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The Once and Future C&F - Building an Empire
Crum: That same thing has worked for over 70 years. What’s your problem? Forster: There is a reason that the company has been around for 70 years when others failed — we are so conservative. The world has changed. If we want to keep up, we need to change too! Crum: So you have a better idea? Forster: I do. We start our own company. Ackerman: It takes capital to start an insurance company. Do you have money that you have been hiding? Forster: Ha ha. No, my idea is that we start a company to manage the business of other insurance companies that want to enter New York. Ackerman: What kind of company would let us manage their business? Forster: Believe me. They are out there. Everyone wants a piece of the New York market — but the regulators have made that difficult and cost prohibitive. Crum: Okay. I’m listening.
Forster: Think about all of the business that we decline right now. It’s not bad business — it just doesn’t fit our tight guidelines. Think of accounts we decline just because we are too concentrated in one area. It is still good business. The buildings that don’t quite pass our inspection — someone still insures them. Crum: Hmmm. Forster: With the city growing like this, there are not enough people around who can spell insurance, much less handle the volume of business that is coming. Crum: That’s true. Forster: That’s where we come in. We set up shop, market the business, underwrite the business, handle any claims, take care of the administration — all for a percentage of the premium. All the insurance company has to do is sit back and watch their income grow. Who wouldn’t sign up for that? Crum: I’m not sure. We are in the middle of a depression. Forster: It has to be over soon, right? Ackerman: We have good, solid jobs at North River. Do we have to give that up?
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