AIM was retained to develop and implement a five-year strategic plan for PFS, a life, health and long-term care insurer with over a $1 billion in premiums. Constrained by holding company debt, reinsurance surplus-relief repayment obligations and weak operating performance, PFS was rapidly losing value and market share. Following the conclusion of a comprehensive enterprise evaluation, AIM developed and implemented a strategic and operational plan enabling PFS to accomplish a successful initial public offering and ultimately its acquisition two years later, again substantially enhancing shareholder value.
UMI’s Board retained AIM to develop and implement a restructuring plan that would align the insurer’s products and services with its policyholder needs and requirements for the future. UMI ’s owner policyholders were major Northeastern utility companies. These utilities secured their workers’ compensation services and excess coverage from UMI. Within a year, AIM relocated UMI from high cost Manhattan to suburban, New Jersey; transitioned IT to a new tailored system; achieved targeted operating efficiencies and organizational structure; aligned governance and strategy with policyholder needs and services; and secured the additional capital UNMI needed to achieve its mission. AIM was also directed to hire a new president. After a thorough search and review process, AIM identified and retained the new president within four months. We managed UMI in the interim.
RNA retained AIM to resolve internal issues and revitalize its governance function to enable the Board to lead the organization and comply with Sarbanes-Oxley. RNA, a national fraternal with over 200,000 members, owned a life insurer with assets in excess of $880 million. Outdated governance and culture created an impasse betweenthe board, management and members. As a result membership was rapidly decreasing along with its life insurer’s premiums, profitability and surplus. Establishing a compliant and responsive governance function, promoting cultural change and aligning Board, management and regional fraternal chapters were key elements we addressed. Major accomplishments included changing RNA’s Bi-laws coordinated through thirty regional chapters and ratified at a special national conference.We guided the expansion and reconfigurationof the Board as well as requisite committees and procedures to be compliant with Sarbanes-Oxley, and All objectives were achieved within eighteen months, which transitioned RNA to meet member needs and be positioned for the future.
AIM assisted this fast growing regional bank through a planning process to diversify into insurance. AIM research identified critical success factors to create product and entry opportunities with value propositions that leveraged and augmented the bank’s resources and mission. Univest entered the insurance industry as a distributor of products acquiring strategically positioned insurance agencies and now has more than 30 dedicated professionals selling and managing personal and commercial insurance.
AIM guided HOW, the largest national home and condominium warranty insurer, through a process to identify new products and services to leverage and expand membership. Insurance products such as completed operations for builders, appliance warrantees for homeowners and joint ventures to offer homeowners insurance to first time buyers were identified opportunities. AIM took HOW through a matrix, pro’s & con’s evaluation comparing product option value propositions based on means of entry, pricing, distribution, offering sequencing, implementation analysis and objective achievement. Within two years, HOW was offering commercial insurance to members and preparing to launch its appliance warranty program.