Issues & Answers Special Advertising Section
President and CEO
Lexington Insurance Company
“We have an incredible leadership team at Lexington and I think that plays a large role in keeping people happy and successful.”
How have you seen the market change over the past year?
Growth in specialty products and demand for insurance protection in an ever-increasingly dynamic market has continued to drive excess and surplus lines business. What has been causing the growth? Well, the primary factor is a hardening market, resulting in the movement of business from the admitted to the nonadmitted market. This type of movement is normal and expected after a firming of the market, when admitted carriers shed business that is more appropriately suited for the nonadmitted market.
How has Lexington responded to the changes?
Lexington has also come a long way in a year. We continue to focus our efforts on strengthening our book of business through smart underwriting at appropriate rates and working closely with our broker partners to do what we do best ... provide custom solutions to help solve their clients’ risk needs.
What benefits can the E&S market provide to brokers over the standard admitted market?
Flexibility – The E&S market has the freedom of rate and form to develop solutions for risks that would be hard to place in the admitted market. That flexibility allows an E&S carrier to customize the coverage to meet the ever-changing needs of the market.
Experience – The E&S market historically has been the place where brokers find solutions to their most complex risks. Experience plays a large role in understanding risk and underwriting it correctly for the benefit of all. Whether it be a new technology risk or a catastrophe exposure, the E&S market is well poised and ready to provide solutions to mitigate and protect against it. At Lexington, we have over 50 years of experience. It is hard to ignore that.
How do you attract and retain good talent at Lexington?
Strong talent is not only the recipe for success at Lexington, but also for the industry. As many senior insurance professionals retire, the industry as a whole must work to attract new talent. At Lexington, we have a thriving summer intern program across our business segments with college students bringing enthusiasm and reinvigorating the staff with their energy. Many of these interns will turn into tomorrow’s industry leaders. This year, we have approximately 25 summer interns joining our ranks for 8 to 10 weeks.
Another important element regarding talent is the ability to retain good talent. I am proud to say that we have a number of employees who have spent their entire career at Lexington. At our internal town halls, we like to celebrate the anniversaries of these employees with a shoutout and a job well done. But, it isn’t just the recognition that retains employees, it is a combination of opportunity, advancement, continual learning, and strong leadership that keeps employees satisfied.