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Seneca Insurance Company, Inc.

 
Seneca is a commercial property and casualty insurance company licensed in 50 states. Standard Lines are available from locations in New York City, Richmond, Louisville, Denver, and Chicago. Through independent brokers and agents we provide property and liability coverages for risks classified as main street and specialty lines. We are a wholly owned subsidiary of Crum and Forster Companies.
Address: New York, NY, 10038    
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Website: Seneca Insurance Company, Inc.
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Seneca Insurance Company, Inc.
Seneca Insurance Company, Inc.
The Company’s reserves are reviewed and certified by Oliver Wyman (formerly known as William Mercer & Co.), which has performed this activity on behalf of the Company for the last 15 years. The Company’s reserves have consistently developed redundantly over this period.
Operating Strategy:
Seneca's unique way of doing business extends beyond our underwriting approach. We have a very flat management structure. Profit center managers have accountability and authority. New profit centers are typically established as start-ups by seasoned underwriters. Profit center managers receive substantial additional compensation based on their bottom line underwriting results.
Growth:
We identify and acquire talented underwriters and are willing to consider business plans in many different lines of business. Our interviewing process consists of discussing a business plan including of underwriting strategy, distribution strategy and approach to other matters such as facultative and treaty reinsurance. We expect each new profit center to produce reasonable premium growth for the first year and disregard proposals that involve unrealistic growth. Most profit center managers we hire have the following characteristics:
- They are frustrated in a larger company environment where they want to deliver an underwriting profit but may be unable to do so;
- They have conviction about how to make money and are committed to the underwriting process;
- They are principally problem solvers rather than “marketers”; and
- They have developed strong producer relationships over many years.
Underwriting Strategy:
The Company focuses on business that requires and rewards underwriting judgment and strong claims skills. We prefer to be a market of “last resort” rather than a writer of “preferred” risks. We look for inefficient markets and don’t rely on rating manuals.
We also seek a competitive advantage in every aspect of the underwriting and claims processes. We use tools that permit our underwriters to challenge the information set forth in insurance applications and expect them to do so.  We train our underwriters in financial underwriting as well. As a consequence, for example, we believe that the inventory values that we use are much more likely to be accurate (based upon a review of an insured’s financial statements) than those used by the underwriters of our competitors.
Our basic approach is to measure risk vs. reward for lines of business and individual risks:
- This usually means “best” risk in a perceived “hazardous” class or territory,
- Avoidance of catastrophic exposure of any kind,
- Restrict coverage where possible, and
- Make sure that underwriters are following the process, and control their tendency to “follow the market” in soft market periods.
The Company is opportunistic, contrarian (we want to write what other companies perceive to be “too risky”) but limit ourselves to those lines of business and types of risks which are within our institutional capabilities, (i.e., the skill level and experience of our underwriters and claims technicians).
Seneca constantly analyzes the risk-reward of each line of business. However, this analysis is not based upon models. It is principally based upon understanding changes in terms, conditions and pricing in the marketplace as well as changes in the number and appetite of participants in the market at any given time.

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Address and Phone Number
160 Water Street, 16th Floor New York, NY, 10038

Website: Seneca Insurance Company, Inc.  Seneca is a commercial property and casualty insurance company licensed in 50 states.

 

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