WIN Magazine - Summer 2014 - (Page 44)

In the WIN-ner's Circle An Interview with Frank Mastowski, President, AAMGA T HE A N N UA L MEETING issue of W hole s a le Insurance News profiles the sitting president of the American Association of Managing General Agents, as they complete their term in office. Frank Mastowski has led the Association for the past year with a dynamic enthusiasm focused on advancing the wholesale insurance marketplace through its strategic opportunities. Prior to his founding of the Jimcor Agencies in Montvale, NJ in 1986, he was vice president at Western World Insurance Group. WIN magazine recently sat down with President Mastowski and obtained his view on the past year and the future of the wholesale insurance industry. WIN: You have founded and developed an outstanding wholesale operation. What has been the most significant change you have seen in the wholesale insurance market in the last ten years? How did it affect your business? The most significant change experienced over the last ten years is the actual speed of change and in particular "technology." Jimcor, as many others in CAT prone areas, have been affected by modeling agencies. Modeling created issues with property aggregate capacity. In some years more than others, we had more capacity than business that we could produce. At times revised modeling "updates" made our book of business less attractive as the modeling companies moved the bar inland. Our spread of business affected the results. We are fortunate to have systems that capture data to have allowed us to populate the information required of the "modelers" to maximize our CAT capacities. This stabilized the impact on our producing agents and especially on their renewals. With regards to on-line rate, quote and bind systems we were an early participant initially developing our own systems and through the AAMGA Automation Committee efforts, moved the industry toward the on-line platforms. This has been an easier process over the last couple of years because of the advanced capabilities being developed by technology companies which are improving the speed and ability to transfer 4 4 | v i e w t h i s i s s u e a t | data. So the speed of change over the last ten years has been significant. WIN: What caused you to enter the wholesale insurance arena? It has been twenty eight years since I left the Company side of the business. Sixteen years of my career was working with a premier E&S Company and I was fortunate to be in a key role that developed that carrier in its formative years. I think the entrepreneurial DNA in my blood  caused me to consider moving to the wholesale side of the equation once I determined that it was time to  move on. I was fortunate to work for an individual who also gave Jimcor its first MGA contract. To my wife's and my good fortune, it became a family run business that grew into a larger wholesaler operating our business based on family values. WIN: What would you say are the strategic pitfalls wholesalers need to keep their eye on as they grow their business? State and federal issues can constantly change the insurance wholesaler's ability to transact profitable business. This is especially true as

Table of Contents for the Digital Edition of WIN Magazine - Summer 2014

Cover Story: High Risks on the High Seas
The Rising Importance of Property Catastrophe Risk in the “New Normal” of the Nonadmitted Market
Claims Leakage: Plugging the Hole with Predictive Modeling
Managing Casualty Risks
Understanding the Data Viability and Uses for Underwriting Commercial Auto
2014 AAMGA Wholesale Insurance White Paper Winner: Pandemic Insurance in the Excess and Surplus Lines Insurance Industry
2014 AAMGA Wholesale Insurance White Paper Winner: Catastrophe Bonds: Looking Forward
Organizing Emerging Risks: AAMGA Formalizes a Collaborative Approach
In the WIN-ner’s Circle
Index to Advertisers

WIN Magazine - Summer 2014