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HARLEYSVILLE GROUP NAMED TOP MONEY MANAGER
Nelson's, one of the leading information sources for the institutional investment management industry, has named Harleysville Group as the "World's Best Money Manager" in the category of "U.S. Large-Cap Growth and Value Equity" for the three years ending December 31, 1998. Harleysville was also the number one money manager in that category for the three-year periods ending December 31, 1997, March 31, 1998, June 30, 1998, and September 30, 1998. During the three-year period ending December 31, 1998, Harleysville's annualized return was over 39 percent.As a result of that success, Mark Cummins, CPA, CFA, CCM, chief investment officer and lead equity manager of Harleysville Asset Management L.P., was the featured investment professional on a segment of CNBC's "Street Signs" on March 16, 1999. During "Taking Stock" with Ron Insana, Cummins discussed some of his top stock picks and answered questions about stocks from callers across the country. CNBC is broadcast in 70 countries worldwide.
EVOLVING INSURANCE INDUSTRY PROMPTS FORMATION OF TWO NEW FIRMS
Harleysville Group Inc., a national network of regional insurers headquartered in Harleysville, Pa., has created two new affiliates in response to changes within the insurance industry. Many small to mid-sized insurance companies find themselves under increasing pressure to remain competitive and offer better service to their policyholders, while, at the same time, seeking ways to become more efficient by reducing expenses and improving their earnings.Insurance Management Resources L.P. and Harleysville Asset Management L.P. were formed to offer solutions for insurers facing these mounting pressures. Outsourced services available include claims, loss control, actuarial, training/development and investment services.
"Controlling expenses is one of the most significant challenges facing companies," says Robert P. Albright, senior vice president of Insurance Management Resources. "By outsourcing certain aspects of their operations, they can receive a level of efficiency, experience, cost savings and flexibility that's not often available internally."
According to Gail Stewart-Rumsey, AIM, Insurance Management Resources' manager of claims services, her clients often see a reduction in expenses, an improvement in expense/loss ratio results and improved operational standards. "Through a wide array of claims management services, clients can choose the best combination to meet their needs, including claims audits, loss control management, workers compensation programs, third party claims administration, property management and physical damage management," Stewart-Rumsey explains. "Plus, our fraud deterrence programs help insurers combat the $80 billion insurance fraud problem in this country."
"A safer company can be a more profitable company," says Gary H. Weinstein, Insurance Management Resources' director of loss control services. "All companies, regardless of size, should implement loss control programs to help contain rising insurance costs. Starting with senior management and filtering down through every level of an organization, Insurance Management Resources' job is to offer specific solutions to specific loss control needs."
These loss control solutions can include complete operational reviews, drug-free workplace programs, safety committees, workers compensation cost containment, consultative guidance and much more. These services are available without the usual long-term contracts and bundled package programs.
Robert G. Whitlock Jr., Insurance Management Resources' chief actuary, sees the rapidly growing need for outsourced actuarial services. "Reserve adequacy reviews, statements of actuarial opinion, rate reviews, rate filing services-all of these are requiring companies to access these important services on an as-needed, unbundled and cost-effective basis," Whitlock says.
The insurance industry places a heavy emphasis on education and management skills, an area addressed by Insurance Management Resources' training and development division. Headed by Steven M. Horner, CPCU, CLU, clients can choose from insurance training and education, general business skills, management development and leadership skills, all of which can be customized to meet the specific needs of the insurance industry. "We'll work closely with the client to design and develop a program suited to their unique needs," Horner explains.
Insurers today must carefully manage their investments, not just to ensure their continued solvency, but to enhance profitability. Harleysville Asset Management L.P., managed by Mark R. Cummins, chief investment officer, offers complete investment management expertise tailored to the needs of insurers. "Managing over $2.6 billion in investments for Harleysville's regional property/casualty and life companies, the same experienced staff is prepared to partner with carriers of all sizes," Cummins says. Services include core fixed income and equity strategies, pension portfolio management, asset/liability reviews, and insurance accounting (Schedule D). "Our superior performance-which places us in the top 2 percent of equity managers-thorough insurance industry experience and smaller account minimums make us a perfect choice for small to mid-sized insurers," he adds.
According to Albright, Insurance Management Resources and Harleysville Asset Management's tailored and flexible approach is what makes them unique in the industry. "Our expertise in insurance is available to companies of all sizes, and our services are available separately or in various combinations to best meet their needs," Albright says. "These services are truly customized, and enable these two new affiliates to meet a client's goals and budgets more easily."
For more information
Call Harleysville Asset Management at (215) 256-5030 to learn more about these exceptional services. Or contact us via e-mail: assetmanagement@harleysvillegroup.com.