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Member, Beacon International Group, Ltd.
2008 NET WRITTEN PREMIUMS: $7.08 billion
EMPLOYEES: 1,400
Lexington Insurance Co. has distanced itself from parent company American International Group Inc. in the past year, and then distanced itself from its competition.
While AIG has had its struggles since its near-collapse in 2008, Boston-based Lexington has thrived despite a soft surplus lines insurance market. Now a subsidiary of Chartis Inc., Lexington continues to provide policyholders with the same service and product innovation it has in the past, which is why it was voted the best overall surplus lines insurer in the Business Insurance 2009 Readers Choice Awards for the fifth consecutive year.
“We've spent a lot of time over the past year communicating to customers and business partners that we are in good financial shape,” said Peter J. Eastwood, president and chief executive officer of Lexington. “That said, we have also worked hard to maintain longstanding relationships with customers and continue to innovate with new products to remain relevant. Our success is attributable to a culture that encourages our people to find ways to say "Yes' to brokers and customers and to get things done.”
Mr. Eastwood took the reins at Lexington in December 2008, after longtime Chairman and CEO Kevin H. Kelley left to become CEO of Ironshore Ltd. in the wake of AIG's near-collapse and federal bailout.
But Mr. Eastwood said Lexington kept its focus on product lines, customers and innovative thinking—keys to its continued success despite challenges stemming from AIG, the economy and a soft market.
“We are well-positioned in the marketplace with a talented team in place and demonstrated financial strength,” he said.
He said Lexington's client advisory board allows it to institute products and services that help it serve current and potential customers.