Edward Pray, President, New York, RT Specialty
Specialty: Casualty, NY Construction
Edward Pray started his insurance career in 1979 on the marketing side of the business before founding Hartan Brokerage, an independent wholesaler, in 1986. In 1999, he formed Hartan Specialty Programs[HSP] as a separate division, dedicated to the development of new programs. HSP included a construction program operating as an MGA in more than 20 states, an umbrella program to manage a risk purchasing group for real estate, and a workers’ comp program designed for small to mid-size accounts; in total, the division wrote in excess of $800 million in premium. In 2001, Hartan opened a surety facility to establish surety relationships with existing brokers and new clients.
Under Pray’s leadership, Hartan became a premier wholesale facility in the Northeast with an expertise in construction, as well as all casualty lines, surety and large property placements. RT Specialty purchased Hartan in April 2016, and Pray now serves as president of the company’s New York office.
New York labor laws have placed a lot of stress on carriers’ profitability, Pray says, which creates significant challenges in his specialty. “This, in turn, makes for a hardening marketplace,” he adds, “with carriers exiting the market and new carriers entering in an effort to take advantage of a tight market.”