Doom & Bloom ??

-It's been a busy quarter for the insurance world, and not so much in a good way.

We have seen a tornado in Los Angeles, huge underwriting loss in 2022, massive layoffs, continued inflation, and a looming economic downturn around the corner.

• Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011 (insurancejournal.com)
• APCIA Says Property Insurance Market ‘Hardest in a Generation’ (insurancejournal.com)
• Auto Carriers are fleeing California with the Department of Insurance nowhere to be seen.
• A recession in 2023 is now inevitable. Layoffs in tech and finance will spread to other sectors | Fortune

The last 24 months has been a whirlwind of money flying around the insurance space. We have seen record-setting consolidation, a bloody fight for talent (producers and support staff), and massive "over-paying" through it all. Now that things are starting to settle down, will the insurance industry be next on the list of massive layoffs? The alphabet houses have these assets that they overpaid for and the investment money is leaving the sector because of high interest rates. (if interest rates are low, PE$ comes into private sectors - if interest rates are high, PE$ flees to safer ground with guaranteed returns) What will they do? What will they be forced to do? Seems everyone forgot the old saying "you make your money when you buy the house, not when you sell it."

Well, all of that seems so DOOM & GLOOM.

Onto the good stuff. We, Modern Reign, have seen a beautiful blooming of young people in the insurance space. It is so refreshing and quite a relief to see. I think I speak for all Insurance Professionals when I say that we want to see that bloom of young talent continue.

Here are some of the young people that we are super excited to keep an eye on as they advance through their career:

Chris Wessels 2023 Power Broker Winners - Risk & Insurance : Risk & Insurance (riskandinsurance.com) Lauren Fernandez Kristin Maruri Taylor Bridges Micah Salas Rebecca Magalnick Angie Caruso Chris Bartlett ??Spencer Smith, CSFS? Kaitlyn (Kait) Oudt Josh Diggs Josh Stroup Christina McCalmont Val B. Chris Gutierrez, FCLS, WCLS, CECI, CFSE, CBAA, PI Cristina Guereca Hayley Brown Michaela Alexis Lindsay Burtea Rocio Luna, CRIS Zach Brown ????

These are just a few of the young people that are going to make big waves in the insurance industry moving forward! Modern Reign is very much looking forward to following their careers, you should too!

See, we started doom and gloom but ended with the seeds that will keep feeding the insurance space for another generation.

Quotes of the week: (if you have any questions on these, feel free to reach out)

1. If you're early you're on time. If you're on time, you're late. If you're late, you're fired. (too harsh?)
2. Pick a horse and ride it. (Quoting vs BOR)
3. Burn your Boat (a must)
4. What got you here, won't get you there. (most common mistake)
5. Iconic vs Ironic (seeing things through a marketing lens)

Have a great Q2 of 2023! We are rooting for you.

Go get em.

Modern Reign