. In addition to the restructuring of the business, we also hired new people in some
very key areas; we hired a new chief claims officer, a new head of corporate underwriting
and we have brought in some branch management executives. We hired a chief information
officer to bring our technology up to state-of-the-art. We have revamped the entire
management team and brought the company’s business model back to its original
structure.” Talking about Meadowbrook’s advantage, Mr.
Cubbi relates, “Most companies shy away from the
small/medium sized business because they can’t efficiently handle the back office.
With our technology and our processing advantage, we are able to do that. I think that is
one of the major challenges that we have been able to overcome, and it is a barrier to
entry for a lot of companies trying to compete with us.” “I
think the main thing that I like people to know is that our business is about the people
who work for us and the partnerships that we have established.” Continues Mr. Cubbi, “We have a strong management
team and I rely heavily on their expertise; you can’t manage a business in fifty
states without having a solid group of executives and managers who are supporting the
business plan. Another thing is the retention of our business and keeping our clients;
that is a very important part of our culture and I am pleased to say that we have achieved
unprecedented levels of retention of business because we have done the right things for
our partners and they have been very loyal through thick and thin. I always like to make
sure that I acknowledge and thank people internally and externally who make this all
possible.” |
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