As stated in the title, it appears that the executive leadership team and board are positioning the company for sale. Company was privately owned up until it went public in the 90s to raise capital. EMC then performed a stock buyback in 2018 and returned to private ownership. Around that same time, EMC eliminated its unprofitable Personal Lines department (generally good idea) and recently announced the elimination of its Reinsurance department (shortsighted idea). It was clear that the ELT and board had done very little research prior to announcing the elimination of the Reinsurance business because they still have not announced plans for run-off or sale and are "deciding what to do.". It was clear that the ELT was surprised to learn that obligations on Reinsurance treaties extend past the duration of the contract on both property and casualty business. Furthermore, the company has historically been owned by the Kelley family and it appears that the son is not interested in running the organization. His father stepped down as CEO around the time of the stock buyback and now sits on the board. EMC is also a historically unprofitable company., hence the aggressive "2.5% profitability by 2025" goal (which again, I believe is meant to position the company for sale). Bonuses are tied directly to overall company profitability (there is no department or personal performance component to the bonus calculation), meaning that an underwriter with a profitable book will be compensated the same as an underwriter with a losing book. How the ELT can call this a "One EMC" bonus structure while simultaneously paying contractual bonuses to the executive team is frustrating. Lastly, it is very difficult to advance your career within EMC (or any unprofitable company, for that matter). The HR and Compensation teams have a conservative stranglehold on the rest of the organization and directly impede hiring managers from selecting talent. Also, only after leaving the organization did I learn just how underpaid we were. Senior commercial underwriters with years of experience are likely still making less than $100k at EMC. Despite employing many people around the continental US, you will be paid like you're living in Des Moines, IA where the company is headquartered.
