Mony Group beefs up presence in Connecticut with new brokerage. (Life/Health: Marketplace).MONY MONY Mutual of New York (Insurance - Syracuse, NY) Group New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of has added high-service underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. to its plan to develop distribution through brokerage general agents with the creation of an underwriting unit in Simsbury Simsbury, town (1990 pop. 22,023), Hartford co., N Conn.; inc. 1670. Although the town is mainly residential, it produces ordnance, machinery, and chemicals. The Westminster School, the Ethel Walker School, and the International Skating Center are located in the town. , Conn. The unit will help the group wholesaling team, which it set up near the end of 2000 in Hartford. Simsbury is the back yard of Hartford Life, which built its considerable business beginning two decades ago by developing relationships with independent brokers. MONY is not trying to send a message specifically to Hartford Life, but the new underwriting team is a "bold step to demonstrate to the brokerage marketplace that MONY is serious" and is a "player in the neighborhood," said Jeremy Holmes, vice president of MONY Life Insurance Co. and director of the operation. "There's no place better that we could pick to make a statement than the Hartford area," said Holmes. "We're the natural evolution of the wholesaling program." As of late May, MONY had about 50 wholesalers occupying about 40,000 square feet in downtown Hartford. The Simsbury unit has six underwriters with 20 to 40 years of insurance experience and 10 support personnel using advanced information technology. Holmes said the team will concentrate on being courteous cour·te·ous adj. Characterized by gracious consideration toward others. See Synonyms at polite. [Middle English corteis, courtly, from Old French, from cort, court; see , responsive and creative and on developing confidence among brokers in its expertise and integrity. The team has autonomy in underwriting decisions and can authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) policy face amounts up to $30 million. Holmes said the brokerage market is very competitive, but in a quiet way. "If you're not doing what they expect, you don't get big complaints," he said." They just don't come back." The unit's goal is to process 300 to 600 applications per week by the end of this year. |
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