Private Client Group

Agree with the PCG comments. It is truly amazing how quickly this company has fallen. I cannot believe PZ hasn't made a change of leadership, but KZ is his friend and that is really paramount these days. KZ in turn filled the ranks with her friends, so it is one big happy failing nepotism party.

Since this regime took over moral is zero. Talent and customers are fleeing at an alarming rate. The combined ratio is around 130%. This company is one CAT disaster away from receivership. Most brokers are angry unless of course the broker is one of the few that PCG is greasing with extra commission to sell their customers on an inferior, shrinking company that outsources most aspects of their business while claiming to be the high net worth insurer of choice. LOL, no I think that is Chubb.

So now the strategy is to non-renew thousands and thousands more homes in the next few months because PCG cannot secure reinsurance for their failing book of overexposed business. That should go over well with your brokers.

You know it is rough when PZ spends several minutes talking about how to fix the mess on the Q2 investor call and the only answer is non-renew thousands of your best clients. PCG will either be run down, sold or it will fail. There are too many new companies with better products and systems that work. Like so many other AIG companies, the world has passed PCG by and it is very unlikely PCG will ever catch up. How long does PZ chase his tail before pulling the plug on his friend?

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Hubris, nepotism and an acute lack of understanding is a recipe for disaster.

To whoever put the question below here, ACE bought Chubb because Chubb was / is the premier HNW home insurer, not PCG.

Question - didn’t Ace buy Chubb because they were jealous of AIG’s PCG and wanted to get seriously into PCG business sector? I’m not in the PCG section, so, what the heck happened over there?

I wonder how much AIG will get when they sell it. I’d offer a couple of subscriptions to the jelly of the month club.

My how things have changed at the mighty PCG. KZ came in and cleaned house, installed all of her friends and proclaimed that PCG would go to market and pick and choose the accounts they wanted and brokers would give it to them because we are PCG! Defend accounts within an inch of your life if necessary!

Yeah, that didn't work so well. Now she goes with her tail between her legs and says to those same brokers we are non-renewing thousands of accounts because we have to fix our aggregation, sorry. But wait Mr. or Mrs. Broker, we still want your best accounts in non-cat areas, please, pretty please, we will even give you extra commission, please. We won't non-renew those in two years, promise.

This group was clearly in way over their head when PZ installed them to run this company. No doubt PCG needed work before KZ, but now it is beyond repair. Put PCG to bed and move on.

KZ hasn’t shown her face or sent any of her obligatory DEI emails in months. PZ wants nothing to do with PCG or the hundreds of millions (and counting) wasted away on PCGx. For those who are still there, pick up the phone when Chubb or Pure call. Layoffs are coming very soon and you’re gonna miss out on many good opportunities.

My bet is run down or sell (assuming there is a su---r (oops buyer))

Thread regarding AIG (American Intl Group Inc.) layoffs

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