Menzies Sees Bold Approach
Remarks by Steve Menzies at the Insurance Federation of New York Awards
“I am deeply honored by this award, as its pedigree is exceptional. IFNY has cited leaders in insurance, banking, and finance, and then, has often gone, beyond the confines of these sectors into many fields of endeavor to find the exponents of free enterprise.
In 1913 IFNY was founded as part of a national movement of federations fearing excessive State intervention in the private market, as revolutions in governance were sparked across the world and the country. That fear has all but dissipated today as responsible laws, and lawmakers, guide regulation largely without stymying free enterprise, or its inspired advocates.
New York regulation offers a national exemplar of the balance needed in the shepherding of our business, that is, the protection of the policyholder, and of insurer stability alike, balanced with the recognition of the critical role that risk financing, risk transfer, and risk management play in our economy, and thus, our society. Insurers enable commerce… and that commerce builds the city, the state, and this nation.
A look back upon those who have received this award over the years invites us to paraphrase the words of the poet Stephen Spender: “Let us think now and again of those, who were truly great,” and I would add, “great” with business acumen, and a deep dedication to the betterment of our society and fellow citizens.
Some, who have received this award, were in insurance, all were, and in some cases, still are, controversial, but each has made a mark:
Henry Ford – great inventor and American icon
Hank Greenberg – the towering figure at the center of so much in our business
Malcolm Forbes – publisher and self-proclaimed “capitalist tool”
Harry Helmsley – real estate and hotel titan
Hyatt Brown – Brown and Brown
In 1987, a then up and coming NY real estate developer – Donald Trump
Brian Dupperault – a leader in insurance for so long
Pat Ryan – founder of AON
Joe Plumieri – legendary Willis leader
And also… so many other bold actors who thrived in our system of free enterprise, and shared generously of their accomplishments.
eflecting upon the common beliefs, values, and ideals of these greats, it seems they found the formula that works:
1. A bold approach to business… and to life;
2. A civic commitment beyond simple financial contribution;
3. A strong personal drive and discipline to temper ambition, and the most difficult of challenges;
4. A strong will– that inner structure of determination that one can rely upon when things seem most bleak;
5. Creativity. A need to cultivate and grow business through organic measures, as well as mergers and acquisitions; all of which require creativity – that ability to see, “the sculpture in the stone”;
6. A love of inventiveness – even after an Edsel, even after the market fails and crashes, even after a catastrophic loss, and even after the demoralizing excesses our legal system countenances; the remedy, is a love of inventiveness: great blueprinting, revision, and building;
And, last,
7. The essential importance of sharing resources through philanthropy.
We learn these lessons from the past recipients of this award, from the best of our leaders today, and from the pages of US history and tradition.
Business is not evil; it is, in fact, a force for the good. Free Enterprise is under attack in some quarters, largely because that fact is poorly or partially understood.
Certainly, our business of insurance is not understood, nor, is it valued as it should be.
But, as insurers, we are there. We are part of a good service to society, an honorable one – one that braces the platform for every entrepreneur, from the dry cleaner, the fuel delivery company, the baker or the deli owner, to the board of a pharmaceutical company, or hospital, or airplane manufacturer: we are there.
From back in my days at Columbia, I am reminded that the father of history, Herodotus, taught that “greater risk meant greater destiny.” As insurers, we accept risk, we strive to understand it, even to embrace it, and to navigate in its light, wherever the fates take us: we are there.
And we win again and again, every day for our clients, our companies, and our society itself: we, are there.
Yes, I am proud of our enterprise, our business, our industry, and our role. And so I accept this award on behalf of all of us in the insurance business, and all that we do.”
–Steve Menzies
