Winning is getting easier: management describes the effort needed to land each new piece of business visibly falling, wi
The model's full reasoning — Q2 2016 call → NOWe need to determine if management conveys that it has recently become easier for the company to win business than it used to be, with real recent proof and still in effect. Let's scan the transcript for relevant statements. Alan Schnitzer: "We are very pleased with the record volume of premium that we wrote in the quarter and we continue to be very pleased with the amount of returns in the business we’re writing." That's about volume, not necessarily ease. Brian MacLean on Business Insurance: "In domestic business insurance, we achieved a very strong retention along with the modest increase in renewal rate change versus the first quarter and higher levels of new business. Our strategy has not changed as we strive to retain our best-performing accounts, get rate where needed and write new business when it meets our target returns. This has been our strategy for some time. And as a result, we continue to be viewed as the stable and financially strong market by our distributors and customers. Along with the meaningful competitive advantages that we deliver, this consistent leadership position is resulting in additional growth opportunities for us." That suggests growth opportunities, but not necessarily easier than past. Later: "In middle market, retention remained very strong at 87% with renewal premium change of about a point and a half, in line with recent quarters. In terms of new business opportunities, given our leadership position in the market, submissions were up year-over-year. Accordingly, we had more opportunities to quote on the types and classes of business we find attractive and to grow our new business while maintaining our return thresholds." That indicates more submissions, more opportunities, but does that mean easier? It could be that they are getting more opportunities, but not necessarily that it's easier than before. They say "submissions were up year-over-year" – that's a comparison to prior year, but is that a change in ease? Possibly. Also: "We've got some real competitive advantages.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| NICE | NICE Ltd. | Q4 2023 | 2024-02-22 | B+ |
| ACGL | Arch Capital Group Ltd. | Q4 2023 | 2024-02-15 | B+ |
| VRNS | Varonis Systems, Inc. | Q2 2016 | 2016-08-09 | B+ |
| ACCO | ACCO Brands Corporation | Q1 2016 | 2016-04-27 | B+ |
ACCO · Q1 2016 → YESThe question is: Does management convey that IT HAS RECENTLY BECOME EASIER FOR THE COMPANY TO WIN BUSINESS THAN IT USED TO BE, based on real recent wins, and still in effect. YES The transcript shows management conveying that winning business has become easier than in the company's recent past. Boris Elisman states that customers have seen the value of the company's strong brands during the past couple of seasons, resulting in broader and deeper penetration in mass retailers and continued share gains.
NICE · Q4 2023 → YESThe question is: Does management convey that IT HAS RECENTLY BECOME EASIER FOR THE COMPANY TO WIN BUSINESS THAN IT USED TO BE, grounded in real business won recently, and still in effect.
VRNS · Q2 2016 → YESThe question is whether management conveys that it has recently become easier for the company to win business than it used to be, grounded in real recent wins, and still in effect.