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Taking a Counter-offer to stay at a job (2 Viewers)
- Thread starter TLEF316
- Start date
IvanKaramazov
Footballguy
TLEF316
Footballguy
I swear to God. I couldn't make this #### up if I tried. No schtick at all and I had ZERO idea this was happening....
On my first day as a FORMER Chub employee.......
http://abcnews.go.com/Business/wireStory/ace-buying-chubb-cash-stock-deal-valued-283b-32147871
edit: and No, ACE is NOT my new employer.
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Doug B
Footballguy
Looked at the ABC News article linked, and the Wikipedia articles for both Chubb Corp and ACE. Kinda weird for companies to be this large and have absolutely no transcendent name recognition whatsoever among the masses. If you're not in the field, or maybe into stocks or something, these companies don't exist.
Hadn't really thought of property/municipal insurance as sales work, but that's my ignorance showing. It's categorically different from hard-selling (e.g., vacuum cleaners door-to-door), correct?
Hadn't really thought of property/municipal insurance as sales work, but that's my ignorance showing. It's categorically different from hard-selling (e.g., vacuum cleaners door-to-door), correct?
TLEF316
Footballguy
From a personal lines standpoint, Chubb is VERY well know. If you're a upper middle class to wealthy individual, there's a very good chance you have Chubb as your personal lines carrier. And if you don't, you should.
The commercial reputation isn't as obvious to non-insurance people, but it still carries a lot of weight. They write like 90% of the top law firms in the country and are really well regarding among agents and brokers.
And yeah, its not a "sales" job in the sense that you aren't always dealing with the end buyer (the policy holder). You usually rely on your agents/brokers to close the deal.
I was a commercial P&C underwriter. (basically the guy who determines what companies we would provide insurance for and how much we'd charge) Not sure how this merger is going to affect my former colleagues. ACE also has a branch office in our area, so I could see a scenario where some management or even the office gets absorbed.
Crazy stuff. Talk about timing.
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Doug B
Footballguy
Thanks for the edification. What is a "personal lines carrier"?
What I know of insurance is home (flood, as well), auto, life (funeral, as well), and health. Malpractice insurance for certain professions (most obvious to us rubes: the medical profession). And I am aware that various large entities, both public and private insure their property. And that celebrities & athletes will sometimes insure themselves through Lloyd's of London. But that's pretty much all the flavors of insurance I'm aware of.
Is Lloyd's a Chubb or ACE direct competitor? Or does Lloyd's just do the esoteric stuff nowadays?
TLEF316
Footballguy
Yup. Personal lines carrier is home insurance, personal auto, coverage for your jewelry, etc. Chubb is the most well known and highly regarded name in that area for wealthy folks. No life insurance. No malpractice.
I was in commercial lines. So we provided property/general liability coverage, business auto, workers comp and other coverages for business.
That's a good description of Lloyds. Not a direct competitor, at least in my space.
spOOfy
Footballguy
take the new job. seems like a no brainer to me. you didn't look because of money, you looked because you weren't happy. the small bump current employer is going to give you isn't going to change that unhappiness. you go to a new place (which is hopefully better) and you get extra cash in the process.
sbonomo
Footballguy
hopefully younkept your stock?
Joe Summer
Footballguy
I hope you got to keep your CHUBB stock options... 
sbonomo
Footballguy
did you go to travelers?
TLEF316
Footballguy
James Daulton
Footballguy
Chubb...hehehe
Chadstroma
Footballguy
I don't know about this. I am more suspicious of the manager who promises some sort of reward in the future than one that lays out a plan and is honest and states there are no promises. I mean, if I don't do anything for the next 6 months- they are going to keep to their promise and promote someone that perhaps ought to fire?
When I have been in manager roles, I have always committed to my direct reports what I would/could do for them. My promises would always be centered in that I would give my support, coaching, etc to get them where they want to go but I am not promising them anything about a promotion or raise or anything. Not only are those things more about them than what I can provide but business changes constantly and I would never want to be in a position where I promised something and could not deliver.
Mr. Pickles
Footballguy
Joe Summer
Footballguy
Duuuuude. I thought I was the only one who recognized "Chubb" from those sketches. I was going to post a video but I thought it might be a bit too obscure.
Doug B
Footballguy
Chadstroma
Footballguy
The ACE logo looks like they commissoned a 9 year old to come up with it.
TLEF316
Footballguy
babydemon90
Footballguy
Most likely to have you leave on their terms, not yours. Unexpectedly leaving puts a crimp in their plans - this way they can plan for it, train someone etc perhaps? Usually so obvious as train someone else - but they would start to phase you out of important trips/meetings, make sure you're not on the critical path for assignments, etc.
Agree with everyone else here - when I gave my notice at my last job, they asked if there was anything they could do - I just went with the no, and left on good terms. It happens where the counter offer is a good path - but its the exception.
