This past Friday, the Wisconsin School of Business' Risk Management and Insurance faculty, staff and MBA students had the extraordinary opportunity to have lunch and meet with Mike Miller, President and Chief Executive Officer of OneBeacon Insurance Group. OneBeacon is a specialty-focused insurance company which reported over $1.2 billion in net written premiums in 2014 through offering a wide variety of products, some of which include ocean and inland marine, commercial surety, accident group, management liability, financial services, healthcare, tuition reimbursement, environmental, and excess property.
Among many topics, it was especially interesting to receive Mr. Miller’s insights regarding the insurance industry and the different carriers based on his 30 year successful career in the property-casualty industry. During this conference, Mr. Miller discussed transformational insurance topics such as: alternative capital, alternative risk financing, emerging risks, the global insurance market, cyber risks, and the long lasting soft insurance market.
After lunch, Mr. Miller spoke to a larger audience about career development, the history of the insurance markets and OneBeacon, as well as the vital importance the insurance industry plays in the US and Global economy. As a CEO in the insurance industry and a former employee of Chubb, Mr. Miller offered valuable insight about consolidation and recent insurance mergers. He then shared his persona experience about the challenges arising when merging different enterprises.
As a former employee of Berkshire Hathaway’s subsidiary—GEICO, the second largest automobile insurance company in the United States, it was particularly captivating for me to hear about Mr. Miller’s many encounters with GEICO’s former CEO Jack Byrne (Insurance Hall of Fame member—frequently referred to as the “Babe Ruth of insurance”) and the profound role of Jack Byrne in the development of OneBeacon.