Scott Bayer 

Successful Underwriting Executive at a Surplus Lines Insurance Company 
Scott Bayer is the senior vice president for general liability at Liberty International Underwriters in New York, New York. By applying hard work and initiative, Scott has become a high-powered executive in the surplus lines industry, reaping both the personal and financial benefits. Today, the business continues to intrigue him with its dynamic nature, new challenges, and emerging risks. 

The Making of a Senior Vice President
Scott obtained his bachelor’s degree in business administration from Pace University in Pleasantville, New York. He began his career in the standard insurance market, but quickly transferred to the surplus lines industry—a field he highly recommends to today’s young professionals who are just starting out and trying to find an area of specialization.

In this industry, Scott was able to quickly progress to positions of increasing responsibility—from senior underwriter, to branch manager, from profit center manager, to senior vice president. Each position afforded him a larger team to manage, and additional opportunities to grow and expand the company’s product line, operations, and premium volume. 

Today as senior vice president, Scott manages a group of 20 underwriters and 15 support staff in six offices and has helped to establish new offices in Chicago, San Francisco, Los Angeles, and San Juan. Under his management, he’s led his department to experience tremendous growth—from $17 million to $165 million in premiums over just four years. 

Scott has also seen the surplus lines industry become a truly global. “When I first started out, it was predominantly domestic. Today within our own company, we have operations in Asia, Europe, Canada, and we’re starting up in Latin America. The industry is one of the few that affords young people the opportunity to travel and see the world,” said Scott. 

The Role of the Underwriter
Scott describes the underwriter’s role as basically being the salesperson within the insurance company. “Although underwriters are not out there selling the account, they perform many tasks to get the account out into the marketplace, and some level of entrepreneurial skill is required to package the product and sell it to agents.”

When Scott’s company is looking to bring a new product to the market, there’s a large amount of research that’s performed. “We analyze exposure, drill down into available data, and get as detailed as possible. Underwriters are compensated for their analytical ability to achieve underwriting profit. If you can help the company make money, you’ll be rewarded accordingly.”

Scott noted that there are also many perks related to marketing the business. “In order to foster key relationships, we often take clients to nice restaurants, Broadway shows, and even sporting events. You’re building those relationships to build your business, but at the same time, you enjoy all sorts of events and activities.”

Scott believes the main objective of the underwriting process is to put the interests of the client first, helping them to properly identify and cover exposures. “At the end of the day, all we have is a piece of paper and a promise to protect the insured, and if we don’t do that properly, then what are we selling?”

A Bright Future in Surplus Lines
Scott particularly enjoys the dynamic, ever-changing nature of the surplus lines market. “I’ve dealt with everything from football helmet manufacturers, to bridge builders, to stadiums. With regards to environmental concerns, we’ve dealt with asbestos abatement, and on the product liability side, product recall insurance. Every time, I open a file, there are new exposures to analyze. Brokers and agents constantly ask me to entertain new risks. You have to wear your thinking cap; you can’t just sit back and do the same thing you’ve always done. It makes for an interesting career, and an industry that offers young people with many rewards and opportunities.”