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The Once and Future C&F
LETTER FROM THE CEO
I enjoy reading corporate histories. Even poorly written or unrecognizably revisionist ones contain some kernel of truth. One common denominator is that they are written when management is feeling great about the business. When I started as CEO of Crum & Forster, I found a history of the company that had been cobbled together in 1985. It is painful to read because, unlike the writer, I know what happened next. It is so positive concerning the business plan and hopeful for the future — but the wheels were about to come flying off as years of go-go growth, price competition, galloping inflation, value-destroying acquisitions, loose controls and a lack of underwriting discipline were about to collide with the impending liability crisis. The C&F story is that of a once-great company that lost its way and was given another chance or two — and has been on the long and continuing road to reclaiming its greatness. It is a cautionary tale, as well as a redemption story. There are heroes and villains — mostly inadvertent — as well as builders and destroyers. There are opportunities seized and advantages squandered.
As I am writing this, C&F wrapped up a record year - 2023 was our 10th year of growth and underwriting profitability. Just like the anonymous writer of the 1985 history, I am very positive about our business plan and hopeful for the future. I am also hoping that we have learned our lessons from the past. My affiliation with C&F goes back 30 years — back to when I worked as an actuary for one of their divisions during the Xerox era. I hope that my love for the company, its people and the business of insurance comes through - even when I am describing the historical trials and tribulations. Thank you for your interest as you read this — and for your help as we take C&F to the next level!
Marc Adee CEO, Crum & Forster
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