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Letter from Washington: Chicago as America's true insurance capital

Spending Thanksgiving with my parents in Chicago last week, I continued to be amazed by the emergence of Chicago as the nation’s true insurance capital. Four of the five tallest buildings in the downtown—Willis Tower, Aon Center, Two Prudential Plaza and  the John Hancock Center—bear the names of insurance companies.

There’s a strong libertarian tendency to place the credit for Illinois’s  emergence on its no-file-for-personal-lines system. Certainly, all other things being equal, this has some merit. No-file lets companies make more money near home and also attracted other insurers (international ones) to Chicago and the State of Illinois. But it’s not really a very satisfying answer for several reasons.

Except for Willis, the large insurers existed and were big U.S. market players before no-file existed in Illinois. While big personal lines carriers (Allstate Corp. and State Farm) that benefit from no-file are headquartered in Illinois, most of the companies involved don’t really worry about filing rates. Only one of the tall Chicago buildings is named after a company (Prudential Financial) that has done any rate-regulated personal lines P&C business at all, and Prudential exited that market years ago.

So if it isn’t no-file, why is Illinois an insurance capital? A few reasons come to mind.

First, Chicago and Illinois in general are roughly the population center of the country: about half of the population is on either side of the state. Particularly before widespread jet travel, and even with it, this gave multi-state companies a huge advantage in deploying networks of agents. Unlike an East Coast or West Coast company, the agents of an Illinois insurer could all be roughly equidistant from the home office. In fact, only three of the ten biggest P&C carriers (Liberty Mutual, American International Group, and Travelers Cos.) are located on the coast. Although Travelers keeps its executive office in New York and its single largest office in Hartford, Conn., it is actually incorporated in St. Paul, Minn. , reflecting its pre-merger history as The St. Paul Cos. And AIG simply isn’t a big personal lines P&C carrier any longer.

Prudential Florida Realty Managing Broker, Bonnie Peters Named ...

RISMEDIA, November 1, 2011–Prudential Florida Realty’s Managing Broker in Stuart, Bonnie Peters was recognized as the 2011 REALTOR® of the Year by the REALTOR® Association of Martin County (RAMC).

This is the highest recognition for a REALTOR® offered by the Association. There are currently more than 1,000 RAMC members.

“Bonnie is well deserving of this recognition,” said Rei L. Mesa, president and C.E.O. Prudential Florida Realty, Florida Real Estate Services.  “Her leadership and service to the real estate industry along with her commitment to the community and charity organizations, such as the Sunshine Kids, continues to inspire her Sales Professionals and Team. It is an honor and privilege to be associated and work with Bonnie, who joined our Prudential Florida Realty Leadership Team in January 2000. Her continued success reflects her strong leadership, commitment and dedication to the real estate industry. She is not only a friend, but also a true professional.”

Peters has been a Broker/Manager in the Martin County Area for over 21 years and a member of RAMC for over 20 years. She has served on the Image & Public Relations, strategic planning, Professional Standards, MLS, and Finance committees, along with many task forces over the years at the local level, and her Florida REALTORS® State Committee Service includes Risk Management, Professional Standards and the REALTOR® Attorney Committees.

She is a member of The Florida REALTORS® Honor Society, The RPAC Capitol Club, and a Fundraiser for Sunshine Kids since 2003, most recently with Prudential heading up the Sunshine Sprint Mini-Triathlon earlier this month.

Peters has served on the RAMC Board of Directors for a total of seven years, including stints as a director, secretary-treasurer, vice president, president-elect and, in 2010, president.

“Bonnie has worked selflessly and quietly over the past years to make sure that RAMC REALTORS® are the most professional and well trained as they can be. In this difficult and changing market place, her contributions to the REALTOR® Association as an organization have provided a vital sense of stability and professionalism,” commented the RAMC representative.

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